[
  {
    "page_no": 1,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          44.38055967391813,
          104.6843139585664,
          49.39319728521616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UNITED STATES",
        "box": [
          239.48436502148436,
          110.99744646200611,
          372.4983592725343,
          119.51855442330589
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SECURITIES AND EXCHANGE COMMISSION",
        "box": [
          123.50390110400392,
          131.99744558700615,
          488.4895768964165,
          140.51855354830582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Washington, D.C. 20549",
        "box": [
          259.60546168310526,
          150.041009328291,
          352.37401240774886,
          154.5535113378054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FORM 10-Q",
        "box": [
          259.96873916796875,
          168.7474440557562,
          352.0104012327493,
          177.26855201705587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          54.96093520996094,
          194.2499846843508,
          64.08764368954468,
          201.93789441538843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE",
        "box": [
          70.18359082568358,
          195.22009933204527,
          558.6929152001288,
          200.73287254512695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACT OF 1934",
        "box": [
          70.18359082568358,
          206.47009886329522,
          135.54687177721348,
          211.9828720763769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the quarterly period ended",
        "box": [
          218.94140087744123,
          231.041005953291,
          338.2661027755784,
          235.55350796280538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          338.27342340527343,
          230.38055192391812,
          340.77279828238284,
          235.39318953521615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          340.78123580078125,
          231.041005953291,
          393.03660468347414,
          235.55350796280538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OR",
        "box": [
          299.24998753125,
          248.291005234541,
          312.74998696875,
          252.80350724405537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          54.96093520996094,
          266.2499816843508,
          64.08764368954468,
          273.93789141538844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE",
        "box": [
          70.18359082568358,
          267.97009630079515,
          559.8954602750229,
          273.48286951387695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACT OF 1934",
        "box": [
          70.18359082568358,
          278.4700958632952,
          135.54687177721348,
          283.9828690763769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commission file number",
        "box": [
          237.99608758349592,
          303.79100292204095,
          332.4960835559958,
          308.3035049315554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          332.4960836459959,
          303.13054889266806,
          334.9954585231053,
          308.14318650396615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "001-34436",
        "box": [
          335.0038960415037,
          303.79100292204095,
          374.0009647066258,
          308.3035049315554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "__________________________________________________",
        "box": [
          193.4999919375,
          315.04100245329096,
          418.4999825625,
          319.55350446280534
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc.",
        "box": [
          196.71092930371094,
          333.74743718075615,
          415.2807303966355,
          342.26854514205587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Exact name of registrant as specified in its charter)",
        "box": [
          213.035151123535,
          351.79100092204095,
          398.95457720689143,
          356.3035029315554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maryland",
        "box": [
          156.64452847314436,
          369.791000172041,
          195.14501513895735,
          374.30350218155536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27-0247747",
        "box": [
          414.3281077363281,
          369.791000172041,
          457.82517621395016,
          374.30350218155536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(State or Other Jurisdiction of",
        "box": [
          122.15624491015623,
          381.790999672041,
          229.63329120194575,
          386.30350168155536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Incorporation or Organization)",
        "box": [
          120.5039012290039,
          390.79099929704097,
          231.29881853254878,
          395.30350130655535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(I.R.S. Employer",
        "box": [
          405.3281081113281,
          381.790999672041,
          466.82078122913333,
          386.30350168155536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Identification No.)",
        "box": [
          402.58592072558594,
          390.79099929704097,
          469.5629687048755,
          395.30350130655535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2340 Collins Avenue, Suite 700",
        "box": [
          117.35155761035156,
          414.79099829704097,
          234.44823235132324,
          419.30350030655535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Miami Beach, Florida",
        "box": [
          133.78124442578124,
          426.7909977970409,
          218.0258735155882,
          431.3034998065554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33139",
        "box": [
          424.8281072988281,
          426.7909977970409,
          447.32810636132814,
          431.3034998065554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Address of Principal Executive Offices)",
        "box": [
          102.5039019790039,
          438.7909972970409,
          249.29003153291484,
          443.3034993065554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Zip Code)",
        "box": [
          416.2031076582031,
          438.7909972970409,
          455.9428520623804,
          443.3034993065554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Registrant's telephone number, including area code:",
        "box": [
          212.44921364794905,
          461.2909963595409,
          399.52879611296595,
          465.8034983690554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(305) 695-5500",
        "box": [
          277.874988421875,
          471.7909959220409,
          334.12205636824706,
          476.3034979315554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "___________________________________________________________________________",
        "box": [
          193.4999919375,
          482.02732363552724,
          418.4999825625,
          485.0356583085369
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities registered pursuant to Section 12(b) of the Act:",
        "box": [
          33.74999859375,
          492.7909950470409,
          240.6972546809473,
          497.3034970565554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Title of each class",
        "box": [
          90.94921496044921,
          511.5409942657909,
          158.52391928483644,
          516.0534962753054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trading Symbol(s)",
        "box": [
          270.1757737426756,
          511.5409942657909,
          341.77147376452126,
          516.0534962753054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Name of each exchange on which registered",
        "box": [
          403.66404568066406,
          511.5409942657909,
          570.8056404664305,
          516.0534962753054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, $0.01 par value per share",
        "box": [
          49.757810426757814,
          524.290993734541,
          199.72118329828373,
          528.8034957440555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD",
        "box": [
          293.2265502822266,
          524.290993734541,
          318.7236195098487,
          528.8034957440555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York Stock Exchange",
        "box": [
          438.7382667192381,
          524.290993734541,
          535.7255677181004,
          528.8034957440555
        ],
        "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",
        "box": [
          69.74999709375,
          547.5409927657909,
          574.0707772103829,
          552.0534947753054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Act of 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",
        "box": [
          33.74999859375,
          558.7909922970409,
          577.0942146744061,
          563.3034943065554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "such filing requirements for the past 90 days.",
        "box": [
          33.74999859375,
          570.0409918282909,
          196.21141777452394,
          574.5534938378054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          196.21874182421874,
          569.3805377989181,
          198.7181167013281,
          574.3931754102161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yes",
        "box": [
          198.72655421972655,
          570.0409918282909,
          211.82225690407228,
          574.5534938378054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          211.82811617382814,
          569.3805377989181,
          214.32749105093748,
          574.3931754102161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          214.33592856933595,
          570.5374750353832,
          222.63463426597565,
          573.9510379207707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          222.64452572314437,
          569.3805377989181,
          225.14390060025374,
          574.3931754102161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No",
        "box": [
          225.15233811865218,
          570.0409918282909,
          236.1518493903392,
          574.5534938378054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          236.15624016015624,
          569.3805377989181,
          238.65561503726565,
          574.3931754102161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          238.66405255566406,
          570.5374750353832,
          246.96275825230376,
          573.9510379207707
        ],
        "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",
        "box": [
          69.74999709375,
          587.2909911095409,
          568.819312889194,
          591.8034931190554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rule 405 of Regulation S-T (\u00a7232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit such",
        "box": [
          33.74999859375,
          597.790990672041,
          557.4770281417891,
          602.3034926815554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "files).",
        "box": [
          33.74999859375,
          609.7909901720409,
          54.492185229492186,
          614.3034921815554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          54.492185229492186,
          609.1305361426681,
          56.99156010660156,
          614.1431737539662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yes",
        "box": [
          56.999997625,
          609.7909901720409,
          70.09570030934569,
          614.3034921815554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          70.10155957910156,
          609.1305361426681,
          72.60093445621094,
          614.1431737539662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          72.60937197460937,
          610.2874733791332,
          80.90807767124909,
          613.7010362645207
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          80.91796537841796,
          609.1305361426681,
          83.41734025552734,
          614.1431737539662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No",
        "box": [
          83.42577777392577,
          609.7909901720409,
          94.4252890456128,
          614.3034921815554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          94.42968356542968,
          609.1305361426681,
          96.92905844253906,
          614.1431737539662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          96.9374959609375,
          610.2874733791332,
          105.23620165757723,
          613.7010362645207
        ],
        "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",
        "box": [
          69.74999709375,
          627.0409894532909,
          558.4789849000413,
          631.5534914628054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "company, or an emerging growth company. See the definitions of 'large accelerated filer', 'accelerated filer', 'smaller reporting company', and",
        "box": [
          33.74999859375,
          637.540989015791,
          553.7636493265131,
          642.0534910253053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'emerging growth company' in Rule 12b-2 of the Exchange Act.",
        "box": [
          33.74999859375,
          648.7909885470409,
          268.0180530225806,
          653.3034905565554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Large accelerated filer",
        "box": [
          138.7382754692383,
          667.5409877657909,
          219.50975668875978,
          672.0534897753054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          221.50780327050782,
          668.0374709728832,
          229.80650896714752,
          671.4510338582706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accelerated filer",
        "box": [
          431.5429545190428,
          667.5409877657909,
          491.7480302704978,
          672.0534897753054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          493.7460769272459,
          668.582491662395,
          501.21677978596665,
          671.6554665260069
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-accelerated filer",
        "box": [
          143.3085877788086,
          680.2909872345409,
          219.5053620939429,
          684.8034892440554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          221.50780327050782,
          680.7874704416331,
          229.80650896714752,
          684.2010333270207
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Smaller reporting company",
        "box": [
          393.28123361328124,
          680.2909872345409,
          491.75388576025387,
          684.8034892440554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          493.7460769272459,
          681.3324911311449,
          501.21677978596665,
          684.4054659947569
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Emerging growth company",
        "box": [
          393.43358110693345,
          693.7909866720408,
          491.7480299704979,
          698.3034886815553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          493.7460769272459,
          693.5374699103832,
          502.0447826238856,
          696.9510327957707
        ],
        "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",
        "box": [
          69.74999709375,
          715.5409857657909,
          572.5898198020896,
          720.0534877753054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ",
        "box": [
          33.74999859375,
          727.5409852657909,
          439.127908143003,
          732.0534872753054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          439.13670420263657,
          728.0374684728831,
          447.43540989927624,
          731.4510313582707
        ],
        "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": [
          69.74999709375,
          745.5409845157909,
          493.119122433369,
          750.0534865253054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.124979453125,
          744.880530486418,
          495.6243543302344,
          749.8931680977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          495.6327918486328,
          746.0374677228831,
          503.9314975452725,
          749.4510306082707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          503.9413890024412,
          744.880530486418,
          506.4407638795506,
          749.8931680977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No",
        "box": [
          506.449201397949,
          745.5409845157909,
          517.4487126696359,
          750.0534865253054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          517.4531034394531,
          744.880530486418,
          519.9524783165625,
          749.8931680977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          519.9609158349609,
          746.0374677228831,
          528.2596215316006,
          749.4510306082707
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 2,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The number of shares of the issuer's common stock, $0.01 par value, outstanding as of July 31, 2026 was 370,168,950.",
        "box": [
          69.74999709375,
          38.291013984540996,
          498.5156042285156,
          42.80351599405549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          303.4921748544922,
          96.1305575176682,
          308.49092460871094,
          101.14319512896623
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 3,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992391787,
          104.6843139585664,
          43.393197535215904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Special Note Regarding Forward-Looking Statements",
        "box": [
          33.74999859375,
          81.13055814266795,
          263.1210403320358,
          86.14319575396598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This Quarterly Report on Form 10-Q contains certain forward-looking statements, including without limitation, statements",
        "box": [
          69.74999709375,
          105.13055714266784,
          560.3639167219155,
          110.14319475396587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "concerning our operations, economic performance and financial condition. These forward-looking statements are made pursuant to the",
        "box": [
          33.74999859375,
          117.1305566426679,
          571.8520760953904,
          122.14319425396593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are developed by",
        "box": [
          33.74999859375,
          129.13055614266796,
          533.780495546645,
          134.14319375396622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "combining currently available information with our beliefs and assumptions and are generally identified by the words 'believe,'",
        "box": [
          33.74999859375,
          141.1305556426678,
          546.5165973760356,
          146.14319325396605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'expect,' 'anticipate' and other similar expressions. Forward-looking statements do not guarantee future performance, which may be",
        "box": [
          33.74999859375,
          153.13055514266784,
          567.8638096615684,
          158.1431927539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "materially different from that expressed in, or implied by, any such statements. Readers are cautioned not to place undue reliance on",
        "box": [
          33.74999859375,
          165.1305546426679,
          561.7666546805549,
          170.14319225396616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these forward-looking statements, which speak only as of their respective dates.",
        "box": [
          33.74999859375,
          177.13055414266796,
          353.015457722272,
          182.14319175396622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These forward-looking statements are based largely on our current beliefs, assumptions and expectations of our future",
        "box": [
          69.74999709375,
          201.13055314266785,
          541.5210223341844,
          206.1431907539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a",
        "box": [
          33.74999859375,
          213.1305526426679,
          571.0221964049683,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "result of many possible events or factors, not all of which are known to us or within our control, and which could materially affect",
        "box": [
          33.74999859375,
          225.13055214266797,
          554.1317886352621,
          230.14318975396623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "actual results, performance or achievements. Factors that may cause actual results to vary from our forward-looking statements include,",
        "box": [
          33.74999859375,
          237.1305516426678,
          576.2015134978527,
          242.14318925396606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "but are not limited to:",
        "box": [
          33.74999859375,
          249.13055114266785,
          120.37859560831257,
          254.14318875396611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          271.8386935985852,
          73.25009827750512,
          277.32361195228395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors described in our Annual Report on Form 10-K for the year ended December 31, 2025 and this Quarterly Report on",
        "box": [
          87.74999634375,
          272.380550173918,
          575.5472631563631,
          277.393187785216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Form 10-Q, including those set forth under the captions 'Risk Factors', 'Business' and 'Management's Discussion and",
        "box": [
          87.74999634375,
          283.6305497051678,
          567.26325190153,
          288.6431873164661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Analysis of Financial Condition and Results of Operations';",
        "box": [
          87.74999634375,
          294.8805492364179,
          329.04674613880593,
          299.89318684771615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          312.88054848641787,
          73.25009827750512,
          317.8931860977161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defaults by borrowers in paying debt service on outstanding indebtedness;",
        "box": [
          87.74999634375,
          312.88054848641787,
          383.99875477413866,
          317.8931860977161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          330.88054773641784,
          73.25009827750512,
          335.8931853477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment in the value of real estate property securing our loans or in which we invest;",
        "box": [
          87.74999634375,
          330.88054773641784,
          440.0539736885043,
          335.8931853477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          348.8805469864178,
          73.25009827750512,
          353.8931845977161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "availability of mortgage origination and acquisition opportunities acceptable to us;",
        "box": [
          87.74999634375,
          348.8805469864178,
          417.85742633836054,
          353.8931845977161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          366.8805462364178,
          73.25009827750512,
          371.89318384771605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements;",
        "box": [
          87.74999634375,
          366.8805462364178,
          535.562239933993,
          371.89318384771605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          384.88054548641776,
          73.25009827750512,
          389.893183097716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "national and local economic and business conditions, including as a result of the impact of public health emergencies;",
        "box": [
          87.74999634375,
          384.88054548641776,
          558.4275801812703,
          389.893183097716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          402.88054473641796,
          73.25009827750512,
          407.893182347716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the occurrence of certain geo-political events (such as wars, terrorist attacks and tensions between states, including global",
        "box": [
          87.74999634375,
          402.88054473641796,
          574.1218696023417,
          407.893182347716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trade disputes related to tariffs) that affect the normal and peaceful course of international relations;",
        "box": [
          87.74999634375,
          414.8805442364178,
          486.0091869237039,
          419.89318184771605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          432.88054348641776,
          73.25009827750512,
          437.893181097716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "general and local commercial and residential real estate property conditions;",
        "box": [
          87.74999634375,
          432.88054348641776,
          392.82468945639124,
          437.893181097716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          450.88054273641796,
          73.25009827750512,
          455.893180347716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in federal government policies;",
        "box": [
          87.74999634375,
          450.88054273641796,
          247.09472707847348,
          455.893180347716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          468.88054198641794,
          73.25009827750512,
          473.8931795977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in federal, state and local governmental laws and regulations;",
        "box": [
          87.74999634375,
          468.88054198641794,
          367.5771244583733,
          473.8931795977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          486.8805412364179,
          73.25009827750512,
          491.8931788477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increased competition from entities engaged in mortgage lending and securities investing activities;",
        "box": [
          87.74999634375,
          486.8805412364179,
          485.5894636911921,
          491.8931788477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          504.8805404864179,
          73.25009827750512,
          509.89317809771615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in interest rates; and",
        "box": [
          87.74999634375,
          504.8805404864179,
          203.2336654944303,
          509.89317809771615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          522.8805397364179,
          73.25009827750512,
          527.8931773477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the availability of, and costs associated with, sources of liquidity.",
        "box": [
          87.74999634375,
          522.8805397364179,
          348.0898063775073,
          527.8931773477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking",
        "box": [
          69.74999709375,
          546.8805387364177,
          533.9203424158179,
          551.893176347716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements contained in this Quarterly Report on Form 10-Q will in fact occur. Except to the extent required by applicable law or",
        "box": [
          33.74999859375,
          558.8805382364178,
          549.0257245294264,
          563.8931758477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking",
        "box": [
          33.74999859375,
          570.8805377364179,
          539.6042561039883,
          575.8931753477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or",
        "box": [
          33.74999859375,
          582.8805372364179,
          571.7544218323973,
          587.8931748477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "otherwise.",
        "box": [
          33.74999859375,
          594.8805367364178,
          75.11656312639306,
          599.893174347716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          303.4921748544922,
          637.6305349551678,
          308.49092460871094,
          642.6431725664661
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 4,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239181,
          104.6843139585664,
          43.39319753521613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TABLE",
        "box": [
          252.46873948046874,
          81.13055814266818,
          285.61959364368363,
          86.14319575396621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          285.62108559912093,
          81.13055814266818,
          288.12046047623033,
          86.14319575396621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OF",
        "box": [
          288.12889799462874,
          81.13055814266818,
          302.01214352074714,
          86.14319575396621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          302.01561241601564,
          81.13055814266818,
          304.514987293125,
          86.14319575396621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CONTENTS",
        "box": [
          304.52342481152345,
          81.13055814266818,
          359.5242751972598,
          86.14319575396621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Page",
        "box": [
          548.449199647949,
          94.4564316705314,
          564.8764040136049,
          98.4650375471083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Part I",
        "box": [
          34.74609230224609,
          106.63055708016782,
          60.008298120067124,
          111.6431946914663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Information",
        "box": [
          99.53905835253906,
          106.63055708016782,
          194.24180733402963,
          111.6431946914663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 1.",
        "box": [
          41.496092020996095,
          120.13055651766808,
          69.81417232232604,
          125.14319412896612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Statements",
        "box": [
          99.53905835253906,
          120.13055651766808,
          183.1118160157537,
          125.14319412896612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          571.4413861899411,
          120.13055651766808,
          576.4401359441599,
          125.14319412896612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Balance Sheets",
        "box": [
          106.28905807128905,
          132.88055598641813,
          269.2705800258049,
          137.89319359771616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          571.4413861899411,
          132.88055598641813,
          576.4401359441599,
          137.89319359771616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Operations",
        "box": [
          106.28905807128905,
          145.63055545516818,
          309.5387783229632,
          150.6431930664662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          571.4413861899411,
          145.63055545516818,
          576.4401359441599,
          150.6431930664662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Comprehensive Income",
        "box": [
          106.28905807128905,
          158.38055492391823,
          360.8979458351463,
          163.39319253521626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          571.4413861899411,
          158.38055492391823,
          576.4401359441599,
          163.39319253521626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Equity",
        "box": [
          106.28905807128905,
          171.88055436141804,
          292.3311693820339,
          176.89319197271607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          571.4413861899411,
          171.88055436141804,
          576.4401359441599,
          176.89319197271607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Cash Flows",
        "box": [
          106.28905807128905,
          184.63055383016808,
          312.6141718698218,
          189.64319144146612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          571.4413861899411,
          184.63055383016808,
          576.4401359441599,
          189.64319144146612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          106.28905807128905,
          197.38055329891813,
          328.1473743476049,
          202.39319091021616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          566.8124763828124,
          197.38055329891813,
          576.4389648942088,
          202.39319091021616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 1 Business and Organization",
        "box": [
          106.28905807128905,
          210.88055273641794,
          242.71473927438538,
          215.89319034771643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          566.8124763828124,
          210.88055273641794,
          576.4389648942088,
          215.89319034771643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 2 Summary of Significant Accounting Policies",
        "box": [
          106.28905807128905,
          223.630552205168,
          314.54236411448045,
          228.64318981646602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          566.4374763984374,
          223.630552205168,
          576.4349709193751,
          228.64318981646602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 3 Acquisitions and Divestitures",
        "box": [
          106.28905807128905,
          236.38055167391803,
          253.4591032596165,
          241.39318928521607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          566.4374763984374,
          236.38055167391803,
          576.4349709193751,
          241.39318928521607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 4 Loans",
        "box": [
          106.28905807128905,
          249.88055111141784,
          160.1524856973925,
          254.89318872271633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          566.4374763984374,
          249.88055111141784,
          576.4349709193751,
          254.89318872271633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 5 Investment Securities",
        "box": [
          106.28905807128905,
          262.6305505801679,
          222.06562609267823,
          267.6431881914664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          566.4374763984374,
          262.6305505801679,
          576.4349709193751,
          267.6431881914664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 6 Properties",
        "box": [
          106.28905807128905,
          275.38055004891794,
          176.2568169013787,
          280.3931876602164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          566.4374763984374,
          275.38055004891794,
          576.4349709193751,
          280.3931876602164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 7 Investments of Consolidated Affordable Housing Fund",
        "box": [
          106.28905807128905,
          288.8805494864182,
          355.1815809132667,
          293.89318709771624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32",
        "box": [
          566.4374763984374,
          288.8805494864182,
          576.4349709193751,
          293.89318709771624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 8 Investments in Unconsolidated Entities",
        "box": [
          106.28905807128905,
          301.6305489551678,
          292.59965792875994,
          306.6431865664663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33",
        "box": [
          566.4374763984374,
          301.6305489551678,
          576.4349709193751,
          306.6431865664663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 9 Goodwill and Intangibles",
        "box": [
          106.28905807128905,
          314.38054842391784,
          237.3449873310381,
          319.39318603521633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          566.4374763984374,
          314.38054842391784,
          576.4349709193751,
          319.39318603521633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 10 Secured Borrowings",
        "box": [
          106.28905807128905,
          327.8805478614181,
          222.62700466928743,
          332.89318547271614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36",
        "box": [
          566.4374763984374,
          327.8805478614181,
          576.4349709193751,
          332.89318547271614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 11 Unsecured Senior Notes",
        "box": [
          106.28905807128905,
          340.63054733016816,
          237.52073414871535,
          345.6431849414662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          566.4374763984374,
          340.63054733016816,
          576.4349709193751,
          345.6431849414662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 12 Loan Securitization/Sale Activities",
        "box": [
          106.28905807128905,
          353.3805467989182,
          280.09302827486954,
          358.39318441021624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43",
        "box": [
          566.4374763984374,
          353.3805467989182,
          576.4349709193751,
          358.39318441021624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 13 Derivatives and Hedging Activity",
        "box": [
          106.28905807128905,
          366.880546236418,
          275.37743478843964,
          371.89318384771605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          566.4374763984374,
          366.880546236418,
          576.4349709193751,
          371.89318384771605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 14 Offsetting Assets and Liabilities",
        "box": [
          106.28905807128905,
          379.63054570516806,
          269.0996855579255,
          384.6431833164661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          566.4374763984374,
          379.63054570516806,
          576.4349709193751,
          384.6431833164661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 15 Variable Interest Entities",
        "box": [
          106.28905807128905,
          392.3805451739181,
          239.3659449718315,
          397.39318278521614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
          566.4374763984374,
          392.3805451739181,
          576.4349709193751,
          397.39318278521614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 16 Related-Party Transactions",
        "box": [
          106.28905807128905,
          405.8805446114179,
          248.7337232815074,
          410.8931822227164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          566.4374763984374,
          405.8805446114179,
          576.4349709193751,
          410.8931822227164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 17 Stockholders' Equity and Non-Controlling Interests",
        "box": [
          106.28905807128905,
          418.63054408016797,
          347.1171460571978,
          423.64318169146645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52",
        "box": [
          566.4374763984374,
          418.63054408016797,
          576.4349709193751,
          423.64318169146645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 18 Earnings per Share",
        "box": [
          106.28905807128905,
          431.380543548918,
          216.78373996490527,
          436.39318116021605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          566.4374763984374,
          431.380543548918,
          576.4349709193751,
          436.39318116021605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 19 Accumulated Other Comprehensive Income",
        "box": [
          106.28905807128905,
          444.8805429864178,
          316.4511323120969,
          449.8931805977163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          566.4374763984374,
          444.8805429864178,
          576.4349709193751,
          449.8931805977163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 20 Fair Value",
        "box": [
          106.28905807128905,
          457.63054245516787,
          181.90481606819378,
          462.64318006646636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          566.4374763984374,
          457.63054245516787,
          576.4349709193751,
          462.64318006646636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 21 Income Taxes",
        "box": [
          106.28905807128905,
          470.3805419239179,
          196.18836134589762,
          475.3931795352164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65",
        "box": [
          566.4374763984374,
          470.3805419239179,
          576.4349709193751,
          475.3931795352164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 22 Commitments and Contingencies",
        "box": [
          106.28905807128905,
          483.8805413614182,
          274.0057218535073,
          488.8931789727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65",
        "box": [
          566.4374763984374,
          483.8805413614182,
          576.4349709193751,
          488.8931789727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 23 Segment Data",
        "box": [
          106.28905807128905,
          496.6305408301678,
          197.07680873602743,
          501.64317844146626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66",
        "box": [
          566.4374763984374,
          496.6305408301678,
          576.4349709193751,
          501.64317844146626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 24 Subsequent Events",
        "box": [
          106.28905807128905,
          509.3805402989178,
          216.52503807353602,
          514.3931779102163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          566.4374763984374,
          509.3805402989178,
          576.4349709193751,
          514.3931779102163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 2.",
        "box": [
          41.496092020996095,
          522.8805397364181,
          69.81417232232604,
          527.8931773477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management's Discussion and Analysis of Financial Condition and Results of Operations",
        "box": [
          99.53905835253906,
          522.8805397364181,
          457.74003522291054,
          527.8931773477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73",
        "box": [
          566.4374763984374,
          522.8805397364181,
          576.4349709193751,
          527.8931773477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 3.",
        "box": [
          41.496092020996095,
          535.6305392051681,
          69.81417232232604,
          540.6431768164662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quantitative and Qualitative Disclosures about Market Risk",
        "box": [
          99.53905835253906,
          535.6305392051681,
          338.8685550929761,
          540.6431768164662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "107",
        "box": [
          561.4452891064452,
          535.6305392051681,
          576.441528394102,
          540.6431768164662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 4.",
        "box": [
          41.496092020996095,
          548.3805386739182,
          69.81417232232604,
          553.3931762852162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Controls and Procedures",
        "box": [
          99.53905835253906,
          548.3805386739182,
          197.82977587750537,
          553.3931762852162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "109",
        "box": [
          561.4452891064452,
          548.3805386739182,
          576.441528394102,
          553.3931762852162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Part II",
        "box": [
          34.74609230224609,
          561.880538111418,
          63.89892295795775,
          566.893175722716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Information",
        "box": [
          99.53905835253906,
          561.880538111418,
          179.60682874382042,
          566.893175722716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 1.",
        "box": [
          41.496092020996095,
          574.630537580168,
          69.81417232232604,
          579.6431751914661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Legal Proceedings",
        "box": [
          99.53905835253906,
          574.630537580168,
          173.66106805953487,
          579.6431751914661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          561.8085740913084,
          574.630537580168,
          576.4338073694236,
          579.6431751914661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 1A.",
        "box": [
          41.496092020996095,
          587.3805370489181,
          77.03404357149806,
          592.3931746602161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Factors",
        "box": [
          99.53905835253906,
          587.3805370489181,
          149.80473822854864,
          592.3931746602161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          561.8085740913084,
          587.3805370489181,
          576.4338073694236,
          592.3931746602161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 2.",
        "box": [
          41.496092020996095,
          600.8805364864179,
          69.81417232232604,
          605.8931740977164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unregistered Sales of Equity Securities and Use of Proceeds",
        "box": [
          99.53905835253906,
          600.8805364864179,
          341.07988405875045,
          605.8931740977164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          561.8085740913084,
          600.8805364864179,
          576.4338073694236,
          605.8931740977164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 3.",
        "box": [
          41.496092020996095,
          613.6305359551679,
          69.81417232232604,
          618.6431735664664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Defaults Upon Senior Securities",
        "box": [
          99.53905835253906,
          613.6305359551679,
          228.64722599344486,
          618.6431735664664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          561.8085740913084,
          613.6305359551679,
          576.4338073694236,
          618.6431735664664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 4.",
        "box": [
          41.496092020996095,
          626.380535423918,
          69.81417232232604,
          631.393173035216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mine Safety Disclosures",
        "box": [
          99.53905835253906,
          626.380535423918,
          197.8297872775049,
          631.393173035216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          561.8085740913084,
          626.380535423918,
          576.4338073694236,
          631.393173035216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 5.",
        "box": [
          41.496092020996095,
          639.8805348614178,
          69.81417232232604,
          644.8931724727163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Information",
        "box": [
          99.53905835253906,
          639.8805348614178,
          172.55292672279444,
          644.8931724727163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          561.8085740913084,
          639.8805348614178,
          576.4338073694236,
          644.8931724727163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 6.",
        "box": [
          41.496092020996095,
          652.6305343301678,
          69.81417232232604,
          657.6431719414663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exhibits",
        "box": [
          99.53905835253906,
          652.6305343301678,
          132.8656407093444,
          657.6431719414663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111",
        "box": [
          562.1835740756834,
          652.6305343301678,
          576.4378013442572,
          657.6431719414663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          303.4921748544922,
          700.6305323301681,
          308.49092460871094,
          705.6431699414661
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 5,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239181,
          104.6843139585664,
          43.393197535216586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PART I - FINANCIAL INFORMATION",
        "box": [
          219.52733835302718,
          72.1305585176683,
          392.47222317290243,
          77.14319612896634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 1. Financial Statements",
        "box": [
          244.91014979540998,
          84.13055801766814,
          367.0864481251434,
          89.14319562896617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. and Subsidiaries",
        "box": [
          205.03124145703126,
          99.13055739266792,
          406.95310371403264,
          104.14319500396641
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Balance Sheets",
        "box": [
          220.03124083203124,
          113.38055679891795,
          391.95579368892055,
          118.39319441021644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited, amounts in thousands, except share data)",
        "box": [
          191.37890202587874,
          125.38055629891824,
          420.618080179745,
          130.39319391021627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30,",
        "box": [
          403.6171706826172,
          139.54100976579093,
          457.6215629524341,
          144.05351177530565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31,",
        "box": [
          481.3827924423828,
          139.54100976579093,
          555.6943125960693,
          144.05351177530565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          421.6171699326172,
          151.54100926579122,
          439.6171691826172,
          156.05351127530548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          509.5429512690428,
          151.54100926579122,
          527.5429505190427,
          156.05351127530548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets:",
        "box": [
          53.85937275585937,
          163.54100876579105,
          80.85497720104246,
          168.0535107753053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          71.85937200585937,
          175.54100826579133,
          166.583489479021,
          180.0535102753056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          389.9531087519531,
          175.54100826579133,
          394.4531085644531,
          180.0535102753056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367,592 ",
        "box": [
          439.28904419628907,
          175.54100826579133,
          470.789042883789,
          180.0535102753056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          478.95701504345686,
          175.54100826579133,
          483.45701485595686,
          180.0535102753056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "499,480 ",
        "box": [
          526.1015405791015,
          175.54100826579133,
          557.6015392666014,
          180.0535102753056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          71.85937200585937,
          187.54100776579116,
          126.58886211546388,
          192.05350977530543
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "272,764 ",
        "box": [
          439.28904419628907,
          187.54100776579116,
          470.789042883789,
          192.05350977530543
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "175,167 ",
        "box": [
          526.1015405791015,
          187.54100776579116,
          557.6015392666014,
          192.05350977530543
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-investment, net of credit loss allowances of $419,156 and $440,842",
        "box": [
          71.85937200585937,
          199.541007265791,
          370.86326954736313,
          204.05350927530526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($227,521 and none held at fair value)",
        "box": [
          80.85937163085937,
          208.54100689079132,
          218.56786204300536,
          213.0535089003056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,816,968 ",
        "box": [
          428.03904466503906,
          208.54100689079132,
          470.789042883789,
          213.0535089003056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,862,712 ",
        "box": [
          514.8515410478515,
          208.54100689079132,
          557.6015392666014,
          213.0535089003056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale, at fair value",
        "box": [
          71.85937200585937,
          220.54100639079115,
          189.37352738943605,
          225.05350840030542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,217,481 ",
        "box": [
          432.53904447753905,
          220.54100639079115,
          470.789042883789,
          225.05350840030542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,323,543 ",
        "box": [
          519.3515408603515,
          220.54100639079115,
          557.6015392666014,
          225.05350840030542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment securities, net of credit loss allowances of $55,258 and $37,369 ($119,780",
        "box": [
          71.85937200585937,
          232.54100589079098,
          381.2167847409666,
          237.05350790030525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and $121,433 held at fair value)",
        "box": [
          80.85937163085937,
          241.54100551579086,
          195.82176924075927,
          246.05350752530512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "402,829 ",
        "box": [
          439.28904419628907,
          241.54100551579086,
          470.789042883789,
          246.05350752530512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "301,000 ",
        "box": [
          526.1015405791015,
          241.54100551579086,
          557.6015392666014,
          246.05350752530512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, net",
        "box": [
          71.85937200585937,
          253.5410050157907,
          123.84667454972168,
          258.05350702530495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,998,669 ",
        "box": [
          432.53904447753905,
          253.5410050157907,
          470.789042883789,
          258.05350702530495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,448,652 ",
        "box": [
          519.3515408603515,
          253.5410050157907,
          557.6015392666014,
          258.05350702530495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments of consolidated affordable housing fund, at fair value",
        "box": [
          71.85937200585937,
          265.541004515791,
          308.87401101024886,
          270.05350652530524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,368 ",
        "box": [
          432.53904447753905,
          265.541004515791,
          470.789042883789,
          270.05350652530524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,727,499 ",
        "box": [
          519.3515408603515,
          265.541004515791,
          557.6015392666014,
          270.05350652530524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities",
        "box": [
          71.85937200585937,
          277.5410040157908,
          209.58397586733395,
          282.05350602530507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,201 ",
        "box": [
          443.78904400878906,
          277.5410040157908,
          470.789042883789,
          282.05350602530507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,752 ",
        "box": [
          530.6015403916015,
          277.5410040157908,
          557.6015392666014,
          282.05350602530507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill",
        "box": [
          71.85937200585937,
          289.54100351579063,
          105.85985885917236,
          294.0535055253049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "259,846 ",
        "box": [
          439.28904419628907,
          289.54100351579063,
          470.789042883789,
          294.0535055253049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "259,846 ",
        "box": [
          526.1015405791015,
          289.54100351579063,
          557.6015392666014,
          294.0535055253049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets, net ($29,487 and $28,280 held at fair value)",
        "box": [
          71.85937200585937,
          301.5410030157909,
          294.3061438872433,
          306.0535050253052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440,974 ",
        "box": [
          439.28904419628907,
          301.5410030157909,
          470.789042883789,
          306.0535050253052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "436,059 ",
        "box": [
          526.1015405791015,
          301.5410030157909,
          557.6015392666014,
          306.0535050253052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative assets",
        "box": [
          71.85937200585937,
          313.54100251579075,
          133.0883735746509,
          318.053504525305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,406 ",
        "box": [
          443.78904400878906,
          313.54100251579075,
          470.789042883789,
          318.053504525305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,813 ",
        "box": [
          530.6015403916015,
          313.54100251579075,
          557.6015392666014,
          318.053504525305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          71.85937200585937,
          325.5410020157906,
          170.3012626941138,
          330.0535040253053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200,816 ",
        "box": [
          439.28904419628907,
          325.5410020157906,
          470.789042883789,
          330.0535040253053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "162,679 ",
        "box": [
          526.1015405791015,
          325.5410020157906,
          557.6015392666014,
          330.0535040253053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          71.85937200585937,
          337.54100151579087,
          115.59813988341065,
          342.05350352530513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "362,215 ",
        "box": [
          439.28904419628907,
          337.54100151579087,
          470.789042883789,
          342.05350352530513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "362,991 ",
        "box": [
          526.1015405791015,
          337.54100151579087,
          557.6015392666014,
          342.05350352530513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variable interest entity ('VIE') assets, at fair value",
        "box": [
          71.85937200585937,
          350.2910009845409,
          255.27830996840325,
          354.8035029940552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,868,147 ",
        "box": [
          428.03904466503906,
          349.5410010157907,
          470.789042883789,
          354.05350302530496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,493,164 ",
        "box": [
          514.8515410478515,
          349.5410010157907,
          557.6015392666014,
          354.05350302530496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          53.85937275585937,
          363.7910004220407,
          99.28564074309816,
          368.303502431555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          389.9531087519531,
          362.29100048454075,
          394.4531085644531,
          366.803502494055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,046,276",
        "box": [
          428.03904466503906,
          362.29100048454075,
          468.53904297753905,
          366.803502494055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          468.53904297753905,
          362.29100048454075,
          470.789042883789,
          366.803502494055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          478.95701504345686,
          362.29100048454075,
          483.45701485595686,
          366.803502494055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,183,357",
        "box": [
          514.8515410478515,
          362.29100048454075,
          555.3515393603515,
          366.803502494055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          555.3515393603515,
          362.29100048454075,
          557.6015392666014,
          366.803502494055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities and Equity",
        "box": [
          53.85937275585937,
          375.79099992204056,
          137.38622457557372,
          380.3035019315553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          65.10937228710938,
          387.79099942204084,
          106.61132363786135,
          392.3035014315551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable, accrued expenses and other liabilities",
        "box": [
          71.85937200585937,
          399.79099892204067,
          275.0317273503441,
          404.30350093155494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          389.9531087519531,
          399.79099892204067,
          394.4531085644531,
          404.30350093155494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "575,556 ",
        "box": [
          439.28904419628907,
          399.79099892204067,
          470.789042883789,
          404.30350093155494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          478.95701504345686,
          399.79099892204067,
          483.45701485595686,
          404.30350093155494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "499,750 ",
        "box": [
          526.1015405791015,
          399.79099892204067,
          557.6015392666014,
          404.30350093155494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Related-party payable",
        "box": [
          71.85937200585937,
          411.79099842204096,
          151.0707946553833,
          416.3035004315552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,033 ",
        "box": [
          443.78904400878906,
          411.79099842204096,
          470.789042883789,
          416.3035004315552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          530.6015403916015,
          411.79099842204096,
          557.6015392666014,
          416.3035004315552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends payable",
        "box": [
          71.85937200585937,
          423.7909979220408,
          139.09130294452882,
          428.30349993155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,744 ",
        "box": [
          439.28904419628907,
          423.7909979220408,
          470.789042883789,
          428.30349993155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,413 ",
        "box": [
          526.1015405791015,
          423.7909979220408,
          557.6015392666014,
          428.30349993155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative liabilities",
        "box": [
          71.85937200585937,
          435.7909974220406,
          145.5864197938989,
          440.3034994315549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,573 ",
        "box": [
          443.78904400878906,
          435.7909974220406,
          470.789042883789,
          440.3034994315549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,983 ",
        "box": [
          530.6015403916015,
          435.7909974220406,
          557.6015392666014,
          440.3034994315549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financing agreements, net",
        "box": [
          71.85937200585937,
          447.7909969220409,
          195.80712096136963,
          452.30349893155517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,999,891 ",
        "box": [
          428.03904466503906,
          447.7909969220409,
          470.789042883789,
          452.30349893155517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,678,948 ",
        "box": [
          514.8515410478515,
          447.7909969220409,
          557.6015392666014,
          452.30349893155517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized financing, net",
        "box": [
          71.85937200585937,
          459.79099642204073,
          164.07421200357422,
          464.303498431555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,811,511 ",
        "box": [
          433.2070169497068,
          459.79099642204073,
          470.789042883789,
          464.303498431555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,131,453 ",
        "box": [
          519.3515408603515,
          459.79099642204073,
          557.6015392666014,
          464.303498431555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured senior notes, net",
        "box": [
          71.85937200585937,
          471.79099592204057,
          171.3295829412671,
          476.3034979315553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,882,722 ",
        "box": [
          432.53904447753905,
          471.79099592204057,
          470.789042883789,
          476.3034979315553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,283,836 ",
        "box": [
          519.3515408603515,
          471.79099592204057,
          557.6015392666014,
          476.3034979315553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE liabilities, at fair value",
        "box": [
          71.85937200585937,
          484.5409953907906,
          170.07274685363527,
          489.0534974003049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,293,820 ",
        "box": [
          428.03904466503906,
          483.79099542204085,
          470.789042883789,
          488.3034974315551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,803,806 ",
        "box": [
          514.8515410478515,
          483.79099542204085,
          557.6015392666014,
          488.3034974315551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          65.10937228710938,
          497.29099485954066,
          125.5385689692261,
          501.8034968690549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,862,850",
        "box": [
          428.03904466503906,
          496.5409948907909,
          468.53904297753905,
          501.05349690030516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          468.53904297753905,
          496.5409948907909,
          470.789042883789,
          501.05349690030516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,693,851",
        "box": [
          514.8515410478515,
          496.5409948907909,
          555.3515393603515,
          501.05349690030516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          555.3515393603515,
          496.5409948907909,
          557.6015392666014,
          501.05349690030516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments and contingencies (Note 22)",
        "box": [
          65.10937228710938,
          509.29099435954095,
          220.07811601007813,
          513.8034963690552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Temporary Equity: ",
        "box": [
          59.10937253710937,
          521.2909938595408,
          135.78075604246825,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redeemable non-controlling interests",
        "box": [
          135.78515059228516,
          521.2909938595408,
          270.74559437893294,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "356,377 ",
        "box": [
          439.28904419628907,
          521.2909938595408,
          470.789042883789,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,118 ",
        "box": [
          526.4296655654297,
          521.2909938595408,
          557.6015392666014,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Permanent Equity:",
        "box": [
          59.10937253710937,
          533.2909933595406,
          132.8539982244165,
          537.8034953690549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. Stockholders' Equity:",
        "box": [
          65.10937228710938,
          545.2909928595409,
          266.6996960425122,
          549.8034948690552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and",
        "box": [
          65.10937228710938,
          557.2909923595407,
          372.28269956822004,
          561.803494369055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding",
        "box": [
          74.10937191210937,
          566.2909919845406,
          116.1079053521704,
          570.8034939940549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          459.53904335253907,
          566.2909919845406,
          470.789042883789,
          570.8034939940549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          546.3515397353515,
          566.2909919845406,
          557.6015392666014,
          570.8034939940549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, $0.01 per share, 500,000,000 shares authorized, 379,785,339 issued and",
        "box": [
          65.10937228710938,
          578.2909914845409,
          383.5766480476389,
          582.8034934940551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "370,628,310 outstanding as of June 30, 2026 and 378,011,570 issued and 370,562,879",
        "box": [
          74.10937191210937,
          587.2909911095408,
          384.76170646826154,
          591.803493119055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding as of December 31, 2025",
        "box": [
          74.10937191210937,
          596.2909907345406,
          208.57762821926516,
          600.8034927440549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,798 ",
        "box": [
          448.28904382128906,
          596.2909907345406,
          470.789042883789,
          600.8034927440549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,780 ",
        "box": [
          535.1015402041015,
          596.2909907345406,
          557.6015392666014,
          600.8034927440549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          65.10937228710938,
          608.2909902345409,
          157.58348958402098,
          612.8034922440552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,991,339 ",
        "box": [
          432.53904447753905,
          608.2909902345409,
          470.789042883789,
          612.8034922440552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,957,216 ",
        "box": [
          519.3515408603515,
          608.2909902345409,
          557.6015392666014,
          612.8034922440552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Treasury stock (9,157,029 shares and 7,448,691 shares)",
        "box": [
          65.10937228710938,
          620.2909897345407,
          265.26561778726534,
          624.803491744055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(167,962)",
        "box": [
          435.53904435253907,
          620.2909897345407,
          470.7861131739111,
          624.803491744055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(138,022)",
        "box": [
          522.3515407353515,
          620.2909897345407,
          557.5986095567235,
          624.803491744055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated deficit",
        "box": [
          65.10937228710938,
          632.2909892345406,
          138.32665451638914,
          636.8034912440553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(337,909)",
        "box": [
          435.53904435253907,
          632.2909892345406,
          470.7861131739111,
          636.8034912440553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39,018)",
        "box": [
          526.8515405478515,
          632.2909892345406,
          557.5986095567235,
          636.8034912440553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive income",
        "box": [
          65.10937228710938,
          644.2909887345409,
          219.3002841124878,
          648.8034907440551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,697 ",
        "box": [
          448.28904382128906,
          644.2909887345409,
          470.789042883789,
          648.8034907440551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,560 ",
        "box": [
          530.9296653779296,
          644.2909887345409,
          557.6015392666014,
          648.8034907440551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Starwood Property Trust, Inc. Stockholders' Equity",
        "box": [
          71.85937200585937,
          657.0409882032909,
          292.376941032627,
          661.5534902128052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,498,963 ",
        "box": [
          432.53904447753905,
          657.0409882032909,
          470.789042883789,
          661.5534902128052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,795,516 ",
        "box": [
          519.3515408603515,
          657.0409882032909,
          557.6015392666014,
          661.5534902128052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests in consolidated subsidiaries",
        "box": [
          65.10937228710938,
          669.0409877032907,
          257.07567311851307,
          673.553489712805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "328,086 ",
        "box": [
          439.28904419628907,
          669.0409877032907,
          470.789042883789,
          673.553489712805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "329,872 ",
        "box": [
          526.1015405791015,
          669.0409877032907,
          557.6015392666014,
          673.553489712805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Permanent Equity",
        "box": [
          65.10937228710938,
          681.7909871720408,
          157.78124330578126,
          686.303489181555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,827,049",
        "box": [
          432.53904447753905,
          681.7909871720408,
          468.53904297753905,
          686.303489181555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          468.53904297753905,
          681.7909871720408,
          470.789042883789,
          686.303489181555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,125,388",
        "box": [
          519.3515408603515,
          681.7909871720408,
          555.3515393603515,
          686.303489181555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          555.3515393603515,
          681.7909871720408,
          557.6015392666014,
          686.303489181555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities and Equity",
        "box": [
          53.85937275585937,
          696.0409865782908,
          159.31054007206055,
          700.5534885878051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          389.9531087519531,
          694.5409866407908,
          394.4531085644531,
          699.0534886503051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,046,276",
        "box": [
          428.03904466503906,
          694.5409866407908,
          468.53904297753905,
          699.0534886503051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          468.53904297753905,
          694.5409866407908,
          470.789042883789,
          699.0534886503051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          478.95701504345686,
          694.5409866407908,
          483.45701485595686,
          699.0534886503051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,183,357",
        "box": [
          514.8515410478515,
          694.5409866407908,
          555.3515393603515,
          699.0534886503051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          555.3515393603515,
          694.5409866407908,
          557.6015392666014,
          699.0534886503051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________________________________________",
        "box": [
          33.74999859375,
          712.2773140417776,
          201.74999159375,
          715.2856487147869
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note: In addition to the VIE assets and liabilities which are separately presented, our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025",
        "box": [
          33.74999859375,
          719.2064056392815,
          572.8806252549726,
          723.2150115158588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include assets of $6.4 billion and $6.7 billion, respectively, and liabilities of $4.9 billion and $5.2 billion, respectively, related to securitized financing issued by",
        "box": [
          33.74999859375,
          726.7064053267818,
          544.0934748544377,
          730.7150112033587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs. These assets can only be used to settle obligations of the securitized financing VIEs, and the related liabilities do not have recourse to Starwood Property Trust,",
        "box": [
          33.74999859375,
          733.4564050455315,
          563.4490294104558,
          737.4650109221088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inc. Refer to Note 15 for additional discussion of VIEs.",
        "box": [
          33.74999859375,
          740.9564047330314,
          211.00988079542137,
          744.9650106096087
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 6,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "See notes to condensed consolidated financial statements.",
        "box": [
          190.64061705664062,
          38.3805599239181,
          421.3492715750292,
          43.393197535216586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          303.4921748544922,
          81.13055814266772,
          308.49092460871094,
          86.14319575396667
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 7,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923917644,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. and Subsidiaries",
        "box": [
          205.03124145703126,
          81.13055814266772,
          406.95310371403264,
          86.14319575396621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Operations",
        "box": [
          197.68358926318342,
          105.1305571426683,
          414.30879710754533,
          110.14319475396678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited, amounts in thousands, except per share data)",
        "box": [
          182.999992375,
          117.13055664266813,
          428.9927708557996,
          122.14319425396661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          318.6796742216797,
          130.45643017053226,
          418.183710000555,
          134.4650360471087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          354.21092274121094,
          138.70642982678146,
          382.64230784406976,
          142.7150357033588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended",
        "box": [
          467.0624805390625,
          130.45643017053226,
          557.0958670375487,
          134.4650360471087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          497.8593542558594,
          138.70642982678146,
          526.2907393587183,
          142.7150357033588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          322.76952155126935,
          149.95642935803153,
          338.7594906600206,
          153.96503523460888
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          398.1093584121094,
          149.95642935803153,
          414.0993275208606,
          153.96503523460888
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          469.7929529252928,
          149.95642935803153,
          485.78292203404396,
          153.96503523460888
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          538.4882625629881,
          149.95642935803153,
          554.4782316717392,
          153.96503523460888
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues:",
        "box": [
          34.74609230224609,
          162.88055473641816,
          78.61692375479413,
          167.89319234771665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from loans",
        "box": [
          45.996091833496095,
          175.63055420516775,
          153.43490697729158,
          180.64319181646624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          296.999987625,
          175.63055420516775,
          301.9987373792187,
          180.64319181646624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "398,415 ",
        "box": [
          329.02733379052717,
          175.63055420516775,
          364.0227973136328,
          180.64319181646624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.3398319858397,
          175.63055420516775,
          377.33858174005843,
          180.64319181646624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "385,219 ",
        "box": [
          404.3671706513672,
          175.63055420516775,
          439.3626416744725,
          180.64319181646624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          446.9179538784178,
          175.63055420516775,
          451.9167036326366,
          180.64319181646624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "772,226 ",
        "box": [
          473.1679527846678,
          175.63055420516775,
          508.16341630777345,
          180.64319181646624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.7187285117187,
          175.63055420516775,
          520.7174782659375,
          180.64319181646624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "739,142 ",
        "box": [
          541.6757624301755,
          175.63055420516775,
          576.6712259532812,
          180.64319181646624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from investment securities",
        "box": [
          45.996091833496095,
          188.38055367391826,
          216.45617877640518,
          193.39319128521674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,750 ",
        "box": [
          339.0234233740234,
          188.38055367391826,
          364.0227973136328,
          193.39319128521674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,313 ",
        "box": [
          409.3593579433594,
          188.38055367391826,
          439.3626416744725,
          193.39319128521674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,188 ",
        "box": [
          478.16014007665996,
          188.38055367391826,
          508.16341630777345,
          193.39319128521674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,534 ",
        "box": [
          546.6679497221677,
          188.38055367391826,
          576.6712259532812,
          193.39319128521674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing fees",
        "box": [
          45.996091833496095,
          201.8805531114176,
          102.9056159826788,
          206.893190722717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,667 ",
        "box": [
          334.01952108251936,
          201.8805531114176,
          364.0227973136328,
          206.893190722717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,080 ",
        "box": [
          409.3593579433594,
          201.8805531114176,
          439.3626416744725,
          206.893190722717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,687 ",
        "box": [
          478.16014007665996,
          201.8805531114176,
          508.16341630777345,
          206.893190722717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,540 ",
        "box": [
          546.6679497221677,
          201.8805531114176,
          576.6712259532812,
          206.893190722717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income",
        "box": [
          45.996091833496095,
          214.63055258016811,
          104.01863083845163,
          219.6431901914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,854 ",
        "box": [
          334.01952108251936,
          214.63055258016811,
          364.0227973136328,
          219.6431901914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,243 ",
        "box": [
          409.3593579433594,
          214.63055258016811,
          439.3626416744725,
          219.6431901914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,825 ",
        "box": [
          473.1679527846678,
          214.63055258016811,
          508.16341630777345,
          219.6431901914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,426 ",
        "box": [
          546.6679497221677,
          214.63055258016811,
          576.6712259532812,
          219.6431901914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other revenues",
        "box": [
          45.996091833496095,
          228.13055201766838,
          106.78649052097569,
          233.14318962896687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,982 ",
        "box": [
          339.0234233740234,
          227.3805520489177,
          364.0227973136328,
          232.3931896602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,428 ",
        "box": [
          414.3632677348631,
          227.3805520489177,
          439.3626416744725,
          232.3931896602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,198 ",
        "box": [
          478.53514006103495,
          227.3805520489177,
          508.16341630777345,
          232.3931896602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,821 ",
        "box": [
          547.0429497065427,
          227.3805520489177,
          576.6712259532812,
          232.3931896602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total revenues",
        "box": [
          52.74609155224609,
          241.63055145516773,
          114.67877071713065,
          246.64318906646622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "513,668",
        "box": [
          329.02733379052717,
          240.88055148641797,
          361.5191740242004,
          245.89318909771646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.52342243652345,
          240.88055148641797,
          364.0227973136328,
          245.89318909771646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "444,283",
        "box": [
          404.3671706513672,
          240.88055148641797,
          436.85901088504045,
          245.89318909771646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          436.8632667973631,
          240.88055148641797,
          439.3626416744725,
          245.89318909771646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,026,124",
        "box": [
          465.6679530971678,
          240.88055148641797,
          505.65790474341975,
          245.89318909771646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          505.66404143066404,
          240.88055148641797,
          508.16341630777345,
          245.89318909771646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "862,463",
        "box": [
          541.6757624301755,
          240.88055148641797,
          574.1676026638488,
          245.89318909771646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.1718510761718,
          240.88055148641797,
          576.6712259532812,
          245.89318909771646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses:",
        "box": [
          34.74609230224609,
          254.38055092391824,
          119.73450241656158,
          259.3931885352167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees",
        "box": [
          45.996091833496095,
          267.8805503614176,
          116.77911622961625,
          272.893187972717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,557 ",
        "box": [
          334.01952108251936,
          267.8805503614176,
          364.0227973136328,
          272.893187972717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,833 ",
        "box": [
          409.3593579433594,
          267.8805503614176,
          439.3626416744725,
          272.893187972717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,739 ",
        "box": [
          478.16014007665996,
          267.8805503614176,
          508.16341630777345,
          272.893187972717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,596 ",
        "box": [
          546.6679497221677,
          267.8805503614176,
          576.6712259532812,
          272.893187972717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          45.996091833496095,
          280.6305498301681,
          110.67222548621851,
          285.6431874414666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,577 ",
        "box": [
          329.02733379052717,
          280.6305498301681,
          364.0227973136328,
          285.6431874414666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "316,132 ",
        "box": [
          404.3671706513672,
          280.6305498301681,
          439.3626416744725,
          285.6431874414666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "673,483 ",
        "box": [
          473.1679527846678,
          280.6305498301681,
          508.16341630777345,
          285.6431874414666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "608,290 ",
        "box": [
          541.6757624301755,
          280.6305498301681,
          576.6712259532812,
          285.6431874414666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative",
        "box": [
          45.996091833496095,
          293.3805492989177,
          154.25990827006495,
          298.3931869102162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,694 ",
        "box": [
          334.01952108251936,
          293.3805492989177,
          364.0227973136328,
          298.3931869102162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,072 ",
        "box": [
          409.3593579433594,
          293.3805492989177,
          439.3626416744725,
          298.3931869102162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115,027 ",
        "box": [
          473.5429527690428,
          293.3805492989177,
          508.16341630777345,
          298.3931869102162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,219 ",
        "box": [
          546.6679497221677,
          293.3805492989177,
          576.6712259532812,
          298.3931869102162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs of rental operations",
        "box": [
          45.996091833496095,
          306.88054873641795,
          148.45078773496323,
          311.89318634771644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,313 ",
        "box": [
          334.01952108251936,
          306.88054873641795,
          364.0227973136328,
          311.89318634771644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,512 ",
        "box": [
          409.3593579433594,
          306.88054873641795,
          439.3626416744725,
          311.89318634771644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,447 ",
        "box": [
          478.16014007665996,
          306.88054873641795,
          508.16341630777345,
          311.89318634771644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,332 ",
        "box": [
          546.6679497221677,
          306.88054873641795,
          576.6712259532812,
          311.89318634771644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          45.996091833496095,
          319.63054820516845,
          167.5817620049263,
          324.64318581646694
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,260 ",
        "box": [
          334.01952108251936,
          319.63054820516845,
          364.0227973136328,
          324.64318581646694
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,371 ",
        "box": [
          409.3593579433594,
          319.63054820516845,
          439.3626416744725,
          324.64318581646694
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,986 ",
        "box": [
          478.16014007665996,
          319.63054820516845,
          508.16341630777345,
          324.64318581646694
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,855 ",
        "box": [
          546.6679497221677,
          319.63054820516845,
          576.6712259532812,
          324.64318581646694
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss provision (reversal), net",
        "box": [
          45.996091833496095,
          332.38054767391804,
          187.31794666917293,
          337.39318528521653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,164 ",
        "box": [
          334.01952108251936,
          332.38054767391804,
          364.0227973136328,
          337.39318528521653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,666 ",
        "box": [
          414.3632677348631,
          332.38054767391804,
          439.3626416744725,
          337.39318528521653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,787 ",
        "box": [
          478.16014007665996,
          332.38054767391804,
          508.16341630777345,
          337.39318528521653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,333)",
        "box": [
          542.4960748959959,
          332.38054767391804,
          576.6690690276205,
          337.39318528521653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other expense",
        "box": [
          45.996091833496095,
          345.8805471114183,
          103.4572524118424,
          350.8931847227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,203 ",
        "box": [
          339.0234233740234,
          345.8805471114183,
          364.0227973136328,
          350.8931847227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,893 ",
        "box": [
          414.3632677348631,
          345.8805471114183,
          439.3626416744725,
          350.8931847227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,604 ",
        "box": [
          483.1640423681641,
          345.8805471114183,
          508.16341630777345,
          350.8931847227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,744 ",
        "box": [
          551.6718520136718,
          345.8805471114183,
          576.6712259532812,
          350.8931847227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total costs and expenses",
        "box": [
          52.74609155224609,
          359.38054654891766,
          155.97697142137224,
          364.39318416021615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "524,768",
        "box": [
          329.02733379052717,
          359.38054654891766,
          361.5191740242004,
          364.39318416021615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.52342243652345,
          359.38054654891766,
          364.0227973136328,
          364.39318416021615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "430,479",
        "box": [
          404.3671706513672,
          359.38054654891766,
          436.85901088504045,
          364.39318416021615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          436.8632667973631,
          359.38054654891766,
          439.3626416744725,
          364.39318416021615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,005,073",
        "box": [
          465.6679530971678,
          359.38054654891766,
          505.65790474341975,
          364.39318416021615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          505.66404143066404,
          359.38054654891766,
          508.16341630777345,
          364.39318416021615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "814,703",
        "box": [
          541.6757624301755,
          359.38054654891766,
          574.1676026638488,
          364.39318416021615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.1718510761718,
          359.38054654891766,
          576.6712259532812,
          364.39318416021615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income (loss):",
        "box": [
          34.74609230224609,
          372.8805459864179,
          121.18920663094892,
          377.8931835977164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets related to consolidated VIEs",
        "box": [
          34.74609230224609,
          385.63054545516843,
          231.96214418032326,
          390.6431830664669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,087 ",
        "box": [
          334.01952108251936,
          385.63054545516843,
          364.0227973136328,
          390.6431830664669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,280 ",
        "box": [
          409.3593579433594,
          385.63054545516843,
          439.3626416744725,
          390.6431830664669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,589 ",
        "box": [
          478.16014007665996,
          385.63054545516843,
          508.16341630777345,
          390.6431830664669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,971 ",
        "box": [
          546.6679497221677,
          385.63054545516843,
          576.6712259532812,
          390.6431830664669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of servicing rights",
        "box": [
          34.74609230224609,
          398.380544923918,
          191.32779237342132,
          403.3931825352165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,744 ",
        "box": [
          339.0234233740234,
          398.380544923918,
          364.0227973136328,
          403.3931825352165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,363 ",
        "box": [
          414.3632677348631,
          398.380544923918,
          439.3626416744725,
          403.3931825352165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,207 ",
        "box": [
          483.1640423681641,
          398.380544923918,
          508.16341630777345,
          403.3931825352165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,116 ",
        "box": [
          552.0468519980468,
          398.380544923918,
          576.6712259532812,
          403.3931825352165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of investment securities, net",
        "box": [
          34.74609230224609,
          411.8805443614183,
          230.74662510964453,
          416.8931819727168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(52)",
        "box": [
          347.34373552734377,
          411.8805443614183,
          364.0206403879721,
          416.8931819727168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "345 ",
        "box": [
          421.8632674223631,
          411.8805443614183,
          439.3626416744725,
          416.8931819727168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37 ",
        "box": [
          495.6562293476562,
          411.8805443614183,
          508.16341630777345,
          416.8931819727168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172 ",
        "box": [
          559.1718517011718,
          411.8805443614183,
          576.6712259532812,
          416.8931819727168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of mortgage loans, net",
        "box": [
          34.74609230224609,
          424.6305438301679,
          207.97890305829964,
          429.64318144146637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61)",
        "box": [
          347.34373552734377,
          424.6305438301679,
          364.0206403879721,
          429.64318144146637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,867 ",
        "box": [
          409.3593579433594,
          424.6305438301679,
          439.3626416744725,
          429.64318144146637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,729)",
        "box": [
          473.9882652504881,
          424.6305438301679,
          508.1612593821127,
          429.64318144146637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,271 ",
        "box": [
          546.6679497221677,
          424.6305438301679,
          576.6712259532812,
          429.64318144146637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from affordable housing fund investments",
        "box": [
          34.74609230224609,
          437.3805432989184,
          235.29626604140145,
          442.39318091021687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,929 ",
        "box": [
          339.0234233740234,
          437.3805432989184,
          364.0227973136328,
          442.39318091021687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,115 ",
        "box": [
          414.7382677192381,
          437.3805432989184,
          439.3626416744725,
          442.39318091021687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,393 ",
        "box": [
          478.16014007665996,
          437.3805432989184,
          508.16341630777345,
          442.39318091021687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,025 ",
        "box": [
          551.6718520136718,
          437.3805432989184,
          576.6712259532812,
          442.39318091021687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities",
        "box": [
          34.74609230224609,
          450.88054273641774,
          186.61709551970037,
          455.8931803477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,716 ",
        "box": [
          339.0234233740234,
          450.88054273641774,
          364.0227973136328,
          455.8931803477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,872 ",
        "box": [
          414.3632677348631,
          450.88054273641774,
          439.3626416744725,
          455.8931803477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,534 ",
        "box": [
          483.1640423681641,
          450.88054273641774,
          508.16341630777345,
          455.8931803477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,409 ",
        "box": [
          551.6718520136718,
          450.88054273641774,
          576.6712259532812,
          455.8931803477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sale of investments and other assets, net",
        "box": [
          34.74609230224609,
          463.63054220516824,
          228.8184102149868,
          468.6431798164667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,379 ",
        "box": [
          339.0234233740234,
          463.63054220516824,
          364.0227973136328,
          468.6431798164667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          409.3593579433594,
          463.63054220516824,
          439.3626416744725,
          468.6431798164667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,058 ",
        "box": [
          483.1640423681641,
          463.63054220516824,
          508.16341630777345,
          468.6431798164667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          546.6679497221677,
          463.63054220516824,
          576.6712259532812,
          468.6431798164667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on derivative financial instruments, net",
        "box": [
          34.74609230224609,
          476.38054167391783,
          212.43579302259587,
          481.3931792852163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,024)",
        "box": [
          334.85154854785156,
          476.38054167391783,
          364.0206403879721,
          481.3931792852163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(101,296)",
        "box": [
          400.19529582519533,
          476.38054167391783,
          439.36047724881206,
          481.3931792852163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,487)",
        "box": [
          478.99216754199216,
          476.38054167391783,
          508.1612593821127,
          481.3931792852163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(140,985)",
        "box": [
          537.5038876040037,
          476.38054167391783,
          576.6690690276205,
          481.3931792852163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency (loss) gain, net",
        "box": [
          34.74609230224609,
          489.8805411114181,
          164.9525987760624,
          494.8931787227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,706)",
        "box": [
          334.85154854785156,
          489.8805411114181,
          364.0206403879721,
          494.8931787227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,761 ",
        "box": [
          409.3593579433594,
          489.8805411114181,
          439.3626416744725,
          494.8931787227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,796)",
        "box": [
          474.3632652348631,
          489.8805411114181,
          508.1612593821127,
          494.8931787227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118,552 ",
        "box": [
          542.0507624145505,
          489.8805411114181,
          576.6712259532812,
          494.8931787227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on extinguishment of debt",
        "box": [
          34.74609230224609,
          502.6305405801677,
          186.0752329459526,
          507.6431781914662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.5156103535156,
          502.6305405801677,
          364.0227973136328,
          507.6431781914662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,990 ",
        "box": [
          409.3593579433594,
          502.6305405801677,
          439.3626416744725,
          507.6431781914662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(335)",
        "box": [
          486.49216722949217,
          502.6305405801677,
          508.1612593821127,
          507.6431781914662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,990 ",
        "box": [
          546.6679497221677,
          502.6305405801677,
          576.6712259532812,
          507.6431781914662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other (loss) income, net",
        "box": [
          34.74609230224609,
          516.130540017668,
          131.36242847565285,
          521.1431776289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,683)",
        "box": [
          334.85154854785156,
          515.3805400489182,
          364.0206403879721,
          520.3931776602167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,604 ",
        "box": [
          414.3632677348631,
          515.3805400489182,
          439.3626416744725,
          520.3931776602167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,816)",
        "box": [
          478.99216754199216,
          515.3805400489182,
          508.1612593821127,
          520.3931776602167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "291 ",
        "box": [
          559.1718517011718,
          515.3805400489182,
          576.6712259532812,
          520.3931776602167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other income",
        "box": [
          52.74609155224609,
          529.6305394551682,
          132.7210984425154,
          534.6431770664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,329",
        "box": [
          334.01952108251936,
          529.6305394551682,
          361.51261654947365,
          534.6431770664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.52342243652345,
          529.6305394551682,
          364.0227973136328,
          534.6431770664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "121,563",
        "box": [
          404.3671706513672,
          529.6305394551682,
          436.85901088504045,
          534.6431770664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          436.8632667973631,
          529.6305394551682,
          439.3626416744725,
          534.6431770664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,655",
        "box": [
          478.16014007665996,
          529.6305394551682,
          505.6532355436143,
          534.6431770664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          505.66404143066404,
          529.6305394551682,
          508.16341630777345,
          534.6431770664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "207,474",
        "box": [
          541.6757624301755,
          529.6305394551682,
          574.1676026638488,
          534.6431770664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.1718510761718,
          529.6305394551682,
          576.6712259532812,
          534.6431770664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income before income taxes",
        "box": [
          34.74609230224609,
          543.1305388926676,
          153.10991744083282,
          548.143176503967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,229",
        "box": [
          334.01952108251936,
          543.1305388926676,
          361.51261654947365,
          548.143176503967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.52342243652345,
          543.1305388926676,
          364.0227973136328,
          548.143176503967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135,367",
        "box": [
          404.3671706513672,
          543.1305388926676,
          436.85901088504045,
          548.143176503967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          436.8632667973631,
          543.1305388926676,
          439.3626416744725,
          548.143176503967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,706",
        "box": [
          478.16014007665996,
          543.1305388926676,
          505.6532355436143,
          548.143176503967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          505.66404143066404,
          543.1305388926676,
          508.16341630777345,
          548.143176503967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "255,234",
        "box": [
          541.6757624301755,
          543.1305388926676,
          574.1676026638488,
          548.143176503967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.1718510761718,
          543.1305388926676,
          576.6712259532812,
          548.143176503967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          34.74609230224609,
          556.6305383301678,
          119.70521159978267,
          561.6431759414663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,224)",
        "box": [
          334.85154854785156,
          555.8805383614181,
          364.0206403879721,
          560.8931759727166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(671)",
        "box": [
          417.69139259619124,
          555.8805383614181,
          439.36047724881206,
          560.8931759727166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,279)",
        "box": [
          478.99216754199216,
          555.8805383614181,
          508.1612593821127,
          560.8931759727166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,437)",
        "box": [
          547.4999771874999,
          555.8805383614181,
          576.6690690276205,
          560.8931759727166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          34.74609230224609,
          570.1305377676681,
          82.7711417737637,
          575.1431753789666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,005",
        "box": [
          334.01952108251936,
          570.1305377676681,
          361.51261654947365,
          575.1431753789666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.52342243652345,
          570.1305377676681,
          364.0227973136328,
          575.1431753789666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,696",
        "box": [
          404.3671706513672,
          570.1305377676681,
          436.85901088504045,
          575.1431753789666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          436.8632667973631,
          570.1305377676681,
          439.3626416744725,
          575.1431753789666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,427",
        "box": [
          478.16014007665996,
          570.1305377676681,
          505.6532355436143,
          575.1431753789666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          505.66404143066404,
          570.1305377676681,
          508.16341630777345,
          575.1431753789666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "250,797",
        "box": [
          541.6757624301755,
          570.1305377676681,
          574.1676026638488,
          575.1431753789666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.1718510761718,
          570.1305377676681,
          576.6712259532812,
          575.1431753789666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to non-controlling interests",
        "box": [
          45.996091833496095,
          583.6305372051684,
          251.16910608003303,
          588.6431748164669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,448)",
        "box": [
          334.85154854785156,
          582.8805372364177,
          364.0206403879721,
          587.8931748477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,882)",
        "box": [
          410.1913929086912,
          582.8805372364177,
          439.36047724881206,
          587.8931748477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,992)",
        "box": [
          473.9882652504881,
          582.8805372364177,
          508.1612593821127,
          587.8931748477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,728)",
        "box": [
          547.4999771874999,
          582.8805372364177,
          576.6690690276205,
          587.8931748477162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to Starwood Property Trust, Inc.",
        "box": [
          45.996091833496095,
          597.8805366114184,
          289.5188327179648,
          602.8931742227169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          296.999987625,
          596.380536673918,
          301.9987373792187,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557",
        "box": [
          339.0234233740234,
          596.380536673918,
          361.51777407425874,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.52342243652345,
          596.380536673918,
          364.0227973136328,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.3398319858397,
          596.380536673918,
          377.33858174005843,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,814",
        "box": [
          404.3671706513672,
          596.380536673918,
          436.85901088504045,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          436.8632667973631,
          596.380536673918,
          439.3626416744725,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          446.9179538784178,
          596.380536673918,
          451.9167036326366,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,435",
        "box": [
          478.16014007665996,
          596.380536673918,
          505.6532355436143,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          505.66404143066404,
          596.380536673918,
          508.16341630777345,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.7187285117187,
          596.380536673918,
          520.7174782659375,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,069",
        "box": [
          541.6757624301755,
          596.380536673918,
          574.1676026638488,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.1718510761718,
          596.380536673918,
          576.6712259532812,
          601.3931742852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings per share data attributable to Starwood Property Trust,",
        "box": [
          34.74609230224609,
          624.880535486418,
          289.91141075160743,
          629.8931730977165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inc.:",
        "box": [
          43.74609192724609,
          635.3805350489183,
          61.78843012456957,
          640.3931726602168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic",
        "box": [
          45.996091833496095,
          648.1305345176679,
          68.20731110559001,
          653.1431721289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          296.999987625,
          648.1305345176679,
          301.9987373792187,
          653.1431721289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.01 ",
        "box": [
          344.0273331655272,
          648.1305345176679,
          364.0227973136328,
          653.1431721289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.3398319858397,
          648.1305345176679,
          377.33858174005843,
          653.1431721289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.38 ",
        "box": [
          419.3671700263672,
          648.1305345176679,
          439.3626416744725,
          653.1431721289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          446.9179538784178,
          648.1305345176679,
          451.9167036326366,
          653.1431721289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.15 ",
        "box": [
          488.1679521596678,
          648.1305345176679,
          508.16341630777345,
          653.1431721289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.7187285117187,
          648.1305345176679,
          520.7174782659375,
          653.1431721289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.71 ",
        "box": [
          556.6757618051755,
          648.1305345176679,
          576.6712259532812,
          653.1431721289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted",
        "box": [
          45.996091833496095,
          660.8805339864184,
          75.98367872151326,
          665.8931715977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          296.999987625,
          660.8805339864184,
          301.9987373792187,
          665.8931715977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.01 ",
        "box": [
          344.0273331655272,
          660.8805339864184,
          364.0227973136328,
          665.8931715977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.3398319858397,
          660.8805339864184,
          377.33858174005843,
          665.8931715977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.38 ",
        "box": [
          419.3671700263672,
          660.8805339864184,
          439.3626416744725,
          665.8931715977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          446.9179538784178,
          660.8805339864184,
          451.9167036326366,
          665.8931715977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.15 ",
        "box": [
          488.1679521596678,
          660.8805339864184,
          508.16341630777345,
          665.8931715977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.7187285117187,
          660.8805339864184,
          520.7174782659375,
          665.8931715977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.71 ",
        "box": [
          556.6757618051755,
          660.8805339864184,
          576.6712259532812,
          665.8931715977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See notes to condensed consolidated financial statements.",
        "box": [
          190.64061705664062,
          684.1305330176683,
          421.3492715750292,
          689.1431706289668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          303.4921748544922,
          726.8805312364184,
          308.49092460871094,
          731.8931688477169
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 8,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923917644,
          104.6843139585664,
          43.39319753521613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. and Subsidiaries",
        "box": [
          205.03124145703126,
          81.13055814266681,
          406.95310371403264,
          86.14319575396621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Comprehensive Income",
        "box": [
          171.25780536425782,
          105.13055714266739,
          440.7310799837653,
          110.14319475396587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited, amounts in thousands)",
        "box": [
          230.98827537548812,
          117.13055664266722,
          380.9993457805257,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          334.5702985595703,
          130.45643017053135,
          434.0743343384458,
          134.4650360471078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          370.1132695786131,
          138.70642982678146,
          398.5446546814719,
          142.7150357033579
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended",
        "box": [
          470.37889040087873,
          130.45643017053135,
          560.4122768993649,
          134.4650360471078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          501.1757641176756,
          138.70642982678146,
          529.6071492205346,
          142.7150357033579
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          343.2421731982422,
          149.95642935803153,
          359.2321423069934,
          153.96503523460797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          409.31248294531247,
          149.95642935803153,
          425.3024520540637,
          153.96503523460797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          474.6327927236328,
          149.95642935803153,
          490.622761832384,
          153.96503523460797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          539.9999774999999,
          149.95642935803153,
          555.9899466087511,
          153.96503523460797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          34.74609230224609,
          162.88055473641725,
          82.7711417737637,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          322.16014657666,
          162.88055473641725,
          327.15889633087875,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,005",
        "box": [
          349.80467292480466,
          162.88055473641725,
          377.29776839175895,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.30858177880845,
          162.88055473641725,
          379.8079566559178,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          388.124983828125,
          162.88055473641725,
          393.12373358234373,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,696",
        "box": [
          410.999982875,
          162.88055473641725,
          443.49182310867326,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.4960790209959,
          162.88055473641725,
          445.9954538981053,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          453.5507661020506,
          162.88055473641725,
          458.5495158562694,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,427",
        "box": [
          481.1952924501953,
          162.88055473641725,
          508.6883879171496,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          508.69920130419905,
          162.88055473641725,
          511.19857618130845,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          518.7538883852537,
          162.88055473641725,
          523.7526381394724,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "250,797",
        "box": [
          541.664039930664,
          162.88055473641725,
          574.1558801643373,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.1601360766599,
          162.88055473641725,
          576.6595109537693,
          167.89319234771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive income (loss) (net change by component):",
        "box": [
          34.74609230224609,
          175.63055420516685,
          291.5419411765062,
          180.64319181646624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Available-for-sale securities",
        "box": [
          45.996091833496095,
          189.1305536426671,
          158.028473485893,
          194.1431912539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          350.63670789013656,
          189.1305536426671,
          379.8057922302574,
          194.1431912539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          433.4882669379881,
          189.1305536426671,
          445.9954538981053,
          194.1431912539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          482.02732741552717,
          189.1305536426671,
          511.196411755648,
          194.1431912539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          554.9882618754881,
          189.1305536426671,
          576.6573465281089,
          194.1431912539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive (loss) income",
        "box": [
          34.74609230224609,
          202.63055308016737,
          177.16636719062913,
          207.64319069146586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          350.63670789013656,
          202.63055308016737,
          379.8057922302574,
          207.64319069146586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          433.4882669379881,
          202.63055308016737,
          445.9954538981053,
          207.64319069146586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          482.02732741552717,
          202.63055308016737,
          511.196411755648,
          207.64319069146586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          554.9882618754881,
          202.63055308016737,
          576.6573465281089,
          207.64319069146586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comprehensive income",
        "box": [
          34.74609230224609,
          216.13055251766764,
          134.2474769289163,
          221.14319012896613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,821",
        "box": [
          349.80467292480466,
          216.13055251766764,
          377.29776839175895,
          221.14319012896613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.30858177880845,
          216.13055251766764,
          379.8079566559178,
          221.14319012896613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,754",
        "box": [
          410.999982875,
          216.13055251766764,
          443.49182310867326,
          221.14319012896613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.4960790209959,
          216.13055251766764,
          445.9954538981053,
          221.14319012896613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70,564",
        "box": [
          481.1952924501953,
          216.13055251766764,
          508.6883879171496,
          221.14319012896613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          508.69920130419905,
          216.13055251766764,
          511.19857618130845,
          221.14319012896613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,988",
        "box": [
          541.664039930664,
          216.13055251766764,
          574.1558801643373,
          221.14319012896613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.1601360766599,
          216.13055251766764,
          576.6595109537693,
          221.14319012896613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Comprehensive income attributable to non-controlling",
        "box": [
          52.74609155224609,
          228.88055198641723,
          294.01845166173064,
          233.89318959771572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          61.74609117724609,
          238.63055158016687,
          95.06291160945815,
          243.64318919146535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,448)",
        "box": [
          350.63670789013656,
          238.63055158016687,
          379.8057922302574,
          243.64318919146535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,882)",
        "box": [
          416.82420513232404,
          238.63055158016687,
          445.99328947244487,
          243.64318919146535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,992)",
        "box": [
          477.0234176240234,
          238.63055158016687,
          511.196411755648,
          243.64318919146535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,728)",
        "box": [
          547.4882621879881,
          238.63055158016687,
          576.6573465281089,
          243.64318919146535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comprehensive income attributable to Starwood Property",
        "box": [
          34.74609230224609,
          252.13055101766713,
          282.8966030501411,
          257.1431886289656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust, Inc",
        "box": [
          43.74609192724609,
          261.8805506114177,
          85.77653182353912,
          266.89318822271616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".",
        "box": [
          85.78124642578125,
          261.8805506114177,
          88.28062130289062,
          266.89318822271616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          322.16014657666,
          260.38055067391724,
          327.15889633087875,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,373",
        "box": [
          354.8085827163084,
          260.38055067391724,
          377.30293341654374,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.30858177880845,
          260.38055067391724,
          379.8079566559178,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          388.124983828125,
          260.38055067391724,
          393.12373358234373,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,872",
        "box": [
          410.999982875,
          260.38055067391724,
          443.49182310867326,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.4960790209959,
          260.38055067391724,
          445.9954538981053,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          453.5507661020506,
          260.38055067391724,
          458.5495158562694,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,572",
        "box": [
          481.1952924501953,
          260.38055067391724,
          508.6883879171496,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          508.69920130419905,
          260.38055067391724,
          511.19857618130845,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          518.7538883852537,
          260.38055067391724,
          523.7526381394724,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "241,260",
        "box": [
          541.664039930664,
          260.38055067391724,
          574.1558801643373,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.1601360766599,
          260.38055067391724,
          576.6595109537693,
          265.39318828521573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See notes to condensed consolidated financial statements.",
        "box": [
          190.64061705664062,
          286.6305495801671,
          421.3492715750292,
          291.6431871914656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          303.4921748544922,
          329.3805477989172,
          308.49092460871094,
          334.39318541021566
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 9,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923917644,
          104.6843139585664,
          43.39319753521613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. and Subsidiaries",
        "box": [
          205.03124145703126,
          81.13055814266772,
          406.95310371403264,
          86.14319575396621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Equity",
        "box": [
          207.1171788701172,
          105.13055714266739,
          404.8701774429082,
          110.14319475396587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended June 30, 2026 and 2025",
        "box": [
          192.94921446044904,
          117.13055664266722,
          419.03492202771065,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited, amounts in thousands, except share data)",
        "box": [
          191.37890202587874,
          129.13055614266705,
          420.618080179745,
          134.14319375396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Temporary",
        "box": [
          118.17187007617187,
          176.1168823249045,
          151.7311349403691,
          179.62535259969718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          124.83983854833983,
          183.61688201240395,
          145.06352129318634,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock",
        "box": [
          174.1171802451172,
          164.86688279365444,
          219.01660583174623,
          168.3753530684471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional",
        "box": [
          238.05467758105468,
          169.36688260615392,
          269.94311888645717,
          172.8753528809475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paid-in",
        "box": [
          243.1054623706053,
          176.1168823249045,
          264.88035049575683,
          179.62535259969718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital",
        "box": [
          242.9179623784178,
          183.61688201240395,
          265.0789490141309,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Treasury Stock",
        "box": [
          289.14842545214844,
          164.86688279365444,
          334.5671838671387,
          168.3753530684471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retained",
        "box": [
          360.2577974892578,
          162.61688288740424,
          387.07923230413655,
          166.12535316219692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings",
        "box": [
          360.0585824975584,
          169.36688260615392,
          387.27976495375543,
          172.8753528809475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Accumulated",
        "box": [
          352.68748530468747,
          176.1168823249045,
          394.6655890880384,
          179.62535259969718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deficit)",
        "box": [
          362.60154739160157,
          183.61688201240395,
          384.7454512194383,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated",
        "box": [
          404.66014313915997,
          162.61688288740424,
          444.308035344603,
          166.12535316219692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          415.54685768554685,
          169.36688260615392,
          433.42326115825813,
          172.8753528809475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comprehensive",
        "box": [
          401.22654578222654,
          176.1168823249045,
          447.74550708649787,
          179.62535259969718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income",
        "box": [
          413.40233027490217,
          183.61688201240395,
          435.55650076937314,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          467.26170303076157,
          148.36688348115422,
          482.5584550524844,
          151.8753537559469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood",
        "box": [
          460.535140811035,
          155.1168831999039,
          489.304119669766,
          158.62535347469748
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          461.56639076806624,
          162.61688288740424,
          488.2511556937011,
          166.12535316219692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust, Inc.",
        "box": [
          459.32810586132814,
          169.36688260615392,
          490.4956161189318,
          172.8753528809475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders'",
        "box": [
          454.3124810703125,
          176.1168823249045,
          495.5218059787566,
          179.62535259969718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          464.8007656333006,
          183.61688201240395,
          485.02444837814704,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-",
        "box": [
          511.9335761694334,
          169.36688260615392,
          526.7075766543494,
          172.8753528809475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Controlling",
        "box": [
          502.08982657958967,
          176.1168823249045,
          536.5647447306346,
          179.62535259969718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interests",
        "box": [
          506.3671664013672,
          183.61688201240395,
          532.2797399870896,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          552.539039477539,
          169.36688260615392,
          567.8357914992619,
          172.8753528809475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Permanent",
        "box": [
          543.6679498471677,
          176.1168823249045,
          576.7010322712887,
          179.62535259969718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          550.078102080078,
          183.61688201240395,
          570.3017848249245,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
          171.31640286181624,
          183.61688201240395,
          191.40685209012713,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Par",
        "box": [
          213.035151123535,
          176.1168823249045,
          223.91406501280832,
          179.62535259969718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          210.05858874755842,
          183.61688201240395,
          226.90996786297904,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
          282.6679607221678,
          183.61688201240395,
          302.7584099504787,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          318.01170924951157,
          183.61688201240395,
          342.50634375440114,
          187.12535228719753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, March 31, 2026",
        "box": [
          34.74609230224609,
          194.11688157490426,
          108.27779432592504,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          118.17187007617187,
          194.11688157490426,
          121.67061989289061,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "357,487",
        "box": [
          126.6328072236328,
          194.11688157490426,
          149.37464786355605,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.3789000258789,
          194.11688157490426,
          151.12827493423828,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "379,313,805",
        "box": [
          162.7382782192381,
          194.11688157490426,
          197.72572002392795,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.7304642612303,
          194.11688157490426,
          199.47983916958967,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,793",
        "box": [
          206.5546788935547,
          194.11688157490426,
          228.1466896313875,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.15233799365217,
          194.11688157490426,
          229.90171290201155,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,974,621",
        "box": [
          236.97655262597655,
          194.11688157490426,
          268.7633796140253,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.7695238012694,
          194.11688157490426,
          270.51889870962873,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,575,234",
        "box": [
          277.5937384335937,
          194.11688157490426,
          305.58369057984567,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.58983476708966,
          194.11688157490426,
          307.33920967544907,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(157,958)",
        "box": [
          314.41404939941407,
          194.11688157490426,
          345.61927022469587,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          352.68748530468747,
          194.11688157490426,
          356.18623512140624,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(165,868)",
        "box": [
          366.58592222558593,
          194.11688157490426,
          393.99426820907087,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          401.22654578222654,
          194.11688157490426,
          404.7252955989453,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,881",
        "box": [
          425.92966975292967,
          194.11688157490426,
          445.172765563634,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.1835789506834,
          194.11688157490426,
          446.9329538590428,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          454.3124810703125,
          194.11688157490426,
          457.8112308870313,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,665,469",
        "box": [
          465.1523281186522,
          194.11688157490426,
          493.1422802649041,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.1484169521484,
          194.11688157490426,
          494.8977918605078,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          502.08982657958967,
          194.11688157490426,
          505.58857639630844,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "325,771",
        "box": [
          511.4413886899412,
          194.11688157490426,
          534.1832293298645,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.1874777421874,
          194.11688157490426,
          535.9368526505468,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,991,240",
        "box": [
          543.1288873696286,
          194.11688157490426,
          574.9157143576775,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.9218510449218,
          194.11688157490426,
          576.6712259532812,
          197.62535184969693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from DRIP Plan",
        "box": [
          34.74609230224609,
          203.8668811686539,
          106.97941650502412,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          203.8668811686539,
          151.12967113418011,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,261 ",
        "box": [
          178.47655506347655,
          203.8668811686539,
          199.47983916958967,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          203.8668811686539,
          229.90310535195354,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "343 ",
        "box": [
          258.26952423876935,
          203.8668811686539,
          270.51889870962873,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          203.8668811686539,
          307.34060212539106,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          203.8668811686539,
          345.61403803066446,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          203.8668811686539,
          393.98903601503946,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          203.8668811686539,
          446.9343463089848,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "343 ",
        "box": [
          482.64841738964844,
          203.8668811686539,
          494.8977918605078,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          203.8668811686539,
          535.9382526004885,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "343 ",
        "box": [
          564.4218514824219,
          203.8668811686539,
          576.6712259532812,
          207.37535144344747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from employee",
        "box": [
          34.74609230224609,
          214.3668807311542,
          104.30755989641293,
          217.87535100594687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock purchase plan",
        "box": [
          34.74609230224609,
          221.11688044990387,
          89.9299062404204,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          221.11688044990387,
          151.12967113418011,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,172 ",
        "box": [
          178.47655506347655,
          221.11688044990387,
          199.47983916958967,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          221.11688044990387,
          229.90310535195354,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274 ",
        "box": [
          258.26952423876935,
          221.11688044990387,
          270.51889870962873,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          221.11688044990387,
          307.34060212539106,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          221.11688044990387,
          345.61403803066446,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          221.11688044990387,
          393.98903601503946,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          221.11688044990387,
          446.9343463089848,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274 ",
        "box": [
          482.64841738964844,
          221.11688044990387,
          494.8977918605078,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          221.11688044990387,
          535.9382526004885,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274 ",
        "box": [
          564.4218514824219,
          221.11688044990387,
          576.6712259532812,
          224.62535072469746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock",
        "box": [
          34.74609230224609,
          230.86688004365442,
          77.31530179102896,
          234.3753503184471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchased",
        "box": [
          34.74609230224609,
          238.36687973115386,
          68.54793768133581,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          238.36687973115386,
          151.12967113418011,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          238.36687973115386,
          199.48123161953168,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          238.36687973115386,
          229.90310535195354,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          238.36687973115386,
          270.5202911595707,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "581,795 ",
        "box": [
          282.8437382148437,
          238.36687973115386,
          307.33920967544907,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,004)",
        "box": [
          321.7031115957031,
          238.36687973115386,
          345.61927022469587,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          238.36687973115386,
          393.98903601503946,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          238.36687973115386,
          446.9343463089848,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,004)",
        "box": [
          470.9882653754881,
          238.36687973115386,
          494.90442400448086,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          238.36687973115386,
          535.9382526004885,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,004)",
        "box": [
          552.7616994682614,
          238.36687973115386,
          576.6778580972542,
          241.87535000594744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share-based compensation",
        "box": [
          34.74609230224609,
          248.1168793249044,
          109.55568739767949,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          248.1168793249044,
          151.12967113418011,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "271,588 ",
        "box": [
          174.98436770898437,
          248.1168793249044,
          199.47983916958967,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 ",
        "box": [
          224.64842813964844,
          248.1168793249044,
          229.90171290201155,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,310 ",
        "box": [
          249.51561460351562,
          248.1168793249044,
          270.51889870962873,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          248.1168793249044,
          307.34060212539106,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          248.1168793249044,
          345.61403803066446,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          248.1168793249044,
          393.98903601503946,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          248.1168793249044,
          446.9343463089848,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,313 ",
        "box": [
          473.8945152543944,
          248.1168793249044,
          494.8977918605078,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          248.1168793249044,
          535.9382526004885,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,313 ",
        "box": [
          555.6679493471677,
          248.1168793249044,
          576.6712259532812,
          251.62534959969707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager fees paid in stock",
        "box": [
          34.74609230224609,
          257.86687891865404,
          110.13650942347857,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          257.86687891865404,
          151.12967113418011,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,513 ",
        "box": [
          174.98436770898437,
          257.86687891865404,
          199.47983916958967,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2 ",
        "box": [
          224.64842813964844,
          257.86687891865404,
          229.90171290201155,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,791 ",
        "box": [
          253.01952445751937,
          257.86687891865404,
          270.51889870962873,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          257.86687891865404,
          307.34060212539106,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          257.86687891865404,
          345.61403803066446,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          257.86687891865404,
          393.98903601503946,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          257.86687891865404,
          446.9343463089848,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,793 ",
        "box": [
          477.3984176083984,
          257.86687891865404,
          494.8977918605078,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          257.86687891865404,
          535.9382526004885,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,793 ",
        "box": [
          559.1718517011718,
          257.86687891865404,
          576.6712259532812,
          261.3753491934467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          34.74609230224609,
          268.36687848115434,
          67.1949095927734,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "689 ",
        "box": [
          138.8789004633789,
          268.36687848115434,
          151.12827493423828,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          268.36687848115434,
          199.48123161953168,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          268.36687848115434,
          229.90310535195354,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          268.36687848115434,
          270.5202911595707,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          268.36687848115434,
          307.34060212539106,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          268.36687848115434,
          345.61403803066446,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557 ",
        "box": [
          376.4882693129881,
          268.36687848115434,
          393.98764356509747,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          268.36687848115434,
          446.9343463089848,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557 ",
        "box": [
          477.3984176083984,
          268.36687848115434,
          494.8977918605078,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,759 ",
        "box": [
          518.4374783984374,
          268.36687848115434,
          535.9368526505468,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,316 ",
        "box": [
          555.6679493471677,
          268.36687848115434,
          576.6712259532812,
          271.875348755947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared, $0.48",
        "box": [
          34.74609230224609,
          278.116878074904,
          108.21044590373123,
          281.62534834969665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share",
        "box": [
          34.74609230224609,
          284.86687779365457,
          60.19398680947853,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          284.86687779365457,
          151.12967113418011,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          284.86687779365457,
          199.48123161953168,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          284.86687779365457,
          229.90310535195354,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          284.86687779365457,
          270.5202911595707,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          284.86687779365457,
          307.34060212539106,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          284.86687779365457,
          345.61403803066446,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(178,598)",
        "box": [
          366.58592222558593,
          284.86687779365457,
          393.99426820907087,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          284.86687779365457,
          446.9343463089848,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(178,598)",
        "box": [
          467.4960780209959,
          284.86687779365457,
          494.90442400448086,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          284.86687779365457,
          535.9382526004885,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(178,598)",
        "box": [
          549.2695121137693,
          284.86687779365457,
          576.6778580972542,
          288.37534806844724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive loss",
        "box": [
          34.74609230224609,
          295.36687735615396,
          107.42362903942825,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          295.36687735615396,
          151.12967113418011,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          295.36687735615396,
          199.48123161953168,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          295.36687735615396,
          229.90310535195354,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          295.36687735615396,
          270.5202911595707,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          295.36687735615396,
          307.34060212539106,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          295.36687735615396,
          345.61403803066446,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          295.36687735615396,
          393.98903601503946,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          426.52732972802715,
          295.36687735615396,
          446.93957850301615,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          474.49216772949217,
          295.36687735615396,
          494.90442400448086,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          295.36687735615396,
          535.9382526004885,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          556.2656018222656,
          295.36687735615396,
          576.6778580972542,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contributions from non-",
        "box": [
          34.74609230224609,
          305.1168769499045,
          103.16290927704469,
          308.6253472246972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests",
        "box": [
          34.74609230224609,
          311.8668766686542,
          90.52096944370577,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          311.8668766686542,
          151.12967113418011,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          311.8668766686542,
          199.48123161953168,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          311.8668766686542,
          229.90310535195354,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          311.8668766686542,
          270.5202911595707,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          311.8668766686542,
          307.34060212539106,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          311.8668766686542,
          345.61403803066446,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          311.8668766686542,
          393.98903601503946,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          311.8668766686542,
          446.9343463089848,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          486.15232724365217,
          311.8668766686542,
          494.89919181044945,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,426 ",
        "box": [
          518.4374783984374,
          311.8668766686542,
          535.9368526505468,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,426 ",
        "box": [
          559.1718517011718,
          311.8668766686542,
          576.6712259532812,
          315.37534694344686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions to non-",
        "box": [
          34.74609230224609,
          322.3668762311545,
          93.0596076480156,
          325.87534650594716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests",
        "box": [
          34.74609230224609,
          329.11687594990417,
          90.52096944370577,
          332.62534622469684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,799)",
        "box": [
          130.72265080322265,
          328.3668759811544,
          151.1349033282115,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          328.3668759811544,
          199.48123161953168,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          328.3668759811544,
          229.90310535195354,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          328.3668759811544,
          270.5202911595707,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          328.3668759811544,
          307.34060212539106,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          328.3668759811544,
          345.61403803066446,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          328.3668759811544,
          393.98903601503946,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          328.3668759811544,
          446.9343463089848,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          486.15232724365217,
          328.3668759811544,
          494.89919181044945,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,870)",
        "box": [
          515.5312285195312,
          328.3668759811544,
          535.9434847945199,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,870)",
        "box": [
          556.2656018222656,
          328.3668759811544,
          576.6778580972542,
          331.8753462559471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, June 30, 2026",
        "box": [
          34.74609230224609,
          341.116875449904,
          102.58549181310434,
          344.6253457246967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          118.17187007617187,
          339.6168755124045,
          121.67061989289061,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "356,377",
        "box": [
          126.6328072236328,
          339.6168755124045,
          149.37464786355605,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.3789000258789,
          339.6168755124045,
          151.12827493423828,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "379,785,339",
        "box": [
          162.7382782192381,
          339.6168755124045,
          197.72572002392795,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.7304642612303,
          339.6168755124045,
          199.47983916958967,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,798",
        "box": [
          206.5546788935547,
          339.6168755124045,
          228.1466896313875,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.15233799365217,
          339.6168755124045,
          229.90171290201155,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,991,339",
        "box": [
          236.97655262597655,
          339.6168755124045,
          268.7633796140253,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.7695238012694,
          339.6168755124045,
          270.51889870962873,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,157,029",
        "box": [
          277.5937384335937,
          339.6168755124045,
          305.58369057984567,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.58983476708966,
          339.6168755124045,
          307.33920967544907,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(167,962)",
        "box": [
          314.41404939941407,
          339.6168755124045,
          345.61927022469587,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          352.68748530468747,
          339.6168755124045,
          356.18623512140624,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(337,909)",
        "box": [
          366.58592222558593,
          339.6168755124045,
          393.99426820907087,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          401.22654578222654,
          339.6168755124045,
          404.7252955989453,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,697",
        "box": [
          429.4335796069334,
          339.6168755124045,
          445.1779305884188,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.1835789506834,
          339.6168755124045,
          446.9329538590428,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          454.3124810703125,
          339.6168755124045,
          457.8112308870313,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,498,963",
        "box": [
          465.1523281186522,
          339.6168755124045,
          493.1422802649041,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.1484169521484,
          339.6168755124045,
          494.8977918605078,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          502.08982657958967,
          339.6168755124045,
          505.58857639630844,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "328,086",
        "box": [
          511.4413886899412,
          339.6168755124045,
          534.1832293298645,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.1874777421874,
          339.6168755124045,
          535.9368526505468,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,827,049",
        "box": [
          543.1288873696286,
          339.6168755124045,
          574.9157143576775,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.9218510449218,
          339.6168755124045,
          576.6712259532812,
          343.12534578719715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, March 31, 2025",
        "box": [
          34.74609230224609,
          359.8668746686544,
          108.27779432592504,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          118.17187007617187,
          359.8668746686544,
          121.67061989289061,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "426,835",
        "box": [
          126.6328072236328,
          359.8668746686544,
          149.37464786355605,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.3789000258789,
          359.8668746686544,
          151.12827493423828,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "346,825,014",
        "box": [
          162.7382782192381,
          359.8668746686544,
          197.72572002392795,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.7304642612303,
          359.8668746686544,
          199.47983916958967,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,468",
        "box": [
          206.5546788935547,
          359.8668746686544,
          228.1466896313875,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.15233799365217,
          359.8668746686544,
          229.90171290201155,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,343,893",
        "box": [
          236.97655262597655,
          359.8668746686544,
          268.7633796140253,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.7695238012694,
          359.8668746686544,
          270.51889870962873,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,448,691",
        "box": [
          277.5937384335937,
          359.8668746686544,
          305.58369057984567,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.58983476708966,
          359.8668746686544,
          307.33920967544907,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(138,022)",
        "box": [
          314.41404939941407,
          359.8668746686544,
          345.61927022469587,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          352.68748530468747,
          359.8668746686544,
          356.18623512140624,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "183,599",
        "box": [
          369.49217210449217,
          359.8668746686544,
          392.2340127444154,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.2382686567381,
          359.8668746686544,
          393.98764356509747,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          401.22654578222654,
          359.8668746686544,
          404.7252955989453,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,727",
        "box": [
          425.92966975292967,
          359.8668746686544,
          445.172765563634,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.1835789506834,
          359.8668746686544,
          446.9329538590428,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          454.3124810703125,
          359.8668746686544,
          457.8112308870313,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,405,665",
        "box": [
          465.1523281186522,
          359.8668746686544,
          493.1422802649041,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.1484169521484,
          359.8668746686544,
          494.8977918605078,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          502.08982657958967,
          359.8668746686544,
          505.58857639630844,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "324,251",
        "box": [
          511.4413886899412,
          359.8668746686544,
          534.1832293298645,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.1874777421874,
          359.8668746686544,
          535.9368526505468,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,729,916",
        "box": [
          543.1288873696286,
          359.8668746686544,
          574.9157143576775,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.9218510449218,
          359.8668746686544,
          576.6712259532812,
          363.3753449434471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net proceeds from ATM",
        "box": [
          34.74609230224609,
          369.61687426240405,
          102.95453323814061,
          373.1253445371967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreement",
        "box": [
          34.74609230224609,
          377.1168739499044,
          63.88409502225019,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          377.1168739499044,
          151.12967113418011,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,561,634 ",
        "box": [
          169.73436792773438,
          377.1168739499044,
          199.47983916958967,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16 ",
        "box": [
          221.14452578564436,
          377.1168739499044,
          229.90171290201155,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,089 ",
        "box": [
          249.51561460351562,
          377.1168739499044,
          270.51889870962873,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          377.1168739499044,
          307.34060212539106,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          377.1168739499044,
          345.61403803066446,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          377.1168739499044,
          393.98903601503946,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          377.1168739499044,
          446.9343463089848,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,105 ",
        "box": [
          473.8945152543944,
          377.1168739499044,
          494.8977918605078,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          377.1168739499044,
          535.9382526004885,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,105 ",
        "box": [
          555.6679493471677,
          377.1168739499044,
          576.6712259532812,
          380.6253442246971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from DRIP Plan",
        "box": [
          34.74609230224609,
          386.86687354365404,
          106.97941650502412,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          386.86687354365404,
          151.12967113418011,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,345 ",
        "box": [
          178.47655506347655,
          386.86687354365404,
          199.47983916958967,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          386.86687354365404,
          229.90310535195354,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "326 ",
        "box": [
          258.26952423876935,
          386.86687354365404,
          270.51889870962873,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          386.86687354365404,
          307.34060212539106,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          386.86687354365404,
          345.61403803066446,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          386.86687354365404,
          393.98903601503946,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          386.86687354365404,
          446.9343463089848,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "326 ",
        "box": [
          482.64841738964844,
          386.86687354365404,
          494.8977918605078,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          386.86687354365404,
          535.9382526004885,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "326 ",
        "box": [
          564.4218514824219,
          386.86687354365404,
          576.6712259532812,
          390.3753438184467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from employee",
        "box": [
          34.74609230224609,
          396.6168731374046,
          104.30755989641293,
          400.12534341219725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock purchase plan",
        "box": [
          34.74609230224609,
          404.116872824904,
          89.9299062404204,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          404.116872824904,
          151.12967113418011,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,087 ",
        "box": [
          178.47655506347655,
          404.116872824904,
          199.47983916958967,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "290 ",
        "box": [
          258.26952423876935,
          404.116872824904,
          270.51889870962873,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          404.116872824904,
          307.34060212539106,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          404.116872824904,
          345.61403803066446,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          404.116872824904,
          393.98903601503946,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          404.116872824904,
          446.9343463089848,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "290 ",
        "box": [
          482.64841738964844,
          404.116872824904,
          494.8977918605078,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          404.116872824904,
          535.9382526004885,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "290 ",
        "box": [
          564.4218514824219,
          404.116872824904,
          576.6712259532812,
          407.6253430996967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redemption of Class A",
        "box": [
          34.74609230224609,
          413.86687241865457,
          99.85894638012277,
          417.37534269344724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Units",
        "box": [
          34.74609230224609,
          420.61687213740424,
          49.909597110846356,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          420.61687213740424,
          151.12967113418011,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,000 ",
        "box": [
          178.47655506347655,
          420.61687213740424,
          199.47983916958967,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 ",
        "box": [
          224.64842813964844,
          420.61687213740424,
          229.90171290201155,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,388 ",
        "box": [
          253.01952445751937,
          420.61687213740424,
          270.51889870962873,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          420.61687213740424,
          307.34060212539106,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          420.61687213740424,
          345.61403803066446,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          420.61687213740424,
          393.98903601503946,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          420.61687213740424,
          446.9343463089848,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,389 ",
        "box": [
          477.3984176083984,
          420.61687213740424,
          494.8977918605078,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,389)",
        "box": [
          515.5312285195312,
          420.61687213740424,
          535.9434847945199,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.914038836914,
          420.61687213740424,
          576.6712259532812,
          424.1253424121978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share-based compensation",
        "box": [
          34.74609230224609,
          431.11687169990455,
          109.55568739767949,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          431.11687169990455,
          151.12967113418011,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "345,833 ",
        "box": [
          174.98436770898437,
          431.11687169990455,
          199.47983916958967,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 ",
        "box": [
          224.64842813964844,
          431.11687169990455,
          229.90171290201155,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,427 ",
        "box": [
          249.51561460351562,
          431.11687169990455,
          270.51889870962873,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          431.11687169990455,
          307.34060212539106,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          431.11687169990455,
          345.61403803066446,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          431.11687169990455,
          393.98903601503946,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          431.11687169990455,
          446.9343463089848,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,430 ",
        "box": [
          473.8945152543944,
          431.11687169990455,
          494.8977918605078,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          431.11687169990455,
          535.9382526004885,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,430 ",
        "box": [
          555.6679493471677,
          431.11687169990455,
          576.6712259532812,
          434.62534197469813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager fees paid in stock",
        "box": [
          34.74609230224609,
          440.8668712936542,
          110.13650942347857,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          440.8668712936542,
          151.12967113418011,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "256,932 ",
        "box": [
          174.98436770898437,
          440.8668712936542,
          199.47983916958967,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 ",
        "box": [
          224.64842813964844,
          440.8668712936542,
          229.90171290201155,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,028 ",
        "box": [
          253.01952445751937,
          440.8668712936542,
          270.51889870962873,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          440.8668712936542,
          307.34060212539106,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          440.8668712936542,
          345.61403803066446,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          440.8668712936542,
          393.98903601503946,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          440.8668712936542,
          446.9343463089848,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,031 ",
        "box": [
          477.3984176083984,
          440.8668712936542,
          494.8977918605078,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          440.8668712936542,
          535.9382526004885,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,031 ",
        "box": [
          559.1718517011718,
          440.8668712936542,
          576.6712259532812,
          444.37534156844777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          34.74609230224609,
          450.6168708874038,
          67.1949095927734,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "690 ",
        "box": [
          138.8789004633789,
          450.6168708874038,
          151.12827493423828,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          450.6168708874038,
          199.48123161953168,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          450.6168708874038,
          229.90310535195354,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          450.6168708874038,
          270.5202911595707,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          450.6168708874038,
          307.34060212539106,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          450.6168708874038,
          345.61403803066446,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,814 ",
        "box": [
          369.49217210449217,
          450.6168708874038,
          393.98764356509747,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          450.6168708874038,
          446.9343463089848,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,814 ",
        "box": [
          470.40232789990216,
          450.6168708874038,
          494.8977918605078,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,192 ",
        "box": [
          518.4374783984374,
          450.6168708874038,
          535.9368526505468,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,006 ",
        "box": [
          552.1757619926756,
          450.6168708874038,
          576.6712259532812,
          454.1253411621974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared, $0.48",
        "box": [
          34.74609230224609,
          461.1168704499041,
          108.21044590373123,
          464.6253407246977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share",
        "box": [
          34.74609230224609,
          467.8668701686538,
          60.19398680947853,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          467.8668701686538,
          151.12967113418011,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          467.8668701686538,
          199.48123161953168,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          467.8668701686538,
          229.90310535195354,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          467.8668701686538,
          270.5202911595707,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          467.8668701686538,
          307.34060212539106,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          467.8668701686538,
          345.61403803066446,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(164,898)",
        "box": [
          366.58592222558593,
          467.8668701686538,
          393.99426820907087,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          467.8668701686538,
          446.9343463089848,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(164,898)",
        "box": [
          467.4960780209959,
          467.8668701686538,
          494.90442400448086,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          467.8668701686538,
          535.9382526004885,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(164,898)",
        "box": [
          549.2695121137693,
          467.8668701686538,
          576.6778580972542,
          471.3753404434474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive",
        "box": [
          34.74609230224609,
          477.61686976240435,
          94.78510324318196,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income",
        "box": [
          34.74609230224609,
          485.1168694499038,
          55.34222988663508,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          485.1168694499038,
          151.12967113418011,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          485.1168694499038,
          199.48123161953168,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          485.1168694499038,
          229.90310535195354,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          485.1168694499038,
          270.5202911595707,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          485.1168694499038,
          307.34060212539106,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          485.1168694499038,
          345.61403803066446,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          485.1168694499038,
          393.98903601503946,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          438.1757667426756,
          485.1168694499038,
          446.9329538590428,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          486.1406047441406,
          485.1168694499038,
          494.8977918605078,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1913880336912,
          485.1168694499038,
          535.9382526004885,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          567.914038836914,
          485.1168694499038,
          576.6712259532812,
          488.62533972469737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contributions from non-",
        "box": [
          34.74609230224609,
          494.86686904365433,
          103.16290927704469,
          498.3753393184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests",
        "box": [
          34.74609230224609,
          501.616868762404,
          90.52096944370577,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.3828065673828,
          501.616868762404,
          151.12967113418011,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          501.616868762404,
          199.48123161953168,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          501.616868762404,
          229.90310535195354,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          501.616868762404,
          270.5202911595707,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          501.616868762404,
          307.34060212539106,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          501.616868762404,
          345.61403803066446,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          501.616868762404,
          393.98903601503946,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          501.616868762404,
          446.9343463089848,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          486.15232724365217,
          501.616868762404,
          494.89919181044945,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,489 ",
        "box": [
          518.4374783984374,
          501.616868762404,
          535.9368526505468,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,489 ",
        "box": [
          559.1718517011718,
          501.616868762404,
          576.6712259532812,
          505.1253390371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions to non-",
        "box": [
          34.74609230224609,
          512.1168683249043,
          93.0596076480156,
          515.6253385996979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests",
        "box": [
          34.74609230224609,
          518.866868043654,
          90.52096944370577,
          522.3753383184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,072)",
        "box": [
          130.72265080322265,
          518.1168680749042,
          151.1349033282115,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.73436705273437,
          518.1168680749042,
          199.48123161953168,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.15624078515626,
          518.1168680749042,
          229.90310535195354,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.77342659277343,
          518.1168680749042,
          270.5202911595707,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.5937375585938,
          518.1168680749042,
          307.34060212539106,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.8671734638672,
          518.1168680749042,
          345.61403803066446,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2421714482422,
          518.1168680749042,
          393.98903601503946,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.1874817421875,
          518.1168680749042,
          446.9343463089848,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          486.15232724365217,
          518.1168680749042,
          494.89919181044945,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,476)",
        "box": [
          515.5312285195312,
          518.1168680749042,
          535.9434847945199,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,476)",
        "box": [
          556.2656018222656,
          518.1168680749042,
          576.6778580972542,
          521.6253383496978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, June 30, 2025",
        "box": [
          34.74609230224609,
          530.8668675436538,
          102.58549181310434,
          534.3753378184474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          118.17187007617187,
          529.3668676061543,
          121.67061989289061,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "425,453",
        "box": [
          126.6328072236328,
          529.3668676061543,
          149.37464786355605,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.3789000258789,
          529.3668676061543,
          151.12827493423828,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "349,087,845",
        "box": [
          162.7382782192381,
          529.3668676061543,
          197.72572002392795,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.7304642612303,
          529.3668676061543,
          199.47983916958967,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,491",
        "box": [
          206.5546788935547,
          529.3668676061543,
          228.1466896313875,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.15233799365217,
          529.3668676061543,
          229.90171290201155,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,395,441",
        "box": [
          236.97655262597655,
          529.3668676061543,
          268.7633796140253,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.7695238012694,
          529.3668676061543,
          270.51889870962873,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,448,691",
        "box": [
          277.5937384335937,
          529.3668676061543,
          305.58369057984567,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.58983476708966,
          529.3668676061543,
          307.33920967544907,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(138,022)",
        "box": [
          314.41404939941407,
          529.3668676061543,
          345.61927022469587,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          352.68748530468747,
          529.3668676061543,
          356.18623512140624,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "148,515",
        "box": [
          369.49217210449217,
          529.3668676061543,
          392.2340127444154,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.2382686567381,
          529.3668676061543,
          393.98764356509747,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          401.22654578222654,
          529.3668676061543,
          404.7252955989453,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,785",
        "box": [
          425.92966975292967,
          529.3668676061543,
          445.172765563634,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.1835789506834,
          529.3668676061543,
          446.9329538590428,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          454.3124810703125,
          529.3668676061543,
          457.8112308870313,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,422,210",
        "box": [
          465.1523281186522,
          529.3668676061543,
          493.1422802649041,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.1484169521484,
          529.3668676061543,
          494.8977918605078,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          502.08982657958967,
          529.3668676061543,
          505.58857639630844,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "321,067",
        "box": [
          511.4413886899412,
          529.3668676061543,
          534.1832293298645,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.1874777421874,
          529.3668676061543,
          535.9368526505468,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,743,277",
        "box": [
          543.1288873696286,
          529.3668676061543,
          574.9157143576775,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.9218510449218,
          529.3668676061543,
          576.6712259532812,
          532.8753378809479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See notes to condensed consolidated financial statements.",
        "box": [
          190.64061705664062,
          553.6305384551679,
          421.3492715750292,
          558.6431760664655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          303.4921748544922,
          596.380536673918,
          308.49092460871094,
          601.3931742852155
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 10,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923918554,
          104.6843139585664,
          43.39319753521522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. and Subsidiaries",
        "box": [
          205.03124145703126,
          81.13055814266772,
          406.95310371403264,
          86.1431957539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Equity (Continued)",
        "box": [
          180.03515249853498,
          105.1305571426683,
          431.9493100326104,
          110.14319475396496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended June 30, 2026 and 2025",
        "box": [
          198.8671792138672,
          117.13055664266813,
          413.1101520745761,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited, amounts in thousands, except share data)",
        "box": [
          191.37890202587874,
          129.13055614266796,
          420.618080179745,
          134.14319375396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Temporary",
        "box": [
          118.32421381982422,
          170.1168825749046,
          151.88347868402144,
          173.62535284969817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          124.99218229199218,
          177.61688226240403,
          145.2158650368387,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock",
        "box": [
          174.23436774023438,
          158.86688304365452,
          219.1337933268634,
          162.3753533184481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional",
        "box": [
          238.08983757958967,
          163.366882856154,
          269.97827888499216,
          166.8753531309476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Paid-in",
        "box": [
          243.15233736865218,
          170.1168825749046,
          264.92722549380375,
          173.62535284969817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital",
        "box": [
          242.95311487695312,
          177.61688226240403,
          265.11410151266625,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Treasury Stock",
        "box": [
          289.16014795166,
          158.86688304365452,
          334.57890636665024,
          162.3753533184481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retained",
        "box": [
          360.2460824897459,
          156.61688313740433,
          387.0675173046247,
          160.1253534121979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings",
        "box": [
          360.04685999804684,
          163.366882856154,
          387.2680424542439,
          166.8753531309476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Accumulated",
        "box": [
          352.6757703051756,
          170.1168825749046,
          394.6538740885265,
          173.62535284969817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deficit)",
        "box": [
          362.58983239208965,
          177.61688226240403,
          384.7337362199264,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated",
        "box": [
          404.624983140625,
          156.61688313740433,
          444.272875346068,
          160.1253534121979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          415.51170518701156,
          163.366882856154,
          433.38810865972283,
          166.8753531309476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comprehensive",
        "box": [
          401.19139328369124,
          170.1168825749046,
          447.7103545879625,
          173.62535284969817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income",
        "box": [
          413.3671702763672,
          177.61688226240403,
          435.52134077083815,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          467.2031055332031,
          142.3668837311543,
          482.499857554926,
          145.87535400594788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood",
        "box": [
          460.47654331347655,
          149.11688344990398,
          489.2455221722076,
          152.62535372469756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          461.5077932705078,
          156.61688313740433,
          488.19255819614267,
          160.1253534121979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust, Inc.",
        "box": [
          459.26951586376936,
          163.366882856154,
          490.43702612137304,
          166.8753531309476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders'",
        "box": [
          454.25389107275373,
          170.1168825749046,
          495.46321598119783,
          173.62535284969817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          464.7421681357422,
          177.61688226240403,
          484.9658508805886,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-",
        "box": [
          511.85154117285157,
          163.366882856154,
          526.6255416577675,
          166.8753531309476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Controlling",
        "box": [
          502.0077915830078,
          170.1168825749046,
          536.4827097340527,
          173.62535284969817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interests",
        "box": [
          506.28513890478496,
          177.61688226240403,
          532.1977124905073,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          552.4804494799803,
          163.366882856154,
          567.7772015017031,
          166.8753531309476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Permanent",
        "box": [
          543.6210748491209,
          170.1168825749046,
          576.6541572732418,
          173.62535284969817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          550.0195120825193,
          177.61688226240403,
          570.2431948273658,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
          171.4804653549803,
          177.61688226240403,
          191.57091458329117,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Par",
        "box": [
          213.14061611914062,
          170.1168825749046,
          224.01953000841397,
          173.62535284969817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          210.15233874365217,
          177.61688226240403,
          227.0037178590728,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
          282.6913982211912,
          177.61688226240403,
          302.78184744950215,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          318.02342424902344,
          177.61688226240403,
          342.51805875391307,
          181.1253525371976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, December 31,",
        "box": [
          34.74609230224609,
          187.36688185615458,
          102.62994388000217,
          190.87535213094816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          34.74609230224609,
          194.86688154365402,
          48.74107660662172,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          118.31249507031251,
          194.86688154365402,
          121.81124488703125,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,118",
        "box": [
          127.19530720019532,
          194.86688154365402,
          149.5510585062056,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.55468126855467,
          194.86688154365402,
          151.30405617691406,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "378,011,570",
        "box": [
          163.28905569628907,
          194.86688154365402,
          197.89040816706594,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.89452675439438,
          194.86688154365402,
          199.64390166275373,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,780",
        "box": [
          206.6953038876953,
          194.86688154365402,
          228.20527962894627,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.21092799121092,
          194.86688154365402,
          229.96030289957034,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,957,216",
        "box": [
          237.01171262451155,
          194.86688154365402,
          268.8102546120722,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.81639879931623,
          194.86688154365402,
          270.5657737076756,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,448,691",
        "box": [
          277.61717593261716,
          194.86688154365402,
          305.6071280788691,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.6132722661131,
          194.86688154365402,
          307.3626471744725,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(138,022)",
        "box": [
          314.41404939941407,
          194.86688154365402,
          345.63099272420743,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          352.6757703051756,
          194.86688154365402,
          356.1745201218943,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39,018)",
        "box": [
          370.0663945805662,
          194.86688154365402,
          393.982553209559,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          401.19139328369124,
          194.86688154365402,
          404.69014310040995,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,560",
        "box": [
          426.28123223828123,
          194.86688154365402,
          445.1382387150726,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.1484189521484,
          194.86688154365402,
          446.8977938605078,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          454.25389107275373,
          194.86688154365402,
          457.7526408894725,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,795,516",
        "box": [
          465.09373062109375,
          194.86688154365402,
          493.0836827673457,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.0898269545897,
          194.86688154365402,
          494.83920186294904,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          502.0077915830078,
          194.86688154365402,
          505.5065413997266,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "329,872",
        "box": [
          511.37107619287093,
          194.86688154365402,
          534.1129168327942,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.1171652451171,
          194.86688154365402,
          535.8665401534765,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7,125,388",
        "box": [
          543.0234148740234,
          194.86688154365402,
          574.8219643615837,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.8281010488281,
          194.86688154365402,
          576.5774759571874,
          198.3753518184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from DRIP Plan",
        "box": [
          34.74609230224609,
          204.61688113740456,
          106.97941650502412,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          204.61688113740456,
          151.3054523768559,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,489 ",
        "box": [
          178.64061755664062,
          204.61688113740456,
          199.64390166275373,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          204.61688113740456,
          229.96170284951197,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "764 ",
        "box": [
          258.3163992368162,
          204.61688113740456,
          270.5657737076756,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          204.61688113740456,
          307.3640396244145,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          204.61688113740456,
          345.625760530176,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          204.61688113740456,
          393.9773210155276,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          204.61688113740456,
          446.89919381044945,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "764 ",
        "box": [
          482.58982739208966,
          204.61688113740456,
          494.83920186294904,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          204.61688113740456,
          535.8679401034182,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "764 ",
        "box": [
          564.328101486328,
          204.61688113740456,
          576.5774759571874,
          208.12535141219814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from employee",
        "box": [
          34.74609230224609,
          214.3668807311542,
          104.30755989641293,
          217.87535100594778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock purchase plan",
        "box": [
          34.74609230224609,
          221.86688041865455,
          89.9299062404204,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          221.86688041865455,
          151.3054523768559,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103,553 ",
        "box": [
          175.14843020214843,
          221.86688041865455,
          199.64390166275373,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 ",
        "box": [
          224.70702563720687,
          221.86688041865455,
          229.96030289957034,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,534 ",
        "box": [
          253.06639945556623,
          221.86688041865455,
          270.5657737076756,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          221.86688041865455,
          307.3640396244145,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          221.86688041865455,
          345.625760530176,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          221.86688041865455,
          393.9773210155276,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          221.86688041865455,
          446.89919381044945,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,535 ",
        "box": [
          477.3398276108397,
          221.86688041865455,
          494.83920186294904,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          221.86688041865455,
          535.8679401034182,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,535 ",
        "box": [
          559.0781017050781,
          221.86688041865455,
          576.5774759571874,
          225.37535069344813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock",
        "box": [
          34.74609230224609,
          231.61688001240418,
          77.31530179102896,
          235.12535028719776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchased",
        "box": [
          34.74609230224609,
          238.36687973115477,
          68.54793768133581,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          238.36687973115477,
          151.3054523768559,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          238.36687973115477,
          199.64529411269572,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          238.36687973115477,
          229.96170284951197,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          238.36687973115477,
          270.5671661576176,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,708,338 ",
        "box": [
          277.61717593261716,
          238.36687973115477,
          307.3626471744725,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,940)",
        "box": [
          321.71483409521466,
          238.36687973115477,
          345.63099272420743,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          238.36687973115477,
          393.9773210155276,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          238.36687973115477,
          446.89919381044945,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,940)",
        "box": [
          470.92966787792966,
          238.36687973115477,
          494.84582650692244,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,940)",
        "box": [
          552.6679494721677,
          238.36687973115477,
          576.5841081011605,
          241.87535000594835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share-based compensation",
        "box": [
          34.74609230224609,
          248.86687929365416,
          109.55568739767949,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          248.86687929365416,
          151.3054523768559,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,369,074 ",
        "box": [
          169.89843042089845,
          248.86687929365416,
          199.64390166275373,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14 ",
        "box": [
          221.20311578320312,
          248.86687929365416,
          229.96030289957034,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,293 ",
        "box": [
          249.5624896015625,
          248.86687929365416,
          270.5657737076756,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          248.86687929365416,
          307.3640396244145,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          248.86687929365416,
          345.625760530176,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          248.86687929365416,
          393.9773210155276,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          248.86687929365416,
          446.89919381044945,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,307 ",
        "box": [
          473.8359177568359,
          248.86687929365416,
          494.83920186294904,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          248.86687929365416,
          535.8679401034182,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,307 ",
        "box": [
          555.574199351074,
          248.86687929365416,
          576.5774759571874,
          252.37534956844775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager fees paid in stock",
        "box": [
          34.74609230224609,
          258.6168788874047,
          110.13650942347857,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          258.6168788874047,
          151.3054523768559,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258,653 ",
        "box": [
          175.14843020214843,
          258.6168788874047,
          199.64390166275373,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 ",
        "box": [
          224.70702563720687,
          258.6168788874047,
          229.96030289957034,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,532 ",
        "box": [
          253.06639945556623,
          258.6168788874047,
          270.5657737076756,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          258.6168788874047,
          307.3640396244145,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          258.6168788874047,
          345.625760530176,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          258.6168788874047,
          393.9773210155276,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          258.6168788874047,
          446.89919381044945,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,535 ",
        "box": [
          477.3398276108397,
          258.6168788874047,
          494.83920186294904,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          258.6168788874047,
          535.8679401034182,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,535 ",
        "box": [
          559.0781017050781,
          258.6168788874047,
          576.5774759571874,
          262.1253491621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          34.74609230224609,
          268.36687848115434,
          67.1949095927734,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,887 ",
        "box": [
          133.80468192480467,
          268.36687848115434,
          151.30405617691406,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          268.36687848115434,
          199.64529411269572,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          268.36687848115434,
          229.96170284951197,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          268.36687848115434,
          270.5671661576176,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          268.36687848115434,
          307.3640396244145,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          268.36687848115434,
          345.625760530176,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,435 ",
        "box": [
          372.97264445947246,
          268.36687848115434,
          393.97592106558596,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          268.36687848115434,
          446.89919381044945,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,435 ",
        "box": [
          473.8359177568359,
          268.36687848115434,
          494.83920186294904,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,105 ",
        "box": [
          515.1327910361327,
          268.36687848115434,
          535.8665401534765,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,540 ",
        "box": [
          555.574199351074,
          268.36687848115434,
          576.5774759571874,
          271.8753487559479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared, $0.96",
        "box": [
          34.74609230224609,
          278.86687804365465,
          108.21044590373123,
          282.37534831844823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share",
        "box": [
          39.24609211474609,
          285.61687776240433,
          64.69398662197852,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          285.61687776240433,
          151.3054523768559,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          285.61687776240433,
          199.64529411269572,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          285.61687776240433,
          229.96170284951197,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          285.61687776240433,
          270.5671661576176,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          285.61687776240433,
          307.3640396244145,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          285.61687776240433,
          345.625760530176,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(357,326)",
        "box": [
          366.57420722607407,
          285.61687776240433,
          393.982553209559,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          285.61687776240433,
          446.89919381044945,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(357,326)",
        "box": [
          467.4374805234375,
          285.61687776240433,
          494.84582650692244,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          285.61687776240433,
          535.8679401034182,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(357,326)",
        "box": [
          549.1757621176755,
          285.61687776240433,
          576.5841081011605,
          289.1253480371979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive loss",
        "box": [
          34.74609230224609,
          295.36687735615396,
          107.42362903942825,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          295.36687735615396,
          151.3054523768559,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          295.36687735615396,
          199.64529411269572,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          295.36687735615396,
          229.96170284951197,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          295.36687735615396,
          270.5671661576176,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          295.36687735615396,
          307.3640396244145,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          295.36687735615396,
          345.625760530176,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          295.36687735615396,
          393.9773210155276,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          426.49216972949216,
          295.36687735615396,
          446.90442600448085,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          474.43357773193344,
          295.36687735615396,
          494.84582650692244,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          295.36687735615396,
          535.8679401034182,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          556.1718518261717,
          295.36687735615396,
          576.5841081011605,
          298.87534763094754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contributions from non-",
        "box": [
          34.74609230224609,
          305.86687691865427,
          103.16290927704469,
          309.37534719344785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests",
        "box": [
          34.74609230224609,
          312.61687663740395,
          90.52096944370577,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          312.61687663740395,
          151.3054523768559,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          312.61687663740395,
          199.64529411269572,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          312.61687663740395,
          229.96170284951197,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          312.61687663740395,
          270.5671661576176,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          312.61687663740395,
          307.3640396244145,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          312.61687663740395,
          345.625760530176,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          312.61687663740395,
          393.9773210155276,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          312.61687663740395,
          446.89919381044945,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          486.09372974609374,
          312.61687663740395,
          494.840594312891,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,426 ",
        "box": [
          518.3671659013671,
          312.61687663740395,
          535.8665401534765,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,426 ",
        "box": [
          559.0781017050781,
          312.61687663740395,
          576.5774759571874,
          316.12534691219753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions to non-",
        "box": [
          34.74609230224609,
          322.3668762311545,
          93.0596076480156,
          325.8753465059481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests",
        "box": [
          34.74609230224609,
          329.86687591865393,
          90.52096944370577,
          333.3753461934475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,628)",
        "box": [
          127.39452594189453,
          329.11687594990417,
          151.31068457088728,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          329.11687594990417,
          199.64529411269572,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          329.11687594990417,
          229.96170284951197,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          329.11687594990417,
          270.5671661576176,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          329.11687594990417,
          307.3640396244145,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          329.11687594990417,
          345.625760530176,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          329.11687594990417,
          393.9773210155276,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          329.11687594990417,
          446.89919381044945,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          486.09372974609374,
          329.11687594990417,
          494.840594312891,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,317)",
        "box": [
          511.95701366845685,
          329.11687594990417,
          535.8731722974496,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,317)",
        "box": [
          552.6679494721677,
          329.11687594990417,
          576.5841081011605,
          332.62534622469775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, June 30, 2026",
        "box": [
          34.74609230224609,
          341.116875449904,
          102.58549181310434,
          344.6253457246976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          118.31249507031251,
          339.6168755124045,
          121.81124488703125,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "356,377",
        "box": [
          126.80858846630858,
          339.6168755124045,
          149.55042910623183,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.55468126855467,
          339.6168755124045,
          151.30405617691406,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "379,785,339",
        "box": [
          162.90234071240218,
          339.6168755124045,
          197.88978251709202,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.89452675439438,
          339.6168755124045,
          199.64390166275373,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,798",
        "box": [
          206.6953038876953,
          339.6168755124045,
          228.20527962894627,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.21092799121092,
          339.6168755124045,
          229.96030289957034,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,991,339",
        "box": [
          237.01171262451155,
          339.6168755124045,
          268.8102546120722,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.81639879931623,
          339.6168755124045,
          270.5657737076756,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,157,029",
        "box": [
          277.61717593261716,
          339.6168755124045,
          305.6071280788691,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.6132722661131,
          339.6168755124045,
          307.3626471744725,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(167,962)",
        "box": [
          314.41404939941407,
          339.6168755124045,
          345.63099272420743,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          352.6757703051756,
          339.6168755124045,
          356.1745201218943,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(337,909)",
        "box": [
          366.57420722607407,
          339.6168755124045,
          393.982553209559,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          401.19139328369124,
          339.6168755124045,
          404.69014310040995,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,697",
        "box": [
          429.3984196083984,
          339.6168755124045,
          445.1427705898838,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.1484189521484,
          339.6168755124045,
          446.8977938605078,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          454.25389107275373,
          339.6168755124045,
          457.7526408894725,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,498,963",
        "box": [
          465.09373062109375,
          339.6168755124045,
          493.0836827673457,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.0898269545897,
          339.6168755124045,
          494.83920186294904,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          502.0077915830078,
          339.6168755124045,
          505.5065413997266,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "328,086",
        "box": [
          511.37107619287093,
          339.6168755124045,
          534.1129168327942,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.1171652451171,
          339.6168755124045,
          535.8665401534765,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,827,049",
        "box": [
          543.0234148740234,
          339.6168755124045,
          574.8219643615837,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.8281010488281,
          339.6168755124045,
          576.5774759571874,
          343.12534578719806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, December 31,",
        "box": [
          34.74609230224609,
          362.1168745749046,
          102.62994388000217,
          365.6253448496982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          34.74609230224609,
          369.61687426240405,
          48.74107660662172,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          118.31249507031251,
          369.61687426240405,
          121.81124488703125,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "426,695",
        "box": [
          126.80858846630858,
          369.61687426240405,
          149.55042910623183,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.55468126855467,
          369.61687426240405,
          151.30405617691406,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,858,379",
        "box": [
          162.90234071240218,
          369.61687426240405,
          197.88978251709202,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.89452675439438,
          369.61687426240405,
          199.64390166275373,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,449",
        "box": [
          206.6953038876953,
          369.61687426240405,
          228.20527962894627,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.21092799121092,
          369.61687426240405,
          229.96030289957034,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,322,763",
        "box": [
          237.01171262451155,
          369.61687426240405,
          268.8102546120722,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.81639879931623,
          369.61687426240405,
          270.5657737076756,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,448,691",
        "box": [
          277.61717593261716,
          369.61687426240405,
          305.6071280788691,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.6132722661131,
          369.61687426240405,
          307.3626471744725,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(138,022)",
        "box": [
          314.41404939941407,
          369.61687426240405,
          345.63099272420743,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          352.6757703051756,
          369.61687426240405,
          356.1745201218943,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,323",
        "box": [
          369.4804571049803,
          369.61687426240405,
          392.2222977449035,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.22654615722655,
          369.61687426240405,
          393.97592106558596,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          401.19139328369124,
          369.61687426240405,
          404.69014310040995,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,594",
        "box": [
          425.8945172543944,
          369.61687426240405,
          445.13761306509866,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.1484189521484,
          369.61687426240405,
          446.8977938605078,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          454.25389107275373,
          369.61687426240405,
          457.7526408894725,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,437,107",
        "box": [
          465.09373062109375,
          369.61687426240405,
          493.0836827673457,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.0898269545897,
          369.61687426240405,
          494.83920186294904,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          502.0077915830078,
          369.61687426240405,
          505.5065413997266,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "329,670",
        "box": [
          511.37107619287093,
          369.61687426240405,
          534.1129168327942,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.1171652451171,
          369.61687426240405,
          535.8665401534765,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,766,777",
        "box": [
          543.0234148740234,
          369.61687426240405,
          574.8219643615837,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.8281010488281,
          369.61687426240405,
          576.5774759571874,
          373.12534453719763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net proceeds from ATM",
        "box": [
          34.74609230224609,
          379.3668738561546,
          102.95453323814061,
          382.8753441309482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreement",
        "box": [
          34.74609230224609,
          386.1168735749043,
          63.88409502225019,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          386.1168735749043,
          151.3054523768559,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,561,634 ",
        "box": [
          169.89843042089845,
          386.1168735749043,
          199.64390166275373,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16 ",
        "box": [
          221.20311578320312,
          386.1168735749043,
          229.96030289957034,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,089 ",
        "box": [
          249.5624896015625,
          386.1168735749043,
          270.5657737076756,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          386.1168735749043,
          307.3640396244145,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          386.1168735749043,
          345.625760530176,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          386.1168735749043,
          393.9773210155276,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          386.1168735749043,
          446.89919381044945,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,105 ",
        "box": [
          473.8359177568359,
          386.1168735749043,
          494.83920186294904,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          386.1168735749043,
          535.8679401034182,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,105 ",
        "box": [
          555.574199351074,
          386.1168735749043,
          576.5774759571874,
          389.62534384969786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from DRIP Plan",
        "box": [
          34.74609230224609,
          396.6168731374046,
          106.97941650502412,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          396.6168731374046,
          151.3054523768559,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,572 ",
        "box": [
          178.64061755664062,
          396.6168731374046,
          199.64390166275373,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          396.6168731374046,
          229.96170284951197,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "660 ",
        "box": [
          258.3163992368162,
          396.6168731374046,
          270.5657737076756,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          396.6168731374046,
          307.3640396244145,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          396.6168731374046,
          345.625760530176,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          396.6168731374046,
          393.9773210155276,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          396.6168731374046,
          446.89919381044945,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "660 ",
        "box": [
          482.58982739208966,
          396.6168731374046,
          494.83920186294904,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          396.6168731374046,
          535.8679401034182,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "660 ",
        "box": [
          564.328101486328,
          396.6168731374046,
          576.5774759571874,
          400.12534341219816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from employee",
        "box": [
          34.74609230224609,
          406.3668727311542,
          104.30755989641293,
          409.8753430059478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock purchase plan",
        "box": [
          34.74609230224609,
          413.1168724499039,
          89.9299062404204,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          413.1168724499039,
          151.3054523768559,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,025 ",
        "box": [
          178.64061755664062,
          413.1168724499039,
          199.64390166275373,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 ",
        "box": [
          224.70702563720687,
          413.1168724499039,
          229.96030289957034,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,389 ",
        "box": [
          253.06639945556623,
          413.1168724499039,
          270.5657737076756,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          413.1168724499039,
          307.3640396244145,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          413.1168724499039,
          345.625760530176,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          413.1168724499039,
          393.9773210155276,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          413.1168724499039,
          446.89919381044945,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,390 ",
        "box": [
          477.3398276108397,
          413.1168724499039,
          494.83920186294904,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          413.1168724499039,
          535.8679401034182,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,390 ",
        "box": [
          559.0781017050781,
          413.1168724499039,
          576.5774759571874,
          416.6253427246975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redemption of Class A",
        "box": [
          34.74609230224609,
          423.6168720124042,
          99.85894638012277,
          427.1253422871978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Units",
        "box": [
          34.74609230224609,
          430.3668717311539,
          49.909597110846356,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          430.3668717311539,
          151.3054523768559,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,000 ",
        "box": [
          178.64061755664062,
          430.3668717311539,
          199.64390166275373,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 ",
        "box": [
          224.70702563720687,
          430.3668717311539,
          229.96030289957034,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,388 ",
        "box": [
          253.06639945556623,
          430.3668717311539,
          270.5657737076756,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          430.3668717311539,
          307.3640396244145,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          430.3668717311539,
          345.625760530176,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          430.3668717311539,
          393.9773210155276,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          430.3668717311539,
          446.89919381044945,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,389 ",
        "box": [
          477.3398276108397,
          430.3668717311539,
          494.83920186294904,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,389)",
        "box": [
          515.4609160224609,
          430.3668717311539,
          535.8731722974496,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          430.3668717311539,
          576.5774759571874,
          433.87534200594746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share-based compensation",
        "box": [
          34.74609230224609,
          440.1168713249044,
          109.55568739767949,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          440.1168713249044,
          151.3054523768559,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,911,718 ",
        "box": [
          170.15624291015624,
          440.1168713249044,
          199.64390166275373,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18 ",
        "box": [
          221.20311578320312,
          440.1168713249044,
          229.96030289957034,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,762 ",
        "box": [
          249.5624896015625,
          440.1168713249044,
          270.5657737076756,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          440.1168713249044,
          307.3640396244145,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          440.1168713249044,
          345.625760530176,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          440.1168713249044,
          393.9773210155276,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          440.1168713249044,
          446.89919381044945,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,780 ",
        "box": [
          473.8359177568359,
          440.1168713249044,
          494.83920186294904,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          440.1168713249044,
          535.8679401034182,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,780 ",
        "box": [
          555.574199351074,
          440.1168713249044,
          576.5774759571874,
          443.625341599698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager fees paid in stock",
        "box": [
          34.74609230224609,
          450.61687088740473,
          110.13650942347857,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          450.61687088740473,
          151.3054523768559,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "575,517 ",
        "box": [
          175.14843020214843,
          450.61687088740473,
          199.64390166275373,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6 ",
        "box": [
          224.70702563720687,
          450.61687088740473,
          229.96030289957034,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,390 ",
        "box": [
          249.83202459033186,
          450.61687088740473,
          270.5657737076756,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          450.61687088740473,
          307.3640396244145,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          450.61687088740473,
          345.625760530176,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          450.61687088740473,
          393.9773210155276,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          450.61687088740473,
          446.89919381044945,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,396 ",
        "box": [
          474.1054527456053,
          450.61687088740473,
          494.83920186294904,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          450.61687088740473,
          535.8679401034182,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,396 ",
        "box": [
          555.8437268398437,
          450.61687088740473,
          576.5774759571874,
          454.1253411621983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          34.74609230224609,
          460.36687048115436,
          67.1949095927734,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,115 ",
        "box": [
          134.06249441406248,
          460.36687048115436,
          151.30405617691406,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          460.36687048115436,
          199.64529411269572,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          460.36687048115436,
          229.96170284951197,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          460.36687048115436,
          270.5671661576176,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          460.36687048115436,
          307.3640396244145,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          460.36687048115436,
          345.625760530176,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,069 ",
        "box": [
          369.4804571049803,
          460.36687048115436,
          393.97592106558596,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          460.36687048115436,
          446.89919381044945,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,069 ",
        "box": [
          470.34373040234374,
          460.36687048115436,
          494.83920186294904,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,613 ",
        "box": [
          518.3671659013671,
          460.36687048115436,
          535.8665401534765,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,682 ",
        "box": [
          552.0820119965817,
          460.36687048115436,
          576.5774759571874,
          463.87534075594795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared, $0.96",
        "box": [
          34.74609230224609,
          470.116870074904,
          108.21044590373123,
          473.6253403496976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share",
        "box": [
          34.74609230224609,
          477.61686976240435,
          60.19398680947853,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          477.61686976240435,
          151.3054523768559,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          477.61686976240435,
          199.64529411269572,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          477.61686976240435,
          229.96170284951197,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          477.61686976240435,
          270.5671661576176,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          477.61686976240435,
          307.3640396244145,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          477.61686976240435,
          345.625760530176,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(328,877)",
        "box": [
          366.57420722607407,
          477.61686976240435,
          393.982553209559,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          477.61686976240435,
          446.89919381044945,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(328,877)",
        "box": [
          467.4374805234375,
          477.61686976240435,
          494.84582650692244,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          477.61686976240435,
          535.8679401034182,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(328,877)",
        "box": [
          549.1757621176755,
          477.61686976240435,
          576.5841081011605,
          481.12534003719793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive loss",
        "box": [
          34.74609230224609,
          487.366869356154,
          107.42362903942825,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          487.366869356154,
          151.3054523768559,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          487.366869356154,
          199.64529411269572,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          487.366869356154,
          229.96170284951197,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          487.366869356154,
          270.5671661576176,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          487.366869356154,
          307.3640396244145,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          487.366869356154,
          345.625760530176,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          487.366869356154,
          393.9773210155276,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          431.7421695107422,
          487.366869356154,
          446.90442600448085,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          479.6835775131834,
          487.366869356154,
          494.84582650692244,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          527.1210755366209,
          487.366869356154,
          535.8679401034182,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          561.4218516074218,
          487.366869356154,
          576.5841081011605,
          490.87533963094756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contributions from non-",
        "box": [
          34.74609230224609,
          497.11686894990453,
          103.16290927704469,
          500.6253392246981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests",
        "box": [
          34.74609230224609,
          504.61686863740397,
          90.52096944370577,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          142.55858781005858,
          504.61686863740397,
          151.3054523768559,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          504.61686863740397,
          199.64529411269572,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          504.61686863740397,
          229.96170284951197,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          504.61686863740397,
          270.5671661576176,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          504.61686863740397,
          307.3640396244145,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          504.61686863740397,
          345.625760530176,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          504.61686863740397,
          393.9773210155276,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          504.61686863740397,
          446.89919381044945,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          486.09372974609374,
          504.61686863740397,
          494.840594312891,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,489 ",
        "box": [
          518.3671659013671,
          504.61686863740397,
          535.8665401534765,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,489 ",
        "box": [
          559.0781017050781,
          504.61686863740397,
          576.5774759571874,
          508.12533891219755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions to non-",
        "box": [
          34.74609230224609,
          514.3668682311545,
          93.0596076480156,
          517.8753385059481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests",
        "box": [
          34.74609230224609,
          521.1168679499042,
          90.52096944370577,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,357)",
        "box": [
          130.89843204589843,
          521.1168679499042,
          151.31068457088728,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          190.89842954589844,
          521.1168679499042,
          199.64529411269572,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.21483828271468,
          521.1168679499042,
          229.96170284951197,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          261.8203015908203,
          521.1168679499042,
          270.5671661576176,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          298.6171750576172,
          521.1168679499042,
          307.3640396244145,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          336.87889596337874,
          521.1168679499042,
          345.625760530176,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.2304564487303,
          521.1168679499042,
          393.9773210155276,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          438.15232924365216,
          521.1168679499042,
          446.89919381044945,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          486.09372974609374,
          521.1168679499042,
          494.840594312891,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,316)",
        "box": [
          511.95701366845685,
          521.1168679499042,
          535.8731722974496,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,316)",
        "box": [
          552.6679494721677,
          521.1168679499042,
          576.5841081011605,
          524.6253382246978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, June 30, 2025",
        "box": [
          34.74609230224609,
          533.116867449904,
          102.58549181310434,
          536.6253377246976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          118.31249507031251,
          531.6168675124045,
          121.81124488703125,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "425,453",
        "box": [
          126.80858846630858,
          531.6168675124045,
          149.55042910623183,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.55468126855467,
          531.6168675124045,
          151.30405617691406,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "349,087,845",
        "box": [
          162.90234071240218,
          531.6168675124045,
          197.88978251709202,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          197.89452675439438,
          531.6168675124045,
          199.64390166275373,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 3,491",
        "box": [
          206.6953038876953,
          531.6168675124045,
          228.20527962894627,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.21092799121092,
          531.6168675124045,
          229.96030289957034,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,395,441",
        "box": [
          237.01171262451155,
          531.6168675124045,
          268.8102546120722,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.81639879931623,
          531.6168675124045,
          270.5657737076756,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,448,691",
        "box": [
          277.61717593261716,
          531.6168675124045,
          305.6071280788691,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.6132722661131,
          531.6168675124045,
          307.3626471744725,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(138,022)",
        "box": [
          314.41404939941407,
          531.6168675124045,
          345.63099272420743,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          352.6757703051756,
          531.6168675124045,
          356.1745201218943,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "148,515",
        "box": [
          369.4804571049803,
          531.6168675124045,
          392.2222977449035,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.22654615722655,
          531.6168675124045,
          393.97592106558596,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          401.19139328369124,
          531.6168675124045,
          404.69014310040995,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,785",
        "box": [
          425.8945172543944,
          531.6168675124045,
          445.13761306509866,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.1484189521484,
          531.6168675124045,
          446.8977938605078,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          454.25389107275373,
          531.6168675124045,
          457.7526408894725,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,422,210",
        "box": [
          465.09373062109375,
          531.6168675124045,
          493.0836827673457,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.0898269545897,
          531.6168675124045,
          494.83920186294904,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          502.0077915830078,
          531.6168675124045,
          505.5065413997266,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "321,067",
        "box": [
          511.37107619287093,
          531.6168675124045,
          534.1129168327942,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          534.1171652451171,
          531.6168675124045,
          535.8665401534765,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,743,277",
        "box": [
          543.0234148740234,
          531.6168675124045,
          574.8219643615837,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.8281010488281,
          531.6168675124045,
          576.5774759571874,
          535.1253377871981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See notes to condensed consolidated financial statements.",
        "box": [
          190.64061705664062,
          563.3805380489184,
          421.3492715750292,
          568.3931756602151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          303.4921748544922,
          606.1305362676685,
          308.49092460871094,
          611.1431738789652
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 11,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923918554,
          104.6843139585664,
          43.39319753521522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. and Subsidiaries",
        "box": [
          205.03124145703126,
          81.13055814266863,
          406.95310371403264,
          86.1431957539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Cash Flows",
        "box": [
          196.9804642924803,
          96.13055751766842,
          415.00180555367,
          101.14319512896509
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited, amounts in thousands)",
        "box": [
          230.98827537548812,
          108.13055701766825,
          380.9993457805257,
          113.14319462896583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended",
        "box": [
          460.1952933251953,
          121.45643054553148,
          550.2286798236814,
          125.46503642210882
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          490.99216704199216,
          129.7064302017816,
          519.4235521448511,
          133.71503607835893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          459.90232833740214,
          140.95642973303165,
          475.89229744615335,
          144.965035609609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          535.0663877055662,
          140.95642973303165,
          551.0563568143174,
          144.965035609609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows from Operating Activities:",
        "box": [
          35.14452978564453,
          153.7910091720414,
          182.9633711065259,
          158.30351118155522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          46.394529316894534,
          165.79100867204124,
          88.12939093794188,
          170.30351068155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.5820169340819,
          165.79100867204124,
          438.08201674658187,
          170.30351068155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,427 ",
        "box": [
          474.71482772021466,
          165.79100867204124,
          501.7148265952147,
          170.30351068155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          509.285138779785,
          165.79100867204124,
          513.785138592285,
          170.30351068155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "250,797 ",
        "box": [
          544.8163872993161,
          165.79100867204124,
          576.3163859868162,
          170.30351068155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments to reconcile net income to net cash provided by operating activities:",
        "box": [
          46.394529316894534,
          177.79100817204107,
          338.06395117400115,
          182.30351018155488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of deferred financing costs, premiums and discounts on secured borrowings",
        "box": [
          53.14452903564453,
          189.7910076720409,
          375.81297297112525,
          194.30350968155471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,199 ",
        "box": [
          474.71482772021466,
          189.7910076720409,
          501.7148265952147,
          194.30350968155471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,861 ",
        "box": [
          549.3163871118162,
          189.7910076720409,
          576.3163859868162,
          194.30350968155471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of discounts and deferred financing costs on unsecured senior notes",
        "box": [
          53.14452903564453,
          201.79100717204165,
          346.5629742798753,
          206.30350918155455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,816 ",
        "box": [
          479.21482753271465,
          201.79100717204165,
          501.7148265952147,
          206.30350918155455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,426 ",
        "box": [
          553.8163869243161,
          201.79100717204165,
          576.3163859868162,
          206.30350918155455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accretion of net discount on investment securities",
        "box": [
          53.14452903564453,
          213.79100667204148,
          233.59715851678462,
          218.3035086815553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,274)",
        "box": [
          475.46482768896465,
          213.79100667204148,
          501.7118968853367,
          218.3035086815553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,287)",
        "box": [
          550.0663870805662,
          213.79100667204148,
          576.3134562769383,
          218.3035086815553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accretion of net deferred loan fees and discounts",
        "box": [
          53.14452903564453,
          225.7910061720413,
          229.82225636407227,
          230.30350818155512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,503)",
        "box": [
          470.96482787646465,
          225.7910061720413,
          501.7118968853367,
          230.30350818155512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,589)",
        "box": [
          545.5663872680661,
          225.7910061720413,
          576.3134562769383,
          230.30350818155512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share-based compensation",
        "box": [
          53.14452903564453,
          237.79100567204114,
          149.3627869365503,
          242.30350768155495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,307 ",
        "box": [
          474.71482772021466,
          237.79100567204114,
          501.7148265952147,
          242.30350768155495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,780 ",
        "box": [
          549.3163871118162,
          237.79100567204114,
          576.3163859868162,
          242.30350768155495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager fees paid in stock",
        "box": [
          53.14452903564453,
          249.79100517204097,
          150.10985728542238,
          254.30350718155478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,535 ",
        "box": [
          479.21482753271465,
          249.79100517204097,
          501.7148265952147,
          254.30350718155478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,396 ",
        "box": [
          549.6445120981443,
          249.79100517204097,
          576.3163859868162,
          254.30350718155478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of investment securities",
        "box": [
          53.14452903564453,
          261.7910046720417,
          214.09422961940672,
          266.3035066815546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37)",
        "box": [
          486.71482722021466,
          261.7910046720417,
          501.7118968853367,
          266.3035066815546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(172)",
        "box": [
          556.8163867993162,
          261.7910046720417,
          576.3134562769383,
          266.3035066815546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of consolidated VIEs",
        "box": [
          53.14452903564453,
          273.79100417204154,
          204.4350472518727,
          278.30350618155535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,544 ",
        "box": [
          479.21482753271465,
          273.79100417204154,
          501.7148265952147,
          278.30350618155535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,941 ",
        "box": [
          553.8163869243161,
          273.79100417204154,
          576.3163859868162,
          278.30350618155535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of servicing rights",
        "box": [
          53.14452903564453,
          285.79100367204137,
          194.10350767235352,
          290.3035056815552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,207)",
        "box": [
          475.46482768896465,
          285.79100367204137,
          501.7118968853367,
          290.3035056815552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,116)",
        "box": [
          550.3945120668943,
          285.79100367204137,
          576.3134562769383,
          290.3035056815552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of loans",
        "box": [
          53.14452903564453,
          297.7910031720412,
          157.36083343329835,
          302.303505181555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,729 ",
        "box": [
          474.71482772021466,
          297.7910031720412,
          501.7148265952147,
          302.303505181555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(88,271)",
        "box": [
          545.5663872680661,
          297.7910031720412,
          576.3134562769383,
          302.303505181555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of affordable housing fund investments",
        "box": [
          53.14452903564453,
          309.79100267204103,
          269.92235232323475,
          314.30350468155484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,131 ",
        "box": [
          479.21482753271465,
          309.79100267204103,
          501.7148265952147,
          314.30350468155484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,978 ",
        "box": [
          549.3163871118162,
          309.79100267204103,
          576.3163859868162,
          314.30350468155484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of derivatives",
        "box": [
          53.14452903564453,
          321.79100217204086,
          177.84813728966066,
          326.3035041815547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,679 ",
        "box": [
          474.71482772021466,
          321.79100217204086,
          501.7148265952147,
          326.3035041815547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158,614 ",
        "box": [
          544.8163872993161,
          321.79100217204086,
          576.3163859868162,
          326.3035041815547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency loss (gain), net",
        "box": [
          53.14452903564453,
          333.7910016720416,
          170.35985626167238,
          338.3035036815545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,796 ",
        "box": [
          475.0429527065428,
          333.7910016720416,
          501.7148265952147,
          338.3035036815545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(118,552)",
        "box": [
          541.3945124418943,
          333.7910016720416,
          576.3134562769383,
          338.3035036815545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sale of investments and other assets, net",
        "box": [
          53.14452903564453,
          345.79100117204143,
          227.8535065361035,
          350.30350318155524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,058)",
        "box": [
          475.46482768896465,
          345.79100117204143,
          501.7118968853367,
          350.30350318155524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,662)",
        "box": [
          545.5663872680661,
          345.79100117204143,
          576.3134562769383,
          350.30350318155524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss provision (reversal), net",
        "box": [
          53.14452903564453,
          357.79100067204126,
          180.36620353474123,
          362.3035026815551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,787 ",
        "box": [
          474.71482772021466,
          357.79100067204126,
          501.7148265952147,
          362.3035026815551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,333)",
        "box": [
          545.5663872680661,
          357.79100067204126,
          576.3134562769383,
          362.3035026815551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          53.14452903564453,
          369.7910001720411,
          162.5991144650366,
          374.3035021815549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,415 ",
        "box": [
          474.71482772021466,
          369.7910001720411,
          501.7148265952147,
          374.3035021815549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,325 ",
        "box": [
          549.3163871118162,
          369.7910001720411,
          576.3163859868162,
          374.3035021815549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities",
        "box": [
          53.14452903564453,
          381.7909996720409,
          189.86278515905028,
          386.30350168155474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,534)",
        "box": [
          475.46482768896465,
          381.7909996720409,
          501.7118968853367,
          386.30350168155474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,409)",
        "box": [
          550.0663870805662,
          381.7909996720409,
          576.3134562769383,
          386.30350168155474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions of earnings from unconsolidated entities",
        "box": [
          53.14452903564453,
          393.79099917204167,
          247.36082968329822,
          398.30350118155457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80 ",
        "box": [
          490.46482706396466,
          393.79099917204167,
          501.7148265952147,
          398.30350118155457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,738 ",
        "box": [
          553.8163869243161,
          393.79099917204167,
          576.3163859868162,
          398.30350118155457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss (gain) on extinguishment of debt, net",
        "box": [
          53.14452903564453,
          405.7909986720415,
          205.86766728218015,
          410.3035006815553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335 ",
        "box": [
          485.96482725146467,
          405.7909986720415,
          501.7148265952147,
          410.3035006815553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,990)",
        "box": [
          545.5663872680661,
          405.7909986720415,
          576.3134562769383,
          410.3035006815553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination and purchase of loans held-for-sale, net of principal collections",
        "box": [
          46.394529316894534,
          417.7909981720413,
          317.1240127364987,
          422.30350018155514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(427,197)",
        "box": [
          466.46482806396466,
          417.7909981720413,
          501.7118968853367,
          422.30350018155514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(646,561)",
        "box": [
          541.0663874555662,
          417.7909981720413,
          576.3134562769383,
          422.30350018155514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sale of loans held-for-sale",
        "box": [
          46.394529316894534,
          429.79099767204116,
          193.91015105041004,
          434.30349968155497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "523,911 ",
        "box": [
          470.5429528940428,
          429.79099767204116,
          501.7148265952147,
          434.30349968155497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "743,164 ",
        "box": [
          544.8163872993161,
          429.79099767204116,
          576.3163859868162,
          434.30349968155497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in operating assets and liabilities:",
        "box": [
          46.394529316894534,
          441.790997172041,
          199.61424983273923,
          446.3034991815548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Related-party payable",
        "box": [
          53.14452903564453,
          453.7909966720408,
          132.35595168516846,
          458.30349868155463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,629)",
        "box": [
          475.46482768896465,
          453.7909966720408,
          501.7118968853367,
          458.30349868155463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,112)",
        "box": [
          545.8945122543943,
          453.7909966720408,
          576.3134562769383,
          458.30349868155463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued and capitalized interest receivable, less purchased interest",
        "box": [
          53.14452903564453,
          465.79099617204156,
          293.5297735895921,
          470.30349818155446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(110,657)",
        "box": [
          466.7929530502928,
          465.79099617204156,
          501.7118968853367,
          470.30349818155446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,690)",
        "box": [
          545.5663872680661,
          465.79099617204156,
          576.3134562769383,
          470.30349818155446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          53.14452903564453,
          477.7909956720414,
          96.8832969131958,
          482.3034976815552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,208)",
        "box": [
          470.96482787646465,
          477.7909956720414,
          501.7118968853367,
          482.3034976815552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(33,523)",
        "box": [
          545.5663872680661,
          477.7909956720414,
          576.3134562769383,
          482.3034976815552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable, accrued expenses and other liabilities",
        "box": [
          53.14452903564453,
          489.7909951720412,
          256.3168843801293,
          494.30349718155503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,837 ",
        "box": [
          474.71482772021466,
          489.7909951720412,
          501.7148265952147,
          494.30349718155503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(65,242)",
        "box": [
          545.5663872680661,
          489.7909951720412,
          576.3134562769383,
          494.30349718155503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by operating activities",
        "box": [
          35.14452978564453,
          502.5409946407908,
          191.72167142159668,
          507.0534966503046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,224",
        "box": [
          470.21482790771466,
          502.5409946407908,
          499.46482668896465,
          507.0534966503046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          499.46482668896465,
          502.5409946407908,
          501.7148265952147,
          507.0534966503046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,511",
        "box": [
          545.3085747788084,
          502.5409946407908,
          574.0619918307493,
          507.0534966503046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0663860805662,
          502.5409946407908,
          576.3163859868162,
          507.0534966503046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows from Investing Activities:",
        "box": [
          35.14452978564453,
          514.5409941407916,
          178.97313652278567,
          519.0534961503045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination, purchase and funding of loans held-for-investment",
        "box": [
          46.394529316894534,
          526.5409936407914,
          274.404777506467,
          531.0534956503052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,070,282)",
        "box": [
          459.71482834521464,
          526.5409936407914,
          501.7118968853367,
          531.0534956503052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,822,158)",
        "box": [
          534.3163877368162,
          526.5409936407914,
          576.3134562769383,
          531.0534956503052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from principal collections on loans",
        "box": [
          46.394529316894534,
          538.5409931407912,
          206.60155407160156,
          543.053495150305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,074,083 ",
        "box": [
          463.46482818896465,
          538.5409931407912,
          501.7148265952147,
          543.053495150305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,559,497 ",
        "box": [
          538.0663875805662,
          538.5409931407912,
          576.3163859868162,
          543.053495150305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from loans sold",
        "box": [
          46.394529316894534,
          550.540992640791,
          137.12841235631592,
          555.0534946503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          490.46482706396466,
          550.540992640791,
          501.7148265952147,
          555.0534946503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229,867 ",
        "box": [
          544.8163872993161,
          550.540992640791,
          576.3163859868162,
          555.0534946503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchase and funding of investment securities",
        "box": [
          46.394529316894534,
          562.5409921407909,
          212.1035070123535,
          567.0534941503047
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(135,309)",
        "box": [
          466.46482806396466,
          562.5409921407909,
          501.7118968853367,
          567.0534941503047
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,573)",
        "box": [
          545.5663872680661,
          562.5409921407909,
          576.3134562769383,
          567.0534941503047
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sales and redemptions of investment securities",
        "box": [
          46.394529316894534,
          574.5409916407916,
          268.0854384197728,
          579.0534936503045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,736 ",
        "box": [
          479.21482753271465,
          574.5409916407916,
          501.7148265952147,
          579.0534936503045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,543 ",
        "box": [
          553.8163869243161,
          574.5409916407916,
          576.3163859868162,
          579.0534936503045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from principal collections on investment securities",
        "box": [
          46.394529316894534,
          586.5409911407914,
          263.3349502577098,
          591.0534931503053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,652 ",
        "box": [
          479.21482753271465,
          586.5409911407914,
          501.7148265952147,
          591.0534931503053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,952 ",
        "box": [
          549.3163871118162,
          586.5409911407914,
          576.3163859868162,
          591.0534931503053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sales of real estate",
        "box": [
          46.394529316894534,
          598.5409906407913,
          166.59374332859377,
          603.0534926503051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,985 ",
        "box": [
          474.71482772021466,
          598.5409906407913,
          501.7148265952147,
          603.0534926503051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,903 ",
        "box": [
          549.3163871118162,
          598.5409906407913,
          576.3163859868162,
          603.0534926503051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases and additions to properties and other assets",
        "box": [
          46.394529316894534,
          610.5409901407911,
          239.60008806666255,
          615.0534921503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(355,182)",
        "box": [
          466.46482806396466,
          610.5409901407911,
          501.7118968853367,
          615.0534921503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,756)",
        "box": [
          545.5663872680661,
          610.5409901407911,
          576.3134562769383,
          615.0534921503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sale of interest in an unconsolidated entity",
        "box": [
          46.394529316894534,
          622.5409896407909,
          252.83641550514886,
          627.0534916503047
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          490.46482706396466,
          622.5409896407909,
          501.7148265952147,
          627.0534916503047
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,824 ",
        "box": [
          549.3163871118162,
          622.5409896407909,
          576.3163859868162,
          627.0534916503047
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distribution of capital from unconsolidated entities",
        "box": [
          46.394529316894534,
          634.5409891407917,
          230.60448269147943,
          639.0534911503046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          490.46482706396466,
          634.5409891407917,
          501.7148265952147,
          639.0534911503046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "250 ",
        "box": [
          560.5663866430662,
          634.5409891407917,
          576.3163859868162,
          639.0534911503046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash acquired in foreclosure",
        "box": [
          46.394529316894534,
          646.5409886407915,
          149.60448615647948,
          651.0534906503053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,713 ",
        "box": [
          479.21482753271465,
          646.5409886407915,
          501.7148265952147,
          651.0534906503053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "733 ",
        "box": [
          560.5663866430662,
          646.5409886407915,
          576.3163859868162,
          651.0534906503053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payments for purchase or termination of derivatives",
        "box": [
          46.394529316894534,
          658.5409881407913,
          233.33788103758786,
          663.0534901503052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,492)",
        "box": [
          470.96482787646465,
          658.5409881407913,
          501.7118968853367,
          663.0534901503052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,090)",
        "box": [
          545.5663872680661,
          658.5409881407913,
          576.3134562769383,
          663.0534901503052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from termination of derivatives",
        "box": [
          46.394529316894534,
          671.2909876095409,
          193.84862480297363,
          675.8034896190547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,541 ",
        "box": [
          474.71482772021466,
          670.5409876407912,
          501.7148265952147,
          675.053489650305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,183 ",
        "box": [
          549.3163871118162,
          670.5409876407912,
          576.3163859868162,
          675.053489650305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash used in investing activities",
        "box": [
          35.14452978564453,
          684.0409870782914,
          170.39501242020754,
          688.5534890878052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,370,555)",
        "box": [
          459.71482834521464,
          683.2909871095417,
          501.7118968853367,
          687.8034891190546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,858,825)",
        "box": [
          534.3163877368162,
          683.2909871095417,
          576.3134562769383,
          687.8034891190546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See notes to condensed consolidated financial statements.",
        "box": [
          190.64061705664062,
          708.130532017668,
          421.3492715750292,
          713.1431696289656
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 12,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "9",
        "box": [
          303.4921748544922,
          38.380559923918554,
          308.49092460871094,
          43.39319753521522
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 13,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. and Subsidiaries",
        "box": [
          205.03124145703126,
          81.13055814266772,
          406.95310371403264,
          86.14319575396439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Cash Flows (Continued)",
        "box": [
          169.89843042089845,
          96.13055751766842,
          442.08096631045817,
          101.14319512896509
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited, amounts in thousands)",
        "box": [
          230.98827537548812,
          108.13055701766825,
          380.9993457805257,
          113.14319462896492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended",
        "box": [
          461.5077932705078,
          121.45643054553148,
          551.541179768994,
          125.46503642210882
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          492.3046669873047,
          129.70643020178068,
          520.7360520901636,
          133.71503607835803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          461.8007657583006,
          140.95642973303075,
          477.7907348670518,
          144.9650356096081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          535.2421651982421,
          140.95642973303075,
          551.2321343069933,
          144.9650356096081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows from Financing Activities:",
        "box": [
          34.74609230224609,
          153.7910091720405,
          181.57616441432617,
          158.3035111815534
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from borrowings",
        "box": [
          45.996091833496095,
          165.79100867204033,
          141.47606833516357,
          170.30351068155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          436.6171693076172,
          165.79100867204033,
          441.1171691201172,
          170.30351068155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,492,128 ",
        "box": [
          464.22654315722656,
          165.79100867204033,
          502.47654156347653,
          170.30351068155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          510.0468537480469,
          165.79100867204033,
          514.5468535605469,
          170.30351068155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,659,763 ",
        "box": [
          537.6562275976562,
          165.79100867204033,
          575.9062260039062,
          170.30351068155505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments on and repurchases of borrowings",
        "box": [
          45.996091833496095,
          177.79100817204016,
          246.4394430816895,
          182.30351018155488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,861,896)",
        "box": [
          460.47654331347655,
          177.79100817204016,
          502.4736118535986,
          182.30351018155488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,716,024)",
        "box": [
          533.9062277539063,
          177.79100817204016,
          575.9032962940282,
          182.30351018155488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment of deferred financing costs",
        "box": [
          45.996091833496095,
          189.79100767204,
          175.9511646787012,
          194.30350968155471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,578)",
        "box": [
          471.72654284472657,
          189.79100767204,
          502.4736118535986,
          194.30350968155471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,684)",
        "box": [
          545.1562272851562,
          189.79100767204,
          575.9032962940282,
          194.30350968155471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net proceeds from issuances of common stock",
        "box": [
          45.996091833496095,
          201.79100717203983,
          213.9506750053882,
          206.30350918155455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,299 ",
        "box": [
          479.97654250097656,
          201.79100717203983,
          502.47654156347653,
          206.30350918155455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,155 ",
        "box": [
          548.9062271289062,
          201.79100717203983,
          575.9062260039062,
          206.30350918155455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment of dividends",
        "box": [
          45.996091833496095,
          213.79100667204148,
          124.48681125304932,
          218.30350868155438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(356,995)",
        "box": [
          467.2265430322266,
          213.79100667204148,
          502.4736118535986,
          218.30350868155438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(326,033)",
        "box": [
          540.6562274726562,
          213.79100667204148,
          575.9032962940282,
          218.30350868155438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contributions from non-controlling interests",
        "box": [
          45.996091833496095,
          225.7910061720413,
          205.72850700797852,
          230.3035081815542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,426 ",
        "box": [
          479.97654250097656,
          225.7910061720413,
          502.47654156347653,
          230.3035081815542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,489 ",
        "box": [
          553.4062269414062,
          225.7910061720413,
          575.9062260039062,
          230.3035081815542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions to non-controlling interests",
        "box": [
          45.996091833496095,
          237.79100567204114,
          192.73387869942135,
          242.30350768155404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,945)",
        "box": [
          471.72654284472657,
          237.79100567204114,
          502.4736118535986,
          242.30350768155404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,673)",
        "box": [
          545.1562272851562,
          237.79100567204114,
          575.9032962940282,
          242.30350768155404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchase of treasury stock",
        "box": [
          45.996091833496095,
          249.79100517204097,
          140.71581460684084,
          254.30350718155387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,940)",
        "box": [
          471.72654284472657,
          249.79100517204097,
          502.4736118535986,
          254.30350718155387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.6562264726562,
          249.79100517204097,
          575.9062260039062,
          254.30350718155387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuance of debt of consolidated VIEs",
        "box": [
          45.996091833496095,
          261.7910046720408,
          182.542961414043,
          266.3035066815537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,065 ",
        "box": [
          479.97654250097656,
          261.7910046720408,
          502.47654156347653,
          266.3035066815537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.6562264726562,
          261.7910046720408,
          575.9062260039062,
          266.3035066815537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayment of debt of consolidated VIEs",
        "box": [
          45.996091833496095,
          273.79100417204063,
          192.54491524729488,
          278.30350618155353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(195,331)",
        "box": [
          467.2265430322266,
          273.79100417204063,
          502.4736118535986,
          278.30350618155353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,870)",
        "box": [
          545.1562272851562,
          273.79100417204063,
          575.9032962940282,
          278.30350618155353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions of cash from consolidated VIEs",
        "box": [
          45.996091833496095,
          285.79100367204046,
          209.05516705936768,
          290.30350568155336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,825 ",
        "box": [
          475.47654268847657,
          285.79100367204046,
          502.47654156347653,
          290.30350568155336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85,229 ",
        "box": [
          548.9062271289062,
          285.79100367204046,
          575.9062260039062,
          290.30350568155336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by financing activities",
        "box": [
          34.74609230224609,
          298.54100314079005,
          190.33446436939698,
          303.0535051503048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,071,058",
        "box": [
          464.22654315722656,
          298.54100314079005,
          500.22654165722656,
          303.0535051503048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          500.22654165722656,
          298.54100314079005,
          502.47654156347653,
          303.0535051503048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,627,352",
        "box": [
          537.6562275976562,
          298.54100314079005,
          573.6562260976561,
          303.0535051503048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          573.6562260976561,
          298.54100314079005,
          575.9062260039062,
          303.0535051503048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net decrease in cash, cash equivalents and restricted cash",
        "box": [
          34.74609230224609,
          311.29100260954147,
          241.40331095152825,
          315.80350461905437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35,273)",
        "box": [
          471.72654284472657,
          311.29100260954147,
          502.4736118535986,
          315.80350461905437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,962)",
        "box": [
          545.1562272851562,
          311.29100260954147,
          575.9032962940282,
          315.80350461905437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents and restricted cash, beginning of period",
        "box": [
          34.74609230224609,
          323.2910021095413,
          261.17870052755364,
          327.8035041190542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "674,647 ",
        "box": [
          470.9765428759766,
          323.2910021095413,
          502.47654156347653,
          327.8035041190542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "553,995 ",
        "box": [
          544.4062273164062,
          323.2910021095413,
          575.9062260039062,
          327.8035041190542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effect of exchange rate changes on cash",
        "box": [
          34.74609230224609,
          335.2910016095411,
          179.0053640514429,
          339.803503619054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "982 ",
        "box": [
          486.7265422197265,
          335.2910016095411,
          502.47654156347653,
          339.803503619054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "832 ",
        "box": [
          560.1562266601562,
          335.2910016095411,
          575.9062260039062,
          339.803503619054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents and restricted cash, end of period",
        "box": [
          34.74609230224609,
          349.54100101579024,
          238.1777249459277,
          354.05350302530496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          436.6171693076172,
          348.0410010782907,
          441.1171691201172,
          352.5535030878036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "640,356 ",
        "box": [
          470.9765428759766,
          348.0410010782907,
          502.47654156347653,
          352.5535030878036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          510.0468537480469,
          348.0410010782907,
          514.5468535605469,
          352.5535030878036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474,865 ",
        "box": [
          544.4062273164062,
          348.0410010782907,
          575.9062260039062,
          352.5535030878036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Supplemental disclosure of cash flow information:",
        "box": [
          34.74609230224609,
          361.5410005157901,
          216.95653403014404,
          366.0535025253048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash paid for interest",
        "box": [
          45.996091833496095,
          373.5410000157899,
          123.2255809156006,
          378.0535020253046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          436.6171693076172,
          373.5410000157899,
          441.1171691201172,
          378.0535020253046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "609,792 ",
        "box": [
          470.9765428759766,
          373.5410000157899,
          502.47654156347653,
          378.0535020253046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          510.0468537480469,
          373.5410000157899,
          514.5468535605469,
          378.0535020253046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "561,948 ",
        "box": [
          544.4062273164062,
          373.5410000157899,
          575.9062260039062,
          378.0535020253046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income taxes paid",
        "box": [
          45.996091833496095,
          385.54099951578974,
          111.47021034540774,
          390.05350152530445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,202 ",
        "box": [
          479.97654250097656,
          385.54099951578974,
          502.47654156347653,
          390.05350152530445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "154 ",
        "box": [
          560.1562266601562,
          385.54099951578974,
          575.9062260039062,
          390.05350152530445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Supplemental disclosure of non-cash investing and financing activities:",
        "box": [
          34.74609230224609,
          397.5409990157914,
          291.4350467768724,
          402.0535010253043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared with respect to the second quarter, but not yet paid",
        "box": [
          45.996091833496095,
          409.5409985157912,
          299.55614222849346,
          414.0535005253041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          436.6171693076172,
          409.5409985157912,
          441.1171691201172,
          414.0535005253041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "178,598 ",
        "box": [
          470.9765428759766,
          409.5409985157912,
          502.47654156347653,
          414.0535005253041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          510.0468537480469,
          409.5409985157912,
          514.5468535605469,
          414.0535005253041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "164,898 ",
        "box": [
          544.4062273164062,
          409.5409985157912,
          575.9062260039062,
          414.0535005253041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidation of VIEs (VIE asset/liability additions)",
        "box": [
          45.996091833496095,
          421.54099801579105,
          235.5585836650585,
          426.05350002530395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "654,186 ",
        "box": [
          470.9765428759766,
          421.54099801579105,
          502.47654156347653,
          426.05350002530395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "717,180 ",
        "box": [
          544.4062273164062,
          421.54099801579105,
          575.9062260039062,
          426.05350002530395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deconsolidation of VIEs (VIE asset/liability reductions)",
        "box": [
          45.996091833496095,
          433.5409975157909,
          248.53563458434803,
          438.0534995253038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "254,536 ",
        "box": [
          470.9765428759766,
          433.5409975157909,
          502.47654156347653,
          438.0534995253038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,461 ",
        "box": [
          548.9062271289062,
          433.5409975157909,
          575.9062260039062,
          438.0534995253038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net assets acquired through foreclosure:",
        "box": [
          45.996091833496095,
          445.5409970157907,
          190.94530481394534,
          450.0534990253036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets acquired, less cash",
        "box": [
          54.996091458496096,
          457.54099651579054,
          147.9711856345337,
          462.05349852530344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "352,654 ",
        "box": [
          470.9765428759766,
          457.54099651579054,
          502.47654156347653,
          462.05349852530344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "194,881 ",
        "box": [
          544.4062273164062,
          457.54099651579054,
          575.9062260039062,
          462.05349852530344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities assumed",
        "box": [
          54.996091458496096,
          469.54099601579037,
          124.73290508279544,
          474.0534980253051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,047 ",
        "box": [
          475.47654268847657,
          469.54099601579037,
          502.47654156347653,
          474.0534980253051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,489 ",
        "box": [
          553.4062269414062,
          469.54099601579037,
          575.9062260039062,
          474.0534980253051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer of residential loans from VIE assets to loans held-for-investment upon redemption of a",
        "box": [
          46.24218557324218,
          481.5409955157902,
          390.73387094442114,
          486.0534975253049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated RMBS trust",
        "box": [
          51.996091583496096,
          490.540995140791,
          142.998041051748,
          495.0534971503039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229,828 ",
        "box": [
          470.9765428759766,
          490.540995140791,
          502.47654156347653,
          495.0534971503039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.6562264726562,
          490.540995140791,
          575.9062260039062,
          495.0534971503039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan principal collections temporarily held at master servicer",
        "box": [
          45.996091833496095,
          502.5409946407908,
          267.66063363747287,
          507.0534966503037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,803 ",
        "box": [
          475.47654268847657,
          502.5409946407908,
          502.47654156347653,
          507.0534966503037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,406 ",
        "box": [
          553.4062269414062,
          502.5409946407908,
          575.9062260039062,
          507.0534966503037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redemption of Class A Units for common stock",
        "box": [
          45.996091833496095,
          514.5409941407906,
          218.73631928098632,
          519.0534961503035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.2265420322266,
          514.5409941407906,
          502.47654156347653,
          519.0534961503035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,389 ",
        "box": [
          553.4062269414062,
          514.5409941407906,
          575.9062260039062,
          519.0534961503035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See notes to condensed consolidated financial statements.",
        "box": [
          190.64061705664062,
          536.380539173917,
          421.3492715750292,
          541.3931767852155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          300.99608495849594,
          579.130537392668,
          310.9935794794336,
          584.1431750039646
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 14,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923918554,
          104.6843139585664,
          43.39319753521522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. and Subsidiaries",
        "box": [
          205.03124145703126,
          81.13055814266954,
          406.95310371403264,
          86.14319575396621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.37890215087873,
          93.13055764266937,
          423.60783102008565,
          98.14319525396604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026",
        "box": [
          264.74998896874996,
          105.1305571426692,
          347.23412899441064,
          110.14319475396587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.16014832665996,
          117.13055664266903,
          331.8219569545838,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1. Business and Organization",
        "box": [
          33.74999859375,
          147.1305553926686,
          158.2016972607009,
          152.14319300396528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. ('STWD' and, together with its subsidiaries, 'we' or the 'Company') is a Maryland",
        "box": [
          69.74999709375,
          171.13055439266827,
          530.0932094252818,
          176.14319200396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporation that commenced operations in August 2009, upon the completion of our initial public offering. We are focused primarily on",
        "box": [
          33.74999859375,
          183.1305538926681,
          575.9183720659,
          188.1431915039666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originating, acquiring, financing and managing mortgage loans and other real estate investments in the United States ('U.S.'), Europe",
        "box": [
          33.74999859375,
          195.13055339266793,
          569.5723215153802,
          200.14319100396642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Australia. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and",
        "box": [
          33.74999859375,
          207.13055289266777,
          559.2868572588798,
          212.14319050396625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit spreads as well as economic and credit conditions.",
        "box": [
          33.74999859375,
          219.13055239266941,
          260.56312994945245,
          224.14319000396608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have four reportable business segments as of June 30, 2026 and we refer to the investments within these segments as our",
        "box": [
          69.74999709375,
          243.13055139266908,
          567.5973333306094,
          248.14318900396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "target assets:",
        "box": [
          33.74999859375,
          255.1305508926689,
          84.92854283539816,
          260.1431885039656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          279.13054989266857,
          73.25009827750512,
          284.14318750396524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate commercial and residential lending (the 'Commercial and Residential Lending Segment')-engages primarily",
        "box": [
          87.74999634375,
          279.13054989266857,
          576.3479376980011,
          284.14318750396524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in originating, acquiring, financing and managing commercial first mortgages, non-agency residential mortgages",
        "box": [
          87.74999634375,
          291.1305493926684,
          538.6083331283979,
          296.14318700396507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('residential loans'), subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities",
        "box": [
          87.74999634375,
          303.13054889266823,
          573.443368901938,
          308.1431865039667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('CMBS'), residential mortgage-backed securities ('RMBS') and other real estate and real estate-related debt",
        "box": [
          87.74999634375,
          315.13054839266806,
          528.2935483368551,
          320.14318600396655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments in the U.S., Europe and Australia (including distressed or non-performing loans). Our residential loans are",
        "box": [
          87.74999634375,
          327.1305478926679,
          562.2448988456896,
          332.1431855039664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured by a first mortgage lien on residential property and primarily consist of non-agency residential loans that are not",
        "box": [
          87.74999634375,
          339.1305473926677,
          569.1425910848117,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guaranteed by any U.S. Government agency or federally chartered corporation.",
        "box": [
          87.74999634375,
          351.1305468926694,
          404.2036651644298,
          356.14318450396604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          375.13054589266903,
          73.25009827750512,
          380.1431835039657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure lending (the 'Infrastructure Lending Segment')-engages primarily in originating, acquiring, financing and",
        "box": [
          87.74999634375,
          375.13054589266903,
          576.0695712346002,
          380.1431835039657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "managing infrastructure debt investments.",
        "box": [
          87.74999634375,
          387.13054539266886,
          255.99384806483923,
          392.14318300396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          411.1305443926685,
          73.25009827750512,
          416.1431820039652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate property (the 'Property Segment')-engages primarily in acquiring and managing equity interests in stabilized",
        "box": [
          87.74999634375,
          411.1305443926685,
          578.0320042778321,
          416.1431820039652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and to be stabilized commercial real estate. This includes multifamily properties, multi-tenant medical office net lease",
        "box": [
          87.74999634375,
          423.13054389266836,
          559.042658779116,
          428.143181503965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties and diversified single-tenant triple net lease properties, all of which are held for investment.",
        "box": [
          87.74999634375,
          435.1305433926682,
          497.50530445186126,
          440.1431810039667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          69.74999709375,
          459.13054239266785,
          73.25009827750512,
          464.14318000396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate investing and servicing (the 'Investing and Servicing Segment')-includes (i) a servicing business in the U.S.",
        "box": [
          87.74999634375,
          459.13054239266785,
          574.7320465840802,
          464.14318000396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that manages and works out problem assets, (ii) an investment business that selectively acquires and manages unrated,",
        "box": [
          87.74999634375,
          471.1305418926695,
          560.8342506881548,
          476.14317950396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and",
        "box": [
          87.74999634375,
          483.13054139266933,
          532.252480635312,
          488.143179003966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resecuritization transactions, (iii) a mortgage loan business which originates conduit loans for the primary purpose of",
        "box": [
          87.74999634375,
          495.13054089266916,
          555.8354162206892,
          500.1431785039658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "selling these loans into securitization transactions and (iv) an investment business that selectively acquires commercial",
        "box": [
          87.74999634375,
          507.130540392669,
          562.4939405118388,
          512.1431780039657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate assets, including properties acquired from CMBS trusts.",
        "box": [
          87.74999634375,
          519.1305398926688,
          354.8459171710026,
          524.1431775039655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our segments exclude the consolidation of securitization variable interest entities ('VIEs'), principally representing CMBS",
        "box": [
          69.74999709375,
          543.1305388926685,
          563.9275098804575,
          548.1431765039652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trust vehicles that we consolidate by virtue of our role as special servicer. However, they include securitized financing VIEs such as",
        "box": [
          33.74999859375,
          555.1305383926683,
          560.0825294086396,
          560.143176003965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateralized loan obligations ('CLOs'), single asset securitizations ('SASBs') and asset-backed securitizations ('ABSs').",
        "box": [
          33.74999859375,
          567.1305378926681,
          528.7573784246913,
          572.1431755039666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are organized and conduct our operations to qualify as a real estate investment trust ('REIT') under the Internal Revenue",
        "box": [
          69.74999709375,
          591.1305368926678,
          569.8293099796722,
          596.1431745039663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Code of 1986, as amended (the 'Code'). As such, we will generally not be subject to U.S. federal corporate income tax on that portion",
        "box": [
          33.74999859375,
          603.1305363926695,
          571.7934179877731,
          608.1431740039661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our net income that is distributed to stockholders if we distribute at least 90% of our taxable income to our stockholders by",
        "box": [
          33.74999859375,
          615.1305358926693,
          535.7471633897004,
          620.143173503966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prescribed dates and comply with various other requirements.",
        "box": [
          33.74999859375,
          627.1305353926691,
          280.279834802923,
          632.1431730039658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are organized as a holding company and conduct our business primarily through our various wholly-owned subsidiaries.",
        "box": [
          69.74999709375,
          651.1305343926688,
          566.0217195220107,
          656.1431720039654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are externally managed and advised by SPT Management, LLC (our 'Manager') pursuant to the terms of a management agreement.",
        "box": [
          33.74999859375,
          663.1305338926686,
          577.1486265833894,
          668.1431715039653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Manager is controlled by Barry Sternlicht, our Chairman and Chief Executive Officer. Our Manager is an affiliate of Starwood",
        "box": [
          33.74999859375,
          675.1305333926684,
          558.368995522124,
          680.1431710039651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital Group Global, L.P. ('Starwood Capital Group'), a privately-held private equity firm founded by Mr. Sternlicht.",
        "box": [
          33.74999859375,
          687.1305328926683,
          510.4660122118319,
          692.1431705039649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          301.18358495068344,
          729.8805311114193,
          310.8100734620797,
          734.8931687227159
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 15,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923918554,
          104.6843139585664,
          43.39319753521522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2. Summary of Significant Accounting Policies",
        "box": [
          33.74999859375,
          93.13055764266755,
          230.9324162732286,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance Sheet Presentation of Securitization Variable Interest Entities",
        "box": [
          33.74999859375,
          117.13055664266722,
          323.4281054442412,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS.",
        "box": [
          69.74999709375,
          141.1305556426687,
          570.0881257525768,
          146.14319325396536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These securities represent interests in securitization structures (commonly referred to as special purpose entities, or 'SPEs'). These",
        "box": [
          33.74999859375,
          153.13055514266853,
          558.2616680616576,
          158.1431927539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SPEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments",
        "box": [
          33.74999859375,
          165.13055464266836,
          577.6269162776236,
          170.14319225396503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the certificate holders. Under accounting principles generally accepted in the United States of America ('GAAP'), SPEs typically",
        "box": [
          33.74999859375,
          177.1305541426682,
          563.1627881723825,
          182.14319175396486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualify as VIEs. These are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without",
        "box": [
          33.74999859375,
          189.13055364266802,
          564.8663461879888,
          194.1431912539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant",
        "box": [
          33.74999859375,
          201.13055314266785,
          575.4155094484404,
          206.14319075396452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decisions relating to the entity's operations through voting rights, or do not have the obligation to absorb the expected losses, or do not",
        "box": [
          33.74999859375,
          213.13055264266768,
          571.8519568219216,
          218.14319025396435
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have the right to receive the residual returns of the entity.",
        "box": [
          33.74999859375,
          225.1305521426675,
          262.12517985936705,
          230.14318975396418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Because we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the",
        "box": [
          69.74999709375,
          249.13055114266717,
          550.5763658068784,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ability to remove and replace the special servicer without cause, consolidation of these structures is required pursuant to GAAP as",
        "box": [
          33.74999859375,
          261.130550642667,
          553.6485693267215,
          266.1431882539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outlined in detail below. This results in a consolidated balance sheet which presents the gross assets and liabilities of the VIEs. The",
        "box": [
          33.74999859375,
          273.13055014266865,
          557.0217239383219,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally,",
        "box": [
          33.74999859375,
          285.1305496426685,
          569.2354036131072,
          290.14318725396515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the",
        "box": [
          33.74999859375,
          297.1305491426683,
          526.6338160544848,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidator of these VIEs.",
        "box": [
          33.74999859375,
          309.13054864266815,
          142.4043181227365,
          314.1431862539648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of",
        "box": [
          69.74999709375,
          333.1305476426678,
          561.2523625449832,
          338.1431852539645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees",
        "box": [
          33.74999859375,
          345.13054714266764,
          567.3414251061857,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated",
        "box": [
          33.74999859375,
          357.13054664266747,
          566.6043006539866,
          362.14318425396596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs are also eliminated. Finally, a portion of the identified servicing intangible associated with the eliminated fee streams is",
        "box": [
          33.74999859375,
          369.1305461426673,
          533.9416154478444,
          374.1431837539658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "eliminated in consolidation.",
        "box": [
          33.74999859375,
          381.13054564266713,
          145.08920491086621,
          386.1431832539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to the segment data in Note 23 for a presentation of our business segments without consolidation of these VIEs.",
        "box": [
          69.74999709375,
          405.1305446426686,
          540.4568098872152,
          410.1431822539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basis of Accounting and Principles of Consolidation",
        "box": [
          33.74999859375,
          429.1305436426683,
          250.02858228458055,
          434.14318125396494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The accompanying condensed consolidated financial statements include our accounts and those of our consolidated",
        "box": [
          69.74999709375,
          453.13054264266793,
          531.4308862695452,
          458.1431802539646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. In the opinion of management, all adjustments",
        "box": [
          33.74999859375,
          465.13054214266776,
          562.4745276339731,
          470.14317975396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash",
        "box": [
          33.74999859375,
          477.1305416426676,
          557.075447026022,
          482.14317925396426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flows have been included.",
        "box": [
          33.74999859375,
          489.1305411426674,
          138.13295977570976,
          494.1431787539659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial",
        "box": [
          69.74999709375,
          513.1305401426671,
          561.7015515198551,
          518.1431777539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (our 'Form 10-",
        "box": [
          33.74999859375,
          525.1305396426687,
          574.3025635262247,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "K'), as filed with the Securities and Exchange Commission ('SEC'). The results of operations for the three and six months ended",
        "box": [
          33.74999859375,
          537.1305391426686,
          552.75525670603,
          542.1431767539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 are not necessarily indicative of the operating results for the full year.",
        "box": [
          33.74999859375,
          549.1305386426684,
          369.6713712282754,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to our Form 10-K for a description of our recurring accounting policies. We have included disclosure in this Note 2",
        "box": [
          69.74999709375,
          573.1305376426681,
          554.8964921418118,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "regarding principles of consolidation and other accounting policies that (i) are required to be disclosed quarterly, (ii) we view as critical,",
        "box": [
          33.74999859375,
          585.1305371426679,
          577.7733365823598,
          590.1431747539646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iii) became significant since December 31, 2025 due to a corporate action or increase in the significance of the underlying business",
        "box": [
          33.74999859375,
          597.1305366426677,
          561.4835607002636,
          602.1431742539644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activity or (iv) changed upon adoption of an Accounting Standards Update ('ASU') issued by the Financial Accounting Standards",
        "box": [
          33.74999859375,
          609.1305361426676,
          554.8885601750552,
          614.1431737539642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Board ('FASB').",
        "box": [
          33.74999859375,
          621.1305356426674,
          102.98063659038996,
          626.1431732539659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variable Interest Entities",
        "box": [
          33.74999859375,
          645.130534642667,
          136.5171180821995,
          650.1431722539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to the securitization VIEs, we also from time to time finance (i) pools of our loans through CLOs and SASBs and",
        "box": [
          69.74999709375,
          669.1305336426685,
          569.0775064009363,
          674.1431712539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii) pools of net lease properties through ABSs. All of these financing structures are considered VIEs. We also hold interests in certain",
        "box": [
          33.74999859375,
          681.1305331426684,
          568.1468270897144,
          686.143170753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other entities which are considered VIEs as the limited partners of those entities with equity at risk do not collectively possess (i) the",
        "box": [
          33.74999859375,
          693.1305326426682,
          563.8559060535641,
          698.1431702539649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made",
        "box": [
          33.74999859375,
          705.130532142668,
          574.2829842441026,
          710.1431697539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by the partnership.",
        "box": [
          33.74999859375,
          717.1305316426678,
          108.4333684881928,
          722.1431692539645
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 16,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess",
        "box": [
          69.74999709375,
          38.380559923918554,
          576.0680024925783,
          43.39319753521522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE.",
        "box": [
          33.74999859375,
          50.380559423918385,
          569.6113197224439,
          55.39319703521687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounting Standards Codification ('ASC') 810, ",
        "box": [
          33.74999859375,
          62.380558923918215,
          234.77368742401268,
          67.3931965352167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidation",
        "box": [
          234.78515021728498,
          62.380558923918215,
          291.4457096689281,
          67.3931965352167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", defines the primary beneficiary as the party that has both (i) the power",
        "box": [
          291.45702285595684,
          62.380558923918215,
          577.9474647493538,
          67.3931965352167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and",
        "box": [
          33.74999859375,
          74.38055842391805,
          567.1803052049862,
          79.39319603521653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the right to receive benefits from the VIE which could be potentially significant. We",
        "box": [
          33.74999859375,
          86.3805579239197,
          370.16928442384034,
          91.39319553521636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          300.99608495849594,
          129.13055614266887,
          310.9935794794336,
          134.14319375396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 17,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923918554,
          104.6843139585664,
          43.39319753521522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these",
        "box": [
          33.74999859375,
          93.13055764266755,
          571.5883583313787,
          98.14319525396604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not",
        "box": [
          33.74999859375,
          105.13055714266739,
          564.9641245089144,
          110.14319475396587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "present, we are not the primary beneficiary and do not consolidate the VIE.",
        "box": [
          33.74999859375,
          117.13055664266722,
          334.49470641897005,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE's economic",
        "box": [
          69.74999709375,
          141.1305556426687,
          548.423595146577,
          146.14319325396536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and",
        "box": [
          33.74999859375,
          153.13055514266853,
          528.2985008250615,
          158.1431927539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "responsibilities. This assessment includes: (i) identifying the activities that most significantly impact the VIE's economic performance;",
        "box": [
          33.74999859375,
          165.13055464266836,
          573.126096293832,
          170.14319225396503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and (ii) identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions",
        "box": [
          33.74999859375,
          177.1305541426682,
          568.552026980744,
          182.14319175396486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of",
        "box": [
          33.74999859375,
          189.13055364266802,
          574.4343538207336,
          194.1431912539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a VIE. The right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the",
        "box": [
          33.74999859375,
          201.13055314266785,
          572.886942327271,
          206.14319075396452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "party that has the power to direct the activities of a VIE.",
        "box": [
          33.74999859375,
          213.13055264266768,
          257.8781860863252,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could",
        "box": [
          69.74999709375,
          237.13055164266734,
          565.9240183573314,
          242.14318925396583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees",
        "box": [
          33.74999859375,
          249.130551142669,
          563.8510687266173,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining",
        "box": [
          33.74999859375,
          261.1305506426688,
          559.7652662639463,
          266.1431882539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance",
        "box": [
          33.74999859375,
          273.13055014266865,
          571.5932563561744,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of",
        "box": [
          33.74999859375,
          285.1305496426685,
          551.0759103440018,
          290.14318725396515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests held across various classes within the VIE's capital structure; and the reasons why the interests are held by us.",
        "box": [
          33.74999859375,
          297.1305491426683,
          509.43114597995117,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our purchased investment securities include unrated and non-investment grade rated securities issued by securitization trusts.",
        "box": [
          69.74999709375,
          321.130548142668,
          571.4207674720503,
          326.14318575396464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In certain cases, we may contract to provide special servicing activities for these trusts, or, as holder of the controlling class, we may",
        "box": [
          33.74999859375,
          333.1305476426678,
          563.597205479282,
          338.1431852539645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted",
        "box": [
          33.74999859375,
          345.13054714266764,
          571.6176822700955,
          350.1431847539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange",
        "box": [
          33.74999859375,
          357.13054664266747,
          575.3862860981317,
          362.14318425396596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust's",
        "box": [
          33.74999859375,
          369.1305461426673,
          540.775797563087,
          374.1431837539658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special",
        "box": [
          33.74999859375,
          381.13054564266895,
          560.5267466938054,
          386.1431832539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicer without cause, we do not have the power to direct activities that most significantly impact the trust's economic performance.",
        "box": [
          33.74999859375,
          393.1305451426688,
          565.3936681231792,
          398.14318275396545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We evaluated all of our positions in such investments for consolidation.",
        "box": [
          33.74999859375,
          405.1305446426686,
          319.76206403283004,
          410.1431822539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For securitization VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and",
        "box": [
          69.74999709375,
          429.1305436426683,
          565.582343496568,
          434.14318125396494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and",
        "box": [
          33.74999859375,
          441.1305431426681,
          564.5784679383959,
          446.14318075396477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these",
        "box": [
          33.74999859375,
          453.13054264266793,
          556.7044477765413,
          458.1431802539646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, a portion of the identified servicing intangible",
        "box": [
          33.74999859375,
          465.13054214266776,
          565.1641486240542,
          470.14317975396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset associated with the servicing fee streams, and the corresponding amortization or change in fair value of the servicing intangible",
        "box": [
          33.74999859375,
          477.1305416426676,
          565.1007943266942,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset, are also eliminated in consolidation.",
        "box": [
          33.74999859375,
          489.1305411426674,
          202.82859360505824,
          494.1431787539659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We perform ongoing reassessments of: (i) whether any entities previously evaluated under the majority voting interest",
        "box": [
          69.74999709375,
          513.1305401426689,
          541.75047220115,
          518.1431777539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (ii) whether",
        "box": [
          33.74999859375,
          525.1305396426687,
          557.7784400897302,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to",
        "box": [
          33.74999859375,
          537.1305391426686,
          575.0299442279181,
          542.1431767539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "change.",
        "box": [
          33.74999859375,
          549.1305386426684,
          64.55770656634544,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated",
        "box": [
          69.74999709375,
          573.1305376426681,
          527.0324182278151,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitization VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis",
        "box": [
          33.74999859375,
          585.1305371426679,
          547.8053539951889,
          590.1431747539646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our",
        "box": [
          33.74999859375,
          597.1305366426677,
          557.412320329985,
          602.1431742539644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of",
        "box": [
          33.74999859375,
          609.1305361426676,
          536.167692590178,
          614.143173753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations in the line item 'Change in net assets related to consolidated VIEs' represents our beneficial interest in the VIEs.",
        "box": [
          33.74999859375,
          621.1305356426674,
          529.7727437573848,
          626.1431732539659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our",
        "box": [
          69.74999709375,
          645.1305346426689,
          537.1324751499785,
          650.1431722539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the",
        "box": [
          33.74999859375,
          657.1305341426687,
          547.2976333934924,
          662.1431717539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bondholders of the related trusts, and are thus presented as a single line item entitled 'VIE liabilities.' The assets of our consolidated",
        "box": [
          33.74999859375,
          669.1305336426685,
          564.6711652345334,
          674.1431712539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into",
        "box": [
          33.74999859375,
          681.1305331426684,
          572.1692880471119,
          686.143170753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate owned ('REO'). These assets in the aggregate are likewise presented as a single line item entitled 'VIE assets.'",
        "box": [
          33.74999859375,
          693.1305326426682,
          524.0857206356553,
          698.1431702539649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          300.99608495849594,
          735.8805308614174,
          310.9935794794336,
          740.8931684727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 18,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair",
        "box": [
          69.74999709375,
          93.13055764266755,
          560.9204386588132,
          98.14319525396604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the",
        "box": [
          33.74999859375,
          105.13055714266739,
          550.7586930492813,
          110.14319475396587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be",
        "box": [
          33.74999859375,
          117.13055664266722,
          556.5384167584597,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO",
        "box": [
          33.74999859375,
          129.13055614266705,
          577.0850376807011,
          134.14319375396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally approximates fair value under GAAP.",
        "box": [
          33.74999859375,
          141.13055564266688,
          224.19530731477857,
          146.14319325396536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only",
        "box": [
          69.74999709375,
          165.13055464266654,
          567.369041047122,
          170.14319225396503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the",
        "box": [
          33.74999859375,
          177.1305541426682,
          560.1557113077389,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is",
        "box": [
          33.74999859375,
          189.13055364266802,
          569.0206848612168,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust.",
        "box": [
          33.74999859375,
          201.13055314266785,
          480.4442697627377,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no",
        "box": [
          69.74999709375,
          225.1305521426675,
          556.4049603289589,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO assets. We estimate that REO assets constitute approximately 2% of our consolidated securitization VIE assets, with the remaining",
        "box": [
          33.74999859375,
          237.13055164266734,
          577.8814006091071,
          242.14318925396583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference",
        "box": [
          33.74999859375,
          249.13055114266717,
          569.2555494285788,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to our securitization VIE liabilities as permitted under ASU 2014-13, ",
        "box": [
          33.74999859375,
          261.130550642667,
          312.05403370399824,
          266.1431882539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidation (Topic 810): Measuring the Financial Assets and",
        "box": [
          312.0585844975584,
          261.130550642667,
          567.267833951339,
          266.1431882539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Financial Liabilities of a Consolidated Collateralized Financing Entity",
        "box": [
          33.74999859375,
          273.13055014266683,
          333.65503449526756,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ". In other words, our VIE liabilities are more reliably",
        "box": [
          333.65623609765623,
          273.13055014266683,
          544.7456752397625,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value",
        "box": [
          33.74999859375,
          285.13054964266667,
          573.8242131632181,
          290.14318725396515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of",
        "box": [
          33.74999859375,
          297.1305491426665,
          558.2372566956126,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "each of these asset categories if the assets were to be valued individually.",
        "box": [
          33.74999859375,
          309.13054864266815,
          325.9763425239018,
          314.14318625396663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in",
        "box": [
          69.74999709375,
          333.1305476426678,
          574.8573674351087,
          338.1431852539663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However,",
        "box": [
          33.74999859375,
          345.13054714266764,
          573.3116059682653,
          350.1431847539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a pool, the fair value of the assets in total is equal to the fair value of the liabilities.",
        "box": [
          33.74999859375,
          357.13054664266747,
          375.5048133852152,
          362.14318425396596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For these reasons, the assets of our securitization VIEs are presented in the aggregate.",
        "box": [
          69.74999709375,
          381.13054564266713,
          412.417753022176,
          386.1431832539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value Option",
        "box": [
          33.74999859375,
          405.1305446426668,
          108.75066869616052,
          410.1431822539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The guidance in ASC 825, ",
        "box": [
          69.74999709375,
          429.13054364266645,
          178.0430953377874,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Instruments",
        "box": [
          178.0546800810547,
          429.13054364266645,
          266.6359331105819,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", provides a fair value option election that allows entities to make an",
        "box": [
          266.63671139013655,
          429.13054364266645,
          539.5417300315933,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities.",
        "box": [
          33.74999859375,
          441.1305431426681,
          569.8017486895095,
          446.1431807539666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the",
        "box": [
          33.74999859375,
          453.13054264266793,
          573.2383675626281,
          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once",
        "box": [
          33.74999859375,
          465.13054214266776,
          576.8068181389428,
          470.14317975396625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated",
        "box": [
          33.74999859375,
          477.1305416426676,
          573.7021547832423,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheets from those instruments using another accounting method.",
        "box": [
          33.74999859375,
          489.1305411426674,
          323.8821886361582,
          494.1431787539659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have elected the fair value option for certain eligible financial assets and liabilities of our consolidated securitization VIEs,",
        "box": [
          69.74999709375,
          513.1305401426671,
          575.9507963082989,
          518.1431777539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential loans held-for-investment, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by",
        "box": [
          33.74999859375,
          525.1305396426669,
          578.0515510020177,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs we could consolidate in the future. The fair value elections for VIE and securitization related items were made in order to mitigate",
        "box": [
          33.74999859375,
          537.1305391426667,
          577.2168371968586,
          542.1431767539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair",
        "box": [
          33.74999859375,
          549.1305386426666,
          562.0498327867552,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value. The fair value elections for residential loans held-for-investment were made in order to maintain consistency across all our",
        "box": [
          33.74999859375,
          561.1305381426664,
          550.5536476407631,
          566.1431757539667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential loans. The fair value elections for mortgage loans held-for-sale were made due to the potential short-term holding period of",
        "box": [
          33.74999859375,
          573.1305376426681,
          570.8268557710462,
          578.1431752539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these instruments.",
        "box": [
          33.74999859375,
          585.1305371426679,
          105.94377509192586,
          590.1431747539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value Measurements",
        "box": [
          33.74999859375,
          609.1305361426676,
          140.96426914690156,
          614.143173753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We measure our mortgage-backed securities, investments of consolidated affordable housing fund, derivative assets and",
        "box": [
          69.74999709375,
          633.1305351426672,
          549.3218461740886,
          638.1431727539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair",
        "box": [
          33.74999859375,
          645.130534642667,
          553.7315347583509,
          650.1431722539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or",
        "box": [
          33.74999859375,
          657.1305341426669,
          555.7623112487355,
          662.1431717539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or",
        "box": [
          33.74999859375,
          669.1305336426667,
          572.8038909386695,
          674.1431712539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other risk factors.",
        "box": [
          33.74999859375,
          681.1305331426665,
          103.98622889849028,
          686.143170753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed above, we measure the assets and liabilities of consolidated securitization VIEs at fair value pursuant to our",
        "box": [
          69.74999709375,
          705.130532142668,
          554.0325602208081,
          710.1431697539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "election of the fair value option. The securitization VIEs in which we invest are 'static'; that is, no reinvestment is permitted, and there",
        "box": [
          33.74999859375,
          717.1305316426678,
          574.476943086021,
          722.1431692539663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization VIEs,",
        "box": [
          33.74999859375,
          729.1305311426677,
          564.6662814784871,
          734.1431687539662
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 19,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "we maximize the use of observable inputs over unobservable inputs. Refer to Note 20 for further discussion regarding our fair value",
        "box": [
          33.74999859375,
          38.380559923918554,
          561.5176496759918,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurements.",
        "box": [
          33.74999859375,
          50.380559423918385,
          93.43718001303401,
          55.39319703521687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          300.99608495849594,
          93.13055764266755,
          310.9935794794336,
          98.14319525396604
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 20,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Business Combinations",
        "box": [
          33.74999859375,
          93.13055764266755,
          130.70804027424444,
          98.14319525396604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under ASC 805, ",
        "box": [
          69.74999709375,
          117.13055664266722,
          138.6242891052377,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Business Combinations",
        "box": [
          138.6328067236328,
          117.13055664266722,
          232.22745299426873,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", the acquirer in a business combination must recognize, with certain exceptions, the",
        "box": [
          232.2304628237303,
          117.13055664266722,
          568.9866169147843,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair values of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of",
        "box": [
          33.74999859375,
          129.13055614266705,
          568.4739500190839,
          134.14319375396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the acquired entity. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the acquirer's share, is",
        "box": [
          33.74999859375,
          141.13055564266688,
          544.0464733268088,
          146.14319325396536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized under this 'full goodwill' approach. During the measurement period, a period which shall not exceed one year, we",
        "box": [
          33.74999859375,
          153.1305551426667,
          538.3204309175424,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prospectively adjust the provisional amounts recognized to reflect new information obtained about facts and circumstances that existed",
        "box": [
          33.74999859375,
          165.13055464266836,
          573.4434272940227,
          170.14319225396684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of the acquisition date that, if known, would have affected the measurement of the amounts recognized.",
        "box": [
          33.74999859375,
          177.1305541426682,
          458.5943867981498,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We apply the asset acquisition provisions of ASC 805 in accounting for acquisitions of real estate with in-place leases where",
        "box": [
          69.74999709375,
          201.13055314266785,
          567.3055674348282,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "substantially all of the fair value of the assets acquired is concentrated in either a single identifiable asset or group of similar",
        "box": [
          33.74999859375,
          213.13055264266768,
          530.4072861051948,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "identifiable assets. This results in the acquired properties being recognized initially at their purchase price inclusive of acquisition costs,",
        "box": [
          33.74999859375,
          225.1305521426675,
          577.1582395579888,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which are capitalized. We also apply the asset acquisition provisions of ASC 805 for acquired real estate assets where a lease is entered",
        "box": [
          33.74999859375,
          237.13055164266734,
          573.833945302751,
          242.14318925396583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into concurrently with the acquisition of the asset.",
        "box": [
          33.74999859375,
          249.13055114266717,
          233.65088474579608,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Held-for-Investment",
        "box": [
          33.74999859375,
          272.3805501739171,
          146.2168590067182,
          277.39318778521556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans that are held for investment ('HFI') are carried at cost, net of unamortized acquisition premiums or discounts, loan fees",
        "box": [
          69.74999709375,
          296.38054917391673,
          575.2869659501216,
          301.3931867852152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and origination costs, as applicable, and net of credit loss allowances as discussed below, unless we have elected to apply the fair value",
        "box": [
          33.74999859375,
          308.3805486739184,
          573.6289312463547,
          313.39318628521687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "option at purchase.",
        "box": [
          33.74999859375,
          320.3805481739182,
          109.54149981702065,
          325.3931857852167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Held-For-Sale",
        "box": [
          33.74999859375,
          344.3805471739179,
          121.78450694820677,
          349.39318478521636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans that we intend to sell or liquidate in the short-term are classified as held-for-sale and are carried at the lower of",
        "box": [
          69.74999709375,
          368.38054617391754,
          553.6907482600501,
          373.393183785216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized cost or fair value, unless we have elected to apply the fair value option at origination or purchase. We periodically enter into",
        "box": [
          33.74999859375,
          380.38054567391737,
          571.8764105093152,
          385.39318328521585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative financial instruments to hedge unpredictable changes in fair value of loans held-for-sale, including changes resulting from",
        "box": [
          33.74999859375,
          392.3805451739172,
          564.0707234586397,
          397.3931827852157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "both interest rates and credit quality. Because these derivatives are not designated, changes in their fair value are recorded in earnings.",
        "box": [
          33.74999859375,
          404.38054467391703,
          569.6943571689841,
          409.3931822852155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In order to best reflect the results of the hedged loan portfolio in earnings, we have elected the fair value option for these loans. As a",
        "box": [
          33.74999859375,
          416.38054417391686,
          562.0497080538224,
          421.39318178521535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "result, changes in the fair value of the loans are also recorded in earnings.",
        "box": [
          33.74999859375,
          428.3805436739167,
          327.72879942588276,
          433.393181285217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Securities",
        "box": [
          33.74999859375,
          452.38054267391817,
          122.34102457287005,
          457.39318028521666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We designate our debt investment securities as held-to-maturity ('HTM'), available-for-sale ('AFS'), or trading depending on",
        "box": [
          69.74999709375,
          476.38054167391783,
          576.2291020029529,
          481.3931792852163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our investment strategy and ability to hold such securities to maturity. HTM debt securities where we have not elected to apply the fair",
        "box": [
          33.74999859375,
          488.38054117391766,
          571.9789097230436,
          493.39317878521615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the condensed consolidated",
        "box": [
          33.74999859375,
          500.3805406739175,
          561.2297436529262,
          505.393178285216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-",
        "box": [
          33.74999859375,
          512.3805401739173,
          561.1417666495917,
          517.3931777852158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term, or (ii) may dispose of prior to maturity, are classified as AFS and are carried at fair value in the accompanying financial",
        "box": [
          33.74999859375,
          524.3805396739172,
          535.0204313315683,
          529.3931772852156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements. Unrealized gains or losses on AFS debt securities where we have not elected the fair value option are reported as a",
        "box": [
          33.74999859375,
          536.380539173917,
          538.4522209120511,
          541.3931767852155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "component of accumulated other comprehensive income ('AOCI') in stockholders' equity. Our HTM and AFS debt securities are also",
        "box": [
          33.74999859375,
          548.3805386739168,
          570.9587776725497,
          553.3931762852153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subject to credit loss allowances as discussed below.",
        "box": [
          33.74999859375,
          560.3805381739166,
          242.99917363128404,
          565.393175785217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our only equity investment security was carried at fair value, with unrealized holding gains and losses recorded in earnings.",
        "box": [
          69.74999709375,
          584.3805371739181,
          565.587256390113,
          589.3931747852166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Losses",
        "box": [
          33.74999859375,
          608.3805361739178,
          89.01443471147805,
          613.3931737852163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans and Debt Securities Measured at Amortized Cost",
        "box": [
          33.74999859375,
          632.3805351739175,
          256.18432252474037,
          637.3931727852159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASC 326, ",
        "box": [
          69.74999709375,
          656.3805341739171,
          111.69257712739244,
          661.3931717852156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Instruments - Credit Losses",
        "box": [
          111.70312034570313,
          656.3805341739171,
          264.6285363692234,
          661.3931717852156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", mandates the use of a current expected credit loss model ('CECL') for",
        "box": [
          264.6328014736328,
          656.3805341739171,
          553.0612776362782,
          661.3931717852156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimating future credit losses of certain financial instruments measured at amortized cost, which requires the consideration of possible",
        "box": [
          33.74999859375,
          668.380533673917,
          573.4482976538812,
          673.3931712852154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit losses over the life of an instrument. The CECL model applies to our HFI loans and our HTM debt securities which are carried at",
        "box": [
          33.74999859375,
          680.3805331739168,
          575.4106572486423,
          685.3931707852153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as",
        "box": [
          33.74999859375,
          692.3805326739184,
          576.9142702073174,
          697.3931702852169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "permitted by ASC 326, we have elected not to measure an allowance for credit losses on accrued interest receivable (which is classified",
        "box": [
          33.74999859375,
          704.3805321739183,
          575.6401436774931,
          709.3931697852167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "separately on our condensed consolidated balance sheets), but rather write off in a timely manner by reversing interest income and/or",
        "box": [
          33.74999859375,
          716.3805316739181,
          566.0234041711896,
          721.3931692852166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cease accruing interest that would likely be uncollectible.",
        "box": [
          33.74999859375,
          728.3805311739179,
          263.0478253959233,
          733.3931687852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 21,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "15",
        "box": [
          300.99608495849594,
          51.13055939266815,
          310.9935794794336,
          56.143197003966634
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 22,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923918554,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As we do not have a history of realized credit losses on our HFI loans and HTM securities, we have subscribed to third party",
        "box": [
          69.74999709375,
          93.13055764266755,
          568.3892587296133,
          98.14319525396604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "database services to provide us with historical industry losses for both commercial real estate and infrastructure loans. Using these",
        "box": [
          33.74999859375,
          105.13055714266739,
          554.8592023784269,
          110.14319475396587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses as a benchmark, we determine expected credit losses for our loans and securities on a collective pool basis within our",
        "box": [
          33.74999859375,
          117.13055664266722,
          529.309019525956,
          122.1431942539657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial real estate and infrastructure portfolios. See Note 4 for further discussion of our methodologies.",
        "box": [
          33.74999859375,
          129.13055614266705,
          465.73119667578266,
          134.14319375396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We also evaluate each loan and security measured at amortized cost for credit deterioration at least quarterly. Credit",
        "box": [
          69.74999709375,
          153.13055514266853,
          531.8701468378302,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deterioration occurs when there is a significant decline in credit quality of the loan or security since origination or acquisition and it is",
        "box": [
          33.74999859375,
          165.13055464266836,
          569.0108430616268,
          170.14319225396684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deemed probable that we will not be able to fully recover the amortized cost of the loan or security. Recovery may be by way of",
        "box": [
          33.74999859375,
          177.1305541426682,
          545.2913341350261,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayment by the borrower, sale of the loan or security, possible foreclosure or exercise of control over a borrower's pledged equity",
        "box": [
          33.74999859375,
          189.13055364266802,
          559.975105230203,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests. The determination of whether a loan or security is credit deteriorated requires significant judgment by management and is",
        "box": [
          33.74999859375,
          201.13055314266785,
          559.0964150497279,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based on various factors including (i) the underlying collateral performance and its estimated current and stabilized market values,",
        "box": [
          33.74999859375,
          213.13055264266768,
          555.0984262021477,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including projected cash flows, (ii) discussions with the borrower, (iii) availability of reserves and substantive recourse guarantees and",
        "box": [
          33.74999859375,
          225.1305521426675,
          571.6664804930618,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iv) other factors deemed relevant by us. If a loan or security is considered to be credit deteriorated, it is considered to have different",
        "box": [
          33.74999859375,
          237.13055164266734,
          562.9528024177197,
          242.14318925396583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk characteristics from the rest of the loans and securities being evaluated on the collective industry loss rate pool approach described",
        "box": [
          33.74999859375,
          249.13055114266717,
          573.428778669633,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "above. In those cases, we depart from the collective pool approach and determine the credit loss allowance as any excess of the",
        "box": [
          33.74999859375,
          261.130550642667,
          542.0353658627532,
          266.1431882539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized cost basis of the loan or security over (i) the present value of expected future cash flows discounted at the contractual",
        "box": [
          33.74999859375,
          273.13055014266865,
          544.8226609981422,
          278.14318775396714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effective interest rate or (ii) the fair value of the collateral, if repayment is expected solely from the collateral.",
        "box": [
          33.74999859375,
          285.1305496426685,
          472.14066595872134,
          290.14318725396697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Available-for-Sale Debt Securities",
        "box": [
          33.74999859375,
          309.13054864266815,
          170.70288480779251,
          314.14318625396663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Separate provisions of ASC 326 apply to our AFS debt securities, which are carried at fair value with unrealized gains and",
        "box": [
          69.74999709375,
          333.1305476426678,
          558.6651233347853,
          338.1431852539663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses reported as a component of AOCI. We are required to establish an initial credit loss allowance for those securities that are",
        "box": [
          33.74999859375,
          345.13054714266764,
          545.8038593557325,
          350.1431847539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchased with credit deterioration ('PCD') by grossing up the amortized cost basis of each security and providing an offsetting credit",
        "box": [
          33.74999859375,
          357.13054664266747,
          572.4426549973092,
          362.14318425396596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis.",
        "box": [
          33.74999859375,
          369.1305461426673,
          514.3762748989041,
          374.1431837539658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subsequently, cumulative adverse changes in expected cash flows on our AFS debt securities are recognized currently as an",
        "box": [
          69.74999709375,
          393.13054514266696,
          564.3717878220076,
          398.14318275396545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase to the allowance for credit losses. However, the allowance is limited to the amount by which the AFS debt security's amortized",
        "box": [
          33.74999859375,
          405.1305446426686,
          576.6701571845755,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost exceeds its fair value. Favorable changes in expected cash flows are first recognized as a decrease to the allowance for credit losses",
        "box": [
          33.74999859375,
          417.13054414266844,
          577.5439695060796,
          422.1431817539669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(recognized currently in earnings). Such changes would be recognized as a prospective yield adjustment only when the allowance for",
        "box": [
          33.74999859375,
          429.1305436426683,
          566.4823120520688,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit losses is reduced to zero. A change in expected cash flows that is attributable solely to a change in a variable interest reference",
        "box": [
          33.74999859375,
          441.1305431426681,
          563.9633888490854,
          446.1431807539666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate does not result in a credit loss and is accounted for as a prospective yield adjustment.",
        "box": [
          33.74999859375,
          453.13054264266793,
          391.05273303738545,
          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments of Consolidated Affordable Housing Fund",
        "box": [
          33.74999859375,
          477.1305416426676,
          260.1188560492138,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On November 5, 2021, we established Woodstar Portfolio Holdings, LLC (the 'Woodstar Fund'), an investment fund which",
        "box": [
          69.74999709375,
          500.3805406739175,
          566.6368022776322,
          505.393178285216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "holds our Woodstar multifamily affordable housing portfolios described in Note 7. As managing member of the Woodstar Fund, we",
        "box": [
          33.74999859375,
          512.3805401739173,
          559.1452433248419,
          517.3931777852158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "manage interests purchased by third party investors seeking capital appreciation and an ongoing return, for which we earn (i) a",
        "box": [
          33.74999859375,
          524.3805396739172,
          540.1119341678964,
          529.3931772852156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management fee based on each investor's share of total Woodstar Fund equity; and (ii) an incentive distribution if the Woodstar Fund's",
        "box": [
          33.74999859375,
          536.380539173917,
          572.9942566956514,
          541.3931767852155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "returns exceed an established threshold. In connection with the establishment of the Woodstar Fund, we entered into subscription and",
        "box": [
          33.74999859375,
          548.3805386739186,
          566.3846201131397,
          553.3931762852171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other related agreements with certain third party institutional investors to sell, through a feeder fund structure, an aggregate 20.6%",
        "box": [
          33.74999859375,
          560.3805381739185,
          554.8435973995151,
          565.393175785217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest in the Woodstar Fund for an initial aggregate subscription price of $216.0 million, which was adjusted to $214.2 million post-",
        "box": [
          33.74999859375,
          572.3805376739183,
          568.3897496225921,
          577.3931752852168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "closing. The Woodstar Fund has an initial term of eight years.",
        "box": [
          33.74999859375,
          584.3805371739181,
          280.2571758038672,
          589.3931747852166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effective with the third party interest sale, the Woodstar Fund has the characteristics of an investment company under ASC",
        "box": [
          69.74999709375,
          609.8805361114173,
          561.3792895786955,
          614.8931737227158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "946, ",
        "box": [
          33.74999859375,
          621.8805356114171,
          53.74497441687597,
          626.8931732227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Services - Investment Companies. ",
        "box": [
          53.753904010253905,
          621.8805356114171,
          234.22125829703052,
          626.8931732227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accordingly, the Woodstar Fund is required to carry the investments in its properties",
        "box": [
          234.2226502407225,
          621.8805356114171,
          572.1503508058137,
          626.8931732227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "at fair value. Because we are the primary beneficiary of the Woodstar Fund, which is a VIE (as discussed in Note 15), we consolidate",
        "box": [
          33.74999859375,
          633.880535111417,
          566.1600593325579,
          638.8931727227155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the accounts of the Woodstar Fund into our consolidated financial statements, retaining the fair value basis of accounting for its",
        "box": [
          33.74999859375,
          645.8805346114186,
          543.0506089683029,
          650.8931722227171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments. Realized and unrealized changes in the fair value of the Woodstar Fund's property investments, and distributions thereon,",
        "box": [
          33.74999859375,
          657.8805341114185,
          571.9350187506233,
          662.8931717227169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are recognized in the 'Income from affordable housing fund investments' caption within the other income (loss) section of our",
        "box": [
          33.74999859375,
          669.8805336114183,
          541.0589886863737,
          674.8931712227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed consolidated statements of operations. See Note 7 for further details regarding the Woodstar Fund's investments and related",
        "box": [
          33.74999859375,
          681.8805331114181,
          572.4817574590924,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income and Note 17 with respect to its contingently redeemable non-controlling interests which are classified as 'Temporary Equity' in",
        "box": [
          33.74999859375,
          693.880532611418,
          576.6360081109983,
          698.8931702227164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our condensed consolidated balance sheets.",
        "box": [
          33.74999859375,
          705.8805321114178,
          207.25623244557332,
          710.8931697227163
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 23,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "16",
        "box": [
          300.99608495849594,
          42.13055976766918,
          310.9935794794336,
          47.14319737896767
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 24,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Intangibles",
        "box": [
          33.74999859375,
          81.13055814266772,
          106.78828722090083,
          86.14319575396803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In connection with our acquisition of properties, we recognize intangible lease assets and liabilities associated with certain",
        "box": [
          69.74999709375,
          105.13055714266739,
          559.1923751878165,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "noncancelable operating leases of the acquired properties. These intangible lease assets and liabilities include in-place lease intangible",
        "box": [
          33.74999859375,
          117.13055664266722,
          570.1679174905637,
          122.14319425396752
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets, favorable lease intangible assets and unfavorable lease liabilities. In-place lease intangible assets reflect the acquired benefit of",
        "box": [
          33.74999859375,
          129.13055614266705,
          569.2257355127591,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchasing properties with in-place leases and are measured based on estimates of direct costs associated with leasing the property and",
        "box": [
          33.74999859375,
          141.13055564266688,
          572.5989450292094,
          146.14319325396718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lost rental income during projected lease-up and free rent periods, both of which are avoided",
        "box": [
          33.74999859375,
          153.1305551426667,
          403.7985524375595,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due to the presence of in-place leases at the acquisition date. Favorable and unfavorable lease intangible assets and liabilities reflect the",
        "box": [
          33.74999859375,
          165.13055464266654,
          574.7907350479463,
          170.14319225396684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "terms of in-place tenant leases being either favorable or unfavorable relative to market terms at the acquisition date. The estimated fair",
        "box": [
          33.74999859375,
          177.13055414266637,
          571.2662171527389,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "values of our favorable and unfavorable lease assets and liabilities at the respective acquisition dates represent the discounted cash flow",
        "box": [
          33.74999859375,
          189.13055364266984,
          575.9183812293116,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "differential between the contractual cash flows of such leases and the estimated cash flows that comparable leases at market terms",
        "box": [
          33.74999859375,
          201.13055314266967,
          553.5119729574129,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "would generate. Our intangible lease assets and liabilities are recognized within intangible assets and other liabilities, respectively, in",
        "box": [
          33.74999859375,
          213.1305526426695,
          565.5791847216994,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our consolidated balance sheets. Our in-place lease intangible assets are amortized to amortization expense while our favorable and",
        "box": [
          33.74999859375,
          225.13055214266933,
          558.9695813220994,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfavorable lease intangible assets and liabilities where we are the lessor are amortized to rental income. Both our favorable and",
        "box": [
          33.74999859375,
          237.13055164266916,
          547.3123096078192,
          242.14318925396583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfavorable lease intangible assets and liabilities are amortized over the remaining noncancelable term of the respective leases on a",
        "box": [
          33.74999859375,
          249.130551142669,
          558.9549053327726,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "straight-line basis.",
        "box": [
          33.74999859375,
          261.1305506426688,
          107.05187207075514,
          266.1431882539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Recognition",
        "box": [
          33.74999859375,
          285.1305496426685,
          121.77964055328667,
          290.14318725396515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Income",
        "box": [
          33.74999859375,
          309.13054864266815,
          95.83888645427433,
          314.1431862539648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income on performing loans and financial instruments is accrued based on the outstanding principal amount and",
        "box": [
          69.74999709375,
          333.1305476426678,
          550.6056901955951,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contractual terms of the instrument. For loans where we do not elect the fair value option, origination fees and direct loan origination",
        "box": [
          33.74999859375,
          345.13054714266764,
          565.3985053792278,
          350.14318475396794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "costs are also recognized in interest income over the loan term as a yield adjustment using the effective interest method. When we elect",
        "box": [
          33.74999859375,
          357.13054664266747,
          574.444180888912,
          362.1431842539678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the fair value option, origination fees and direct loan costs are recorded directly in income and are not deferred. Discounts or premiums",
        "box": [
          33.74999859375,
          369.1305461426673,
          574.8102508199848,
          374.1431837539676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated with the purchase of non-performing loans and investment securities are amortized or accreted into interest income as a yield",
        "box": [
          33.74999859375,
          381.13054564266713,
          577.5830296965391,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at",
        "box": [
          33.74999859375,
          393.13054514266696,
          570.4852117788694,
          398.14318275396727
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "least a quarterly basis, we review and, if appropriate, make adjustments to our cash flow projections.",
        "box": [
          33.74999859375,
          405.1305446426668,
          436.0218779636709,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We cease accruing interest on non-performing loans at the earlier of (i) the loan becoming significantly past due or (ii)",
        "box": [
          69.74999709375,
          429.13054364266645,
          542.8195023130189,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management concluding that a full recovery of all interest and principal is doubtful. Interest income on non-accrual loans in which",
        "box": [
          33.74999859375,
          441.1305431426663,
          555.6695630096004,
          446.1431807539666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management expects a full recovery of the loan's outstanding principal balance is only recognized when received in cash. If full",
        "box": [
          33.74999859375,
          453.13054264266975,
          545.0960832367496,
          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recovery of principal is doubtful or if collection of interest is less than probable, the cost recovery method is applied whereby any cash",
        "box": [
          33.74999859375,
          465.1305421426696,
          572.0569982767905,
          470.14317975396625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received is applied to the outstanding principal balance of the loan. A non-accrual loan is returned to accrual status at such time as the",
        "box": [
          33.74999859375,
          477.1305416426694,
          567.8784128359597,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan becomes contractually current and management believes all future principal and interest will be received according to the",
        "box": [
          33.74999859375,
          489.13054114266924,
          538.6914481020831,
          494.1431787539659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contractual loan terms.",
        "box": [
          33.74999859375,
          501.1305406426691,
          125.07958884460024,
          506.14317825396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans are reported as past due when either interest or principal has been in default for a period of 90 days or more, unless the",
        "box": [
          69.74999709375,
          525.1305396426687,
          570.8397771375694,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset is both (i) well secured and (ii) in the process of collection or modification to restore it to current status.",
        "box": [
          33.74999859375,
          537.1305391426686,
          470.4614056786903,
          542.1431767539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For loans acquired with deteriorated credit quality, interest income is only recognized to the extent that our estimate of",
        "box": [
          69.74999709375,
          561.1305381426682,
          543.551740782509,
          566.1431757539649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "undiscounted expected principal and interest exceeds our investment in the loan. Such excess, if any, is recognized as interest income",
        "box": [
          33.74999859375,
          573.1305376426681,
          566.682459360791,
          578.1431752539684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on a level-yield basis over the life of the loan.",
        "box": [
          33.74999859375,
          585.1305371426679,
          216.97539016560842,
          590.1431747539682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon the sale of loans or securities which are not accounted for pursuant to the fair value option, the excess (or deficiency) of",
        "box": [
          69.74999709375,
          609.1305361426676,
          573.0560274281638,
          614.1431737539679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net proceeds over the net carrying value of such loans or securities is recognized as a realized gain (loss).",
        "box": [
          33.74999859375,
          621.1305356426674,
          454.31319805153254,
          626.1431732539677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing Fees",
        "box": [
          33.74999859375,
          645.130534642667,
          92.87578547558843,
          650.1431722539674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We typically seek to be the special servicer on CMBS transactions in which we invest. When we are appointed to serve in this",
        "box": [
          69.74999709375,
          669.1305336426667,
          573.2220397861604,
          674.143171253967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capacity, we earn special servicing fees from the related activities performed, which consist primarily of overseeing the workout of",
        "box": [
          33.74999859375,
          681.1305331426665,
          557.2170386381217,
          686.1431707539668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under-performing and non-performing loans underlying the CMBS transactions. These fees are recognized in income in the period in",
        "box": [
          33.74999859375,
          693.1305326426664,
          565.8574141601065,
          698.1431702539667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which the services are performed and the revenue recognition criteria have been met.",
        "box": [
          33.74999859375,
          705.1305321426662,
          373.78172273201073,
          710.1431697539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental Income",
        "box": [
          33.74999859375,
          729.1305311426695,
          91.76765104890913,
          734.1431687539662
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 25,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Rental income is recognized when earned from tenants. For leases that provide rent concessions or fixed escalations over the",
        "box": [
          69.74999709375,
          38.380559923916735,
          568.6236062799101,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lease term, rental income is recognized on a straight-line basis over the noncancelable term of the lease. In net lease",
        "box": [
          33.74999859375,
          50.380559423916566,
          496.4950233602678,
          55.39319703521687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          300.99608495849594,
          105.13055714266739,
          310.9935794794336,
          110.14319475396405
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 26,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.3931975352134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "arrangements, costs reimbursable from tenants are recognized in rental income in the period in which the related expenses are incurred",
        "box": [
          33.74999859375,
          93.13055764266755,
          572.2865212172269,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as we are generally the primary obligor with respect to purchasing goods and services for property operations. In instances where the",
        "box": [
          33.74999859375,
          105.13055714266739,
          565.383875514899,
          110.14319475396405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tenant is responsible for property maintenance and repairs and contracts and settles such costs directly with third party service",
        "box": [
          33.74999859375,
          117.13055664266722,
          537.3489647330204,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "providers, we do not reflect those expenses in our consolidated statement of operations as the tenant is the primary obligor.",
        "box": [
          33.74999859375,
          129.13055614266705,
          524.8862539609885,
          134.14319375396371
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The majority of our leases are accounted for as operating leases. Under this method, leases that have fixed and determinable",
        "box": [
          69.74999709375,
          153.1305551426667,
          565.8264871714565,
          158.14319275396338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon our tenant's sales, or",
        "box": [
          33.74999859375,
          165.13055464266654,
          553.4289069959606,
          170.14319225396684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "percentage rent, is recognized only after our tenant exceeds the sales threshold. Rental increases based upon changes in the consumer",
        "box": [
          33.74999859375,
          177.13055414266637,
          566.4677096276768,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price indices are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements.",
        "box": [
          33.74999859375,
          189.1305536426662,
          576.1381130754941,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under triple net leases, taxes and operating expenses paid directly by our tenants are recorded on a net basis.",
        "box": [
          33.74999859375,
          201.13055314266603,
          467.92795850925074,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We assess the probability of collecting substantially all of the lease payments to which we are entitled under the original lease",
        "box": [
          69.74999709375,
          225.1305521426657,
          572.5532785161732,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contract as required under ASC 842, Leases. We assess the collectability of our future lease payments based on an analysis of",
        "box": [
          33.74999859375,
          237.13055164266552,
          534.7080675509953,
          242.14318925396583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "creditworthiness, economic trends and other facts and circumstances related to the applicable tenants. If we conclude the collection of",
        "box": [
          33.74999859375,
          249.13055114266535,
          568.9621553737418,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "substantially all of lease payments under a lease is less than probable, rental revenue recognized for that lease is limited to cash",
        "box": [
          33.74999859375,
          261.1305506426652,
          542.3330766902875,
          266.1431882539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received going forward. Any existing operating lease receivables, including those related to straight-line rental revenue, are written off",
        "box": [
          33.74999859375,
          273.130550142665,
          571.5639468903338,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as an adjustment to rental revenue, and no further operating lease receivables are recorded for that lease until such future determination",
        "box": [
          33.74999859375,
          285.13054964266485,
          574.2195654366836,
          290.14318725396515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is made that substantially all lease payments under that lease are now considered probable. If we subsequently conclude that the",
        "box": [
          33.74999859375,
          297.1305491426647,
          545.1205099342056,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collection of substantially all lease payments under a lease is probable, a reversal of lease receivables previously written off is",
        "box": [
          33.74999859375,
          309.13054864266815,
          537.148799439212,
          314.1431862539648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized.",
        "box": [
          33.74999859375,
          321.130548142668,
          80.10067081872191,
          326.14318575396464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign Currency Translation",
        "box": [
          33.74999859375,
          345.13054714266764,
          158.9284885554179,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our assets and liabilities denominated in foreign currencies are translated into U.S. dollars using foreign currency exchange",
        "box": [
          69.74999709375,
          369.1305461426673,
          564.4644574532078,
          374.14318375396397
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates at the end of the reporting period. Income and expenses are translated at the average exchange rates for each reporting period. The",
        "box": [
          33.74999859375,
          381.13054564266713,
          575.405786847319,
          386.1431832539638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effects of translating the assets, liabilities and income of our foreign investments held by entities with a U.S. dollar functional currency",
        "box": [
          33.74999859375,
          393.13054514266696,
          573.0088717621293,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are included in foreign currency gain (loss) in the consolidated statements of operations. Realized foreign currency gains and losses and",
        "box": [
          33.74999859375,
          405.1305446426668,
          576.7677528055088,
          410.14318225396346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in the value of foreign currency denominated monetary assets and liabilities are included in the determination of net income",
        "box": [
          33.74999859375,
          417.1305441426666,
          563.7095592346618,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and are reported as foreign currency gain (loss) in our condensed consolidated statements of operations.",
        "box": [
          33.74999859375,
          429.13054364266645,
          448.7823600319842,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Taxes",
        "box": [
          33.74999859375,
          454.63054258016564,
          90.86457805938875,
          459.64318019146594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company has elected to be taxed as a REIT under the Code. The Company is subject to federal income taxation at",
        "box": [
          69.74999709375,
          478.6305415801653,
          544.1180713525,
          483.6431791914656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its",
        "box": [
          33.74999859375,
          490.63054108016513,
          550.4022926369831,
          495.64317869146544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders in arriving at its REIT taxable income. As a result, distributed net income of the Company is subjected to taxation at the",
        "box": [
          33.74999859375,
          502.63054058016496,
          565.535212383593,
          507.64317819146527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholder level only. The Company intends to continue operating in a manner that will permit it to maintain its qualification as a",
        "box": [
          33.74999859375,
          514.6305400801648,
          554.8884538772081,
          519.6431776914651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REIT for tax purposes.",
        "box": [
          33.74999859375,
          526.6305395801646,
          125.19183263992343,
          531.6431771914649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities",
        "box": [
          69.74999709375,
          550.6305385801679,
          574.5937745790044,
          555.6431761914646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for financial reporting purposes and the amounts used for income tax purposes. The Company evaluates the realizability of its deferred",
        "box": [
          33.74999859375,
          562.6305380801678,
          572.706290349737,
          567.6431756914644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not",
        "box": [
          33.74999859375,
          574.6305375801676,
          577.0460635305003,
          579.6431751914643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the",
        "box": [
          33.74999859375,
          586.6305370801674,
          559.6431072540975,
          591.6431746914641
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses,",
        "box": [
          33.74999859375,
          598.6305365801672,
          545.1205064928944,
          603.6431741914639
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook.",
        "box": [
          33.74999859375,
          610.6305360801671,
          568.5325532173924,
          615.6431736914637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic",
        "box": [
          33.74999859375,
          622.6305355801669,
          526.8242459215501,
          627.6431731914636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "environment in future periods.",
        "box": [
          33.74999859375,
          634.6305350801667,
          155.355161433118,
          639.6431726914634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We recognize tax positions in the financial statements only when it is more likely than not that, based on the technical merits",
        "box": [
          69.74999709375,
          660.1305340176659,
          568.1305635233049,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the tax position, the position will be sustained upon examination by the relevant taxing authority. A tax position is measured at the",
        "box": [
          33.74999859375,
          672.1305335176658,
          564.5393932500856,
          677.1431711289661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "largest amount of benefit that will more likely than not be realized upon settlement. If, as a result of new events or information, a",
        "box": [
          33.74999859375,
          684.1305330176656,
          549.3917649312367,
          689.1431706289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized tax position no longer is considered more likely than not to be sustained upon examination, a liability is established for the",
        "box": [
          33.74999859375,
          696.1305325176654,
          570.158075690974,
          701.1431701289657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unrecognized benefit with a corresponding charge to income tax expense in our consolidated statement of operations. We report interest",
        "box": [
          33.74999859375,
          708.1305320176652,
          576.4260684063335,
          713.1431696289656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and penalties, if any, related to income tax matters as a component of income tax expense.",
        "box": [
          33.74999859375,
          720.1305315176651,
          393.99150711493644,
          725.1431691289654
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 27,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "18",
        "box": [
          300.99608495849594,
          56.3805591739183,
          310.9935794794336,
          61.393196785218606
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 28,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Per Share",
        "box": [
          33.74999859375,
          81.13055814266772,
          115.97541744025216,
          86.14319575396803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We present both basic and diluted earnings per share ('EPS') amounts in our financial statements. Basic EPS excludes dilution",
        "box": [
          69.74999709375,
          105.13055714266739,
          577.8595650350171,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock",
        "box": [
          33.74999859375,
          117.13055664266722,
          562.9236980073449,
          122.14319425396752
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based",
        "box": [
          33.74999859375,
          129.13055614266705,
          519.0624785348955,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation, consisting of unvested restricted stock awards ('RSAs') and restricted stock units ('RSUs') and any outstanding",
        "box": [
          33.74999859375,
          141.13055564266688,
          545.7306905487203,
          146.14319325396718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discounted share purchase options under the Employee Stock Purchase Program ('ESPP'), (ii) shares contingently issuable to our",
        "box": [
          33.74999859375,
          153.1305551426667,
          553.2238750045035,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager, (iii) the conversion options associated with our senior convertible notes (the 'Convertible Notes') (see Notes 11 and 18) and",
        "box": [
          33.74999859375,
          165.13055464267018,
          571.5786351717225,
          170.14319225396684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iv) non-controlling interests that are redeemable with our common stock (see Note 17). Potential dilutive shares are excluded from the",
        "box": [
          33.74999859375,
          177.13055414267,
          573.9999030558978,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculation if they have an anti-dilutive effect in the period.",
        "box": [
          33.74999859375,
          189.13055364266984,
          271.19027325665485,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nearly all of the Company's unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are",
        "box": [
          69.74999709375,
          214.63055258016902,
          543.1368368168587,
          219.6431901914657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participating securities. In addition, the non-controlling interests that are redeemable with our common stock are considered",
        "box": [
          33.74999859375,
          226.63055208016885,
          529.2992185083649,
          231.64318969146552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 17). Due to the",
        "box": [
          33.74999859375,
          238.63055158016869,
          577.0216005049937,
          243.64318919146535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to",
        "box": [
          33.74999859375,
          250.63055108016852,
          570.7048561831301,
          255.64318869146882
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating",
        "box": [
          33.74999859375,
          262.63055058016835,
          577.0509711687083,
          267.64318819146865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities. For the three and six months ended June 30, 2026 and 2025, the two-class method resulted in the most dilutive EPS",
        "box": [
          33.74999859375,
          274.6305500801682,
          538.5449727880639,
          279.6431876914685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculation.",
        "box": [
          33.74999859375,
          286.630549580168,
          80.10554596851878,
          291.6431871914683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Use of Estimates",
        "box": [
          33.74999859375,
          312.1305485176672,
          102.61941081960401,
          317.1431861289675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect",
        "box": [
          69.74999709375,
          336.13054751766686,
          564.7720471169177,
          341.14318512896716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as",
        "box": [
          33.74999859375,
          348.1305470176667,
          574.0194183029361,
          353.143184628967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "well as the reported amounts of revenues and expenses during the reporting periods. The most significant and subjective estimate that",
        "box": [
          33.74999859375,
          360.13054651767015,
          567.7270944687908,
          365.1431841289668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we make is the projection of cash flows we expect to receive on our investments, which has a significant impact on the amount of",
        "box": [
          33.74999859375,
          372.13054601767,
          552.3549937407068,
          377.14318362896665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income that we record and/or disclose. In addition, the fair value of assets and liabilities that are estimated using a discounted cash",
        "box": [
          33.74999859375,
          384.1305455176698,
          555.4010391707886,
          389.1431831289665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flows method is significantly impacted by the rates at which we estimate market participants would discount the expected cash flows.",
        "box": [
          33.74999859375,
          396.13054501766965,
          567.9126501932216,
          401.1431826289663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts ultimately realized from our investments may vary significantly from the fair values presented.",
        "box": [
          33.74999859375,
          408.1305445176695,
          452.4143029806531,
          413.14318212896615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable",
        "box": [
          69.74999709375,
          432.13054351766914,
          560.3347426002792,
          437.1431811289658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based on the information available as of June 30, 2026. Actual results may ultimately differ from those estimates.",
        "box": [
          33.74999859375,
          444.13054301766897,
          486.6732431531972,
          449.14318062896564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recent Accounting Developments",
        "box": [
          33.74999859375,
          468.13054201766863,
          172.22106924453482,
          473.1431796289653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On November 4, 2024, the FASB issued ASU 2024-03,",
        "box": [
          69.74999709375,
          492.1305410176683,
          290.8956029355994,
          497.1431786289686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Income Statement... (Subtopic 220-40) - Disaggregation of Income",
        "box": [
          290.90623787890627,
          492.1305410176683,
          560.1305348587879,
          497.1431786289686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statement Expenses",
        "box": [
          33.74999859375,
          504.1305405176681,
          112.87076454246426,
          509.14317812896843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", which requires disaggregation of certain expense captions into specified categories in disclosures within the",
        "box": [
          112.874995296875,
          504.1305405176681,
          549.0201983717186,
          509.14317812896843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "footnotes to the financial statements. This ASU is effective for our fiscal year ending December 31, 2027 and interim quarters",
        "box": [
          33.74999859375,
          516.130540017668,
          536.7192343321105,
          521.1431776289683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beginning in 2028, with early adoption permitted. It may be applied either prospectively to reporting periods after the ASU's effective",
        "box": [
          33.74999859375,
          528.1305395176678,
          569.1182658342989,
          533.1431771289681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date or retrospectively to all prior periods presented. This ASU will only affect footnote disclosures and will not change the expense",
        "box": [
          33.74999859375,
          540.1305390176676,
          561.7226818924486,
          545.1431766289679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "captions the Company presents on its consolidated statements of operations.",
        "box": [
          33.74999859375,
          552.1305385176674,
          338.0582821454876,
          557.1431761289678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On November 12, 2025, the FASB issued ASU 2025-08, ",
        "box": [
          69.74999709375,
          576.1305375176671,
          298.3937029481786,
          581.1431751289674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Instruments-Credit Losses (Topic 326): Purchased Loans",
        "box": [
          298.39452256689435,
          576.1305375176671,
          573.8819107586654,
          581.1431751289674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ",",
        "box": [
          573.8906010878906,
          576.1305375176671,
          576.389975965,
          581.1431751289674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which eliminates the distinction between purchased credit-deteriorated and non-credit-deteriorated loans and expands the use of the",
        "box": [
          33.74999859375,
          588.1305370176669,
          559.8091838721775,
          593.1431746289672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gross-up approach for substantially all purchased financial assets. The ASU removes the requirement to recognize a day-one credit loss",
        "box": [
          33.74999859375,
          600.1305365176668,
          574.0926609748842,
          605.1431741289671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provision for most acquired loans and clarifies the subsequent measurement and interest income recognition for purchased financial",
        "box": [
          33.74999859375,
          612.1305360176702,
          560.6683331879059,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets. This ASU is effective for our fiscal year ending December 31, 2027, including",
        "box": [
          33.74999859375,
          624.1305355176701,
          375.43167096951316,
          629.1431731289667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interim periods within that year, with early adoption permitted. The guidance is to be applied prospectively to loans acquired on or after",
        "box": [
          33.74999859375,
          636.1305350176699,
          576.4797331105093,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the adoption date, so will have no immediate effect on the Company's financial position or results of operations upon adoption.",
        "box": [
          33.74999859375,
          648.1305345176697,
          541.5178142930068,
          653.1431721289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          300.99608495849594,
          690.8805327364171,
          310.9935794794336,
          695.8931703477174
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 29,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3. Acquisitions",
        "box": [
          33.74999859375,
          93.13055764266755,
          95.98045308122727,
          98.14319525396786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          95.98827725048827,
          93.13055764266755,
          98.48765212759767,
          98.14319525396786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Divestitures",
        "box": [
          98.49608964599608,
          93.13055764266755,
          168.0196231945951,
          98.14319525396786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisitions",
        "box": [
          33.74999859375,
          117.13055664266722,
          83.18093510454055,
          122.14319425396752
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026 and 2025, we had no significant acquisitions of properties or businesses",
        "box": [
          69.74999709375,
          142.6305555801664,
          572.3092135491949,
          147.6431931914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other than properties acquired through loan foreclosure as discussed in Note 4 and properties acquired by Fundamental Income",
        "box": [
          33.74999859375,
          154.63055508016623,
          541.517864309316,
          159.64319269146654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, LLC ('Fundamental') within our Property Segment as discussed in Note 6.",
        "box": [
          33.74999859375,
          166.63055458016606,
          380.542685875304,
          171.64319219146637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Divestitures",
        "box": [
          33.74999859375,
          192.1305535176689,
          81.69205871657707,
          197.14319112896555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          33.74999859375,
          217.63055245516807,
          220.8807313207234,
          222.64319006646474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, we sold two units in a previously foreclosed residential conversion",
        "box": [
          69.74999709375,
          243.13055139266726,
          554.8161358701598,
          248.14318900396756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "project in New York for $11.5 million. In connection with these sales, there was no gain or loss recognized in our condensed",
        "box": [
          33.74999859375,
          255.1305508926671,
          531.2288301279643,
          260.1431885039674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations.",
        "box": [
          33.74999859375,
          267.1305503926669,
          186.45088598746275,
          272.1431880039672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we sold a multifamily property in Conyers, Georgia for $40.0 million, which",
        "box": [
          69.74999709375,
          292.6305493301661,
          555.4983643417339,
          297.6431869414664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualified for sale accounting treatment under GAAP. The property had been acquired through foreclosure in February 2025 and during",
        "box": [
          33.74999859375,
          304.63054883016594,
          571.8715583095172,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that year we recorded a $4.0 million impairment on the property. Upon sale, we recognized a net gain of $0.3 million, which is included",
        "box": [
          33.74999859375,
          316.6305483301694,
          577.2738799344207,
          321.6431859414661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "within gain on sale of investments and other assets in our condensed consolidated statement of operations for the six months ended",
        "box": [
          33.74999859375,
          328.63054783016923,
          557.3927686378001,
          333.6431854414659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026. In connection therewith, we provided $32.0 million of three-year senior secured financing to the purchaser.",
        "box": [
          33.74999859375,
          340.63054733016907,
          522.9527410665514,
          345.64318494146573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2025, we sold an office building in Texas for $60.0 million, which had been",
        "box": [
          69.74999709375,
          366.13054626766825,
          566.2533916436076,
          371.1431838789649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquired via equity control of the related mezzanine borrower entity in May 2022. In 2023, we recorded a $30.1 million impairment on",
        "box": [
          33.74999859375,
          378.1305457676681,
          574.0021324957435,
          383.14318337896475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the property. Upon sale, we recognized a net gain of $4.1 million in our condensed consolidated statements of operations, representing:",
        "box": [
          33.74999859375,
          390.1305452676679,
          574.218412373319,
          395.1431828789646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i) forgiveness of debt totaling $23.5 million, which is reflected as gain on extinguishment of debt, offset by (ii) the excess of our",
        "box": [
          33.74999859375,
          402.13054476766774,
          550.0876026851814,
          407.14318237896805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value over sales proceeds of $19.4 million, which is reflected within gain on sale of investments and other assets in our",
        "box": [
          33.74999859375,
          414.1305442676676,
          545.9909805308738,
          419.1431818789679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed consolidated statements of operations.",
        "box": [
          33.74999859375,
          426.1305437676674,
          231.14668862513764,
          431.1431813789677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2025, we sold an equity interest originally obtained in connection with a 2013",
        "box": [
          69.74999709375,
          451.6305427051666,
          574.7987740625501,
          456.6431803164669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan origination for gross proceeds of $70.0 million and recognized a gain of $51.4 million in our condensed consolidated statements of",
        "box": [
          33.74999859375,
          463.6305422051664,
          576.8435224703514,
          468.6431798164667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations.",
        "box": [
          33.74999859375,
          475.63054170516625,
          77.89418141065897,
          480.64317931646656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment Property Portfolio ('REIS Equity Portfolio')",
        "box": [
          33.74999859375,
          501.1305406426691,
          348.07031950256874,
          506.14317825396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, we sold a hospitality asset in New York City for $13.1 million. The",
        "box": [
          69.74999709375,
          526.6305395801683,
          556.3424302166259,
          531.6431771914649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property had been acquired through foreclosure in June 2024 after our Investing and Servicing segment acquired the related loan as",
        "box": [
          33.74999859375,
          538.6305390801681,
          559.2672980426078,
          543.6431766914648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonperforming in October 2021. In connection with this sale, we recognized a gain of $2.3 million within gain on sale of investments",
        "box": [
          33.74999859375,
          550.6305385801679,
          567.3935688540133,
          555.6431761914646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and other assets in our condensed consolidated statements of operations.",
        "box": [
          33.74999859375,
          562.6305380801678,
          323.0474110709404,
          567.6431756914681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026 and 2025, there were no other significant sales of property other than",
        "box": [
          69.74999709375,
          588.1305370176669,
          561.4427869940495,
          593.1431746289672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "several properties sold by Fundamental as discussed in Note 6.",
        "box": [
          33.74999859375,
          600.1305365176668,
          284.7464863918126,
          605.1431741289671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          300.99608495849594,
          642.8805347364178,
          310.9935794794336,
          647.8931723477181
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 30,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4. Loans",
        "box": [
          33.74999859375,
          93.13055764266755,
          69.87429503398391,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans held-for-investment are accounted for at amortized cost and our loans held-for-sale are accounted for at the lower of",
        "box": [
          69.74999709375,
          117.13055664266722,
          575.3992279555301,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost or fair value, unless we have elected the fair value option for either. The following tables summarize our investments in mortgages",
        "box": [
          33.74999859375,
          129.13055614266705,
          574.1008553215428,
          134.14319375396371
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and loans as of June 30, 2026 and December 31, 2025 (dollars in thousands):",
        "box": [
          33.74999859375,
          141.13055564266688,
          341.66575638801385,
          146.14319325396718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          183.70642795177992,
          81.16618641807543,
          187.71503382835726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          293.68358526318343,
          175.4564282955289,
          325.21460747439073,
          179.46503417210624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          299.82421000732404,
          183.70642795177992,
          319.077773055215,
          187.71503382835726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face",
        "box": [
          370.71092205371093,
          175.4564282955289,
          386.6891975880722,
          179.46503417210624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          364.69920730419904,
          183.70642795177992,
          392.6855705040993,
          187.71503382835726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted",
        "box": [
          434.3906069003906,
          167.2064286392815,
          466.8155934742267,
          171.21503451585886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average",
        "box": [
          436.69920430419904,
          175.4564282955289,
          464.51770842021756,
          179.46503417210624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon (1)",
        "box": [
          431.39060702539064,
          183.70642795177992,
          469.81962351518047,
          187.71503382835726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted",
        "box": [
          506.47263889697246,
          159.70642895178025,
          538.8976254708085,
          163.7150348283576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Life",
        "box": [
          500.8827916298828,
          167.2064286392815,
          544.4648449640868,
          171.21503451585886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('WAL')",
        "box": [
          506.9179513784178,
          175.4564282955289,
          538.4528641304619,
          179.46503417210624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(years)(2)",
        "box": [
          506.24997890624996,
          183.70642795177992,
          539.1004587284789,
          187.71503382835726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-investment:",
        "box": [
          34.74609230224609,
          194.95642748302998,
          127.4965026036443,
          198.96503335960733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial loans:",
        "box": [
          34.74609230224609,
          206.20642701428005,
          95.36044626482308,
          210.2150328908574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "First mortgages (3)",
        "box": [
          41.496092020996095,
          216.70642657678036,
          102.78186583342091,
          220.7150324533577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          278.7304608862303,
          216.70642657678036,
          282.7279606446678,
          220.7150324533577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,799,181 ",
        "box": [
          301.6874874296875,
          216.70642657678036,
          339.6745208093943,
          220.7150324533577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          347.97654800097655,
          216.70642657678036,
          351.9740477594141,
          220.7150324533577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,877,748 ",
        "box": [
          370.9335820444334,
          216.70642657678036,
          408.9206079241406,
          220.7150324533577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.0 %",
        "box": [
          465.23435561523434,
          216.70642657678036,
          483.9880021498312,
          220.7150324533577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7",
        "box": [
          543.5859148505858,
          216.70642657678036,
          553.5796492841802,
          220.7150324533577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinated mortgages (4)",
        "box": [
          41.496092020996095,
          227.95642610803043,
          130.75259844297366,
          231.96503198460778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,925 ",
        "box": [
          319.6757716801756,
          227.95642610803043,
          339.6745208093943,
          231.96503198460778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,925 ",
        "box": [
          388.9218587949219,
          227.95642610803043,
          408.9206079241406,
          231.96503198460778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- %",
        "box": [
          467.2265430322266,
          227.95642610803043,
          483.9880021498312,
          231.96503198460778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          542.789039883789,
          227.95642610803043,
          552.7827807298831,
          231.96503198460778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine loans (3)",
        "box": [
          41.496092020996095,
          239.2064256392805,
          106.75986626767087,
          243.21503151585785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "289,855 ",
        "box": [
          311.6835845131834,
          239.2064256392805,
          339.6745208093943,
          243.21503151585785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "291,722 ",
        "box": [
          380.9296716279297,
          239.2064256392805,
          408.9206079241406,
          243.21503151585785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.4 %",
        "box": [
          461.2382657817381,
          239.2064256392805,
          483.9880021498312,
          243.21503151585785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.2",
        "box": [
          543.5859148505858,
          239.2064256392805,
          553.5796492841802,
          243.21503151585785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          41.496092020996095,
          250.45642517053057,
          59.69953100351826,
          254.4650310471079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,630 ",
        "box": [
          315.6796743466797,
          249.7064252017808,
          339.6745208093943,
          253.71503107835815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,738 ",
        "box": [
          384.9257689614256,
          249.7064252017808,
          408.9206079241406,
          253.71503107835815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.5 %",
        "box": [
          465.23435561523434,
          250.45642517053057,
          483.9880021498312,
          254.4650310471079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.1",
        "box": [
          543.5859148505858,
          250.45642517053057,
          553.5796492841802,
          254.4650310471079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total commercial loans",
        "box": [
          45.996091833496095,
          261.70642470178063,
          120.91789875757996,
          265.715030578358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,144,591 ",
        "box": [
          301.6874874296875,
          261.70642470178063,
          339.6745208093943,
          265.715030578358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,225,133 ",
        "box": [
          370.9335820444334,
          261.70642470178063,
          408.9206079241406,
          265.715030578358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure first priority loans",
        "box": [
          34.74609230224609,
          272.9564242330307,
          137.98208067157242,
          276.96503010960805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,864,012 ",
        "box": [
          305.6952997626953,
          272.9564242330307,
          339.6745208093943,
          276.96503010960805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,918,632 ",
        "box": [
          374.9413943774412,
          272.9564242330307,
          408.9206079241406,
          276.96503010960805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.3 %",
        "box": [
          465.23435561523434,
          272.9564242330307,
          483.9880021498312,
          276.96503010960805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.0",
        "box": [
          543.5859148505858,
          272.9564242330307,
          553.5796492841802,
          276.96503010960805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential loans, fair value option",
        "box": [
          34.74609230224609,
          284.20642376428077,
          146.4260488239144,
          288.2150296408581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227,521 ",
        "box": [
          311.6835845131834,
          283.456423795531,
          339.6745208093943,
          287.46502967210836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,976 ",
        "box": [
          380.9296716279297,
          283.456423795531,
          408.9206079241406,
          287.46502967210836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.5 %",
        "box": [
          465.23435561523434,
          284.20642376428077,
          483.9880021498312,
          288.2150296408581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A (5)",
        "box": [
          539.8124775078124,
          284.20642376428077,
          564.8964741786447,
          288.2150296408581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans held-for-investment",
        "box": [
          45.996091833496095,
          295.45642329553084,
          146.51897935821748,
          299.4650291721082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,236,124 ",
        "box": [
          301.6874874296875,
          295.45642329553084,
          339.6745208093943,
          299.4650291721082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,379,741 ",
        "box": [
          370.9335820444334,
          295.45642329553084,
          408.9206079241406,
          299.4650291721082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale:",
        "box": [
          34.74609230224609,
          306.7064228267809,
          103.07041714639792,
          310.71502870335826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential, fair value option",
        "box": [
          34.74609230224609,
          317.956422358031,
          127.55117161036762,
          321.9650282346083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,154,653 ",
        "box": [
          305.6952997626953,
          317.956422358031,
          339.6745208093943,
          321.9650282346083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,364,897 ",
        "box": [
          374.9413943774412,
          317.956422358031,
          408.9206079241406,
          321.9650282346083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.4 %",
        "box": [
          465.23435561523434,
          317.956422358031,
          483.9880021498312,
          321.9650282346083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A (5)",
        "box": [
          539.8124775078124,
          317.956422358031,
          564.8964741786447,
          321.9650282346083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial, fair value option",
        "box": [
          34.74609230224609,
          328.4564219205313,
          131.09974396251044,
          332.46502779710863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,828 ",
        "box": [
          315.6796743466797,
          328.4564219205313,
          339.6745208093943,
          332.46502779710863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,038 ",
        "box": [
          384.9257689614256,
          328.4564219205313,
          408.9206079241406,
          332.46502779710863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.2 %",
        "box": [
          465.23435561523434,
          328.4564219205313,
          483.9880021498312,
          332.46502779710863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.1",
        "box": [
          543.5859148505858,
          328.4564219205313,
          553.5796492841802,
          332.46502779710863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans held-for-sale",
        "box": [
          45.996091833496095,
          340.4564214205311,
          123.865215139072,
          344.46502729710846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,217,481 ",
        "box": [
          305.6952997626953,
          340.4564214205311,
          339.6745208093943,
          344.46502729710846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,429,935 ",
        "box": [
          374.9413943774412,
          340.4564214205311,
          408.9206079241406,
          344.46502729710846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total gross loans",
        "box": [
          45.996091833496095,
          353.2064208892807,
          100.06374312650317,
          357.21502676585806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,453,605 ",
        "box": [
          301.6874874296875,
          353.2064208892807,
          339.6745208093943,
          357.21502676585806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          347.97654800097655,
          351.7064209517812,
          351.9740477594141,
          355.71502682835853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,809,676 ",
        "box": [
          370.9335820444334,
          351.7064209517812,
          408.9206079241406,
          355.71502682835853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowances:",
        "box": [
          34.74609230224609,
          364.4564204205308,
          112.7674877423533,
          368.4650262971081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial loans held-for-investment",
        "box": [
          34.74609230224609,
          375.70641995178084,
          158.47319106012532,
          379.7150258283582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(406,224)",
        "box": [
          308.34373715234375,
          375.70641995178084,
          339.6701957380734,
          379.7150258283582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure loans held-for-investment",
        "box": [
          34.74609230224609,
          386.9564194830309,
          162.45892789405295,
          390.96502535960826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,932)",
        "box": [
          312.3398344858397,
          386.20641951428115,
          339.6701957380734,
          390.2150253908585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total allowances",
        "box": [
          45.996091833496095,
          398.206419014281,
          99.82564873642374,
          402.21502489085833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(419,156)",
        "box": [
          308.34373715234375,
          398.206419014281,
          339.6701957380734,
          402.21502489085833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net loans",
        "box": [
          45.996091833496095,
          411.70641845178034,
          92.95103434786603,
          415.7150243283577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          278.7304608862303,
          410.2064185142808,
          282.7279606446678,
          414.21502439085816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,034,449 ",
        "box": [
          301.6874874296875,
          410.2064185142808,
          339.6745208093943,
          414.21502439085816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          34.74609230224609,
          434.2064175142805,
          99.20569064142938,
          438.2150233908578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-investment:",
        "box": [
          34.74609230224609,
          445.45641704553054,
          127.4965026036443,
          449.4650229221079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial loans:",
        "box": [
          34.74609230224609,
          456.7064165767806,
          95.36044626482308,
          460.71502245335796
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "First mortgages (3)",
        "box": [
          41.496092020996095,
          467.2064161392809,
          102.78186583342091,
          471.21502201585827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          278.7304608862303,
          467.2064161392809,
          282.7279606446678,
          471.21502201585827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,086,585 ",
        "box": [
          301.6874874296875,
          467.2064161392809,
          339.6745208093943,
          471.21502201585827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          347.97654800097655,
          467.2064161392809,
          351.9740477594141,
          471.21502201585827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,148,916 ",
        "box": [
          370.9335820444334,
          467.2064161392809,
          408.9206079241406,
          471.21502201585827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.0 %",
        "box": [
          465.23435561523434,
          467.2064161392809,
          483.9880021498312,
          471.21502201585827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7",
        "box": [
          543.5859148505858,
          467.2064161392809,
          553.5796492841802,
          471.21502201585827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinated mortgages (4)",
        "box": [
          41.496092020996095,
          478.456415670531,
          130.75259844297366,
          482.46502154710834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,683 ",
        "box": [
          315.6796743466797,
          478.456415670531,
          339.6745208093943,
          482.46502154710834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,290 ",
        "box": [
          384.9257689614256,
          478.456415670531,
          408.9206079241406,
          482.46502154710834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.1 %",
        "box": [
          461.53123076953125,
          478.456415670531,
          483.9880021498312,
          482.46502154710834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.1",
        "box": [
          543.5859148505858,
          478.456415670531,
          553.5796492841802,
          482.46502154710834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine loans (3)",
        "box": [
          41.496092020996095,
          489.70641520178106,
          106.75986626767087,
          493.7150210783584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "311,175 ",
        "box": [
          311.9882720004881,
          489.70641520178106,
          339.6745208093943,
          493.7150210783584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "313,619 ",
        "box": [
          380.9296716279297,
          489.70641520178106,
          408.9206079241406,
          493.7150210783584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.8 %",
        "box": [
          461.2382657817381,
          489.70641520178106,
          483.9880021498312,
          493.7150210783584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8",
        "box": [
          543.5859148505858,
          489.70641520178106,
          553.5796492841802,
          493.7150210783584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          41.496092020996095,
          500.9564147330311,
          59.69953100351826,
          504.9650206096085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,255 ",
        "box": [
          315.6796743466797,
          500.20641476428136,
          339.6745208093943,
          504.2150206408587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,688 ",
        "box": [
          384.9257689614256,
          500.20641476428136,
          408.9206079241406,
          504.2150206408587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.1 %",
        "box": [
          465.23435561523434,
          500.9564147330311,
          483.9880021498312,
          504.9650206096085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.6",
        "box": [
          543.5859148505858,
          500.9564147330311,
          553.5796492841802,
          504.9650206096085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total commercial loans",
        "box": [
          45.996091833496095,
          512.2064142642812,
          120.91789875757996,
          516.2150201408585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,464,698 ",
        "box": [
          301.6874874296875,
          512.2064142642812,
          339.6745208093943,
          516.2150201408585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,529,513 ",
        "box": [
          370.9335820444334,
          512.2064142642812,
          408.9206079241406,
          516.2150201408585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure first priority loans",
        "box": [
          34.74609230224609,
          523.4564137955313,
          137.98208067157242,
          527.4650196721086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,838,856 ",
        "box": [
          305.6952997626953,
          523.4564137955313,
          339.6745208093943,
          527.4650196721086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,890,373 ",
        "box": [
          374.9413943774412,
          523.4564137955313,
          408.9206079241406,
          527.4650196721086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.4 %",
        "box": [
          465.23435561523434,
          523.4564137955313,
          483.9880021498312,
          527.4650196721086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.1",
        "box": [
          543.5859148505858,
          523.4564137955313,
          553.5796492841802,
          527.4650196721086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans held-for-investment",
        "box": [
          45.996091833496095,
          534.7064133267813,
          146.51897935821748,
          538.7150192033587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,303,554 ",
        "box": [
          301.6874874296875,
          534.7064133267813,
          339.6745208093943,
          538.7150192033587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,419,886 ",
        "box": [
          370.9335820444334,
          534.7064133267813,
          408.9206079241406,
          538.7150192033587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale:",
        "box": [
          34.74609230224609,
          545.9564128580314,
          103.07041714639792,
          549.9650187346087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential, fair value option",
        "box": [
          34.74609230224609,
          557.2064123892815,
          127.55117161036762,
          561.2150182658588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,278,067 ",
        "box": [
          305.6952997626953,
          557.2064123892815,
          339.6745208093943,
          561.2150182658588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,455,552 ",
        "box": [
          374.9413943774412,
          557.2064123892815,
          408.9206079241406,
          561.2150182658588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.4 %",
        "box": [
          465.23435561523434,
          557.2064123892815,
          483.9880021498312,
          561.2150182658588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A (5)",
        "box": [
          539.8124775078124,
          557.2064123892815,
          564.8964741786447,
          561.2150182658588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial, fair value option",
        "box": [
          34.74609230224609,
          567.7064119517818,
          131.09974396251044,
          571.7150178283555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,476 ",
        "box": [
          315.6796743466797,
          567.7064119517818,
          339.6745208093943,
          571.7150178283555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,300 ",
        "box": [
          384.9257689614256,
          567.7064119517818,
          408.9206079241406,
          571.7150178283555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.4 %",
        "box": [
          465.23435561523434,
          567.7064119517818,
          483.9880021498312,
          571.7150178283555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.5",
        "box": [
          543.5859148505858,
          567.7064119517818,
          553.5796492841802,
          571.7150178283555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans held-for-sale",
        "box": [
          45.996091833496095,
          579.7064114517816,
          123.865215139072,
          583.715017328359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,323,543 ",
        "box": [
          305.6952997626953,
          579.7064114517816,
          339.6745208093943,
          583.715017328359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,502,852 ",
        "box": [
          374.9413943774412,
          579.7064114517816,
          408.9206079241406,
          583.715017328359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total gross loans",
        "box": [
          45.996091833496095,
          592.4564109205312,
          100.06374312650317,
          596.4650167971085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,627,097 ",
        "box": [
          301.6874874296875,
          592.4564109205312,
          339.6745208093943,
          596.4650167971085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          347.97654800097655,
          590.9564109830317,
          351.9740477594141,
          594.965016859609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,922,738 ",
        "box": [
          370.9335820444334,
          590.9564109830317,
          408.9206079241406,
          594.965016859609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowances:",
        "box": [
          34.74609230224609,
          603.7064104517813,
          112.7674877423533,
          607.7150163283586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial loans held-for-investment",
        "box": [
          34.74609230224609,
          614.9564099830313,
          158.47319106012532,
          618.9650158596087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(426,365)",
        "box": [
          308.34373715234375,
          614.9564099830313,
          339.6701957380734,
          618.9650158596087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure loans held-for-investment",
        "box": [
          34.74609230224609,
          626.2064095142814,
          162.45892789405295,
          630.2150153908588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,477)",
        "box": [
          312.3398344858397,
          625.4564095455316,
          339.6701957380734,
          629.465015422109
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total allowances",
        "box": [
          45.996091833496095,
          637.4564090455315,
          99.82564873642374,
          641.4650149221088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(440,842)",
        "box": [
          308.34373715234375,
          637.4564090455315,
          339.6701957380734,
          641.4650149221088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net loans",
        "box": [
          45.996091833496095,
          650.9564084830308,
          92.95103434786603,
          654.9650143596082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          278.7304608862303,
          649.4564085455313,
          282.7279606446678,
          653.4650144221087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,186,255 ",
        "box": [
          301.6874874296875,
          649.4564085455313,
          339.6745208093943,
          653.4650144221087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          300.99608495849594,
          699.1305323926681,
          310.9935794794336,
          704.1431700039648
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 31,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.3931975352134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          79.01366856776076,
          210.74999121875,
          80.51783590426567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          87.88055786141558,
          45.40722371353168,
          92.89319547271589
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Calculated using applicable index rates as of June 30, 2026 and December 31, 2025 for variable rate loans and excludes loans",
        "box": [
          69.74999709375,
          87.88055786141558,
          578.2477355017562,
          92.89319547271589
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for which interest income is not recognized.",
        "box": [
          69.74999709375,
          99.88055736141541,
          245.48218690282513,
          104.89319497271572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          124.54101039078887,
          44.24413873649414,
          129.0535124003036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the WAL of each respective group of loans, excluding loans for which interest income is not recognized, as of the",
        "box": [
          69.76171584326173,
          123.88055636141507,
          578.2454320790006,
          128.89319397271538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respective balance sheet date. For commercial loans held-for-investment, the WAL is calculated assuming all extension options",
        "box": [
          69.74999709375,
          135.8805558614149,
          578.249246001693,
          140.8931934727152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are  exercised  by  the  borrower,  although  our  loans  may  be  repaid  prior  to  such  date.  For  infrastructure  loans,  the  WAL  is",
        "box": [
          69.74999709375,
          147.88055536141474,
          578.2421059269907,
          152.89319297271504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculated using the amounts and timing of future principal payments, as projected at origination or acquisition of each loan.",
        "box": [
          69.74999709375,
          159.88055486141457,
          567.2567661455503,
          164.89319247271487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
          183.88055386141787,
          45.40722371353168,
          188.89319147271453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected",
        "box": [
          69.74999709375,
          183.88055386141787,
          576.6880562338296,
          188.89319147271453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit quality of these loans is more similar to that of a first mortgage loan. The application of this methodology resulted in",
        "box": [
          69.74999709375,
          195.8805533614177,
          561.5500864895787,
          200.89319097271436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mezzanine loans with carrying values of $1.4 billion and $1.3 billion being classified as first mortgages as of June 30, 2026",
        "box": [
          69.74999709375,
          207.88055286141753,
          563.7093124746107,
          212.8931904727142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and December 31, 2025, respectively.",
        "box": [
          69.74999709375,
          219.88055236141736,
          220.3957545980932,
          224.89318997271403
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          33.74999859375,
          243.88055136141702,
          45.40722371353168,
          248.8931889727137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or",
        "box": [
          69.74999709375,
          243.88055136141702,
          578.244458211979,
          248.8931889727137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan.",
        "box": [
          69.74999709375,
          255.88055086141685,
          501.99971961459397,
          260.8931884727135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          33.74999859375,
          279.8805498614165,
          45.40722371353168,
          284.8931874727132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential loans have a weighted average remaining contractual life of 25.4 years and 25.8 years as of June 30, 2026 and",
        "box": [
          69.74999709375,
          279.8805498614165,
          578.2343406944015,
          284.8931874727132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December  31,  2025,  respectively.  Loans  held-for-investment  represent  residential  loans  transferred  from  VIE  assets  upon",
        "box": [
          69.74999709375,
          291.88054936141634,
          578.2464213188978,
          296.893186972713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redemption of a consolidated RMBS trust.",
        "box": [
          69.74999709375,
          303.8805488614162,
          239.1312312674483,
          308.8931864727165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized,",
        "box": [
          69.74999709375,
          327.88054786141583,
          572.0602176704065,
          332.89318547271614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were as follows (dollars in thousands):",
        "box": [
          33.74999859375,
          339.88054736141567,
          188.40348747394196,
          344.89318497271597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          367.4564202955298,
          81.16618641807543,
          371.4650261721072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          420.48045497998027,
          359.2064206392788,
          452.01147719118774,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          426.62107972412093,
          366.70642032678006,
          445.874642772012,
          370.7150262033574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average",
        "box": [
          498.9726392094725,
          359.2064206392788,
          560.6956487378033,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Spread Above Index",
        "box": [
          495.2577918642578,
          366.70642032678006,
          564.417558482601,
          370.7150262033574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial loans",
        "box": [
          34.74609230224609,
          379.6305457051676,
          107.76486878020995,
          384.6431833164643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          397.89842092089845,
          379.6305457051676,
          402.89717067511714,
          384.6431833164643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,856,863 ",
        "box": [
          426.5976422250975,
          379.6305457051676,
          474.0970152272069,
          384.6431833164643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.3 %",
        "box": [
          553.7812269257812,
          379.6305457051676,
          577.2498464659215,
          384.6431833164643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure loans",
        "box": [
          34.74609230224609,
          393.13054514266696,
          112.74893072254068,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,864,012 ",
        "box": [
          431.60154451660156,
          392.3805451739172,
          474.0970152272069,
          397.39318278521387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.5 %",
        "box": [
          553.7812269257812,
          393.13054514266696,
          577.2498464659215,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total variable rate loans held-for-investment",
        "box": [
          45.996091833496095,
          408.13054451766584,
          223.87128974611682,
          413.14318212896615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          397.89842092089845,
          406.6305445801663,
          402.89717067511714,
          411.643182191463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,720,875 ",
        "box": [
          426.5976422250975,
          406.6305445801663,
          474.0970152272069,
          411.643182191463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.3 %",
        "box": [
          553.7812269257812,
          408.13054451766584,
          577.2498464659215,
          413.14318212896615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Loss Allowances",
        "box": [
          33.74999859375,
          444.8805429864151,
          128.1793766796054,
          449.8931805977154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 2, we do not have a history of realized credit losses on our HFI loans and HTM securities, so we have",
        "box": [
          69.74999709375,
          468.88054198641476,
          562.8486892455313,
          473.89317959771506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subscribed to third party database services to provide us with industry losses for both commercial real estate and infrastructure loans.",
        "box": [
          33.74999859375,
          480.8805414864146,
          565.6865452859762,
          485.8931790977149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our",
        "box": [
          33.74999859375,
          492.8805409864144,
          558.4618813112533,
          497.8931785977147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial real estate and infrastructure portfolios.",
        "box": [
          33.74999859375,
          504.8805404864179,
          240.8317313965941,
          509.89317809771455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For our commercial loans, we utilize a loan loss model that is widely used among banks and commercial mortgage REITs and",
        "box": [
          69.74999709375,
          528.8805394864175,
          573.5198737408374,
          533.8931770977142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is marketed by a leading CMBS data analytics provider. It employs logistic regression to forecast expected losses at the loan level based",
        "box": [
          33.74999859375,
          540.8805389864174,
          577.9100560079131,
          545.893176597714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on a commercial real estate loan securitization database that contains activity dating back to 1998. We provide specific loan-level inputs",
        "box": [
          33.74999859375,
          552.8805384864172,
          577.4316797357583,
          557.8931760977139
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which include loan-to-stabilized-value ('LTV') and debt service coverage ratio (DSCR) metrics, as well as principal balances, property",
        "box": [
          33.74999859375,
          564.880537986417,
          575.8207772699667,
          569.8931755977137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "type, location, coupon, origination year, term, subordination, expected repayment dates and future fundings. We also select from a",
        "box": [
          33.74999859375,
          576.8805374864169,
          553.7364456752085,
          581.8931750977135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "group of independent five-year macroeconomic forecasts included in the model that are updated regularly based on current economic",
        "box": [
          33.74999859375,
          588.8805369864167,
          566.4579264701467,
          593.8931745977134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trends. We categorize the results by LTV range, which we consider the most significant indicator of credit quality for our commercial",
        "box": [
          33.74999859375,
          600.8805364864165,
          566.3504615011504,
          605.8931740977132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans, as set forth in the credit quality indicator table below. A lower LTV ratio typically indicates a lower credit loss risk.",
        "box": [
          33.74999859375,
          612.8805359864164,
          519.5262533343216,
          617.893173597713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The macroeconomic forecasts do not differentiate among property types or asset classes. Instead, these forecasts reference",
        "box": [
          69.74999709375,
          636.880534986416,
          558.4064592306243,
          641.8931725977163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "general macroeconomic conditions (i.e. Gross Domestic Product, employment and interest rates) which apply broadly across all assets.",
        "box": [
          33.74999859375,
          648.8805344864159,
          573.4629886619576,
          653.8931720977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For instance, the office sector has been adversely affected by the increase in remote working arrangements, the retail sector has been",
        "box": [
          33.74999859375,
          660.8805339864157,
          563.5826488048884,
          665.893171597716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adversely affected by electronic commerce and the multifamily sector has been strained by sustained higher interest rates. The broad",
        "box": [
          33.74999859375,
          672.8805334864155,
          563.3239206406687,
          677.8931710977158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "macroeconomic forecasts do not account for such differentiation. Accordingly, we have selected more adverse macroeconomic recovery",
        "box": [
          33.74999859375,
          684.8805329864153,
          577.8271549863671,
          689.8931705977157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "forecasts for these property types than others in determining our credit loss allowance.",
        "box": [
          33.74999859375,
          696.8805324864152,
          378.83410584649494,
          701.8931700977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 32,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "22",
        "box": [
          300.99608495849594,
          45.13055964266823,
          310.9935794794336,
          50.14319725396854
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 33,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For our infrastructure loans, we utilize a database of historical infrastructure loan performance that is shared among a",
        "box": [
          69.74999709375,
          93.13055764266755,
          538.8995934184104,
          98.14319525396786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consortium of banks and other lenders and compiled by a major bond credit rating agency. The database is representative of industry-",
        "box": [
          33.74999859375,
          105.13055714266739,
          566.7800877646613,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "wide project finance activity dating back to 1983. We derive historical loss rates from the database filtered by industry, sub-industry,",
        "box": [
          33.74999859375,
          117.13055664266722,
          562.8454808293537,
          122.14319425396752
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term and construction status for each of our infrastructure loans. Those historical loss rates reflect global economic cycles over a long",
        "box": [
          33.74999859375,
          129.13055614266705,
          567.9759898468326,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period of time as well as average recovery rates. We categorize the results principally between the power and oil and gas industries,",
        "box": [
          33.74999859375,
          141.13055564266688,
          559.3747169989688,
          146.14319325396718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which we consider the most significant indicator of credit quality for our infrastructure loans, as set forth in the credit quality indicator",
        "box": [
          33.74999859375,
          153.1305551426667,
          571.7884798559783,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "table below.",
        "box": [
          33.74999859375,
          165.13055464266654,
          81.96055306622681,
          170.14319225396684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 2, we use a discounted cash flow or collateral value approach, rather than the collective pool approach",
        "box": [
          69.74999709375,
          189.13055364266984,
          565.006385370566,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "described above, to determine credit loss allowances for any credit deteriorated loans.",
        "box": [
          33.74999859375,
          201.13055314266967,
          376.5837397152602,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held at fair value, were",
        "box": [
          69.74999709375,
          225.13055214266933,
          577.4983161601306,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as follows as of June 30, 2026 (dollars in thousands):",
        "box": [
          33.74999859375,
          237.13055164266916,
          246.45039048032086,
          242.14318925396583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans",
        "box": [
          282.6562382226562,
          270.7064243267814,
          323.8960128251581,
          274.71503020335876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized Cost Basis by Origination Year",
        "box": [
          231.3632753598631,
          278.95642398303244,
          375.1910484921615,
          282.9650298596098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          486.6679522221678,
          275.20642413928,
          504.1452686821215,
          279.21503001585734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized",
        "box": [
          477.2109176162109,
          282.70642382678125,
          513.6177956241349,
          286.7150297033586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost Basis",
        "box": [
          477.74998009374997,
          290.95642348303227,
          513.0676663680057,
          294.9650293596096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit",
        "box": [
          538.8984150458984,
          275.20642413928,
          560.9549193178763,
          279.21503001585734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss",
        "box": [
          542.1562274101561,
          282.70642382678125,
          557.7089722829511,
          286.7150297033586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance",
        "box": [
          532.1718528261719,
          290.95642348303227,
          567.70036712094,
          294.9650293596096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026",
        "box": [
          34.74609230224609,
          290.95642348303227,
          100.7086089038078,
          294.9650293596096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          158.8124933828125,
          290.95642348303227,
          174.80246249156377,
          294.9650293596096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          213.7968660917969,
          290.95642348303227,
          229.78683520054815,
          294.9650293596096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          268.28905132128904,
          290.95642348303227,
          284.2790204300403,
          294.9650293596096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023",
        "box": [
          322.28904907128907,
          290.95642348303227,
          338.2790181800403,
          294.9650293596096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022",
        "box": [
          376.78123430078125,
          290.95642348303227,
          392.77120340953246,
          294.9650293596096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prior",
        "box": [
          430.65232955615215,
          290.95642348303227,
          448.85186889796086,
          294.9650293596096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial loans:",
        "box": [
          34.74609230224609,
          302.9564229830321,
          99.21349505710305,
          306.96502885960945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit quality indicator:",
        "box": [
          34.74609230224609,
          313.4564225455324,
          111.56899911446669,
          317.46502842210975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTV < 60%",
        "box": [
          43.74609192724609,
          324.7064220767825,
          81.57005786724628,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          143.14452528564453,
          324.7064220767825,
          147.14202504408203,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          179.96484000146467,
          324.7064220767825,
          189.9674920471875,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          198.12890174462873,
          324.7064220767825,
          202.12640150306623,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,624,744 ",
        "box": [
          210.9726512094725,
          324.7064220767825,
          244.95186475617186,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          253.11327445361312,
          324.7064220767825,
          257.1107742120506,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "426,948 ",
        "box": [
          270.9609262099609,
          324.7064220767825,
          298.95186250617184,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          307.1132722036131,
          324.7064220767825,
          311.11077196205065,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "427,599 ",
        "box": [
          324.96092395996095,
          324.7064220767825,
          352.95186025617187,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.1132699536131,
          324.7064220767825,
          365.1107697120506,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "518,037 ",
        "box": [
          379.94529666894533,
          324.7064220767825,
          407.93623296515625,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          416.0976426625975,
          324.7064220767825,
          420.09514242103495,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "618,905 ",
        "box": [
          434.92966937792966,
          324.7064220767825,
          462.92060567414063,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          471.08201537158186,
          324.7064220767825,
          475.07951513001933,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,616,233 ",
        "box": [
          485.26170228076154,
          324.7064220767825,
          519.240915827461,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          527.4023255249022,
          324.7064220767825,
          531.3998252833396,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,929 ",
        "box": [
          551.7656020097655,
          324.7064220767825,
          571.7643511389844,
          328.7150279533598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTV 60% - 70%",
        "box": [
          43.74609192724609,
          335.95642160803254,
          96.37716715028336,
          339.9650274846099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "476,445 ",
        "box": [
          161.97655575097656,
          335.95642160803254,
          189.9674920471875,
          339.9650274846099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,095,397 ",
        "box": [
          210.9726512094725,
          335.95642160803254,
          244.95186475617186,
          339.9650274846099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "182,719 ",
        "box": [
          270.9609262099609,
          335.95642160803254,
          298.95186250617184,
          339.9650274846099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "232,705 ",
        "box": [
          324.96092395996095,
          335.95642160803254,
          352.95186025617187,
          339.9650274846099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,481,136 ",
        "box": [
          373.95701941845687,
          335.95642160803254,
          407.93623296515625,
          339.9650274846099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,695,115 ",
        "box": [
          429.2343571152344,
          335.95642160803254,
          462.92060567414063,
          339.9650274846099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,163,517 ",
        "box": [
          485.26170228076154,
          335.95642160803254,
          519.240915827461,
          339.9650274846099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,569 ",
        "box": [
          547.7695121762692,
          335.95642160803254,
          571.7643511389844,
          339.9650274846099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTV > 70%",
        "box": [
          43.74609192724609,
          347.2064211392826,
          81.57005786724628,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "895,624 ",
        "box": [
          161.97655575097656,
          347.2064211392826,
          189.9674920471875,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "588,612 ",
        "box": [
          216.96092845996094,
          347.2064211392826,
          244.95186475617186,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "280,485 ",
        "box": [
          270.9609262099609,
          347.2064211392826,
          298.95186250617184,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "205,211 ",
        "box": [
          325.2656114472656,
          347.2064211392826,
          352.95186025617187,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,450,495 ",
        "box": [
          373.95701941845687,
          347.2064211392826,
          407.93623296515625,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,895,366 ",
        "box": [
          428.94139212744125,
          347.2064211392826,
          462.92060567414063,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,315,793 ",
        "box": [
          485.26170228076154,
          347.2064211392826,
          519.240915827461,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "361,959 ",
        "box": [
          543.7734148427734,
          347.2064211392826,
          571.7643511389844,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit deteriorated",
        "box": [
          43.74609192724609,
          357.7064207017829,
          103.90368482067962,
          361.71502657836027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          179.96484000146467,
          357.7064207017829,
          189.9674920471875,
          361.71502657836027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          234.94921271044905,
          357.7064207017829,
          244.95186475617186,
          361.71502657836027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          288.949210460449,
          357.7064207017829,
          298.95186250617184,
          361.71502657836027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          342.94920821044906,
          357.7064207017829,
          352.95186025617187,
          361.71502657836027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.93358091943344,
          357.7064207017829,
          407.93623296515625,
          361.71502657836027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,448 ",
        "box": [
          438.9257667114256,
          357.7064207017829,
          462.92060567414063,
          361.71502657836027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,448 ",
        "box": [
          495.24607686474593,
          357.7064207017829,
          519.240915827461,
          361.71502657836027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,767 ",
        "box": [
          547.7695121762692,
          357.7064207017829,
          571.7643511389844,
          361.71502657836027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Defeased and other",
        "box": [
          43.74609192724609,
          368.956420233033,
          105.45350034710279,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          179.96484000146467,
          368.956420233033,
          189.9674920471875,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,050 ",
        "box": [
          224.95311562695312,
          368.956420233033,
          244.95186475617186,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          288.949210460449,
          368.956420233033,
          298.95186250617184,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,550 ",
        "box": [
          332.9531111269531,
          368.956420233033,
          352.95186025617187,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.93358091943344,
          368.956420233033,
          407.93623296515625,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.91795362841776,
          368.956420233033,
          462.92060567414063,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,600 ",
        "box": [
          499.24216669824216,
          368.956420233033,
          519.240915827461,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          561.7616990932614,
          368.956420233033,
          571.7643511389844,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total commercial",
        "box": [
          48.24609173974609,
          382.45641967053234,
          107.52924608278974,
          386.4650255471097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          143.14452528564453,
          380.9564197330328,
          147.14202504408203,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,372,069 ",
        "box": [
          155.98827850048812,
          380.9564197330328,
          189.9674920471875,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          198.12890174462873,
          380.9564197330328,
          202.12640150306623,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,312,803 ",
        "box": [
          210.9726512094725,
          380.9564197330328,
          244.95186475617186,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          253.11327445361312,
          380.9564197330328,
          257.1107742120506,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "890,152 ",
        "box": [
          270.9609262099609,
          380.9564197330328,
          298.95186250617184,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          307.1132722036131,
          380.9564197330328,
          311.11077196205065,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "870,065 ",
        "box": [
          324.96092395996095,
          380.9564197330328,
          352.95186025617187,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.1132699536131,
          380.9564197330328,
          365.1107697120506,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,449,668 ",
        "box": [
          373.95701941845687,
          380.9564197330328,
          407.93623296515625,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          416.0976426625975,
          380.9564197330328,
          420.09514242103495,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,249,834 ",
        "box": [
          428.94139212744125,
          380.9564197330328,
          462.92060567414063,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          471.08201537158186,
          381.7064197017826,
          475.07951513001933,
          385.7150255783599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,144,591 ",
        "box": [
          481.25388994775375,
          381.7064197017826,
          519.240915827461,
          385.7150255783599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          527.4023255249022,
          381.7064197017826,
          531.3998252833396,
          385.7150255783599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "406,224 ",
        "box": [
          543.7734148427734,
          381.7064197017826,
          571.7643511389844,
          385.7150255783599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure loans:",
        "box": [
          34.74609230224609,
          392.95641923303265,
          106.32620383574013,
          396.96502510961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit quality indicator:",
        "box": [
          34.74609230224609,
          404.2064187642827,
          111.56899911446669,
          408.21502464086007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Power",
        "box": [
          43.74609192724609,
          415.4564182955328,
          64.174697117053,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          143.14452528564453,
          415.4564182955328,
          147.14202504408203,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "540,425 ",
        "box": [
          161.97655575097656,
          415.4564182955328,
          189.9674920471875,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          198.12890174462873,
          415.4564182955328,
          202.12640150306623,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "966,325 ",
        "box": [
          216.96092845996094,
          415.4564182955328,
          244.95186475617186,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          253.11327445361312,
          415.4564182955328,
          257.1107742120506,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,790 ",
        "box": [
          270.9609262099609,
          415.4564182955328,
          298.95186250617184,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          307.1132722036131,
          415.4564182955328,
          311.11077196205065,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97,460 ",
        "box": [
          328.9570212934569,
          415.4564182955328,
          352.95186025617187,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.1132699536131,
          415.4564182955328,
          365.1107697120506,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.93358091943344,
          415.4564182955328,
          407.93623296515625,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          416.0976426625975,
          415.4564182955328,
          420.09514242103495,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,008 ",
        "box": [
          438.9257667114256,
          415.4564182955328,
          462.92060567414063,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          471.08201537158186,
          415.4564182955328,
          475.07951513001933,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,812,008 ",
        "box": [
          485.26170228076154,
          415.4564182955328,
          519.240915827461,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          527.4023255249022,
          415.4564182955328,
          531.3998252833396,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,582 ",
        "box": [
          551.7656020097655,
          415.4564182955328,
          571.7643511389844,
          419.46502417211013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oil and gas",
        "box": [
          43.74609192724609,
          425.9564178580331,
          80.16076303079404,
          429.9650237346068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,189 ",
        "box": [
          165.97265308447248,
          425.9564178580331,
          189.9674920471875,
          429.9650237346068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "650,670 ",
        "box": [
          216.96092845996094,
          425.9564178580331,
          244.95186475617186,
          429.9650237346068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "277,583 ",
        "box": [
          270.9609262099609,
          425.9564178580331,
          298.95186250617184,
          429.9650237346068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,562 ",
        "box": [
          328.9570212934569,
          425.9564178580331,
          352.95186025617187,
          429.9650237346068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.93358091943344,
          425.9564178580331,
          407.93623296515625,
          429.9650237346068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.91795362841776,
          425.9564178580331,
          462.92060567414063,
          429.9650237346068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,052,004 ",
        "box": [
          485.26170228076154,
          425.9564178580331,
          519.240915827461,
          429.9650237346068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,350 ",
        "box": [
          551.7656020097655,
          425.9564178580331,
          571.7643511389844,
          429.9650237346068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total infrastructure",
        "box": [
          48.24609173974609,
          438.7064173267827,
          115.97705461774535,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          143.14452528564453,
          437.20641738928316,
          147.14202504408203,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "639,614 ",
        "box": [
          161.97655575097656,
          437.20641738928316,
          189.9674920471875,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          198.12890174462873,
          437.20641738928316,
          202.12640150306623,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,616,995 ",
        "box": [
          210.9726512094725,
          437.20641738928316,
          244.95186475617186,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          253.11327445361312,
          437.20641738928316,
          257.1107742120506,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "449,373 ",
        "box": [
          270.9609262099609,
          437.20641738928316,
          298.95186250617184,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          307.1132722036131,
          437.20641738928316,
          311.11077196205065,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,022 ",
        "box": [
          324.96092395996095,
          437.20641738928316,
          352.95186025617187,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.1132699536131,
          437.20641738928316,
          365.1107697120506,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.93358091943344,
          437.20641738928316,
          407.93623296515625,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          416.0976426625975,
          437.20641738928316,
          420.09514242103495,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,008 ",
        "box": [
          438.9257667114256,
          437.20641738928316,
          462.92060567414063,
          441.21502326585687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          471.08201537158186,
          438.7064173267827,
          475.07951513001933,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,864,012 ",
        "box": [
          485.26170228076154,
          438.7064173267827,
          519.240915827461,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          527.4023255249022,
          438.7064173267827,
          531.3998252833396,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,932 ",
        "box": [
          547.7695121762692,
          438.7064173267827,
          571.7643511389844,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential loans held-for-",
        "box": [
          34.74609230224609,
          449.95641685803275,
          119.84114942261738,
          453.9650227346101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, fair value option",
        "box": [
          39.24609211474609,
          458.20641651428014,
          131.16500963479103,
          462.2150223908575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227,521 ",
        "box": [
          491.24997953125,
          458.20641651428014,
          519.240915827461,
          462.2150223908575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          561.7616990932614,
          458.20641651428014,
          571.7643511389844,
          462.2150223908575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale",
        "box": [
          34.74609230224609,
          469.4564160455302,
          96.96487130991972,
          473.46502192210755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,217,481 ",
        "box": [
          485.26170228076154,
          468.70641607678044,
          519.240915827461,
          472.7150219533578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          561.7616990932614,
          468.70641607678044,
          571.7643511389844,
          472.7150219533578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total gross loans",
        "box": [
          34.74609230224609,
          482.2064155142798,
          88.81374359525316,
          486.21502139085715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          471.08201537158186,
          480.7064155767803,
          475.07951513001933,
          484.7150214533576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,453,605 ",
        "box": [
          481.25388994775375,
          480.7064155767803,
          519.240915827461,
          484.7150214533576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          527.4023255249022,
          480.7064155767803,
          531.3998252833396,
          484.7150214533576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "419,156 ",
        "box": [
          543.7734148427734,
          480.7064155767803,
          571.7643511389844,
          484.7150214533576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Credit Deteriorated Loans",
        "box": [
          33.74999859375,
          513.1305401426689,
          160.01220390323755,
          518.1431777539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we had three commercial loans with a combined amortized cost basis of $649.5 million along with $93.5",
        "box": [
          69.74999709375,
          537.1305391426686,
          574.2651177347857,
          542.1431767539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million of residential loans that were 90 days or greater past due. All of these loans were on nonaccrual as of June 30, 2026, except for a",
        "box": [
          33.74999859375,
          549.1305386426684,
          578.1638585573994,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial loan with an amortized cost basis of $274.3 million, for which we acquired the additional remaining senior mortgage",
        "box": [
          33.74999859375,
          561.1305381426682,
          550.7016104766598,
          566.1431757539685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest of $143.8 million from a third party lender during the three months ended March 31, 2026, in order to preserve our rights as the",
        "box": [
          33.74999859375,
          573.1305376426681,
          575.9847663481949,
          578.1431752539684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mezzanine lender. We also had four commercial loans with a combined amortized cost basis of $438.2 million on nonaccrual that were",
        "box": [
          33.74999859375,
          585.1305371426679,
          572.4849731690198,
          590.1431747539682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not 90 days or greater past due as of June 30, 2026. None of these loans were considered credit deteriorated. As of December 31, 2025,",
        "box": [
          33.74999859375,
          597.1305366426677,
          573.7216707761792,
          602.143174253968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we had a total of $967.7 million of non-credit deteriorated loans on nonaccrual. During the three and six months ended June 30, 2026,",
        "box": [
          33.74999859375,
          609.1305361426676,
          569.6034458477717,
          614.1431737539679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "no additional non-credit deteriorated commercial loans were placed on nonaccrual. During the six months ended June 30, 2026 a",
        "box": [
          33.74999859375,
          621.1305356426674,
          548.464930944855,
          626.1431732539677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$242.4 million commercial loan was resolved through foreclosure (see related discussion below).",
        "box": [
          33.74999859375,
          633.1305351426672,
          422.72066264288816,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Deteriorated Loans",
        "box": [
          33.74999859375,
          657.1305341426669,
          140.01723631136122,
          662.1431717539672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we had two loans with a combined amortized cost basis of $40.4 million which were deemed credit",
        "box": [
          69.74999709375,
          681.1305331426665,
          552.3078187112607,
          686.1431707539668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deteriorated and are on nonaccrual under the cost recovery method: (i) a $35.5 million commercial mezzanine loan on an office",
        "box": [
          33.74999859375,
          693.1305326426664,
          543.2466242872841,
          698.1431702539667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio in Ireland placed on nonaccrual during 2025, which carries a $26.8 million specific credit loss allowance. The loan was",
        "box": [
          33.74999859375,
          705.1305321426698,
          548.2842669252339,
          710.1431697539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deemed credit deteriorated based on the terms of a modification whereby the sponsor will not fund future debt service shortfalls or",
        "box": [
          33.74999859375,
          717.1305316426697,
          555.6744207023975,
          722.1431692539663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capital expenditures; and (ii) a $4.9 million commercial subordinated loan secured by a department store in Chicago which was deemed",
        "box": [
          33.74999859375,
          729.1305311426695,
          576.8207658032999,
          734.1431687539662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit deteriorated and was fully reserved in prior years. During the six months ended June 30, 2026, a $90.7 million credit deteriorated",
        "box": [
          33.74999859375,
          741.1305306426693,
          575.4047429873013,
          746.143168253966
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 34,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "commercial loan placed on nonaccrual during 2025, with a $19.7 million specific credit loss allowance provided in late 2025, was",
        "box": [
          33.74999859375,
          38.380559923916735,
          553.4708663591255,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resolved through foreclosure (see related discussion below).",
        "box": [
          33.74999859375,
          50.380559423916566,
          273.88982021917377,
          55.39319703521687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          300.99608495849594,
          93.13055764266755,
          310.9935794794336,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 35,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.3931975352134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreclosure and Equity Control",
        "box": [
          33.74999859375,
          93.13055764266755,
          161.2033085822828,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we foreclosed on or otherwise obtained control over the following loan collateral",
        "box": [
          69.74999709375,
          117.13055664266722,
          572.553251192701,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and recorded properties and associated assets and liabilities in accordance with the asset acquisition provisions of ASC 805:",
        "box": [
          33.74999859375,
          129.13055614266705,
          528.776900666716,
          134.14319375396371
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2026, we foreclosed on a",
        "box": [
          69.74999709375,
          153.1305551426667,
          209.38774412307177,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          209.3906162753906,
          153.1305551426667,
          211.8899911525,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "first mortgage loan on a multifamily property in Dallas, Texas. The net carrying value of",
        "box": [
          211.89842867089843,
          153.1305551426667,
          565.6376017872643,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loan related to this property (including previously accrued interest) totaled $28.4 million, net of a specific credit loss allowance of",
        "box": [
          33.74999859375,
          165.13055464266654,
          569.0148674715454,
          170.14319225396684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$5.3 million provided during the three months ended March 31, 2026 based on a third party appraisal. In connection with the",
        "box": [
          33.74999859375,
          177.13055414266637,
          533.241085079182,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure, we recorded properties of $28.6 million and net liabilities of $0.2 million.",
        "box": [
          33.74999859375,
          189.1305536426662,
          378.59009935666177,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In February 2026, we foreclosed on a",
        "box": [
          69.74999709375,
          213.13055264266586,
          219.38522218151013,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          219.38671335888654,
          213.13055264266586,
          221.88608823599594,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "first mortgage loan on a mixed use property in Dallas, Texas, split evenly between",
        "box": [
          221.89452575439435,
          213.13055264266586,
          550.5618865224201,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "multifamily and hospitality. The net carrying value of our loan related to this property (including previously accrued interest) totaled",
        "box": [
          33.74999859375,
          225.1305521426657,
          563.4605176849774,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$247.9 million. In connection with the foreclosure, we recorded properties of $247.9 million. This loan was previously placed on",
        "box": [
          33.74999859375,
          237.13055164266552,
          549.7229318323767,
          242.14318925396583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonaccrual in 2024.",
        "box": [
          33.74999859375,
          249.13055114266535,
          112.87074622830207,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In January 2026, we foreclosed on a",
        "box": [
          69.74999709375,
          273.130550142665,
          214.3864888897907,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          214.39452606689437,
          273.130550142665,
          216.89390094400375,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "first mortgage loan on a multifamily property in Phoenix, Arizona. The net carrying value",
        "box": [
          216.90233846240218,
          273.130550142665,
          575.6988056101096,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our loan related to this property totaled $71.0 million, net of a specific credit loss allowance of $19.7 million provided during the",
        "box": [
          33.74999859375,
          285.13054964266485,
          560.4384155459597,
          290.14318725396515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "year ended December 31, 2025 based on a third party appraisal. In connection with the foreclosure, we recorded properties of $71.0",
        "box": [
          33.74999859375,
          297.1305491426683,
          560.6479308021685,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million. This loan was previously placed on nonaccrual in 2025.",
        "box": [
          33.74999859375,
          309.13054864266815,
          290.39446593148006,
          314.1431862539648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Modifications",
        "box": [
          33.74999859375,
          334.63054758016733,
          112.34352386443265,
          339.643185191464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  may  amend  or  modify  a  loan  based  on  its  specific  facts  and  circumstances.  The  modified  terms  and  subsequent",
        "box": [
          69.74999709375,
          358.630546580167,
          578.2498912553407,
          363.64318419146366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance  of  the  modified  loans  are  considered  in  the  determination  of  our  general  and  specific  CECL  reserves.  During  the  six",
        "box": [
          33.74999859375,
          370.6305460801668,
          578.2452766689457,
          375.6431836914635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months  ended  June  30,  2026,  we  made  modifications  to  one  commercial  loan  disclosable  under  ASU  2022-02, ",
        "box": [
          33.74999859375,
          382.63054558016665,
          515.5318542257548,
          387.64318319146696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Troubled  Debt",
        "box": [
          518.0624784140624,
          382.63054558016665,
          578.2538055051778,
          387.64318319146696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restructurings and Vintage Disclosures",
        "box": [
          33.74999859375,
          394.6305450801665,
          192.30879150754637,
          399.6431826914668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ". There were no such modifications made during the six months ended June 30, 2025.",
        "box": [
          192.31640198681623,
          394.6305450801665,
          533.9386452088053,
          399.6431826914668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we entered into a modification of a commercial loan that required disclosure",
        "box": [
          69.74999709375,
          418.63054408016615,
          578.2414963041642,
          423.64318169146645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pursuant to ASU 2022-02. The loan had an amortized cost basis of $88.7 million, representing 0.52% of our commercial loans as of",
        "box": [
          33.74999859375,
          430.630543580166,
          578.2476095618479,
          435.6431811914663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026. We granted an other-than-insignificant payment delay in the form of an initial maturity term extension from January",
        "box": [
          33.74999859375,
          442.6305430801658,
          578.2420266940812,
          447.6431806914661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 to October 2028, reduced the interest rate by 95 bps and included minimum required paydowns. The interest rate reduction is fully",
        "box": [
          33.74999859375,
          454.63054258016564,
          578.2317082695107,
          459.64318019146594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recovered in a new exit fee.",
        "box": [
          33.74999859375,
          466.63054208016547,
          144.21540259727465,
          471.6431796914658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Performance of Previously Modified Loans:",
        "box": [
          33.74999859375,
          490.63054108016513,
          210.3315794602714,
          495.64317869146544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans with modifications disclosed in the previous twelve months under ASU 2022-02 are performing in accordance with",
        "box": [
          69.74999709375,
          514.6305400801684,
          578.2406076941401,
          519.6431776914651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "their modified terms through June 30, 2026.",
        "box": [
          33.74999859375,
          526.6305395801683,
          209.7897142650115,
          531.6431771914649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Modifications:",
        "box": [
          33.74999859375,
          550.6305385801679,
          117.87924043745238,
          555.6431761914646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "While not required to be disclosed pursuant to ASU 2022-02 because the financial difficulty criteria is not met, we modified",
        "box": [
          69.74999709375,
          572.3805376739183,
          578.247290868862,
          577.393175285215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three loans and a portfolio of four cross collateralized loans during the six months ended June 30, 2026 by reducing the interest rate",
        "box": [
          33.74999859375,
          584.3805371739181,
          578.236277354382,
          589.3931747852148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "spread on the loans, with such reductions partially or fully recoverable by new exit fees. During the three months ended June 30, 2026,",
        "box": [
          33.74999859375,
          596.380536673918,
          578.2433220377767,
          601.3931742852146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we received a $113.5 million repayment from the sale of one of the cross collateralized assets in the aforementioned portfolio. The",
        "box": [
          33.74999859375,
          608.3805361739178,
          578.2468522039412,
          613.3931737852145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized  cost  basis  of  the  remaining  loans  totaled  $482.4  million  as  of  June  30,  2026.  In  each  case,  the  borrowers  contributed",
        "box": [
          33.74999859375,
          620.3805356739176,
          578.2476113438482,
          625.3931732852143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional equity in order to receive the modifications. There were no such modifications made during the six months ended June 30,",
        "box": [
          33.74999859375,
          632.3805351739175,
          578.2437622877588,
          637.3931727852141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025.",
        "box": [
          33.74999859375,
          644.3805346739173,
          56.24435253773521,
          649.393172285214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          300.99608495849594,
          700.6305323301676,
          310.9935794794336,
          705.6431699414643
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 36,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992392037,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Loss Allowance Activity",
        "box": [
          33.74999859375,
          81.13055814266772,
          157.13692982518913,
          86.14319575396803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in",
        "box": [
          69.74999709375,
          105.13055714267102,
          578.245871493921,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          117.13055664267085,
          79.84681717213674,
          122.14319425396752
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Funded Commitments Credit Loss Allowance",
        "box": [
          383.24998403125,
          130.45643017053226,
          538.5627608600073,
          134.4650360471096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Held-for-Investment",
        "box": [
          373.14842195214845,
          142.4564296705321,
          465.8988436535464,
          146.46503554710944
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          531.8202903408203,
          146.2064295142809,
          549.297606800774,
          150.21503539085825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Funded Loans",
        "box": [
          515.9999785,
          154.45642917053192,
          565.1020040499083,
          158.46503504710927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2026",
        "box": [
          34.74609230224609,
          155.20642913928168,
          146.2581638059096,
          159.21503501585903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          357.6093600996094,
          154.45642917053192,
          399.6416224364401,
          158.46503504710927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          435.2460793647459,
          154.45642917053192,
          484.39104821716194,
          158.46503504710927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowance at December 31, 2025",
        "box": [
          34.74609230224609,
          167.38055454891946,
          211.59130829619514,
          172.39319216021977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          344.56639564306624,
          167.38055454891946,
          349.565145397285,
          172.39319216021977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "426,365 ",
        "box": [
          377.15623428515624,
          167.38055454891946,
          412.15170530826157,
          172.39319216021977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          425.15623228515625,
          167.38055454891946,
          430.154982039375,
          172.39319216021977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,477 ",
        "box": [
          463.8632656723631,
          167.38055454891946,
          493.86654190347656,
          172.39319216021977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          503.8710765053709,
          167.38055454891946,
          508.8698262595897,
          172.39319216021977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440,842 ",
        "box": [
          541.7109149287108,
          167.38055454891946,
          576.7063859518162,
          172.39319216021977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss provision (reversal), net",
        "box": [
          34.74609230224609,
          180.13055401766906,
          176.0679471379229,
          185.14319162896936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,632 ",
        "box": [
          387.15233136865214,
          180.13055401766906,
          412.15170530826157,
          185.14319162896936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,545)",
        "box": [
          464.6952931376953,
          180.13055401766906,
          493.8643849778158,
          185.14319162896936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,087 ",
        "box": [
          551.7070120122067,
          180.13055401766906,
          576.7063859518162,
          185.14319162896936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs (1)",
        "box": [
          34.74609230224609,
          192.88055348641865,
          96.28821436849032,
          197.89319109771895
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25,014)",
        "box": [
          377.9765467509766,
          192.88055348641865,
          412.1495408826011,
          197.89319109771895
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          481.35935494335934,
          192.88055348641865,
          493.86654190347656,
          197.89319109771895
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25,014)",
        "box": [
          542.5312273945311,
          192.88055348641865,
          576.7042215261557,
          197.89319109771895
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency",
        "box": [
          34.74609230224609,
          206.380552923918,
          103.31284388279798,
          211.3931905352183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(759)",
        "box": [
          390.4804562299803,
          206.380552923918,
          412.1495408826011,
          211.3931905352183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          481.35935494335934,
          206.380552923918,
          493.86654190347656,
          211.3931905352183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(759)",
        "box": [
          555.035136873535,
          206.380552923918,
          576.7042215261557,
          211.3931905352183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowance at June 30, 2026",
        "box": [
          34.74609230224609,
          221.38055229892052,
          188.84309839403724,
          226.3931899102172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          344.56639564306624,
          219.880552361421,
          349.565145397285,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "406,224 ",
        "box": [
          377.15623428515624,
          219.880552361421,
          412.15170530826157,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          425.15623228515625,
          219.880552361421,
          430.154982039375,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,932 ",
        "box": [
          463.8632656723631,
          219.880552361421,
          493.86654190347656,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          503.8710765053709,
          219.880552361421,
          508.8698262595897,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "419,156 ",
        "box": [
          541.7109149287108,
          219.880552361421,
          576.7063859518162,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          238.01366194276488,
          210.74999121875,
          239.5178292792698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          246.8805512364197,
          45.40722371353168,
          251.89318884771637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the charge-offs of (i) a $19.7 million specific credit loss allowance that was established during the year ended",
        "box": [
          69.74999709375,
          246.8805512364197,
          553.8347817610494,
          251.89318884771637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 related to a first mortgage loan on a multifamily property in Phoenix, Arizona and (ii) a $5.3 million",
        "box": [
          69.74999709375,
          258.88055073641954,
          551.4618121599236,
          263.89318834771984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "specific credit loss allowance that was established during the three months ended March 31, 2026 related to a first mortgage",
        "box": [
          69.74999709375,
          270.88055023641937,
          565.5823615816287,
          275.8931878477197
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan on a multifamily property in Dallas, Texas. The loans were originated in 2022 and 2021, respectively, and foreclosed in",
        "box": [
          69.74999709375,
          282.8805497364192,
          566.3829266132103,
          287.8931873477195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2026 and March 2026, respectively.",
        "box": [
          69.74999709375,
          294.88054923641903,
          246.5024620353136,
          299.89318684771933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded Commitments Credit Loss Allowance (1)",
        "box": [
          318.19920924169907,
          326.206422014282,
          492.8318868813362,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Held-for-Investment",
        "box": [
          256.1132743286131,
          338.20642151428183,
          348.86369603001066,
          342.2150273908592
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM Preferred",
        "box": [
          384.09373399609376,
          338.9564214830316,
          438.18486876717367,
          342.96502735960894
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2026",
        "box": [
          34.74609230224609,
          349.4564210455319,
          146.2581638059096,
          353.46502692210925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          244.96873979296873,
          350.20642101428166,
          287.0010021297995,
          354.215026890859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          315.1171743701172,
          350.20642101428166,
          364.2621432225328,
          354.215026890859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interests (2)",
        "box": [
          390.6679562221678,
          350.20642101428166,
          431.5954124328559,
          354.215026890859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS (2)",
        "box": [
          461.1796682841797,
          350.20642101428166,
          495.59948771601944,
          354.215026890859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          537.3749776093749,
          350.20642101428166,
          554.8522940693287,
          354.215026890859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowance at December 31, 2025",
        "box": [
          34.74609230224609,
          362.38054642391944,
          211.59130829619514,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          233.78905275878907,
          362.38054642391944,
          238.7878025130078,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,410 ",
        "box": [
          267.66796134716776,
          362.38054642391944,
          297.67123757828125,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          308.19139715869125,
          362.38054642391944,
          313.19014691291,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,354 ",
        "box": [
          345.6093605996094,
          362.38054642391944,
          370.60873453921874,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          380.47264414697247,
          362.38054642391944,
          385.4713939011912,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,471 ",
        "box": [
          411.2929553627928,
          362.38054642391944,
          441.29623159390627,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          448.8398287983397,
          362.38054642391944,
          453.83857855255843,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2 ",
        "box": [
          499.9335766694334,
          362.38054642391944,
          507.4368538380469,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          514.9804510424802,
          362.38054642391944,
          519.979200796699,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,237 ",
        "box": [
          546.6796647216796,
          362.38054642391944,
          576.6829484527927,
          367.39318403521975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss provision (reversal), net",
        "box": [
          34.74609230224609,
          375.8805458614188,
          176.0679471379229,
          380.8931834727191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,453 ",
        "box": [
          272.6718636386719,
          375.8805458614188,
          297.67123757828125,
          380.8931834727191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "457 ",
        "box": [
          353.1093602871094,
          375.8805458614188,
          370.60873453921874,
          380.8931834727191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,098)",
        "box": [
          412.124982828125,
          375.8805458614188,
          441.2940746682455,
          380.8931834727191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          495.76170184326156,
          375.8805458614188,
          507.43469691238613,
          380.8931834727191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,811 ",
        "box": [
          552.0585744975583,
          375.8805458614188,
          576.6829484527927,
          380.8931834727191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowance at June 30, 2026",
        "box": [
          34.74609230224609,
          390.8805452364177,
          188.84309839403724,
          395.893182847718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          233.78905275878907,
          389.38054529891815,
          238.7878025130078,
          394.39318291021846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,863 ",
        "box": [
          267.66796134716776,
          389.38054529891815,
          297.67123757828125,
          394.39318291021846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          308.19139715869125,
          389.38054529891815,
          313.19014691291,
          394.39318291021846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,811 ",
        "box": [
          345.98436058398437,
          389.38054529891815,
          370.60873453921874,
          394.39318291021846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          380.47264414697247,
          389.38054529891815,
          385.4713939011912,
          394.39318291021846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,373 ",
        "box": [
          411.6679553471678,
          389.38054529891815,
          441.29623159390627,
          394.39318291021846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          448.8398287983397,
          389.38054529891815,
          453.83857855255843,
          394.39318291021846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 ",
        "box": [
          499.9335766694334,
          389.38054529891815,
          507.4368538380469,
          394.39318291021846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          514.9804510424802,
          389.38054529891815,
          519.979200796699,
          394.39318291021846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,048 ",
        "box": [
          546.6796647216796,
          389.38054529891815,
          576.6829484527927,
          394.39318291021846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Memo: Unfunded commitments as of June 30,",
        "box": [
          34.74609230224609,
          403.6305447051709,
          220.505103093537,
          408.6431823164676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (3)",
        "box": [
          40.67577955517578,
          414.1305442676712,
          74.82735038769302,
          419.1431818789679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          233.78905275878907,
          412.63054433016805,
          238.7878025130078,
          417.64318194146836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,238,594 ",
        "box": [
          255.17577436767561,
          412.63054433016805,
          297.67123757828125,
          417.64318194146836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          308.19139715869125,
          412.63054433016805,
          313.19014691291,
          417.64318194146836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "270,731 ",
        "box": [
          335.6132710161131,
          412.63054433016805,
          370.60873453921874,
          417.64318194146836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          380.47264414697247,
          412.63054433016805,
          385.4713939011912,
          417.64318194146836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,890 ",
        "box": [
          411.2929553627928,
          412.63054433016805,
          441.29623159390627,
          417.64318194146836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          448.8398287983397,
          412.63054433016805,
          453.83857855255843,
          417.64318194146836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,179 ",
        "box": [
          477.4335776069334,
          412.63054433016805,
          507.4368538380469,
          417.64318194146836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          514.9804510424802,
          412.63054433016805,
          519.979200796699,
          417.64318194146836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,563,394 ",
        "box": [
          534.1874777421874,
          412.63054433016805,
          576.6829484527927,
          417.64318194146836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          430.76365391151194,
          210.74999121875,
          432.2678212480205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          439.6305432051704,
          45.40722371353168,
          444.64318081646707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets.",
        "box": [
          69.74999709375,
          439.6305432051704,
          481.99503577312237,
          444.64318081646707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          454.6305425801693,
          45.40722371353168,
          459.6431801914696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Note 5 for further details.",
        "box": [
          69.74999709375,
          454.6305425801693,
          188.56775677425983,
          459.6431801914696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
          469.63054195516816,
          45.40722371353168,
          474.64317956646846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents amounts expected to be funded (see Note 22).",
        "box": [
          69.74999709375,
          469.63054195516816,
          299.3407468837183,
          474.64317956646846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Activity",
        "box": [
          33.74999859375,
          493.6305409551678,
          125.75810135764033,
          498.6431785664681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The activity in our loan portfolio was as follows (amounts in thousands):",
        "box": [
          69.74999709375,
          517.6305399551711,
          361.01952305660683,
          522.6431775664678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held-for-Investment Loans",
        "box": [
          258.98436420898435,
          530.9564134830325,
          351.73478369020916,
          534.9650193596099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2026",
        "box": [
          34.74609230224609,
          542.9564129830324,
          146.2581638059096,
          546.9650188596097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          218.21483840771467,
          542.2064130142826,
          260.2471007445454,
          546.2150188908599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          287.60155051660155,
          542.2064130142826,
          336.74651936901716,
          546.2150188908599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          358.48827006298814,
          542.2064130142826,
          396.68697925955024,
          546.2150188908599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held-for-Sale Loans",
        "box": [
          416.1796701591797,
          542.2064130142826,
          484.9490420146153,
          546.2150188908599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Loans",
        "box": [
          507.3515413603516,
          542.2064130142826,
          547.7129362494527,
          546.2150188908599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at December 31, 2025",
        "box": [
          34.74609230224609,
          555.0409924532942,
          145.44872468963624,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          206.24999140625,
          555.0409924532942,
          210.74999121875,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,038,333 ",
        "box": [
          228.96092795996094,
          555.0409924532942,
          271.7109261787109,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          281.34373827734373,
          555.0409924532942,
          285.8437380898437,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,824,379 ",
        "box": [
          304.1952998251953,
          555.0409924532942,
          342.4452982314453,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          350.7187353867187,
          555.0409924532942,
          355.21873519921877,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.6835811381834,
          555.0409924532942,
          403.9335806694334,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          412.1835803256834,
          555.0409924532942,
          416.6835801381834,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,323,543 ",
        "box": [
          450.21091874121095,
          555.0409924532942,
          488.4609171474609,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          496.6757643051756,
          555.0409924532942,
          501.1757641176756,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,186,255 ",
        "box": [
          515.1562285351562,
          555.0409924532942,
          557.9062267539061,
          559.5534944628089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisitions/originations/additional funding",
        "box": [
          34.74609230224609,
          567.040991953294,
          194.48290208654538,
          571.5534939628087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,292,856 ",
        "box": [
          233.46092777246093,
          567.040991953294,
          271.7109261787109,
          571.5534939628087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "777,426 ",
        "box": [
          310.9452995439453,
          567.040991953294,
          342.4452982314453,
          571.5534939628087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.6835811381834,
          567.040991953294,
          403.9335806694334,
          571.5534939628087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "520,300 ",
        "box": [
          456.9609184599609,
          567.040991953294,
          488.4609171474609,
          571.5534939628087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,590,582 ",
        "box": [
          519.6562283476562,
          567.040991953294,
          557.9062267539061,
          571.5534939628087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capitalized interest (1)",
        "box": [
          34.74609230224609,
          579.0409914532938,
          117.21386241608889,
          583.5534934628085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,663 ",
        "box": [
          244.71092730371095,
          579.0409914532938,
          271.7109261787109,
          583.5534934628085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          331.1952987001953,
          579.0409914532938,
          342.4452982314453,
          583.5534934628085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.6835811381834,
          579.0409914532938,
          403.9335806694334,
          583.5534934628085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          477.2109176162109,
          579.0409914532938,
          488.4609171474609,
          583.5534934628085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,663 ",
        "box": [
          530.9062278789062,
          579.0409914532938,
          557.9062267539061,
          583.5534934628085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basis of loans sold (2)",
        "box": [
          34.74609230224609,
          591.0409909532937,
          115.24071797830322,
          595.5534929628084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          260.4609266474609,
          591.0409909532937,
          271.7109261787109,
          595.5534929628084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          331.1952987001953,
          591.0409909532937,
          342.4452982314453,
          595.5534929628084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.6835811381834,
          591.0409909532937,
          403.9335806694334,
          595.5534929628084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(523,911)",
        "box": [
          453.53904360253904,
          591.0409909532937,
          488.457987437583,
          595.5534929628084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(523,911)",
        "box": [
          522.9843532089843,
          591.0409909532937,
          557.9032970440282,
          595.5534929628084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan maturities/principal repayments",
        "box": [
          34.74609230224609,
          603.0409904532935,
          169.70214147907717,
          607.5534924628082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,288,037)",
        "box": [
          229.71092792871093,
          603.0409904532935,
          271.70799646883296,
          607.5534924628082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(765,351)",
        "box": [
          307.19529970019533,
          603.0409904532935,
          342.44236852156735,
          607.5534924628082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,106)",
        "box": [
          377.68358176318344,
          603.0409904532935,
          403.93065095955546,
          607.5534924628082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(89,932)",
        "box": [
          457.7109184287109,
          603.0409904532935,
          488.457987437583,
          607.5534924628082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,144,426)",
        "box": [
          515.9062285039062,
          603.0409904532935,
          557.9032970440282,
          607.5534924628082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount accretion/premium amortization",
        "box": [
          34.74609230224609,
          615.0409899532933,
          185.19725804344725,
          619.553491962808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,422 ",
        "box": [
          244.71092730371095,
          615.0409899532933,
          271.7109261787109,
          619.553491962808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,081 ",
        "box": [
          315.44529935644533,
          615.0409899532933,
          342.4452982314453,
          619.553491962808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.6835811381834,
          615.0409899532933,
          403.9335806694334,
          619.553491962808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          477.2109176162109,
          615.0409899532933,
          488.4609171474609,
          619.553491962808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,503 ",
        "box": [
          530.9062278789062,
          615.0409899532933,
          557.9062267539061,
          619.553491962808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in fair value",
        "box": [
          34.74609230224609,
          627.0409894532932,
          111.47021034540771,
          631.5534914628079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          260.4609266474609,
          627.0409894532932,
          271.7109261787109,
          631.5534914628079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          331.1952987001953,
          627.0409894532932,
          342.4452982314453,
          631.5534914628079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,201)",
        "box": [
          377.68358176318344,
          627.0409894532932,
          403.93065095955546,
          631.5534914628079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,528)",
        "box": [
          458.03904341503903,
          627.0409894532932,
          488.457987437583,
          631.5534914628079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,729)",
        "box": [
          527.1562280351562,
          627.0409894532932,
          557.9032970440282,
          631.5534914628079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency translation loss, net",
        "box": [
          34.74609230224609,
          639.040988953293,
          168.4628837407129,
          643.5534909628077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,973)",
        "box": [
          240.96092745996094,
          639.040988953293,
          271.70799646883296,
          643.5534909628077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          331.1952987001953,
          639.040988953293,
          342.4452982314453,
          643.5534909628077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.6835811381834,
          639.040988953293,
          403.9335806694334,
          643.5534909628077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          477.2109176162109,
          639.040988953293,
          488.4609171474609,
          643.5534909628077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,973)",
        "box": [
          527.1562280351562,
          639.040988953293,
          557.9032970440282,
          643.5534909628077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss (provision) reversal, net",
        "box": [
          34.74609230224609,
          651.0409884532928,
          161.9677668013428,
          655.5534904628075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,632)",
        "box": [
          245.46092727246094,
          651.0409884532928,
          271.70799646883296,
          655.5534904628075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,545 ",
        "box": [
          319.9452991689453,
          651.0409884532928,
          342.4452982314453,
          655.5534904628075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.6835811381834,
          651.0409884532928,
          403.9335806694334,
          655.5534904628075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          477.2109176162109,
          651.0409884532928,
          488.4609171474609,
          655.5534904628075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,087)",
        "box": [
          531.6562278476562,
          651.0409884532928,
          557.9032970440282,
          655.5534904628075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan foreclosures",
        "box": [
          34.74609230224609,
          663.0409879532926,
          99.46874594546875,
          667.5534899628074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(341,265)",
        "box": [
          236.46092764746095,
          663.0409879532926,
          271.70799646883296,
          667.5534899628074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          331.1952987001953,
          663.0409879532926,
          342.4452982314453,
          667.5534899628074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.6835811381834,
          663.0409879532926,
          403.9335806694334,
          667.5534899628074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,019)",
        "box": [
          462.21091824121095,
          663.0409879532926,
          488.457987437583,
          667.5534899628074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(342,284) (3)",
        "box": [
          522.6562282226562,
          663.0409879532926,
          570.8964642926462,
          667.5534899628074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to/from other asset classifications or",
        "box": [
          34.74609230224609,
          675.0409874532925,
          197.624991960625,
          679.5534894628072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between segments",
        "box": [
          39.24609211474609,
          684.0409870782933,
          104.97509349603757,
          688.553489087808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          260.4609266474609,
          683.2909871095435,
          271.7109261787109,
          687.8034891190582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          331.1952987001953,
          683.2909871095435,
          342.4452982314453,
          687.8034891190582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229,828 ",
        "box": [
          372.4335819819334,
          683.2909871095435,
          403.9335806694334,
          687.8034891190582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28 ",
        "box": [
          477.2109176162109,
          683.2909871095435,
          488.4609171474609,
          687.8034891190582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229,856  (4)",
        "box": [
          526.4062280664062,
          683.2909871095435,
          570.8964642926462,
          688.553489087808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2026",
        "box": [
          34.74609230224609,
          697.5409865157926,
          124.9702098729077,
          702.0534885253073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          206.24999140625,
          696.0409865782931,
          210.74999121875,
          700.5534885878078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,738,367 ",
        "box": [
          228.96092795996094,
          696.0409865782931,
          271.7109261787109,
          700.5534885878078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          281.34373827734373,
          696.0409865782931,
          285.8437380898437,
          700.5534885878078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,851,080 ",
        "box": [
          304.1952998251953,
          696.0409865782931,
          342.4452982314453,
          700.5534885878078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          350.7187353867187,
          696.0409865782931,
          355.21873519921877,
          700.5534885878078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227,521 ",
        "box": [
          372.4335819819334,
          696.0409865782931,
          403.9335806694334,
          700.5534885878078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          412.1835803256834,
          696.0409865782931,
          416.6835801381834,
          700.5534885878078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,217,481 ",
        "box": [
          450.21091874121095,
          696.0409865782931,
          488.4609171474609,
          700.5534885878078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          496.6757643051756,
          696.0409865782931,
          501.1757641176756,
          700.5534885878078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,034,449 ",
        "box": [
          515.1562285351562,
          696.0409865782931,
          557.9062267539061,
          700.5534885878078
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 37,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "25",
        "box": [
          300.99608495849594,
          38.38055992392037,
          310.9935794794336,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 38,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held-for-Investment Loans",
        "box": [
          279.23436336523434,
          82.4564321705293,
          371.98478284645915,
          86.46503804710665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2025",
        "box": [
          34.74609230224609,
          94.45643167053277,
          146.2581638059096,
          98.46503754710648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          268.6054613081053,
          94.45643167053277,
          310.63772364493605,
          98.46503754710648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          336.01170849951154,
          94.45643167053277,
          385.15667735192716,
          98.46503754710648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held-for-Sale Loans",
        "box": [
          406.7226430532225,
          94.45643167053277,
          475.4920149086581,
          98.46503754710648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Loans",
        "box": [
          497.53122926953125,
          94.45643167053277,
          537.8926241586324,
          98.46503754710648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at December 31, 2024",
        "box": [
          34.74609230224609,
          106.54101114079094,
          145.44872468963624,
          111.05351315030566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          255.64452434814436,
          106.54101114079094,
          260.1445241606443,
          111.05351315030566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,895,064 ",
        "box": [
          280.34764831884746,
          106.54101114079094,
          323.0976465375975,
          111.05351315030566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          331.35936119335935,
          106.54101114079094,
          335.85936100585934,
          111.05351315030566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,541,949 ",
        "box": [
          351.01170787451156,
          106.54101114079094,
          389.26170628076153,
          111.05351315030566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          403.3476431938475,
          106.54101114079094,
          407.8476430063475,
          111.05351315030566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,516,008 ",
        "box": [
          440.1210791616209,
          106.54101114079094,
          478.37107756787094,
          111.05351315030566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          486.6327922236328,
          106.54101114079094,
          491.1327920361328,
          111.05351315030566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,953,021 ",
        "box": [
          505.54685393554684,
          106.54101114079094,
          548.2968521542969,
          111.05351315030566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisitions/originations/additional funding",
        "box": [
          34.74609230224609,
          118.54101064079077,
          194.48290208654538,
          123.05351265030549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,594,744 ",
        "box": [
          284.8476481313475,
          118.54101064079077,
          323.0976465375975,
          123.05351265030549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,227,414 ",
        "box": [
          351.01170787451156,
          118.54101064079077,
          389.26170628076153,
          123.05351265030549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "756,095 ",
        "box": [
          446.87107888037093,
          118.54101064079077,
          478.37107756787094,
          123.05351265030549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,578,253 ",
        "box": [
          510.0468537480469,
          118.54101064079077,
          548.2968521542969,
          123.05351265030549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capitalized interest (1)",
        "box": [
          34.74609230224609,
          130.5410101407906,
          117.21386241608889,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,359 ",
        "box": [
          296.09764766259747,
          130.5410101407906,
          323.0976465375975,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          378.0117067495115,
          130.5410101407906,
          389.26170628076153,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          467.12107803662093,
          130.5410101407906,
          478.37107756787094,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,359 ",
        "box": [
          521.2968532792968,
          130.5410101407906,
          548.2968521542969,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basis of loans sold (2)",
        "box": [
          34.74609230224609,
          142.54100964079407,
          115.24071797830322,
          147.05351165030515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(230,267)",
        "box": [
          287.84764800634747,
          142.54100964079407,
          323.09471682771954,
          147.05351165030515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          378.0117067495115,
          142.54100964079407,
          389.26170628076153,
          147.05351165030515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(743,164)",
        "box": [
          443.1210790366209,
          142.54100964079407,
          478.368147857993,
          147.05351165030515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(973,431)",
        "box": [
          513.0468536230468,
          142.54100964079407,
          548.2939224444189,
          147.05351165030515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan maturities/principal repayments",
        "box": [
          34.74609230224609,
          154.5410091407939,
          169.70214147907717,
          159.05351115030498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(795,505)",
        "box": [
          287.84764800634747,
          154.5410091407939,
          323.09471682771954,
          159.05351115030498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(723,750)",
        "box": [
          354.0117077495116,
          154.5410091407939,
          389.2587765708836,
          159.05351115030498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(114,209)",
        "box": [
          443.44920402294906,
          154.5410091407939,
          478.368147857993,
          159.05351115030498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,633,464)",
        "box": [
          506.2968539042969,
          154.5410091407939,
          548.2939224444189,
          159.05351115030498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount accretion/premium amortization",
        "box": [
          34.74609230224609,
          166.54100864079373,
          185.19725804344725,
          171.05351065030482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,365 ",
        "box": [
          296.09764766259747,
          166.54100864079373,
          323.0976465375975,
          171.05351065030482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,224 ",
        "box": [
          362.26170740576157,
          166.54100864079373,
          389.26170628076153,
          171.05351065030482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          467.12107803662093,
          166.54100864079373,
          478.37107756787094,
          171.05351065030482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,589 ",
        "box": [
          521.2968532792968,
          166.54100864079373,
          548.2968521542969,
          171.05351065030482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in fair value",
        "box": [
          34.74609230224609,
          178.54100814079356,
          111.47021034540771,
          183.05351015030465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          311.8476470063475,
          178.54100814079356,
          323.0976465375975,
          183.05351015030465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          378.0117067495115,
          178.54100814079356,
          389.26170628076153,
          183.05351015030465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,271 ",
        "box": [
          451.3710786928709,
          178.54100814079356,
          478.37107756787094,
          183.05351015030465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,271 ",
        "box": [
          521.2968532792968,
          178.54100814079356,
          548.2968521542969,
          183.05351015030465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency translation gain, net",
        "box": [
          34.74609230224609,
          190.5410076407934,
          169.95262973864013,
          195.05350965030448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "403,248 ",
        "box": [
          291.5976478500975,
          190.5410076407934,
          323.0976465375975,
          195.05350965030448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,994 ",
        "box": [
          366.76170721826156,
          190.5410076407934,
          389.26170628076153,
          195.05350965030448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          467.12107803662093,
          190.5410076407934,
          478.37107756787094,
          195.05350965030448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "408,242 ",
        "box": [
          516.7968534667968,
          190.5410076407934,
          548.2968521542969,
          195.05350965030448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss reversal (provision), net",
        "box": [
          34.74609230224609,
          202.54100714079323,
          161.9677668013428,
          207.0535091503043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,259 ",
        "box": [
          296.09764766259747,
          202.54100714079323,
          323.0976465375975,
          207.0535091503043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,509)",
        "box": [
          363.01170737451156,
          202.54100714079323,
          389.2587765708836,
          207.0535091503043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          467.12107803662093,
          202.54100714079323,
          478.37107756787094,
          207.0535091503043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,750 ",
        "box": [
          521.2968532792968,
          202.54100714079323,
          548.2968521542969,
          207.0535091503043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan foreclosures",
        "box": [
          34.74609230224609,
          214.54100664079306,
          99.46874594546875,
          219.05350865030414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(182,203)",
        "box": [
          287.84764800634747,
          214.54100664079306,
          323.09471682771954,
          219.05350865030414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          378.0117067495115,
          214.54100664079306,
          389.26170628076153,
          219.05350865030414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,163)",
        "box": [
          452.1210786616209,
          214.54100664079306,
          478.368147857993,
          219.05350865030414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(190,366)",
        "box": [
          513.0468536230468,
          214.54100664079306,
          548.2939224444189,
          219.05350865030414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          557.988261750488,
          214.54100664079306,
          568.4824018932321,
          219.05350865030414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2025",
        "box": [
          34.74609230224609,
          228.79100604704217,
          124.9702098729077,
          233.3035080565569
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          255.64452434814436,
          227.29100610954265,
          260.1445241606443,
          231.80350811905737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,765,064 ",
        "box": [
          280.34764831884746,
          227.29100610954265,
          323.0976465375975,
          231.80350811905737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          331.35936119335935,
          227.29100610954265,
          335.85936100585934,
          231.80350811905737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,060,322 ",
        "box": [
          351.01170787451156,
          227.29100610954265,
          389.26170628076153,
          231.80350811905737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          403.3476431938475,
          227.29100610954265,
          407.8476430063475,
          231.80350811905737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,494,838 ",
        "box": [
          440.1210791616209,
          227.29100610954265,
          478.37107756787094,
          231.80350811905737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          486.6327922236328,
          227.29100610954265,
          491.1327920361328,
          231.80350811905737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,320,224 ",
        "box": [
          505.54685393554684,
          227.29100610954265,
          548.2968521542969,
          231.80350811905737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          247.7636615365118,
          210.74999121875,
          249.2678288730167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          255.88055086141685,
          45.40722371353168,
          260.89318847271716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents accrued interest income on loans whose terms do not require current payment of interest.",
        "box": [
          69.74999709375,
          255.88055086141685,
          471.46056658705874,
          260.89318847271716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          270.88055023641937,
          45.40722371353168,
          275.89318784771604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Note 12 for additional disclosure on these transactions.",
        "box": [
          69.74999709375,
          270.88055023641937,
          306.5752208572818,
          275.89318784771604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
          285.88054961141825,
          45.40722371353168,
          290.8931872227149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents (i) the $242.4 million carrying value of a first mortgage loan on a mixed use property in Dallas, Texas foreclosed in",
        "box": [
          69.74999709375,
          285.88054961141825,
          577.7783577384004,
          290.8931872227149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2026, (ii) the $71.0 million carrying value of a first mortgage loan on a multifamily property in Phoenix, Arizona",
        "box": [
          69.74999709375,
          297.8805491114181,
          560.6428635874408,
          302.89318672271474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosed in January 2026, (iii) the $27.9 million carrying value of a first mortgage loan on a multifamily property in Dallas,",
        "box": [
          69.74999709375,
          309.8805486114179,
          571.4384376213137,
          314.8931862227182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas foreclosed in March 2026 and (iv) $1.0 million of residential mortgage loans foreclosed.",
        "box": [
          69.74999709375,
          321.88054811141774,
          449.1331029923695,
          326.89318572271804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          33.74999859375,
          336.8805474864166,
          45.40722371353168,
          341.8931850977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net transfers primarily represent residential loans transferred from VIE assets upon redemption of a consolidated RMBS trust.",
        "box": [
          69.74999709375,
          336.8805474864166,
          574.5839598402507,
          341.8931850977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          33.74999859375,
          351.88054686141913,
          45.40722371353168,
          356.8931844727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents (i) the $83.9 million carrying value of a first mortgage and mezzanine loan on a multifamily property in",
        "box": [
          69.74999709375,
          351.88054686141913,
          530.907067691371,
          356.8931844727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Windermere, Florida foreclosed in May 2025, (ii) the $54.3 million carrying value of a first mortgage and mezzanine loan on a",
        "box": [
          69.74999709375,
          363.88054636141896,
          577.1178271509839,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "life science property in Boston, Massachusetts foreclosed in June 2025, (iii) the $44.0 million carrying value of a first",
        "box": [
          69.74999709375,
          375.8805458614188,
          540.3594472591096,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mortgage and mezzanine loan on a multifamily property in Conyers, Georgia foreclosed in February 2025 and sold during the",
        "box": [
          69.74999709375,
          387.8805453614186,
          572.9144997261227,
          392.8931829727153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026 (see Notes 3 and 6) and (iv) $8.2 million of residential mortgage loans foreclosed.",
        "box": [
          69.74999709375,
          399.88054486141846,
          544.5120015182488,
          404.8931824727151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5. Investment Securities",
        "box": [
          33.74999859375,
          423.8805438614181,
          135.6634231177701,
          428.8931814727148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment securities were comprised of the following as of June 30, 2026 and December 31, 2025 (amounts in thousands):",
        "box": [
          69.74999709375,
          447.8805428614178,
          563.9568157508859,
          452.8931804727181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value as of",
        "box": [
          461.0624807890625,
          469.4564160455302,
          531.4675588215165,
          473.46502192210755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          431.1679545346678,
          481.45641554553004,
          477.5880486504971,
          485.4650214221074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          507.05857637255843,
          481.45641554553004,
          571.5181747117417,
          485.4650214221074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, available-for-sale",
        "box": [
          34.74609230224609,
          493.6305409551678,
          137.26912900301414,
          498.6431785664681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          415.28904519628907,
          493.6305409551678,
          420.2877949505078,
          498.6431785664681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,800 ",
        "box": [
          462.9726407094725,
          493.6305409551678,
          492.97591694058593,
          498.6431785664681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          501.3281041113281,
          493.6305409551678,
          506.32685386554687,
          498.6431785664681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,283 ",
        "box": [
          546.703102220703,
          493.6305409551678,
          576.7063859518162,
          498.6431785664681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, fair value option (1)",
        "box": [
          34.74609230224609,
          507.13054039266717,
          147.7596400988475,
          512.1431780039675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "312,961 ",
        "box": [
          457.9804534174803,
          507.13054039266717,
          492.97591694058593,
          512.1431780039675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "404,688 ",
        "box": [
          541.7109149287108,
          507.13054039266717,
          576.7063859518162,
          512.1431780039675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS, fair value option (1), (2)",
        "box": [
          34.74609230224609,
          519.8805398614168,
          164.4155880298497,
          524.8931774727171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,262,903 ",
        "box": [
          450.4804537299803,
          519.8805398614168,
          492.97591694058593,
          524.8931774727171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,284,863 ",
        "box": [
          534.2109152412108,
          519.8805398614168,
          576.7063859518162,
          524.8931774727171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM debt securities, amortized cost net of credit loss allowance of $55,258 and $37,369",
        "box": [
          34.74609230224609,
          532.6305393301664,
          390.1415178566027,
          537.6431769414667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "283,049 ",
        "box": [
          457.9804534174803,
          532.6305393301664,
          492.97591694058593,
          537.6431769414667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "179,567 ",
        "box": [
          541.7109149287108,
          532.6305393301664,
          576.7063859518162,
          537.6431769414667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity security, fair value",
        "box": [
          34.74609230224609,
          546.1305387676693,
          137.9232619507586,
          551.143176378966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          480.46872998046877,
          546.1305387676693,
          492.97591694058593,
          551.143176378966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "628 ",
        "box": [
          559.2070116997068,
          546.1305387676693,
          576.7063859518162,
          551.143176378966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          34.74609230224609,
          559.6305382051687,
          68.07267821272589,
          564.6431758164654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          68.07421591357422,
          559.0886816298334,
          78.07171542201172,
          564.5735999835306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment securities",
        "box": [
          78.08202799658203,
          559.6305382051687,
          162.75801903882862,
          564.6431758164654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,943,713 ",
        "box": [
          450.4804537299803,
          559.6305382051687,
          492.97591694058593,
          564.6431758164654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,958,029 ",
        "box": [
          534.2109152412108,
          559.6305382051687,
          576.7063859518162,
          564.6431758164654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE eliminations (1)",
        "box": [
          45.996091833496095,
          573.1305376426681,
          128.73407874157925,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,540,884)",
        "box": [
          446.30857890380844,
          572.3805376739183,
          492.9737600149252,
          577.393175285215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,657,029)",
        "box": [
          530.039040415039,
          572.3805376739183,
          576.7042215261557,
          577.393175285215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total investment securities",
        "box": [
          34.74609230224609,
          588.1305370176669,
          141.7699789633303,
          593.1431746289672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          415.28904519628907,
          586.6305370801674,
          420.2877949505078,
          591.6431746914677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "402,829 ",
        "box": [
          457.9804534174803,
          586.6305370801674,
          492.97591694058593,
          591.6431746914677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          501.3281041113281,
          586.6305370801674,
          506.32685386554687,
          591.6431746914677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "301,000 ",
        "box": [
          541.7109149287108,
          586.6305370801674,
          576.7063859518162,
          591.6431746914677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "_____________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          604.7636466615113,
          209.24999128125,
          606.2678139980198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          612.8805359864164,
          45.40722371353168,
          617.8931735977167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810.",
        "box": [
          69.74999709375,
          612.8805359864164,
          549.390067689996,
          617.8931735977167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          627.8805353614189,
          45.40722371353168,
          632.8931729727155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $144.6 million and $146.5 million of non-controlling interests in the consolidated entities which hold certain of these",
        "box": [
          69.74999709375,
          627.8805353614189,
          574.8159394718957,
          632.8931729727155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          69.74999709375,
          639.8805348614187,
          330.65120865411563,
          644.8931724727154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          300.99608495849594,
          682.6305330801661,
          310.9935794794336,
          687.6431706914664
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 39,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases, sales and redemptions, and principal collections for all investment securities were as follows (amounts in",
        "box": [
          69.74999709375,
          93.13055764266755,
          534.7893151796105,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          105.13055714266739,
          79.84681717213674,
          110.14319475396405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS,",
        "box": [
          188.49608964599594,
          130.45643017052862,
          213.59363923776465,
          134.46503604710597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "available-for-sale",
        "box": [
          171.6679653471678,
          138.70642982677964,
          230.43187624879428,
          142.715035703357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, fair",
        "box": [
          245.8124897578125,
          130.45643017052862,
          285.33848243601886,
          134.46503604710597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value option",
        "box": [
          244.58202480908187,
          138.70642982677964,
          286.56350288473055,
          142.715035703357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS, fair",
        "box": [
          305.99998725,
          130.45643017052862,
          345.52597992820637,
          134.46503604710597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value option",
        "box": [
          304.7695223012694,
          138.70642982677964,
          346.75100037691806,
          142.715035703357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM",
        "box": [
          375.2226443657225,
          130.45643017052862,
          394.32006274511957,
          134.46503604710597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities",
        "box": [
          368.1210821616209,
          138.70642982677964,
          401.42443666980694,
          142.715035703357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          424.7929548002928,
          130.45643017052862,
          447.89955796251775,
          134.46503604710597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Security",
        "box": [
          422.1327949111328,
          138.70642982677964,
          450.552489126979,
          142.715035703357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization",
        "box": [
          468.4452929814453,
          130.45643017052862,
          515.9623810264441,
          134.46503604710597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs (1)",
        "box": [
          477.87889008837874,
          138.70642982677964,
          506.5288847606278,
          142.715035703357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          544.0077898330078,
          138.70642982677964,
          561.4851062929615,
          142.715035703357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30, 2026",
        "box": [
          34.74609230224609,
          149.9564293580297,
          155.87324898028106,
          153.96503523460706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases/fundings",
        "box": [
          34.74609230224609,
          162.1305547676675,
          112.49511228311647,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          168.80859046630843,
          162.1305547676675,
          173.80734022052718,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.20702582470688,
          162.1305547676675,
          232.71421278482407,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          240.96092745996094,
          162.1305547676675,
          245.95967721417966,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          277.1718634511719,
          162.1305547676675,
          289.6790504112891,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          297.8554600893553,
          162.1305547676675,
          302.85420984357404,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,791 ",
        "box": [
          323.0976465375975,
          162.1305547676675,
          353.100922768711,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.34764494384746,
          162.1305547676675,
          366.3463946980662,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,239 ",
        "box": [
          373.0781094550781,
          162.1305547676675,
          407.69858049380844,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          415.874982671875,
          162.1305547676675,
          420.8737324260938,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.66014151416,
          162.1305547676675,
          456.16732847427716,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          463.8163906743162,
          162.1305547676675,
          468.815140428535,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44,454)",
        "box": [
          485.82420225732403,
          162.1305547676675,
          519.9971963889486,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          528.2577904892578,
          162.1305547676675,
          533.2565402434766,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112,576 ",
        "box": [
          542.0624774140624,
          162.1305547676675,
          576.6829484527927,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales and redemptions",
        "box": [
          34.74609230224609,
          174.88055423641708,
          124.7039663744142,
          179.8931918477174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.20702582470688,
          174.88055423641708,
          232.71421278482407,
          179.8931918477174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          277.1718634511719,
          174.88055423641708,
          289.6790504112891,
          179.8931918477174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,311 ",
        "box": [
          323.4726465219725,
          174.88055423641708,
          353.100922768711,
          179.8931918477174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          395.1913935336912,
          174.88055423641708,
          407.69858049380844,
          179.8931918477174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.66014151416,
          174.88055423641708,
          456.16732847427716,
          179.8931918477174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,200)",
        "box": [
          490.8281045488281,
          174.88055423641708,
          519.9971963889486,
          179.8931918477174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,111 ",
        "box": [
          552.4218519824218,
          174.88055423641708,
          576.6829484527927,
          179.8931918477174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal collections",
        "box": [
          34.74609230224609,
          187.63055370516668,
          116.64932873502408,
          192.64319131646698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,771 ",
        "box": [
          207.71483884521467,
          187.63055370516668,
          232.71421278482407,
          192.64319131646698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,710 ",
        "box": [
          264.67967647167967,
          187.63055370516668,
          289.6790504112891,
          192.64319131646698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,988 ",
        "box": [
          328.10154882910155,
          187.63055370516668,
          353.100922768711,
          192.64319131646698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "891 ",
        "box": [
          390.199206241699,
          187.63055370516668,
          407.69858049380844,
          192.64319131646698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.66014151416,
          187.63055370516668,
          456.16732847427716,
          192.64319131646698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,539)",
        "box": [
          485.82420225732403,
          187.63055370516668,
          519.9971963889486,
          192.64319131646698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,821 ",
        "box": [
          551.6835745131833,
          187.63055370516668,
          576.6829484527927,
          192.64319131646698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redemptions",
        "box": [
          34.74609230224609,
          201.13055314266603,
          87.50628662431757,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.20702582470688,
          201.13055314266603,
          232.71421278482407,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,082 ",
        "box": [
          259.6757741801756,
          201.13055314266603,
          289.6790504112891,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          340.59373580859375,
          201.13055314266603,
          353.100922768711,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          395.1913935336912,
          201.13055314266603,
          407.69858049380844,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.66014151416,
          201.13055314266603,
          456.16732847427716,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82,082)",
        "box": [
          485.82420225732403,
          201.13055314266603,
          519.9971963889486,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1757614926755,
          201.13055314266603,
          576.6829484527927,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30, 2025",
        "box": [
          34.74609230224609,
          212.95642673303155,
          155.87324898028106,
          216.9650326096089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases/fundings",
        "box": [
          34.74609230224609,
          225.1305521426657,
          112.49511228311647,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          168.80859046630843,
          225.1305521426657,
          173.80734022052718,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.20702582470688,
          225.1305521426657,
          232.71421278482407,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          240.96092745996094,
          225.1305521426657,
          245.95967721417966,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          277.1718634511719,
          225.1305521426657,
          289.6790504112891,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          297.8554600893553,
          225.1305521426657,
          302.85420984357404,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,999 ",
        "box": [
          323.0976465375975,
          225.1305521426657,
          353.100922768711,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.34764494384746,
          225.1305521426657,
          366.3463946980662,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,747 ",
        "box": [
          382.69920655419907,
          225.1305521426657,
          407.69858049380844,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          415.874982671875,
          225.1305521426657,
          420.8737324260938,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.66014151416,
          225.1305521426657,
          456.16732847427716,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          463.8163906743162,
          225.1305521426657,
          468.815140428535,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(56,999)",
        "box": [
          485.82420225732403,
          225.1305521426657,
          519.9971963889486,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          528.2577904892578,
          225.1305521426657,
          533.2565402434766,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,747 ",
        "box": [
          551.6835745131833,
          225.1305521426657,
          576.6829484527927,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales and redemptions",
        "box": [
          34.74609230224609,
          237.88055161141892,
          124.7039663744142,
          242.8931892227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.20702582470688,
          237.88055161141892,
          232.71421278482407,
          242.8931892227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          277.1718634511719,
          237.88055161141892,
          289.6790504112891,
          242.8931892227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,193 ",
        "box": [
          328.10154882910155,
          237.88055161141892,
          353.100922768711,
          242.8931892227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          395.1913935336912,
          237.88055161141892,
          407.69858049380844,
          242.8931892227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.66014151416,
          237.88055161141892,
          456.16732847427716,
          242.8931892227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.49216635449216,
          237.88055161141892,
          519.9993533146094,
          242.8931892227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,193 ",
        "box": [
          551.6835745131833,
          237.88055161141892,
          576.6829484527927,
          242.8931892227156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal collections",
        "box": [
          34.74609230224609,
          250.63055108016852,
          116.64932873502408,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,825 ",
        "box": [
          207.71483884521467,
          250.63055108016852,
          232.71421278482407,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,078 ",
        "box": [
          259.6757741801756,
          250.63055108016852,
          289.6790504112891,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,073 ",
        "box": [
          328.10154882910155,
          250.63055108016852,
          353.100922768711,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118 ",
        "box": [
          390.5624837265625,
          250.63055108016852,
          407.69858049380844,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.66014151416,
          250.63055108016852,
          456.16732847427716,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,109)",
        "box": [
          485.82420225732403,
          250.63055108016852,
          519.9971963889486,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,985 ",
        "box": [
          551.6835745131833,
          250.63055108016852,
          576.6829484527927,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS,",
        "box": [
          186.72655471972655,
          281.2064238892817,
          211.8241043114953,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "available-for-sale",
        "box": [
          169.88671542138655,
          289.4564235455291,
          228.65062632301303,
          293.46502942210645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, fair",
        "box": [
          243.86717733886718,
          281.2064238892817,
          283.39317001707354,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value option",
        "box": [
          242.63671239013655,
          289.4564235455291,
          284.61819046578523,
          293.46502942210645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS, fair",
        "box": [
          300.6445224731444,
          281.2064238892817,
          340.17051515135074,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value option",
        "box": [
          299.41405002441405,
          289.4564235455291,
          341.39552810006273,
          293.46502942210645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM",
        "box": [
          380.1210816616209,
          281.2064238892817,
          399.218500041018,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities",
        "box": [
          373.0195194575194,
          289.4564235455291,
          406.3228739657054,
          293.46502942210645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          430.27732957177716,
          281.2064238892817,
          453.38393273400214,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Security",
        "box": [
          427.6171696826172,
          289.4564235455291,
          456.03686389846337,
          293.46502942210645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization",
        "box": [
          473.15623028515625,
          281.2064238892817,
          520.673318330155,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs (1)",
        "box": [
          482.58982739208966,
          289.4564235455291,
          511.23982206433874,
          293.46502942210645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          546.0116997495115,
          289.4564235455291,
          563.4890162094653,
          293.46502942210645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2026",
        "box": [
          34.74609230224609,
          300.7064230767792,
          146.2581638059096,
          304.7150289533565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases/fundings",
        "box": [
          34.74609230224609,
          312.88054848641696,
          112.49511228311647,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          167.13280553613282,
          312.88054848641696,
          172.13155529035157,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.33202590283187,
          312.88054848641696,
          230.83921286294907,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          239.07421253857405,
          312.88054848641696,
          244.0729622927928,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          275.1796760341797,
          312.88054848641696,
          287.68686299429686,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          295.85155017285155,
          312.88054848641696,
          300.8502999270703,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,318 ",
        "box": [
          314.3671744013672,
          312.88054848641696,
          344.37045813248034,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.55467226855467,
          312.88054848641696,
          370.5534220227734,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,445 ",
        "box": [
          378.28123423828123,
          312.88054848641696,
          413.27670526138655,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          421.44139243994124,
          312.88054848641696,
          426.44014219416,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          449.1679537846678,
          312.88054848641696,
          461.675140744785,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          469.21873044921875,
          312.88054848641696,
          474.2174802034375,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44,454)",
        "box": [
          489.84372958984375,
          312.88054848641696,
          524.0167237214683,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 135,309 ",
        "box": [
          532.2656028222656,
          312.88054848641696,
          576.6595109537693,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales and redemptions",
        "box": [
          34.74609230224609,
          325.63054795516655,
          124.7039663744142,
          330.64318556646685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.33202590283187,
          325.63054795516655,
          230.83921286294907,
          330.64318556646685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          275.1796760341797,
          325.63054795516655,
          287.68686299429686,
          330.64318556646685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,176 ",
        "box": [
          314.3671744013672,
          325.63054795516655,
          344.37045813248034,
          330.64318556646685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          400.76951830126933,
          325.63054795516655,
          413.27670526138655,
          330.64318556646685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "625 ",
        "box": [
          444.1757664926756,
          325.63054795516655,
          461.675140744785,
          330.64318556646685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,065)",
        "box": [
          494.84763938134745,
          325.63054795516655,
          524.0167237214683,
          330.64318556646685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,736 ",
        "box": [
          551.6601370141599,
          325.63054795516655,
          576.6595109537693,
          330.64318556646685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal collections",
        "box": [
          34.74609230224609,
          338.38054742391614,
          116.64932873502408,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,710 ",
        "box": [
          205.83983892333967,
          338.38054742391614,
          230.83921286294907,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,885 ",
        "box": [
          257.6835867631834,
          338.38054742391614,
          287.68686299429686,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,465 ",
        "box": [
          314.3671744013672,
          338.38054742391614,
          344.37045813248034,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,417 ",
        "box": [
          388.2773313217772,
          338.38054742391614,
          413.27670526138655,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          449.1679537846678,
          338.38054742391614,
          461.675140744785,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(63,825)",
        "box": [
          489.84372958984375,
          338.38054742391614,
          524.0167237214683,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,652 ",
        "box": [
          551.6601370141599,
          338.38054742391614,
          576.6595109537693,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redemptions",
        "box": [
          34.74609230224609,
          351.8805468614155,
          87.50628662431757,
          356.8931844727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.33202590283187,
          351.8805468614155,
          230.83921286294907,
          356.8931844727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,082 ",
        "box": [
          257.6835867631834,
          351.8805468614155,
          287.68686299429686,
          356.8931844727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          331.8632711723631,
          351.8805468614155,
          344.37045813248034,
          356.8931844727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          400.76951830126933,
          351.8805468614155,
          413.27670526138655,
          356.8931844727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          449.1679537846678,
          351.8805468614155,
          461.675140744785,
          356.8931844727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82,082)",
        "box": [
          489.84372958984375,
          351.8805468614155,
          524.0167237214683,
          356.8931844727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1523239936521,
          351.8805468614155,
          576.6595109537693,
          356.8931844727158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2025",
        "box": [
          34.74609230224609,
          363.706420451781,
          146.2581638059096,
          367.71502632835836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases/fundings",
        "box": [
          34.74609230224609,
          375.8805458614188,
          112.49511228311647,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          167.13280553613282,
          375.8805458614188,
          172.13155529035157,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.33202590283187,
          375.8805458614188,
          230.83921286294907,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          239.07421253857405,
          375.8805458614188,
          244.0729622927928,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          275.1796760341797,
          375.8805458614188,
          287.68686299429686,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          295.85155017285155,
          375.8805458614188,
          300.8502999270703,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,665  (2)",
        "box": [
          314.3671744013672,
          375.8805458614188,
          358.6142456632385,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.55467226855467,
          375.8805458614188,
          370.5534220227734,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,546 ",
        "box": [
          383.2734215302734,
          375.8805458614188,
          413.27670526138655,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          421.44139243994124,
          375.8805458614188,
          426.44014219416,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          449.1679537846678,
          375.8805458614188,
          461.675140744785,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          469.21873044921875,
          375.8805458614188,
          474.2174802034375,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,638)",
        "box": [
          489.84372958984375,
          375.8805458614188,
          524.0167237214683,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          532.2656028222656,
          375.8805458614188,
          537.2643525764844,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,573 ",
        "box": [
          546.6562272226562,
          375.8805458614188,
          576.6595109537693,
          380.89318347271546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales and redemptions",
        "box": [
          34.74609230224609,
          388.6305453301684,
          124.7039663744142,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          218.33202590283187,
          388.6305453301684,
          230.83921286294907,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          275.1796760341797,
          388.6305453301684,
          287.68686299429686,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,193 ",
        "box": [
          319.3710841928709,
          388.6305453301684,
          344.37045813248034,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          400.76951830126933,
          388.6305453301684,
          413.27670526138655,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,350 ",
        "box": [
          436.6757668051756,
          388.6305453301684,
          461.675140744785,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          511.5117011870115,
          388.6305453301684,
          524.0188881471287,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,543 ",
        "box": [
          551.6601370141599,
          388.6305453301684,
          576.6595109537693,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal collections",
        "box": [
          34.74609230224609,
          401.380544798918,
          116.64932873502408,
          406.39318241021465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,898 ",
        "box": [
          205.83983892333967,
          401.380544798918,
          230.83921286294907,
          406.39318241021465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,158 ",
        "box": [
          257.6835867631834,
          401.380544798918,
          287.68686299429686,
          406.39318241021465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,157 ",
        "box": [
          314.3671744013672,
          401.380544798918,
          344.37045813248034,
          406.39318241021465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,968 ",
        "box": [
          383.2734215302734,
          401.380544798918,
          413.27670526138655,
          406.39318241021465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          449.1679537846678,
          401.380544798918,
          461.675140744785,
          406.39318241021465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(85,229)",
        "box": [
          489.84372958984375,
          401.380544798918,
          524.0167237214683,
          406.39318241021465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,952 ",
        "box": [
          546.6562272226562,
          401.380544798918,
          576.6595109537693,
          406.39318241021465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "_________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          416.5136545052628,
          203.24999153125,
          418.0178218417677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          425.38054379891764,
          45.40722371353168,
          430.3931814102143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These",
        "box": [
          69.74999709375,
          425.38054379891764,
          561.4037121557388,
          430.3931814102143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our consolidated",
        "box": [
          69.74999709375,
          437.3805432989175,
          545.148048647997,
          442.39318091021414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements of cash flows.",
        "box": [
          69.74999709375,
          449.3805427989173,
          170.25697043720928,
          454.393180410214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          464.3805421739162,
          45.40722371353168,
          469.3931797852165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There was an additional $3.4 million of CMBS purchased from a consolidated partnership that is eliminated in consolidation.",
        "box": [
          69.74999709375,
          464.3805421739162,
          570.922606317807,
          469.3931797852165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, Available-for-Sale",
        "box": [
          33.74999859375,
          488.38054117391584,
          140.9446965998655,
          493.39317878521615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company classified all of its RMBS not eliminated in consolidation as available-for-sale as of June 30, 2026 and",
        "box": [
          69.74999709375,
          509.38054029891646,
          539.05580962684,
          514.3931779102168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025. These RMBS are reported at fair value in the balance sheet with changes in fair value recorded in accumulated",
        "box": [
          33.74999859375,
          521.3805397989163,
          559.6139294702516,
          526.3931774102166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other comprehensive income ('AOCI').",
        "box": [
          33.74999859375,
          533.3805392989161,
          194.20286173946383,
          538.3931769102164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The tables below summarize various attributes of our investments in available-for-sale RMBS as of June 30, 2026 and",
        "box": [
          69.74999709375,
          558.8805382364153,
          542.6535574519339,
          563.8931758477156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 (amounts in thousands):",
        "box": [
          33.74999859375,
          570.8805377364188,
          210.8929923868792,
          575.8931753477154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized Gains or (Losses)",
        "box": [
          383.60154651660156,
          587.2064111392792,
          481.688496695644,
          591.2150170158566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recognized in AOCI",
        "box": [
          397.55858093505844,
          595.4564107955302,
          467.737258081773,
          599.4650166721076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized",
        "box": [
          177.19921511669907,
          614.9564099830313,
          213.60609312462293,
          618.9650158596087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost",
        "box": [
          187.62890218212874,
          623.2064096392787,
          203.17384440042161,
          627.2150155158561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit",
        "box": [
          243.96092733496093,
          606.7064103267803,
          266.01743160693866,
          610.7150162033577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss",
        "box": [
          247.20702469970686,
          614.9564099830313,
          262.75976957250174,
          618.9650158596087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance",
        "box": [
          237.2226501157225,
          623.2064096392787,
          272.75116441049045,
          627.2150155158561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net",
        "box": [
          308.4843621464844,
          614.9564099830313,
          320.4690475381213,
          618.9650158596087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basis",
        "box": [
          305.58983476708966,
          623.2064096392787,
          323.3638434473319,
          627.2150155158561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross",
        "box": [
          363.35154736035156,
          606.7064103267803,
          383.19459047938403,
          610.7150162033577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized",
        "box": [
          354.6913952211912,
          614.9564099830313,
          391.847815397884,
          618.9650158596087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gains",
        "box": [
          363.26951986376935,
          623.2064096392787,
          383.26480375145843,
          627.2150155158561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross",
        "box": [
          422.3554549018553,
          606.7064103267803,
          442.19849802088777,
          610.7150162033577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized",
        "box": [
          413.7070177622069,
          614.9564099830313,
          450.86343793889995,
          618.9650158596087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Losses",
        "box": [
          421.1718574511719,
          623.2064096392787,
          443.38449127147146,
          627.2150155158561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net",
        "box": [
          485.66013976415996,
          606.7064103267803,
          497.644825155797,
          610.7150162033577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          473.84764025634746,
          614.9564099830313,
          509.4620539225364,
          618.9650158596087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustment",
        "box": [
          471.4452928564453,
          623.2064096392787,
          511.865260763279,
          627.2150155158561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          533.0859152880859,
          623.2064096392787,
          568.7003289542748,
          627.2150155158561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          634.4564091705288,
          81.16618641807543,
          638.4650150471061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          34.74609230224609,
          646.6305345801666,
          62.5320808969351,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.86327792236312,
          646.6305345801666,
          174.86202767658187,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,102 ",
        "box": [
          190.4179645659178,
          646.6305345801666,
          220.42124079703126,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          228.6679629721678,
          646.6305345801666,
          233.66671272638655,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          268.1132738286131,
          646.6305345801666,
          280.6204607887303,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          289.03123795703124,
          646.6305345801666,
          294.02998771125,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,103 ",
        "box": [
          309.4218621074219,
          646.6305345801666,
          339.425145838535,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          347.6484230146484,
          646.6305345801666,
          352.64717276886716,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,556 ",
        "box": [
          368.7421721357422,
          646.6305345801666,
          398.3704558824803,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          406.61717055761716,
          646.6305345801666,
          411.6159203118359,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,859)",
        "box": [
          428.2382671567381,
          646.6305345801666,
          457.40735149685895,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          465.6679530971678,
          646.6305345801666,
          470.66670285138656,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,697 ",
        "box": [
          492.0702919970703,
          646.6305345801666,
          517.0696659366797,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          525.363263109863,
          646.6305345801666,
          530.3620128640819,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,800 ",
        "box": [
          545.789039758789,
          646.6305345801666,
          575.7923234899022,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          34.74609230224609,
          658.4564081705284,
          99.20569064142938,
          662.4650140471058
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          34.74609230224609,
          670.6305335801662,
          62.5320808969351,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.86327792236312,
          670.6305335801662,
          174.86202767658187,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,723 ",
        "box": [
          190.4179645659178,
          670.6305335801662,
          220.42124079703126,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          228.6679629721678,
          670.6305335801662,
          233.66671272638655,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          268.1132738286131,
          670.6305335801662,
          280.6204607887303,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          289.03123795703124,
          670.6305335801662,
          294.02998771125,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,723 ",
        "box": [
          309.4218621074219,
          670.6305335801662,
          339.425145838535,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          347.6484230146484,
          670.6305335801662,
          352.64717276886716,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,340 ",
        "box": [
          368.3671721513672,
          670.6305335801662,
          398.3704558824803,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          406.61717055761716,
          670.6305335801662,
          411.6159203118359,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,780)",
        "box": [
          428.2382671567381,
          670.6305335801662,
          457.40735149685895,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          465.6679530971678,
          670.6305335801662,
          470.66670285138656,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,560 ",
        "box": [
          487.4413896899412,
          670.6305335801662,
          517.0696659366797,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          525.363263109863,
          670.6305335801662,
          530.3620128640819,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,283 ",
        "box": [
          545.789039758789,
          670.6305335801662,
          575.7923234899022,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          300.99608495849594,
          718.6305315801656,
          310.9935794794336,
          723.6431691914659
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 40,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.3931975352134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average",
        "box": [
          434.2617044057615,
          90.70643182678032,
          496.06279688083896,
          94.71503770335767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon (1)",
        "box": [
          445.9452939189453,
          98.20643151427794,
          484.3743104087352,
          102.21503739085529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WAL ",
        "box": [
          536.5077901455078,
          90.70643182678032,
          556.2805527341427,
          94.71503770335767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Years) (2)",
        "box": [
          528.5273254780271,
          98.20643151427794,
          564.2666258548885,
          102.21503739085529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          110.20643101427777,
          81.16618641807543,
          114.21503689085512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          34.74609230224609,
          121.63055645516579,
          62.5320808969351,
          126.6431940664661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.4 %",
        "box": [
          484.10154232910156,
          121.63055645516579,
          507.72250936289396,
          126.6431940664661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.2",
        "box": [
          564.7499764687499,
          121.63055645516579,
          577.2468376355474,
          126.6431940664661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          139.76366603650968,
          210.74999121875,
          141.26783337301822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          148.63055533016814,
          45.40722371353168,
          153.6431929414648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Calculated using the June 30, 2026 SOFR rate of 3.654% for floating rate securities.",
        "box": [
          69.74999709375,
          148.63055533016814,
          406.8213067303612,
          153.6431929414648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          172.6305543301678,
          45.40722371353168,
          177.64319194146447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual",
        "box": [
          69.74999709375,
          172.6305543301678,
          576.7514468927761,
          177.64319194146447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "security is calculated using projected amounts and projected timing of future principal payments.",
        "box": [
          69.74999709375,
          184.63055383016763,
          457.59197591491665,
          189.6431914414643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, approximately $75.5 million, or 89%, of RMBS were variable rate. We purchased all of the RMBS at a",
        "box": [
          69.74999709375,
          208.6305528301673,
          566.8964223518759,
          213.64319044146396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discount, a portion of which is accreted into income over the expected remaining life of the security. The majority of the income from",
        "box": [
          33.74999859375,
          220.63055233016712,
          568.1615287631894,
          225.6431899414638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "this strategy is earned from the accretion of this accretable discount.",
        "box": [
          33.74999859375,
          232.63055183016695,
          306.0789820279585,
          237.64318944146362
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have engaged a third party manager who specializes in RMBS to execute the trading of RMBS, the cost of which was $0.2",
        "box": [
          69.74999709375,
          256.6305508301666,
          575.922622690723,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million for both the three months ended June 30, 2026 and 2025, and $0.2 million and $0.4 million for the six months ended June 30,",
        "box": [
          33.74999859375,
          268.63055033016644,
          566.6255719468501,
          273.6431879414631
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and 2025, respectively, recorded as management fees in the accompanying condensed consolidated statements of operations.",
        "box": [
          33.74999859375,
          280.6305498301663,
          554.4639198535857,
          285.6431874414666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were",
        "box": [
          69.74999709375,
          304.63054883016594,
          570.625040671517,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in an unrealized loss position as of June 30, 2026 and December 31, 2025, and for which an allowance for credit losses has not been",
        "box": [
          33.74999859375,
          316.63054833016577,
          562.0839765173333,
          321.6431859414661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded (amounts in thousands):",
        "box": [
          33.74999859375,
          328.6305478301656,
          167.29553627843995,
          333.6431854414659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estimated Fair Value",
        "box": [
          295.69921017919904,
          341.95642135803064,
          367.95469756867624,
          345.965027234608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized Losses",
        "box": [
          465.09373062109375,
          341.95642135803064,
          526.4615218349286,
          345.965027234608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities with a",
        "box": [
          262.8163990493162,
          353.95642085803047,
          319.2185445492266,
          357.9650267346078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss less than",
        "box": [
          269.0156137910156,
          361.4564205455281,
          312.9997391582207,
          365.46502642210544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12 months",
        "box": [
          273.3515511103515,
          369.7064202017791,
          308.66923738460713,
          373.71502607835646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities with a",
        "box": [
          344.60154814160154,
          353.95642085803047,
          401.0036936415119,
          357.9650267346078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss greater than",
        "box": [
          344.53123564453125,
          361.4564205455281,
          401.08561961297545,
          365.46502642210544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12 months",
        "box": [
          355.1484227021484,
          369.7064202017791,
          390.46610897640403,
          373.71502607835646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities with a",
        "box": [
          426.7031072207031,
          353.95642085803047,
          483.105252720614,
          357.9650267346078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss less than",
        "box": [
          432.91404446191405,
          361.4564205455281,
          476.89816982911935,
          365.46502642210544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12 months",
        "box": [
          437.24998178124997,
          369.7064202017791,
          472.56766805550575,
          373.71502607835646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities with a",
        "box": [
          508.874978796875,
          353.95642085803047,
          565.2771242967858,
          357.9650267346078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss greater than",
        "box": [
          508.79295130029277,
          361.4564205455281,
          565.3473352687372,
          365.46502642210544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12 months",
        "box": [
          519.41013835791,
          369.7064202017791,
          554.7278246321657,
          373.71502607835646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026",
        "box": [
          34.74609230224609,
          380.9564197330292,
          100.7086089038078,
          384.9650256096065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          34.74609230224609,
          393.13054514266696,
          62.5320808969351,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          253.92186441992186,
          393.13054514266696,
          258.9206141741406,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,401 ",
        "box": [
          302.4023348999022,
          393.13054514266696,
          327.40170883951157,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          335.8827985048828,
          393.13054514266696,
          340.8815482591015,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,421 ",
        "box": [
          379.0546717060547,
          393.13054514266696,
          409.05795543716783,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          417.50389260400374,
          393.13054514266696,
          422.5026423582225,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(36)",
        "box": [
          474.86716771386716,
          393.13054514266696,
          491.5440725744955,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          500.0859166630859,
          393.13054514266696,
          505.08466641730473,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,823)",
        "box": [
          544.1484148271484,
          393.13054514266696,
          573.3175066672688,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025",
        "box": [
          34.74609230224609,
          404.95641873302884,
          118.74811312716173,
          408.9650246096062
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          34.74609230224609,
          417.1305441426666,
          62.5320808969351,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          253.92186441992186,
          417.1305441426666,
          258.9206141741406,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "480 ",
        "box": [
          309.90233458740215,
          417.1305441426666,
          327.40170883951157,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          335.8827985048828,
          417.1305441426666,
          340.8815482591015,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,943 ",
        "box": [
          379.0546717060547,
          417.1305441426666,
          409.05795543716783,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          417.50389260400374,
          417.1305441426666,
          422.5026423582225,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          479.0390425400391,
          417.1305441426666,
          491.54622950015624,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          500.0859166630859,
          417.1305441426666,
          505.08466641730473,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,780)",
        "box": [
          544.1484148271484,
          417.1305441426666,
          573.3175066672688,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, there were 19 and 14 securities, respectively, with unrealized losses reflected in",
        "box": [
          69.74999709375,
          443.38054304891557,
          570.7927473294676,
          448.3931806602159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the table above. After evaluating the securities, we concluded that the unrealized losses reflected above were noncredit-related and",
        "box": [
          33.74999859375,
          455.3805425489154,
          555.3327862486326,
          460.3931801602157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "would be recovered from the securities' estimated future cash flows. We considered a number of factors in reaching this conclusion,",
        "box": [
          33.74999859375,
          467.38054204891523,
          560.8733435365264,
          472.39317966021554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including that we did not intend to sell the securities, it was not considered more likely than not that we would be forced to sell the",
        "box": [
          33.74999859375,
          479.38054154891506,
          556.2748366944422,
          484.39317916021537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities prior to recovering our amortized cost, and there were no material credit events that would have caused us to otherwise",
        "box": [
          33.74999859375,
          491.3805410489149,
          549.8214220633344,
          496.3931786602152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conclude that we would not recover our cost. Credit losses, if any, are calculated by comparing (i) the estimated future cash flows of",
        "box": [
          33.74999859375,
          503.3805405489147,
          562.5135474924339,
          508.39317816021503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "each security discounted at the yield determined as of the initial acquisition date or, if since revised, as of the last date previously",
        "box": [
          33.74999859375,
          515.3805400489146,
          549.1672591805298,
          520.3931776602149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revised, to (ii) our net amortized cost basis. Significant judgment is used in projecting cash flows for our non-agency RMBS. As a",
        "box": [
          33.74999859375,
          527.380539548918,
          553.5215712091615,
          532.3931771602147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "result, actual income and/or credit losses could be materially different from what is currently projected and/or reported.",
        "box": [
          33.74999859375,
          539.3805390489179,
          510.495354985609,
          544.3931766602145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS and RMBS, Fair Value Option",
        "box": [
          33.74999859375,
          563.3805380489175,
          189.87770609086718,
          568.3931756602142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in the 'Fair Value Option' section of Note 2 herein, we elect the fair value option for certain CMBS and RMBS",
        "box": [
          69.74999709375,
          587.3805370489172,
          570.7177924725293,
          592.3931746602138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in an effort to eliminate accounting mismatches resulting from the current or potential consolidation of securitization VIEs. As of",
        "box": [
          33.74999859375,
          599.380536548917,
          550.0605906113071,
          604.3931741602137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, the fair value and unpaid principal balance of CMBS where we have elected the fair value option, excluding the notional",
        "box": [
          33.74999859375,
          611.3805360489168,
          577.0509161802983,
          616.3931736602135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of interest-only securities and before consolidation of securitization VIEs, were $1.3 billion and $2.8 billion, respectively. As of",
        "box": [
          33.74999859375,
          623.3805355489167,
          568.5022105429063,
          628.3931731602133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, the fair value and unpaid principal balance of RMBS where we have elected the fair value option, excluding the notional",
        "box": [
          33.74999859375,
          635.3805350489165,
          577.0509161802983,
          640.3931726602132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of interest-only securities and before consolidation of securitization VIEs, were $313.0 million and $238.0 million, respectively.",
        "box": [
          33.74999859375,
          647.3805345489163,
          570.1637721744252,
          652.3931721602166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The $1.6 billion total fair value balance of CMBS and RMBS represents our economic interests in these assets. However, as a result of",
        "box": [
          33.74999859375,
          659.3805340489162,
          572.2690403109549,
          664.3931716602165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our consolidation of securitization VIEs, the vast majority of this fair value (all except $35.0 million at June 30, 2026) is eliminated",
        "box": [
          33.74999859375,
          671.380533548916,
          559.9889188796275,
          676.3931711602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "against VIE liabilities before arriving at our GAAP balance for fair value option investment securities.",
        "box": [
          33.74999859375,
          683.3805330489158,
          442.6901210108275,
          688.3931706602161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, none of our CMBS or RMBS were variable rate.",
        "box": [
          69.74999709375,
          707.3805320489155,
          349.09373953567666,
          712.3931696602158
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 41,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "28",
        "box": [
          300.99608495849594,
          38.38055992392037,
          310.9935794794336,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 42,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM",
        "box": [
          33.74999859375,
          93.13055764266755,
          56.52261607780389,
          98.14319525396786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.53124764453125,
          93.13055764266755,
          59.03062252164062,
          98.14319525396786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt Securities, Amortized Cost",
        "box": [
          59.03906004003906,
          93.13055764266755,
          189.19676889088853,
          98.14319525396786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below summarizes our investments in HTM debt securities as of June 30, 2026 and December 31, 2025 (amounts in",
        "box": [
          69.74999709375,
          117.13055664266722,
          573.3978341209224,
          122.14319425396752
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          129.13055614266705,
          79.84681717213674,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized",
        "box": [
          192.76171446826154,
          154.45642917053192,
          229.16859247618535,
          158.46503504710927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost Basis",
        "box": [
          193.3007769458006,
          162.70642882678294,
          228.61846322005624,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Loss",
        "box": [
          252.46873948046874,
          154.45642917053192,
          292.07672400096186,
          158.46503504710927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance",
        "box": [
          254.5078018955078,
          162.70642882678294,
          290.0363161902757,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Carrying",
        "box": [
          311.19139703369126,
          154.45642917053192,
          356.7058400122559,
          158.46503504710927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          319.95702166845683,
          162.70642882678294,
          347.9433848683571,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross Unrealized",
        "box": [
          374.999984375,
          154.45642917053192,
          433.99818526661875,
          158.46503504710927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Holding Gains",
        "box": [
          379.7226441782225,
          162.70642882678294,
          429.26580515975,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross Unrealized",
        "box": [
          452.78904363378905,
          154.45642917053192,
          511.7872445254079,
          158.46503504710927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Holding Losses",
        "box": [
          456.41014098291,
          162.70642882678294,
          508.17065189704806,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          533.4843527714843,
          162.70642882678294,
          569.0987664376732,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          173.956428358033,
          81.16618641807543,
          177.96503423461036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          34.74609230224609,
          186.13055376766715,
          62.5320808969351,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          183.25780486425782,
          186.13055376766715,
          188.25655461847657,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,441 ",
        "box": [
          208.16015132665999,
          186.13055376766715,
          238.16342755777345,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          246.42186473242188,
          186.13055376766715,
          251.4206144866406,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          285.94921058544907,
          186.13055376766715,
          297.62220565457363,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          305.8827997548828,
          186.13055376766715,
          310.88154950910155,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,434 ",
        "box": [
          331.51170868701155,
          186.13055376766715,
          361.514984918125,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          369.77342209277344,
          186.13055376766715,
          374.7721718469922,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "438 ",
        "box": [
          421.16014245165996,
          186.13055376766715,
          438.6595167037694,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          446.9765438759766,
          186.13055376766715,
          451.9752936301953,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,905)",
        "box": [
          482.9179523784178,
          186.13055376766715,
          517.0909465100424,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          525.3515406103515,
          186.13055376766715,
          530.3502903645704,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78,967 ",
        "box": [
          546.6562272226562,
          186.13055376766715,
          576.6595109537693,
          191.14319137896746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred interests",
        "box": [
          34.74609230224609,
          198.88055323641674,
          107.7501858808217,
          203.89319084771705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,267 ",
        "box": [
          203.5429640190428,
          198.88055323641674,
          238.16342755777345,
          203.89319084771705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44,587)",
        "box": [
          263.44921152294904,
          198.88055323641674,
          297.62220565457363,
          203.89319084771705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,680 ",
        "box": [
          331.51170868701155,
          198.88055323641674,
          361.514984918125,
          203.89319084771705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          426.15232974365216,
          198.88055323641674,
          438.6595167037694,
          203.89319084771705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,869)",
        "box": [
          482.9179523784178,
          198.88055323641674,
          517.0909465100424,
          203.89319084771705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,811 ",
        "box": [
          547.0312272070312,
          198.88055323641674,
          576.6595109537693,
          203.89319084771705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure bonds",
        "box": [
          34.74609230224609,
          212.38055267391974,
          115.53143570660299,
          217.3931902852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,599 ",
        "box": [
          203.1679640346678,
          211.63055270516998,
          238.16342755777345,
          216.64319031646664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,664)",
        "box": [
          263.44921152294904,
          211.63055270516998,
          297.62220565457363,
          216.64319031646664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,935 ",
        "box": [
          326.51952139501935,
          211.63055270516998,
          361.514984918125,
          216.64319031646664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,343 ",
        "box": [
          413.66014276415996,
          211.63055270516998,
          438.6595167037694,
          216.64319031646664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          504.5859164755859,
          211.63055270516998,
          517.0931034357031,
          216.64319031646664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,278 ",
        "box": [
          541.664039930664,
          211.63055270516998,
          576.6595109537693,
          216.64319031646664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          45.996091833496095,
          227.38055204891862,
          66.39624475757728,
          232.39318966021528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          183.25780486425782,
          225.8805521114191,
          188.25655461847657,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "338,307 ",
        "box": [
          203.1679640346678,
          225.8805521114191,
          238.16342755777345,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          246.42186473242188,
          225.8805521114191,
          251.4206144866406,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(55,258)",
        "box": [
          263.44921152294904,
          225.8805521114191,
          297.62220565457363,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          305.8827997548828,
          225.8805521114191,
          310.88154950910155,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "283,049 ",
        "box": [
          326.51952139501935,
          225.8805521114191,
          361.514984918125,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          369.77342209277344,
          225.8805521114191,
          374.7721718469922,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,781 ",
        "box": [
          413.66014276415996,
          225.8805521114191,
          438.6595167037694,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          446.9765438759766,
          225.8805521114191,
          451.9752936301953,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(42,774)",
        "box": [
          482.9179523784178,
          225.8805521114191,
          517.0909465100424,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          525.3515406103515,
          225.8805521114191,
          530.3502903645704,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,056 ",
        "box": [
          541.664039930664,
          225.8805521114191,
          576.6595109537693,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          34.74609230224609,
          252.70642507677985,
          99.20569064142938,
          256.7150309533572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          34.74609230224609,
          264.88055048641763,
          62.5320808969351,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          183.25780486425782,
          264.88055048641763,
          188.25655461847657,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,629 ",
        "box": [
          208.16015132665999,
          264.88055048641763,
          238.16342755777345,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          246.42186473242188,
          264.88055048641763,
          251.4206144866406,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13)",
        "box": [
          280.9453007939453,
          264.88055048641763,
          297.62220565457363,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          305.8827997548828,
          264.88055048641763,
          310.88154950910155,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,616 ",
        "box": [
          331.51170868701155,
          264.88055048641763,
          361.514984918125,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          369.77342209277344,
          264.88055048641763,
          374.7721718469922,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "603 ",
        "box": [
          421.16014245165996,
          264.88055048641763,
          438.6595167037694,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          446.9765438759766,
          264.88055048641763,
          451.9752936301953,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,436)",
        "box": [
          483.2929523627928,
          264.88055048641763,
          517.0909465100424,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          525.3515406103515,
          264.88055048641763,
          530.3502903645704,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,783 ",
        "box": [
          546.6562272226562,
          264.88055048641763,
          576.6595109537693,
          269.89318809771794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred interests",
        "box": [
          34.74609230224609,
          277.6305499551672,
          107.7501858808217,
          282.64318756646753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,844 ",
        "box": [
          208.16015132665999,
          277.6305499551672,
          238.16342755777345,
          282.64318756646753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,166)",
        "box": [
          263.44921152294904,
          277.6305499551672,
          297.62220565457363,
          282.64318756646753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,678 ",
        "box": [
          331.51170868701155,
          277.6305499551672,
          361.514984918125,
          282.64318756646753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          426.15232974365216,
          277.6305499551672,
          438.6595167037694,
          282.64318756646753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,942)",
        "box": [
          482.9179523784178,
          277.6305499551672,
          517.0909465100424,
          282.64318756646753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,736 ",
        "box": [
          546.6562272226562,
          277.6305499551672,
          576.6595109537693,
          282.64318756646753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure bonds",
        "box": [
          34.74609230224609,
          291.1305493926666,
          115.53143570660299,
          296.1431870039669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,463 ",
        "box": [
          208.16015132665999,
          291.1305493926666,
          238.16342755777345,
          296.1431870039669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,190)",
        "box": [
          263.44921152294904,
          291.1305493926666,
          297.62220565457363,
          296.1431870039669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,273 ",
        "box": [
          331.51170868701155,
          291.1305493926666,
          361.514984918125,
          296.1431870039669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "650 ",
        "box": [
          421.16014245165996,
          291.1305493926666,
          438.6595167037694,
          296.1431870039669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          504.5859164755859,
          291.1305493926666,
          517.0931034357031,
          296.1431870039669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,923 ",
        "box": [
          546.6562272226562,
          291.1305493926666,
          576.6595109537693,
          296.1431870039669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          45.996091833496095,
          306.1305487676691,
          66.39624475757728,
          311.14318637896577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          183.25780486425782,
          304.6305488301696,
          188.25655461847657,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "216,936 ",
        "box": [
          203.1679640346678,
          304.6305488301696,
          238.16342755777345,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          246.42186473242188,
          304.6305488301696,
          251.4206144866406,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,369)",
        "box": [
          263.44921152294904,
          304.6305488301696,
          297.62220565457363,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          305.8827997548828,
          304.6305488301696,
          310.88154950910155,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "179,567 ",
        "box": [
          326.51952139501935,
          304.6305488301696,
          361.514984918125,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          369.77342209277344,
          304.6305488301696,
          374.7721718469922,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,253 ",
        "box": [
          413.66014276415996,
          304.6305488301696,
          438.6595167037694,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          446.9765438759766,
          304.6305488301696,
          451.9752936301953,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,378)",
        "box": [
          482.9179523784178,
          304.6305488301696,
          517.0909465100424,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          525.3515406103515,
          304.6305488301696,
          530.3502903645704,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "146,442 ",
        "box": [
          541.664039930664,
          304.6305488301696,
          576.6595109537693,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands):",
        "box": [
          69.74999709375,
          336.8805474864166,
          540.905944036339,
          341.8931850977169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          320.1327991611328,
          368.956420233033,
          343.23160654855957,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred",
        "box": [
          385.0077964580078,
          361.4564205455317,
          418.0027788080939,
          365.4650264221091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interests",
        "box": [
          386.70701888720686,
          368.956420233033,
          416.3134626744309,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          445.81639142431624,
          361.4564205455317,
          494.96136027673225,
          365.4650264221091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bonds",
        "box": [
          459.72654334472657,
          368.956420233033,
          481.06082025162436,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total HTM",
        "box": [
          524.2265406572266,
          353.2064208892807,
          562.8000172501212,
          357.21502676585806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Loss",
        "box": [
          523.7109156787109,
          361.4564205455317,
          563.3189001992042,
          365.4650264221091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance",
        "box": [
          525.74997809375,
          368.956420233033,
          561.2784923885181,
          372.96502610961033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2026",
        "box": [
          34.74609230224609,
          380.9564197330328,
          146.2581638059096,
          384.96502560961017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowance at December 31, 2025",
        "box": [
          34.74609230224609,
          392.3805451739172,
          211.59130829619514,
          397.3931827852175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          300.7031124707031,
          392.3805451739172,
          305.70186222492185,
          397.3931827852175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13 ",
        "box": [
          349.61717293261717,
          392.3805451739172,
          362.1243598927344,
          397.3931827852175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          370.4999845625,
          392.3805451739172,
          375.49873431671875,
          397.3931827852175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,166 ",
        "box": [
          402.0117057495115,
          392.3805451739172,
          432.014981980625,
          397.3931827852175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          440.34373165234376,
          392.3805451739172,
          445.3424814065625,
          397.3931827852175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,190 ",
        "box": [
          469.8046679248047,
          392.3805451739172,
          499.8079516559178,
          397.3931827852175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          509.78904125878904,
          392.3805451739172,
          514.7877910130078,
          397.3931827852175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,369 ",
        "box": [
          546.6796647216796,
          392.3805451739172,
          576.6829484527927,
          397.3931827852175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss (reversal) provision, net",
        "box": [
          34.74609230224609,
          405.88054461141655,
          176.06794713792283,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          350.44920789794907,
          405.88054461141655,
          362.12220296707363,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,421 ",
        "box": [
          402.0117057495115,
          405.88054461141655,
          432.014981980625,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474 ",
        "box": [
          482.30857740380844,
          405.88054461141655,
          499.8079516559178,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,889 ",
        "box": [
          546.6796647216796,
          405.88054461141655,
          576.6829484527927,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowance at June 30, 2026",
        "box": [
          34.74609230224609,
          420.88054398641907,
          188.84309839403724,
          425.89318159771574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          300.7031124707031,
          419.38054404891955,
          305.70186222492185,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7 ",
        "box": [
          354.6210827241209,
          419.38054404891955,
          362.1243598927344,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          370.4999845625,
          419.38054404891955,
          375.49873431671875,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,587 ",
        "box": [
          402.0117057495115,
          419.38054404891955,
          432.014981980625,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          440.34373165234376,
          419.38054404891955,
          445.3424814065625,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,664 ",
        "box": [
          469.8046679248047,
          419.38054404891955,
          499.8079516559178,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          509.78904125878904,
          419.38054404891955,
          514.7877910130078,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,258 ",
        "box": [
          546.6796647216796,
          419.38054404891955,
          576.6829484527927,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, we had a $10.0 million specific credit loss allowance on a $19.2 million",
        "box": [
          69.74999709375,
          451.6305427051666,
          540.645410110607,
          456.6431803164669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "infrastructure bond that is collateralized by a first priority lien on a coal-fired power plant in Mississippi. It was deemed credit",
        "box": [
          33.74999859375,
          463.63054220517006,
          538.1933736993628,
          468.6431798164667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deteriorated when we acquired the Infrastructure Lending Segment in 2018 and was placed on nonaccrual under the cost recovery",
        "box": [
          33.74999859375,
          475.6305417051699,
          552.8577956517573,
          480.64317931646656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method in 2023 due to a forbearance and restructuring plan agreed between the lenders and borrower that was necessitated by operating",
        "box": [
          33.74999859375,
          487.6305412051697,
          576.7385019067281,
          492.6431788164664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shortfalls at the plant.",
        "box": [
          33.74999859375,
          499.63054070516955,
          120.37370984067854,
          504.6431783164662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We also had seven commercial lending preferred interests with a combined amortized cost basis of $96.4 million on",
        "box": [
          69.74999709375,
          523.6305397051692,
          533.1617946224244,
          528.6431773164659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonaccrual that were not 90 days or greater past due as of June 30, 2026, with total unfunded commitments of $46.0 million. As of",
        "box": [
          33.74999859375,
          535.630539205169,
          556.0147501382171,
          540.6431768164657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, we had seven commercial lending preferred interests with a combined amortized cost basis of $65.0 million on",
        "box": [
          33.74999859375,
          547.6305387051689,
          560.7008559749634,
          552.6431763164655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonaccrual that were not 90 days or greater past due, with total unfunded commitments of $76.4 million. All of these investments were",
        "box": [
          33.74999859375,
          559.6305382051687,
          572.935710175239,
          564.6431758164654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "made in connection with loan modifications, but are not considered credit deteriorated.",
        "box": [
          33.74999859375,
          571.6305377051685,
          381.04551645435276,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below summarizes the maturities of our HTM debt securities by type as of June 30, 2026 (amounts in thousands):",
        "box": [
          69.74999709375,
          597.1305366426677,
          563.6883371370724,
          602.143174253968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          323.44920902294905,
          618.7064098267801,
          346.54801641037585,
          622.7150157033575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred",
        "box": [
          388.3710813178709,
          610.4564101705328,
          421.366063667957,
          614.4650160471101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interests",
        "box": [
          390.0702962470703,
          618.7064098267801,
          419.67674003429437,
          622.7150157033575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          450.84373121484373,
          610.4564101705328,
          499.98870006725974,
          614.4650160471101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bonds",
        "box": [
          464.7421681357422,
          618.7064098267801,
          486.07644504264,
          622.7150157033575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          537.3515401103515,
          618.7064098267801,
          554.8288565703052,
          622.7150157033575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less than one year",
        "box": [
          34.74609230224609,
          630.8805352364179,
          109.41972547134401,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          303.9843623339844,
          630.8805352364179,
          308.9831120882031,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,453 ",
        "box": [
          335.51952102001934,
          630.8805352364179,
          365.52279725113283,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          373.8515469228515,
          630.8805352364179,
          378.8502966770703,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,948 ",
        "box": [
          405.38670560888653,
          630.8805352364179,
          435.38998184,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          443.7187315117187,
          630.8805352364179,
          448.7174812659375,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          494.0156044160156,
          630.8805352364179,
          506.52279137613283,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          514.9335760444334,
          630.8805352364179,
          519.9323257986522,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,401 ",
        "box": [
          546.7148247202146,
          630.8805352364179,
          576.7181009513281,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "One to three years",
        "box": [
          34.74609230224609,
          644.3805346739173,
          107.75020883082075,
          649.3931722852176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          353.0156102910156,
          644.3805346739173,
          365.52279725113283,
          649.3931722852176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,740 ",
        "box": [
          405.38670560888653,
          644.3805346739173,
          435.38998184,
          649.3931722852176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,569 ",
        "box": [
          481.5234174365234,
          644.3805346739173,
          506.52279137613283,
          649.3931722852176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,309 ",
        "box": [
          546.7148247202146,
          644.3805346739173,
          576.7181009513281,
          649.3931722852176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three to five years",
        "box": [
          34.74609230224609,
          657.1305341426669,
          109.96643721347792,
          662.1431717539672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,981 ",
        "box": [
          335.51952102001934,
          657.1305341426669,
          365.52279725113283,
          662.1431717539672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,992 ",
        "box": [
          405.38670560888653,
          657.1305341426669,
          435.38998184,
          662.1431717539672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,946 ",
        "box": [
          481.5234174365234,
          657.1305341426669,
          506.52279137613283,
          662.1431717539672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,919 ",
        "box": [
          546.7148247202146,
          657.1305341426669,
          576.7181009513281,
          662.1431717539672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          34.74609230224609,
          670.6305335801699,
          76.36650039856177,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          353.0156102910156,
          669.8805336114201,
          365.52279725113283,
          674.8931712227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          422.8827948798828,
          669.8805336114201,
          435.38998184,
          674.8931712227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,420 ",
        "box": [
          471.90232783740214,
          669.8805336114201,
          506.52279137613283,
          674.8931712227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,420 ",
        "box": [
          542.0976374125975,
          669.8805336114201,
          576.7181009513281,
          674.8931712227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          45.996091833496095,
          685.6305329551687,
          66.39624475757728,
          690.6431705664654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          303.9843623339844,
          684.1305330176692,
          308.9831120882031,
          689.1431706289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,434 ",
        "box": [
          335.51952102001934,
          684.1305330176692,
          365.52279725113283,
          689.1431706289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          373.8515469228515,
          684.1305330176692,
          378.8502966770703,
          689.1431706289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,680 ",
        "box": [
          405.38670560888653,
          684.1305330176692,
          435.38998184,
          689.1431706289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          443.7187315117187,
          684.1305330176692,
          448.7174812659375,
          689.1431706289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,935 ",
        "box": [
          471.52732785302715,
          684.1305330176692,
          506.52279137613283,
          689.1431706289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          514.9335760444334,
          684.1305330176692,
          519.9323257986522,
          689.1431706289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "283,049 ",
        "box": [
          541.7226374282225,
          684.1305330176692,
          576.7181009513281,
          689.1431706289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          300.99608495849594,
          735.1305308926676,
          310.9935794794336,
          740.1431685039679
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 43,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Security, Fair Value",
        "box": [
          33.74999859375,
          93.13055764266755,
          146.14358695824504,
          98.14319525396786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During 2012, we acquired 9,140,000 ordinary shares from a related-party in Starwood European Real Estate Finance Limited",
        "box": [
          69.74999709375,
          117.13055664266722,
          570.8767505509672,
          122.14319425396752
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('SEREF'), a debt fund that is externally managed by an affiliate of our Manager and is listed on the London Stock Exchange. As of",
        "box": [
          33.74999859375,
          129.13055614266705,
          564.1244176003142,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, we held 536,129 shares of SEREF that had not yet been redeemed, with a fair value of $0.6 million. During the six",
        "box": [
          33.74999859375,
          141.13055564266688,
          576.2801437758263,
          146.14319325396718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026, this entity entered liquidation and was delisted from the London Stock Exchange. The remaining 536,129",
        "box": [
          33.74999859375,
          153.1305551426667,
          574.7183801408997,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares were redeemed by SEREF for proceeds of $0.6 million, reducing our basis to zero.",
        "box": [
          33.74999859375,
          165.13055464266654,
          392.1878617400881,
          170.14319225396684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6. Properties",
        "box": [
          33.74999859375,
          189.1305536426662,
          87.98986807916832,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our properties are held within the following portfolios:",
        "box": [
          69.74999709375,
          213.13055264266586,
          290.480593420729,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment - Fundamental",
        "box": [
          33.74999859375,
          237.13055164266916,
          166.9245532188976,
          242.14318925396583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In July 2025, we acquired Fundamental by way of merger. As of June 30, 2026, Fundamental owned 527 single-tenant",
        "box": [
          69.74999709375,
          261.1305506426688,
          543.2539518385053,
          266.1431882539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties, spanning 16.9 million square feet across 44 states, 72 industries and 123 tenants. The properties, which consist of retail,",
        "box": [
          33.74999859375,
          273.13055014266865,
          557.5460089501652,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "industrial and service facilities, among others, are leased under 138 individual and master net operating lease agreements with a 16.8",
        "box": [
          33.74999859375,
          285.1305496426685,
          564.5619931390826,
          290.14318725396515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "year weighted-average lease base term. Fundamental had total gross properties and lease intangibles of $2.7 billion and debt of $1.7",
        "box": [
          33.74999859375,
          297.1305491426683,
          561.2390258025396,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "billion as of June 30, 2026.",
        "box": [
          33.74999859375,
          309.13054864266815,
          142.32620082599138,
          314.1431862539648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, Fundamental acquired 16 additional net lease properties for $179.0 million and",
        "box": [
          69.74999709375,
          333.1305476426678,
          573.1421319065769,
          338.1431852539645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sold four properties subject to a single master lease for $2.3 million, resulting in an immaterial gain. During the six months ended",
        "box": [
          33.74999859375,
          345.13054714266764,
          551.8691221429519,
          350.14318475396794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, Fundamental acquired 48 additional net lease properties for $308.6 million and sold 13 properties subject to two master",
        "box": [
          33.74999859375,
          357.13054664266747,
          572.7221620920749,
          362.1431842539678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "leases for $24.7 million. Upon sale, we recognized a total net gain of $0.5 million, which is included within gain on sale of investments",
        "box": [
          33.74999859375,
          369.1305461426673,
          575.1821882544873,
          374.1431837539676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and other assets in our condensed consolidated statement of operations.",
        "box": [
          33.74999859375,
          381.13054564266713,
          319.1567862330498,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment - Medical Office Portfolio",
        "box": [
          33.74999859375,
          405.1305446426668,
          211.8985821583921,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Medical Office Portfolio is comprised of 34 medical office buildings acquired during the year ended December 31, 2016.",
        "box": [
          69.74999709375,
          429.13054364266645,
          572.448611154223,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These properties, which collectively comprise 1.9 million square feet, are geographically dispersed throughout the U.S. and primarily",
        "box": [
          33.74999859375,
          441.1305431426663,
          567.639423010856,
          446.1431807539666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affiliated with major hospitals or located on or adjacent to major hospital campuses. The Medical Office Portfolio includes total gross",
        "box": [
          33.74999859375,
          453.1305426426661,
          567.9271794317796,
          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties and lease intangibles of $795.0 million and debt of $444.1 million as of June 30, 2026.",
        "box": [
          33.74999859375,
          465.13054214266594,
          423.0524082540654,
          470.14317975396625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment - D.C. Multifamily Conversion",
        "box": [
          33.74999859375,
          489.13054114266924,
          230.2435750190173,
          494.1431787539659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A vacant office building in Washington, D.C. was acquired in a loan foreclosure in May 2024 and transferred to our Property",
        "box": [
          69.74999709375,
          513.1305401426689,
          569.1556466476802,
          518.1431777539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment with the expectation that we will convert it to multifamily use. That property has a carrying value of $123.1 million, of which",
        "box": [
          33.74999859375,
          525.1305396426687,
          573.0405504108094,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$97.0 million represents construction in progress and $26.1 million represents land and land improvements, and no associated debt as",
        "box": [
          33.74999859375,
          537.1305391426686,
          567.692301566566,
          542.1431767539652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of June 30, 2026.",
        "box": [
          33.74999859375,
          549.1305386426684,
          102.89276899405112,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment - Capitalized Interest",
        "box": [
          33.74999859375,
          573.1305376426681,
          192.381991383171,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, $1.5 million and $1.9 million, respectively, of interest was capitalized",
        "box": [
          69.74999709375,
          597.1305366426677,
          566.9416655649295,
          602.1431742539644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for construction in progress related to the Fundamental and the D.C. Multifamily Conversion portfolios. No such interest was",
        "box": [
          33.74999859375,
          609.1305361426676,
          535.2116816699253,
          614.1431737539679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalized during the three and six months ended June 30, 2025.",
        "box": [
          33.74999859375,
          621.1305356426674,
          293.06471557021973,
          626.1431732539677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment Property Portfolio ('REIS Equity Portfolio')",
        "box": [
          33.74999859375,
          646.6305345801666,
          348.80260394705687,
          651.6431721914669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The REIS Equity Portfolio is comprised of 4 commercial real estate properties and one equity interest in an unconsolidated",
        "box": [
          69.74999709375,
          670.6305335801662,
          561.7331508319511,
          675.6431711914665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate property (see Note 8), which were acquired from CMBS trusts over time. The REIS Equity Portfolio includes total gross",
        "box": [
          33.74999859375,
          682.6305330801661,
          558.3152872322751,
          687.6431706914664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties and lease intangibles of $75.1 million and debt of $37.3 million as of June 30, 2026.",
        "box": [
          33.74999859375,
          694.6305325801659,
          413.0445961710576,
          699.6431701914662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          300.99608495849594,
          737.3805307989169,
          310.9935794794336,
          742.3931684102172
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 44,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923916735,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment Property Portfolio",
        "box": [
          33.74999859375,
          93.13055764266755,
          295.6861305922439,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Commercial and Residential Lending Segment Portfolio represents properties acquired through loan foreclosure or",
        "box": [
          69.74999709375,
          117.13055664266722,
          546.9884015143149,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exercise of control over a mezzanine loan borrower's pledged equity interests. This portfolio includes total gross properties and lease",
        "box": [
          33.74999859375,
          129.13055614266705,
          565.5791575817622,
          134.14319375396371
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intangibles of $1.1 billion and debt of $29.8 million as of June 30, 2026.",
        "box": [
          33.74999859375,
          141.13055564266688,
          323.3844399068976,
          146.14319325396718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Portfolios",
        "box": [
          33.74999859375,
          165.13055464266654,
          114.20829288673394,
          170.14319225396684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 7 for a discussion of our Woodstar I and Woodstar II Portfolios which are not included in the table below.",
        "box": [
          69.74999709375,
          189.1305536426662,
          547.7254560343549,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below summarizes our properties held-for-investment as of June 30, 2026 and December 31, 2025 (dollars in",
        "box": [
          69.74999709375,
          213.13055264266586,
          545.6850514006218,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          225.1305521426657,
          79.84681717213674,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciable Life",
        "box": [
          334.8632710473631,
          243.70642545177907,
          391.33179459463054,
          247.71503132835642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          420.7148299702147,
          243.70642545177907,
          467.134924086044,
          247.71503132835642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          497.8710767553709,
          243.70642545177907,
          562.3306750945543,
          247.71503132835642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          34.74609230224609,
          254.95642498302914,
          96.54330241836104,
          258.9650308596065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land and land improvements",
        "box": [
          45.996091833496095,
          267.1305503926669,
          162.8808028087126,
          272.1431880039636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0 - 15 years",
        "box": [
          339.63279834863283,
          267.1305503926669,
          386.56925476336,
          272.1431880039636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          404.78904563378904,
          267.1305503926669,
          409.7877953880078,
          272.1431880039636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "832,555 ",
        "box": [
          447.57420385107406,
          267.1305503926669,
          482.5696673741797,
          272.1431880039636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          490.92185454492187,
          267.1305503926669,
          495.9206042991406,
          272.1431880039636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "769,318 ",
        "box": [
          533.7304502612302,
          267.1305503926669,
          568.7259137843358,
          272.1431880039636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buildings and building improvements",
        "box": [
          45.996091833496095,
          279.8805498614165,
          197.33988879791727,
          284.8931874727168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0 - 40 years",
        "box": [
          339.63279834863283,
          279.8805498614165,
          386.56925476336,
          284.8931874727168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,199,306 ",
        "box": [
          440.07420416357405,
          279.8805498614165,
          482.5696673741797,
          284.8931874727168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,978,498 ",
        "box": [
          526.2304505737303,
          279.8805498614165,
          568.7259137843358,
          284.8931874727168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Construction in progress",
        "box": [
          45.996091833496095,
          292.6305493301661,
          144.2965598080561,
          297.6431869414664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          354.49217272949215,
          292.6305493301661,
          371.7095361880144,
          297.6431869414664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,539 ",
        "box": [
          447.57420385107406,
          292.6305493301661,
          482.5696673741797,
          297.6431869414664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138,069 ",
        "box": [
          533.7304502612302,
          292.6305493301661,
          568.7259137843358,
          297.6431869414664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furniture & fixtures",
        "box": [
          45.996091833496095,
          305.3805487989157,
          126.51782059883689,
          310.393186410216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 - 5 years",
        "box": [
          342.1288957446287,
          305.3805487989157,
          384.0614423678522,
          310.393186410216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,456 ",
        "box": [
          457.5702934345703,
          305.3805487989157,
          482.5696673741797,
          310.393186410216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,451 ",
        "box": [
          543.7265398447265,
          305.3805487989157,
          568.7259137843358,
          310.393186410216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          34.74609230224609,
          317.956422358031,
          146.46119291344885,
          321.9650282346083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land and land improvements",
        "box": [
          45.996091833496095,
          329.38054779891536,
          162.8808028087126,
          334.39318541021566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0 - 15 years",
        "box": [
          339.63279834863283,
          329.38054779891536,
          386.56925476336,
          334.39318541021566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,916 ",
        "box": [
          452.94139112744125,
          329.38054779891536,
          482.5696673741797,
          334.39318541021566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,567 ",
        "box": [
          538.7226375532224,
          329.38054779891536,
          568.7259137843358,
          334.39318541021566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buildings and building improvements",
        "box": [
          45.996091833496095,
          342.88054723641835,
          197.33988879791727,
          347.893184847715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 - 33 years",
        "box": [
          339.63279834863283,
          342.88054723641835,
          386.56925476336,
          347.893184847715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,762 ",
        "box": [
          452.56639114306626,
          342.88054723641835,
          482.5696673741797,
          347.893184847715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,719 ",
        "box": [
          538.7226375532224,
          342.88054723641835,
          568.7259137843358,
          347.893184847715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furniture & fixtures",
        "box": [
          45.996091833496095,
          355.63054670516794,
          126.51782059883689,
          360.6431843164646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 - 5 years",
        "box": [
          342.1288957446287,
          355.63054670516794,
          384.0614423678522,
          360.6431843164646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,344 ",
        "box": [
          457.5702934345703,
          355.63054670516794,
          482.5696673741797,
          360.6431843164646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,328 ",
        "box": [
          543.7265398447265,
          355.63054670516794,
          568.7259137843358,
          360.6431843164646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          34.74609230224609,
          367.4564202955298,
          193.61134127385927,
          371.4650261721072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land and land improvements",
        "box": [
          45.996091833496095,
          379.6305457051676,
          162.8808028087126,
          384.6431833164643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0 - 13 years",
        "box": [
          339.63279834863283,
          379.6305457051676,
          386.56925476336,
          384.6431833164643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "184,276 ",
        "box": [
          447.57420385107406,
          379.6305457051676,
          482.5696673741797,
          384.6431833164643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143,090 ",
        "box": [
          533.7304502612302,
          379.6305457051676,
          568.7259137843358,
          384.6431833164643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buildings and building improvements",
        "box": [
          45.996091833496095,
          392.3805451739172,
          197.33988879791727,
          397.39318278521387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30 - 50 years",
        "box": [
          337.124985953125,
          392.3805451739172,
          389.06535215935594,
          397.39318278521387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "616,246 ",
        "box": [
          447.57420385107406,
          392.3805451739172,
          482.5696673741797,
          397.39318278521387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "356,440 ",
        "box": [
          533.7304502612302,
          392.3805451739172,
          568.7259137843358,
          397.39318278521387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Construction in progress",
        "box": [
          45.996091833496095,
          405.88054461141655,
          144.2965598080561,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          354.49217272949215,
          405.88054461141655,
          371.7095361880144,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "238,145 ",
        "box": [
          447.57420385107406,
          405.88054461141655,
          482.5696673741797,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "245,794 ",
        "box": [
          533.7304502612302,
          405.88054461141655,
          568.7259137843358,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furniture & fixtures",
        "box": [
          45.996091833496095,
          419.3805440489159,
          126.51782059883689,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 - 7 years",
        "box": [
          342.1288957446287,
          419.3805440489159,
          384.0614423678522,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,323 ",
        "box": [
          452.56639114306626,
          418.63054408016615,
          482.5696673741797,
          423.64318169146645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,003 ",
        "box": [
          543.7265398447265,
          418.63054408016615,
          568.7259137843358,
          423.64318169146645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, cost",
        "box": [
          59.49609127099609,
          432.1305435176655,
          121.13586255175977,
          437.1431811289658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,307,868 ",
        "box": [
          440.07420416357405,
          432.1305435176655,
          482.5696673741797,
          437.1431811289658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,703,277 ",
        "box": [
          526.2304505737303,
          432.1305435176655,
          568.7259137843358,
          437.1431811289658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: accumulated depreciation",
        "box": [
          45.996091833496095,
          445.6305429551685,
          172.01913967003557,
          450.64318056646516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(309,199)",
        "box": [
          443.40232902490214,
          445.6305429551685,
          482.56751044851893,
          450.64318056646516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(254,625)",
        "box": [
          529.5585754350584,
          445.6305429551685,
          568.7237568586751,
          450.64318056646516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, net",
        "box": [
          59.49609127099609,
          460.6305423301674,
          117.24523771386913,
          465.64317994146404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          404.78904563378904,
          459.13054239266785,
          409.7877953880078,
          464.1431800039645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,998,669 ",
        "box": [
          440.07420416357405,
          459.13054239266785,
          482.5696673741797,
          464.1431800039645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          490.92185454492187,
          459.13054239266785,
          495.9206042991406,
          464.1431800039645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,448,652 ",
        "box": [
          526.2304505737303,
          459.13054239266785,
          568.7259137843358,
          464.1431800039645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment Property Portfolio",
        "box": [
          33.74999859375,
          492.88054098641805,
          295.6861305922439,
          497.8931785977147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, we sold two units in a residential conversion project in New York for",
        "box": [
          69.74999709375,
          518.3805399239172,
          563.7152497923627,
          523.3931775352139
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$11.5 million. In connection with these sales, there was no gain or loss recognized in our condensed consolidated statements of",
        "box": [
          33.74999859375,
          530.3805394239171,
          542.0511693450327,
          535.3931770352137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations.",
        "box": [
          33.74999859375,
          542.3805389239169,
          77.89418141065897,
          547.3931765352136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we sold a multifamily property in Conyers, Georgia for $40.0 million, which",
        "box": [
          69.74999709375,
          567.8805378614161,
          555.4983643417339,
          572.8931754727164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualified for sale accounting treatment under GAAP. The property had been acquired through foreclosure in February 2025 and during",
        "box": [
          33.74999859375,
          579.8805373614159,
          571.8715583095172,
          584.8931749727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that year we recorded a $4.0 million impairment on the property. Upon sale, we recognized a net gain of $0.3 million, which is included",
        "box": [
          33.74999859375,
          591.8805368614157,
          577.2738799344207,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "within gain on sale of investments and other assets in our condensed consolidated statement of operations for the six months ended",
        "box": [
          33.74999859375,
          603.8805363614156,
          557.3927686378001,
          608.8931739727159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026. In connection therewith, we provided $32.0 million of three-year senior secured financing to the purchaser.",
        "box": [
          33.74999859375,
          615.8805358614154,
          522.9527410665514,
          620.8931734727157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2025, we sold an office building in Texas for $60.0 million, which had been",
        "box": [
          69.74999709375,
          641.3805347989182,
          566.2533916436076,
          646.3931724102149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquired via equity control of the related mezzanine borrower entity in May 2022. In 2023, we recorded a $30.1 million impairment on",
        "box": [
          33.74999859375,
          653.3805342989181,
          574.0021324957435,
          658.3931719102147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the property. Upon sale, we recognized a net gain of $4.1 million in our condensed consolidated statements of operations, representing:",
        "box": [
          33.74999859375,
          665.3805337989179,
          574.218412373319,
          670.3931714102146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i) forgiveness of debt totaling $23.5 million, which is reflected as gain on extinguishment of debt, offset by (ii) the excess of our",
        "box": [
          33.74999859375,
          677.3805332989177,
          550.0876026851814,
          682.3931709102144
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value over sales proceeds of $19.4 million, which is reflected within gain on sale of investments and other assets in our",
        "box": [
          33.74999859375,
          689.3805327989176,
          545.9909805308738,
          694.3931704102142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed consolidated statements of operations.",
        "box": [
          33.74999859375,
          701.3805322989174,
          231.14668862513764,
          706.393169910214
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 45,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "31",
        "box": [
          300.99608495849594,
          38.380559923916735,
          310.9935794794336,
          43.3931975352134
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 46,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992392037,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2025, we also sold a multifamily property for $54.5 million which did not",
        "box": [
          69.74999709375,
          81.13055814266772,
          558.4463874804871,
          86.14319575396803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualify for sale accounting treatment under GAAP. In connection therewith, we provided $45.8 million of three-year senior secured",
        "box": [
          33.74999859375,
          93.13055764266755,
          559.5894094212736,
          98.14319525396786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing to the purchaser, along with an up to $6.0 million unfunded commitment for future property improvements during the loan",
        "box": [
          33.74999859375,
          105.13055714266739,
          563.9419023149194,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term. Such sale will be recognized under GAAP if and when collection of the financed amount becomes probable. In the meantime, the",
        "box": [
          33.74999859375,
          117.13055664266722,
          574.7321875003857,
          122.14319425396752
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$52.9 million net carrying value of the property as of June 30, 2026 remains within properties on our condensed consolidated balance",
        "box": [
          33.74999859375,
          129.13055614267068,
          567.9230906340982,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheet and the initial down payment of $8.9 million and subsequent interest payments of $1.3 million received from the purchaser are",
        "box": [
          33.74999859375,
          141.13055564267052,
          563.4977298434882,
          146.14319325396718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded as a deposit liability within accounts payable, accrued expenses and other liabilities on our condensed consolidated balance",
        "box": [
          33.74999859375,
          153.13055514267035,
          563.9878338230669,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheet as of June 30, 2026.",
        "box": [
          33.74999859375,
          165.13055464267018,
          136.76121380786583,
          170.14319225396684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment Property Portfolio",
        "box": [
          33.74999859375,
          189.13055364266984,
          240.78291935487792,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, we sold a hospitality asset in New York City for $13.1 million. The",
        "box": [
          69.74999709375,
          213.1305526426695,
          556.3424302166259,
          218.14319025396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property had been acquired through foreclosure in June 2024 after our Investing and Servicing segment acquired the loan as",
        "box": [
          33.74999859375,
          225.13055214266933,
          529.5725818298878,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonperforming in October 2021. In connection with this sale, we recognized a gain of $2.3 million within gain on sale of investments",
        "box": [
          33.74999859375,
          237.13055164266916,
          567.3935688540133,
          242.14318925396583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and other assets in our condensed consolidated statement of operations.",
        "box": [
          33.74999859375,
          249.130551142669,
          319.1567862330498,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026 and 2025, there were no other significant sales of property.",
        "box": [
          69.74999709375,
          274.6305500801682,
          520.5399713670836,
          279.6431876914685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7. Investments of Consolidated Affordable Housing Fund",
        "box": [
          33.74999859375,
          300.13054901766736,
          276.7900405945198,
          305.14318662896767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 2, we established the Woodstar Fund effective November 5, 2021, an investment fund which holds our",
        "box": [
          69.74999709375,
          323.38054804891726,
          566.1388983163778,
          328.39318566021757
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar multifamily affordable housing portfolios. The Woodstar Portfolios consist of the following:",
        "box": [
          33.74999859375,
          335.3805475489171,
          443.100116336582,
          340.3931851602174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar I Portfolio",
        "box": [
          33.74999859375,
          360.8805464864199,
          116.14627094807184,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the Woodstar I Portfolio was comprised of 31 affordable housing communities with 8,684 units",
        "box": [
          69.74999709375,
          384.8805454864196,
          535.9270748401173,
          389.89318309771625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "concentrated primarily in the Tampa, Orlando and West Palm Beach metropolitan areas. We acquired 18 of the affordable housing",
        "box": [
          33.74999859375,
          396.8805449864194,
          553.1996353625141,
          401.8931825977161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "communities in 2015 and another 14 communities in 2016. We sold one of those communities in December 2025. The Woodstar I",
        "box": [
          33.74999859375,
          408.88054448641924,
          552.5062660344037,
          413.8931820977159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio includes properties at fair value of $1.8 billion and debt at fair value of $1.0 billion as of June 30, 2026.",
        "box": [
          33.74999859375,
          420.88054398641543,
          486.05211575407753,
          425.8931815977194
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar II Portfolio",
        "box": [
          33.74999859375,
          444.88054298642237,
          119.47550588435371,
          449.89318059771904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Woodstar II Portfolio is comprised of 27 affordable housing communities with 6,109 units concentrated primarily in",
        "box": [
          69.74999709375,
          468.88054198642203,
          552.0016297374311,
          473.8931795977187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Central and South Florida. We acquired eight of the 27 affordable housing communities in 2017, with the final 19 communities",
        "box": [
          33.74999859375,
          480.8805414864182,
          542.1152955572747,
          485.8931790977149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquired in 2018. The Woodstar II Portfolio includes properties at fair value of $1.4 billion and debt at fair value of $499.5 million as of",
        "box": [
          33.74999859375,
          492.8805409864217,
          577.6048065636314,
          497.89317859771836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026.",
        "box": [
          33.74999859375,
          504.8805404864179,
          92.06542264519058,
          509.89317809771455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from the Woodstar Fund's investments reflects the following components for the three and six months ended June 30,",
        "box": [
          69.74999709375,
          528.8805394864175,
          572.1432101169482,
          533.8931770977142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and 2025 (in thousands):",
        "box": [
          33.74999859375,
          540.880538986421,
          155.3746956751417,
          545.8931765977177
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          312.52733447802717,
          554.2064125142788,
          415.6657821430915,
          558.2150183908598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          461.7421682607422,
          554.2064125142788,
          555.2655307514356,
          558.2150183908598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          319.9921741669922,
          565.4564120455325,
          335.9821432757434,
          569.4650179221062
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          392.1210811616209,
          565.4564120455325,
          408.1110502703722,
          569.4650179221062
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          464.3554531518553,
          565.4564120455325,
          480.3454222606065,
          569.4650179221062
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          536.6249776406249,
          565.4564120455325,
          552.6149467493761,
          569.4650179221062
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions from affordable housing fund investments",
        "box": [
          34.74609230224609,
          578.3805374239164,
          257.53186086491826,
          583.3931750352203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          295.4999876875,
          578.3805374239164,
          300.49873744171873,
          583.3931750352203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,994 ",
        "box": [
          334.96873604296877,
          578.3805374239164,
          359.96810998257814,
          583.3931750352203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          367.535144686035,
          578.3805374239164,
          372.53389444025373,
          583.3931750352203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,058 ",
        "box": [
          402.199205741699,
          578.3805374239164,
          432.2024819728125,
          583.3931750352203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.76951667626935,
          578.3805374239164,
          444.76826643048815,
          583.3931750352203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,524 ",
        "box": [
          474.43357773193344,
          578.3805374239164,
          504.4368539630469,
          583.3931750352203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.0038886665037,
          578.3805374239164,
          517.0026384207225,
          583.3931750352203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,003 ",
        "box": [
          546.703102220703,
          578.3805374239164,
          576.7063859518162,
          583.3931750352203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized change in fair value of investments (1)",
        "box": [
          34.74609230224609,
          591.1305368926696,
          235.44759779518247,
          596.1431745039663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,065)",
        "box": [
          330.79686121679686,
          591.8805368614194,
          359.9659530569174,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,943)",
        "box": [
          403.0312332070312,
          591.8805368614194,
          432.20032504715175,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,131)",
        "box": [
          475.2656051972656,
          591.8805368614194,
          504.4346970373861,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,978)",
        "box": [
          542.5312273945311,
          591.8805368614194,
          576.7042215261557,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from affordable housing fund investments",
        "box": [
          52.74609155224609,
          607.6305362051717,
          253.2962652914014,
          612.6431738164683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          295.4999876875,
          606.1305362676721,
          300.49873744171873,
          611.1431738789688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,929 ",
        "box": [
          334.96873604296877,
          606.1305362676721,
          359.96810998257814,
          611.1431738789688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          367.535144686035,
          606.1305362676721,
          372.53389444025373,
          611.1431738789688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,115 ",
        "box": [
          407.57810801757813,
          606.1305362676721,
          432.2024819728125,
          611.1431738789688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.76951667626935,
          606.1305362676721,
          444.76826643048815,
          611.1431738789688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,393 ",
        "box": [
          474.43357773193344,
          606.1305362676721,
          504.4368539630469,
          611.1431738789688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.0038886665037,
          606.1305362676721,
          517.0026384207225,
          611.1431738789688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,025 ",
        "box": [
          551.7070120122067,
          606.1305362676721,
          576.7063859518162,
          611.1431738789688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          627.2636457240151,
          210.74999121875,
          628.76781306052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          636.1305350176699,
          45.40722371353168,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair value of the Woodstar Fund's investments are dependent upon the real estate and capital markets, which are cyclical in",
        "box": [
          69.74999709375,
          636.1305350176699,
          578.1719884719992,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nature. Property and investment values are affected by, among other things, capitalization rates, the availability of capital,",
        "box": [
          69.74999709375,
          648.1305345176661,
          556.1218482595052,
          653.14317212897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "occupancy, rental rates and interest and inflation rates.",
        "box": [
          69.74999709375,
          660.1305340176696,
          287.0098300725065,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32",
        "box": [
          300.99608495849594,
          702.8805322364205,
          310.9935794794336,
          707.8931698477172
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 47,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.393197535209765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8. Investments in Unconsolidated Entities",
        "box": [
          33.74999859375,
          93.13055764266755,
          210.12220599032074,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below summarizes our investments in unconsolidated entities as of June 30, 2026 and December 31, 2025 (dollars in",
        "box": [
          69.74999709375,
          117.13055664266722,
          576.4488285187977,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          129.1305561426634,
          79.84681717213674,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Participation /",
        "box": [
          334.5702985595703,
          155.2064291392744,
          383.64499160296634,
          159.2150350158554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ownership % (1)",
        "box": [
          329.5663962680662,
          162.7064288267793,
          388.64264774755435,
          166.715034703353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying value as of",
        "box": [
          458.999980875,
          150.70642932677583,
          528.507166969866,
          154.71503520335682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          425.64841976464845,
          162.7064288267793,
          472.0685138804777,
          166.715034703353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          507.9257638364256,
          162.7064288267793,
          572.385362175609,
          166.715034703353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity method investments:",
        "box": [
          34.74609230224609,
          174.7064283267755,
          130.68981602058957,
          178.71503420335648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity interests in two natural gas power plants",
        "box": [
          45.996091833496095,
          186.13055376766715,
          236.1994794537676,
          191.14319137896382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10% - 12%",
        "box": [
          336.59764597509746,
          186.13055376766715,
          381.60532711777677,
          191.14319137896382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.2617054057615,
          186.13055376766715,
          415.2604551599803,
          191.14319137896382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,056 ",
        "box": [
          456.9609184599609,
          186.13055376766715,
          486.96420219107404,
          191.14319137896382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          503.0624790390625,
          186.13055376766715,
          508.06122879328126,
          191.14319137896382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,537 ",
        "box": [
          546.6796647216796,
          186.13055376766715,
          576.6829484527927,
          191.14319137896382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity interest in a retail center in Hawaii",
        "box": [
          45.996091833496095,
          199.63055320516287,
          213.3905162078158,
          204.64319081645954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          349.93358291943343,
          199.63055320516287,
          368.26939017344085,
          204.64319081645954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,526 ",
        "box": [
          461.96482825146467,
          199.63055320516287,
          486.96420219107404,
          204.64319081645954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,637 ",
        "box": [
          551.6835745131833,
          199.63055320516287,
          576.6829484527927,
          204.64319081645954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investor entity which owns equity in an online real estate company",
        "box": [
          45.996091833496095,
          212.3805526739161,
          313.63389901942026,
          217.39319028521277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50%",
        "box": [
          349.93358291943343,
          212.3805526739161,
          368.26939017344085,
          217.39319028521277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,183 ",
        "box": [
          461.96482825146467,
          212.3805526739161,
          486.96420219107404,
          217.39319028521277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,142 ",
        "box": [
          551.6835745131833,
          212.3805526739161,
          576.6829484527927,
          217.39319028521277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          45.996091833496095,
          225.88055211141182,
          76.54018068123867,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          353.27342278027345,
          225.88055211141182,
          364.9306479000551,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          474.45701523095687,
          225.13055214266205,
          486.96420219107404,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1757614926755,
          225.13055214266205,
          576.6829484527927,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,765 ",
        "box": [
          456.9609184599609,
          239.3805515489148,
          486.96420219107404,
          244.39318916021148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,316 ",
        "box": [
          546.6796647216796,
          239.3805515489148,
          576.6829484527927,
          244.39318916021148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other equity investments:",
        "box": [
          34.74609230224609,
          251.20642513928033,
          123.42486647329585,
          255.21503101585404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity interest in a servicing and advisory business",
        "box": [
          45.996091833496095,
          263.38055054891447,
          251.1837545544228,
          268.39318816021114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          352.44139531494125,
          263.38055054891447,
          365.7732927774449,
          268.39318816021114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,462 ",
        "box": [
          461.96482825146467,
          263.38055054891447,
          486.96420219107404,
          268.39318816021114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,462 ",
        "box": [
          551.6835745131833,
          263.38055054891447,
          576.6829484527927,
          268.39318816021114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity interest in a data center business in Ireland",
        "box": [
          45.996091833496095,
          276.1305500176677,
          245.3258571905888,
          281.14318762896437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.54%",
        "box": [
          346.1952980751953,
          276.1305500176677,
          372.01939001719086,
          281.14318762896437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,672 ",
        "box": [
          461.96482825146467,
          276.1305500176677,
          486.96420219107404,
          281.14318762896437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,672 ",
        "box": [
          551.6835745131833,
          276.1305500176677,
          576.6829484527927,
          281.14318762896437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment funds which own equity in a loan servicer and other real",
        "box": [
          45.996091833496095,
          289.6305494551634,
          317.78811778291544,
          294.6431870664601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate assets",
        "box": [
          57.24609136474609,
          299.3805490489176,
          105.8276472109275,
          304.39318666021427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4% - 6%",
        "box": [
          341.6015482666016,
          299.3805490489176,
          376.60141732627307,
          304.39318666021427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "695 ",
        "box": [
          469.4648279389647,
          299.3805490489176,
          486.96420219107404,
          304.39318666021427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "695 ",
        "box": [
          559.1835742006833,
          299.3805490489176,
          576.6829484527927,
          304.39318666021427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          45.996091833496095,
          312.8805484864133,
          76.54018068123867,
          317.89318609771
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3% - 15%",
        "box": [
          339.1054583706053,
          312.8805484864133,
          379.1092297217809,
          317.89318609771
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "607 ",
        "box": [
          469.4648279389647,
          312.13054851766356,
          486.96420219107404,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "607 ",
        "box": [
          559.1835742006833,
          312.13054851766356,
          576.6829484527927,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,436 ",
        "box": [
          456.9609184599609,
          326.3805479239163,
          486.96420219107404,
          331.393185535213
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,436 ",
        "box": [
          546.6796647216796,
          326.3805479239163,
          576.6829484527927,
          331.393185535213
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.2617054057615,
          339.880547361412,
          415.2604551599803,
          344.89318497271597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,201 ",
        "box": [
          456.9609184599609,
          339.880547361412,
          486.96420219107404,
          344.89318497271597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          503.0624790390625,
          339.880547361412,
          508.06122879328126,
          344.89318497271597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,752 ",
        "box": [
          546.6796647216796,
          339.880547361412,
          576.6829484527927,
          344.89318497271597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          361.01365681775496,
          210.74999121875,
          362.51782415426715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          369.88054611141706,
          45.40722371353168,
          374.89318372271373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "None of these investments are publicly traded and therefore quoted market prices are not available.",
        "box": [
          69.74999709375,
          369.88054611141706,
          465.8824191694814,
          374.89318372271373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          384.8805454864123,
          45.40722371353168,
          389.89318309771625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes common equity interests ranging from 20% to 70%, received in connection with loan modifications involving",
        "box": [
          69.74999709375,
          384.8805454864123,
          545.1139495244176,
          389.89318309771625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preferred equity interests, that currently have no carrying value.",
        "box": [
          69.74999709375,
          396.88054498641577,
          324.5917150815945,
          401.89318259771244
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There were no differences between the carrying value of our equity method investments and the underlying equity in the net",
        "box": [
          69.74999709375,
          420.88054398641543,
          566.2373482308635,
          425.8931815977121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets of the investees as of June 30, 2026.",
        "box": [
          33.74999859375,
          432.8805434864116,
          204.2296022466829,
          437.89318109771557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, we did not become aware of (i) any observable price changes in our",
        "box": [
          69.74999709375,
          456.8805424864113,
          558.9239024420024,
          461.89318009771523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other equity investments accounted for under the fair value practicability election or (ii) any indicators of impairment.",
        "box": [
          33.74999859375,
          468.88054198641476,
          505.4087308475518,
          473.8931795977114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33",
        "box": [
          300.99608495849594,
          511.63054020516574,
          310.9935794794336,
          516.6431778164624
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 48,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992392037,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9. Goodwill and Intangibles",
        "box": [
          33.74999859375,
          93.13055764266755,
          151.54319870611278,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill",
        "box": [
          33.74999859375,
          117.13055664266722,
          70.96720941712042,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill is tested for impairment annually in the fourth quarter, or more frequently if an event occurs or circumstances",
        "box": [
          69.74999709375,
          141.13055564266688,
          547.6864274001439,
          146.14319325396355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.",
        "box": [
          33.74999859375,
          153.13055514267035,
          459.3412281420313,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          33.74999859375,
          177.13055414267,
          161.11057708614663,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Infrastructure Lending Segment's goodwill of $119.4 million at both June 30, 2026 and December 31, 2025 represents the",
        "box": [
          69.74999709375,
          201.13055314266967,
          576.0918873437314,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excess of consideration transferred over the fair value of net assets acquired on September 19, 2018 and October 15, 2018. The",
        "box": [
          33.74999859375,
          213.13055264266586,
          541.3225821674527,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "goodwill recognized is attributable to value embedded in the acquired Infrastructure Lending Segment's lending platform.",
        "box": [
          33.74999859375,
          225.13055214266933,
          521.5326316507227,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LNR Property LLC ('LNR')",
        "box": [
          33.74999859375,
          249.130551142669,
          148.65272551163557,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Investing and Servicing Segment's goodwill of $140.4 million at both June 30, 2026 and December 31, 2025 represents",
        "box": [
          69.74999709375,
          273.13055014266865,
          566.4881579417383,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is",
        "box": [
          33.74999859375,
          285.13054964266485,
          571.5981232788234,
          290.1431872539688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attributable to value embedded in LNR's existing platform, which includes a network of commercial real estate asset managers, work-",
        "box": [
          33.74999859375,
          297.1305491426683,
          570.1093110009436,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "out specialists, underwriters and administrative support professionals as well as proprietary historical performance data on commercial",
        "box": [
          33.74999859375,
          309.1305486426645,
          572.3353095267819,
          314.14318625396845
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate assets.",
        "box": [
          33.74999859375,
          321.130548142668,
          102.3118780432549,
          326.14318575396464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible Assets",
        "box": [
          33.74999859375,
          345.13054714266764,
          104.21079172829647,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing Rights Intangibles",
        "box": [
          33.74999859375,
          369.1305461426673,
          147.03695041887315,
          374.14318375396397
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In connection with the LNR acquisition, we identified domestic servicing rights that existed at the purchase date, based upon",
        "box": [
          69.74999709375,
          393.13054514266696,
          568.9360117818316,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the expected future cash flows of the associated servicing contracts. As of June 30, 2026 and December 31, 2025, the balance of the",
        "box": [
          33.74999859375,
          405.13054464267043,
          560.6634624865826,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "domestic servicing intangible was net of $38.1 million and $37.3 million, respectively, which was eliminated in consolidation pursuant",
        "box": [
          33.74999859375,
          417.1305441426666,
          573.1454829680246,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of June 30,",
        "box": [
          33.74999859375,
          429.1305436426701,
          562.6989965354572,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and December 31, 2025, the domestic servicing intangible had a balance of $67.6 million and $65.5 million, respectively, which",
        "box": [
          33.74999859375,
          441.1305431426663,
          568.6657945930909,
          446.14318075396295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "represents our economic interest in this asset.",
        "box": [
          33.74999859375,
          453.13054264266975,
          215.04231152115335,
          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Intangibles",
        "box": [
          33.74999859375,
          477.1305416426694,
          104.55739896385452,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In connection with our acquisitions of commercial real estate, we recognized in-place lease intangible assets and favorable",
        "box": [
          69.74999709375,
          501.1305406426691,
          559.7098496013164,
          506.14317825396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lease intangible assets or unfavorable lease liabilities associated with certain non-cancelable operating leases of the acquired properties.",
        "box": [
          33.74999859375,
          513.1305401426653,
          575.8939880856659,
          518.1431777539692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease",
        "box": [
          69.74999709375,
          537.1305391426649,
          532.2850919940149,
          542.1431767539689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intangibles, as of June 30, 2026 and December 31, 2025 (amounts in thousands):",
        "box": [
          33.74999859375,
          549.1305386426684,
          356.666877162967,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026",
        "box": [
          230.40233789990216,
          567.7064119517818,
          296.36485450146375,
          571.7150178283555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025",
        "box": [
          430.46482956396466,
          567.7064119517818,
          514.4668503888804,
          571.7150178283555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross Carrying",
        "box": [
          166.96874304296875,
          578.9564114830282,
          220.3415459691019,
          582.9650173596092
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          184.03124233203124,
          587.2064111392829,
          203.2848053799223,
          591.2150170158566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated",
        "box": [
          240.72655246972656,
          578.9564114830282,
          286.0262905071144,
          582.9650173596092
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          240.51561497851563,
          587.2064111392829,
          286.2525631726864,
          591.2150170158566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Carrying",
        "box": [
          310.3476470688475,
          578.9564114830282,
          355.8620900474122,
          582.9650173596092
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          323.4726465219725,
          587.2064111392829,
          342.72620956986344,
          591.2150170158566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross Carrying",
        "box": [
          375.8202968408203,
          578.9564114830282,
          429.1930997669534,
          582.9650173596092
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          392.8827961298828,
          587.2064111392829,
          412.1363591777737,
          591.2150170158566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated",
        "box": [
          449.78904375878903,
          578.9564114830282,
          495.08878179617733,
          582.9650173596092
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          449.56639126806624,
          587.2064111392829,
          495.3033394622374,
          591.2150170158566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Carrying",
        "box": [
          519.6445133481443,
          578.9564114830282,
          565.1589563267092,
          582.9650173596092
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          532.7695128012693,
          587.2064111392829,
          552.0230758491604,
          591.2150170158566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Domestic servicing rights, at",
        "box": [
          34.74609230224609,
          599.380536548917,
          149.692784261888,
          604.3931741602137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value",
        "box": [
          43.74609192724609,
          609.8805361114137,
          81.76875384052988,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          162.83202821533186,
          609.8805361114137,
          167.83077796955064,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,487 ",
        "box": [
          193.9804644174803,
          609.8805361114137,
          223.98374064859377,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          232.24217782324217,
          609.8805361114137,
          237.24092757746092,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.49608577099593,
          609.8805361114137,
          293.9929501815432,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          302.27342490527343,
          609.8805361114137,
          307.2721746594922,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,487 ",
        "box": [
          333.4218611074219,
          609.8805361114137,
          363.425144838535,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          371.6835820131834,
          609.8805361114137,
          376.68233176740216,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,280 ",
        "box": [
          402.83201821533186,
          609.8805361114137,
          432.8352944464453,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          441.09373162109375,
          609.8805361114137,
          446.0924813753125,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          490.72263955322245,
          609.8805361114137,
          503.2195039637698,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          511.535138686035,
          609.8805361114137,
          516.5338884402537,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,280 ",
        "box": [
          542.7070123872068,
          609.8805361114137,
          572.7102886183203,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place lease intangible assets",
        "box": [
          34.74609230224609,
          622.6305355801669,
          158.27462437563673,
          627.6431731914636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "416,958 ",
        "box": [
          188.9882771254881,
          622.6305355801669,
          223.98374064859377,
          627.6431731914636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(85,117)",
        "box": [
          260.19139915869124,
          622.6305355801669,
          293.98939330594084,
          627.6431731914636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "331,841 ",
        "box": [
          328.4296738154297,
          622.6305355801669,
          363.425144838535,
          627.6431731914636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "399,387 ",
        "box": [
          397.83983092333966,
          622.6305355801669,
          432.8352944464453,
          627.6431731914636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(73,986)",
        "box": [
          469.04295295654276,
          622.6305355801669,
          503.21594708816735,
          627.6431731914636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "325,401 ",
        "box": [
          537.7148250952147,
          622.6305355801669,
          572.7102886183203,
          627.6431731914636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Favorable lease intangible",
        "box": [
          34.74609230224609,
          635.3805350489201,
          139.68066225253358,
          640.3931726602168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets",
        "box": [
          43.74609192724609,
          645.130534642667,
          67.07032092581616,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95,593 ",
        "box": [
          193.9804644174803,
          645.130534642667,
          223.98374064859377,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,947)",
        "box": [
          259.81639917431625,
          645.130534642667,
          293.98939330594084,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,646 ",
        "box": [
          333.4218611074219,
          645.130534642667,
          363.425144838535,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95,943 ",
        "box": [
          402.83201821533186,
          645.130534642667,
          432.8352944464453,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,565)",
        "box": [
          469.04295295654276,
          645.130534642667,
          503.21594708816735,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,378 ",
        "box": [
          542.7070123872068,
          645.130534642667,
          572.7102886183203,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net intangible assets",
        "box": [
          40.74609205224609,
          660.1305340176696,
          144.16248066364273,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          162.83202821533186,
          658.63053408017,
          167.83077796955064,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "542,038 ",
        "box": [
          188.9882771254881,
          658.63053408017,
          223.98374064859377,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          232.24217782324217,
          658.63053408017,
          237.24092757746092,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(101,064)",
        "box": [
          254.82421188232405,
          658.63053408017,
          293.98939330594084,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          302.27342490527343,
          658.63053408017,
          307.2721746594922,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440,974 ",
        "box": [
          328.4296738154297,
          658.63053408017,
          363.425144838535,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          371.6835820131834,
          658.63053408017,
          376.68233176740216,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "523,610 ",
        "box": [
          397.83983092333966,
          658.63053408017,
          432.8352944464453,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          441.09373162109375,
          658.63053408017,
          446.0924813753125,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(87,551)",
        "box": [
          469.04295295654276,
          658.63053408017,
          503.21594708816735,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          511.535138686035,
          658.63053408017,
          516.5338884402537,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "436,059 ",
        "box": [
          537.7148250952147,
          658.63053408017,
          572.7102886183203,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Memo: Unfavorable lease",
        "box": [
          40.74609205224609,
          673.6305334551653,
          144.5676784739079,
          678.6431710664692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(liabilities) (1)",
        "box": [
          49.74609167724609,
          683.3805330489195,
          107.76858344014158,
          688.3931706602161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          162.83202821533186,
          681.8805331114199,
          167.83077796955064,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(36,319)",
        "box": [
          189.80858959130842,
          681.8805331114199,
          223.981583722933,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          232.24217782324217,
          681.8805331114199,
          237.24092757746092,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,271 ",
        "box": [
          268.99217629199217,
          681.8805331114199,
          293.9915502316016,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          302.27342490527343,
          681.8805331114199,
          307.2721746594922,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(33,048)",
        "box": [
          329.24998628125,
          681.8805331114199,
          363.42298041287455,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          371.6835820131834,
          681.8805331114199,
          376.68233176740216,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35,460)",
        "box": [
          398.66014338916,
          681.8805331114199,
          432.8331375207846,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          441.09373162109375,
          681.8805331114199,
          446.0924813753125,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,778 ",
        "box": [
          478.21873007421874,
          681.8805331114199,
          503.2181040138281,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          511.535138686035,
          681.8805331114199,
          516.5338884402537,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,682)",
        "box": [
          538.535137561035,
          681.8805331114199,
          572.7081316926595,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "_____________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          700.0136426927638,
          209.24999128125,
          701.5178100292687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          708.8805319864186,
          45.40722371353168,
          713.8931695977153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfavorable lease liabilities are classified within accounts payable, accrued expenses and other liabilities on our condensed",
        "box": [
          69.74999709375,
          708.8805319864186,
          563.3319772153332,
          713.8931695977153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets.",
        "box": [
          69.74999709375,
          720.8805314864148,
          182.73432571731948,
          725.8931690977188
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 49,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "34",
        "box": [
          300.99608495849594,
          43.63055970516871,
          310.9935794794336,
          48.643197316465375
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 50,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes the activity within intangible assets for the six months ended June 30, 2026 (amounts in",
        "box": [
          69.74999709375,
          93.13055764266755,
          552.0408708607957,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          105.13055714266375,
          79.84681717213674,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Domestic",
        "box": [
          278.9531133769531,
          126.70643032677617,
          310.47632161360883,
          130.71503620335716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing",
        "box": [
          278.7187383867187,
          134.20643001428107,
          310.6947984293828,
          138.21503589085478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rights",
        "box": [
          283.60546068310526,
          142.45642967052845,
          305.8180945034048,
          146.46503554710944
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place Lease",
        "box": [
          333.43358360693344,
          126.70643032677617,
          382.953312143734,
          130.71503620335716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible",
        "box": [
          340.6406108066406,
          134.20643001428107,
          375.7396856193019,
          138.21503589085478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          347.53123551953126,
          142.45642967052845,
          368.84990267707934,
          146.46503554710944
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Favorable",
        "box": [
          404.35545565185527,
          118.45643067052879,
          438.99389435870984,
          122.4650365471025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease",
        "box": [
          411.9023303374022,
          126.70643032677617,
          431.4408626984195,
          130.71503620335716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible",
        "box": [
          404.1210806616209,
          134.20643001428107,
          439.22015547428236,
          138.21503589085478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          411.01170537451156,
          142.45642967052845,
          432.3303725320598,
          146.46503554710944
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Intangible",
        "box": [
          457.8632659223631,
          134.20643001428107,
          512.4383989485221,
          138.21503589085478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          474.49216772949217,
          142.45642967052845,
          495.8108348870404,
          146.46503554710944
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Memo:",
        "box": [
          536.8476376313474,
          126.70643032677617,
          561.2620253300801,
          130.71503620335716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfavorable",
        "box": [
          527.7304505112303,
          134.20643001428107,
          570.3677711847981,
          138.21503589085478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Liabilities",
        "box": [
          521.1796657841796,
          142.45642967052845,
          576.9220568074062,
          146.46503554710944
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of January 1, 2026",
        "box": [
          34.74609230224609,
          155.38055504891236,
          154.67688964262933,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          266.9413988774412,
          155.38055504891236,
          271.94014863165995,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,280 ",
        "box": [
          291.97264783447247,
          155.38055504891236,
          321.97592406558596,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          330.26952123876936,
          155.38055504891236,
          335.2682709929881,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "325,401 ",
        "box": [
          350.61327039111313,
          155.38055504891236,
          385.60873391421876,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          393.90233108740216,
          155.38055504891236,
          398.9010808416209,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,378 ",
        "box": [
          418.9335800444334,
          155.38055504891236,
          448.93685627554686,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          457.2304534487303,
          155.38055504891236,
          462.22920320294907,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "436,059 ",
        "box": [
          477.57420260107403,
          155.38055504891236,
          512.5696661241797,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          520.8632632973631,
          155.38055504891236,
          525.8620130515818,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,682)",
        "box": [
          542.4374773984374,
          155.38055504891236,
          576.610471530062,
          160.3931926602163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisitions (1)",
        "box": [
          34.74609230224609,
          168.1305545176656,
          99.44662346188994,
          173.14319212896226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          309.46873710546873,
          168.1305545176656,
          321.97592406558596,
          173.14319212896226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,345 ",
        "box": [
          355.60545768310527,
          168.1305545176656,
          385.60873391421876,
          173.14319212896226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "365 ",
        "box": [
          431.4374820234375,
          168.1305545176656,
          448.93685627554686,
          173.14319212896226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,710 ",
        "box": [
          482.56638989306623,
          168.1305545176656,
          512.5696661241797,
          173.14319212896226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,546)",
        "box": [
          547.4413871899412,
          168.1305545176656,
          576.610471530062,
          173.14319212896226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          34.74609230224609,
          180.88055398641882,
          88.05301796862409,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          309.46873710546873,
          180.88055398641882,
          321.97592406558596,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,257)",
        "box": [
          351.8085828413084,
          180.88055398641882,
          385.606576988558,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,406)",
        "box": [
          419.76560750976563,
          180.88055398641882,
          448.9346993498861,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,663)",
        "box": [
          478.39451506689437,
          180.88055398641882,
          512.5675091985189,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,180 ",
        "box": [
          551.613262016113,
          180.88055398641882,
          576.6126359557225,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales",
        "box": [
          34.74609230224609,
          194.38055342391453,
          55.8491948183631,
          199.3931910352112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          309.46873710546873,
          194.38055342391453,
          321.97592406558596,
          199.3931910352112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,648)",
        "box": [
          356.4374851484375,
          194.38055342391453,
          385.606576988558,
          199.3931910352112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(691)",
        "box": [
          427.26560719726564,
          194.38055342391453,
          448.9346993498861,
          199.3931910352112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,339)",
        "box": [
          483.39841735839843,
          194.38055342391453,
          512.5675091985189,
          199.3931910352112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1054489956052,
          194.38055342391453,
          576.6126359557225,
          199.3931910352112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in fair value due to changes in inputs and",
        "box": [
          34.74609230224609,
          207.13055289266777,
          236.03339245277485,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions",
        "box": [
          43.74609192724609,
          216.88055248641467,
          93.18192653783257,
          221.89319009771134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,207 ",
        "box": [
          296.97655012597653,
          216.88055248641467,
          321.97592406558596,
          221.89319009771134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          373.10154695410154,
          216.88055248641467,
          385.60873391421876,
          221.89319009771134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          436.4296693154297,
          216.88055248641467,
          448.93685627554686,
          221.89319009771134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,207 ",
        "box": [
          487.5702921845703,
          216.88055248641467,
          512.5696661241797,
          221.89319009771134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1054489956052,
          216.88055248641467,
          576.6126359557225,
          221.89319009771134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of June 30, 2026",
        "box": [
          34.74609230224609,
          231.8805518614172,
          146.91028844123775,
          236.89318947271386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          266.9413988774412,
          230.38055192391766,
          271.94014863165995,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,487 ",
        "box": [
          291.97264783447247,
          230.38055192391766,
          321.97592406558596,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          330.26952123876936,
          230.38055192391766,
          335.2682709929881,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "331,841 ",
        "box": [
          350.61327039111313,
          230.38055192391766,
          385.60873391421876,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          393.90233108740216,
          230.38055192391766,
          398.9010808416209,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,646 ",
        "box": [
          418.9335800444334,
          230.38055192391766,
          448.93685627554686,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          457.2304534487303,
          230.38055192391766,
          462.22920320294907,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440,974 ",
        "box": [
          477.57420260107403,
          230.38055192391766,
          512.5696661241797,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          520.8632632973631,
          230.38055192391766,
          525.8620130515818,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(33,048)",
        "box": [
          542.4374773984374,
          230.38055192391766,
          576.610471530062,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "___________________________________________________",
        "box": [
          33.74999859375,
          249.6168792624012,
          212.18598987141664,
          253.12534953719296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)    Represents in-place and favorable lease intangible assets and unfavorable lease liabilities related to property acquisitions by",
        "box": [
          33.74999859375,
          258.8805507364159,
          550.382759079884,
          263.89318834771257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fundamental with in-place leases. The weighted average amortization period of these lease intangible assets and unfavorable",
        "box": [
          69.74999709375,
          270.8805502364121,
          569.2582499534662,
          275.89318784771604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lease liabilities is 15.4 years and 15.6 years, respectively.",
        "box": [
          69.74999709375,
          282.88054973641556,
          297.8688805700459,
          287.8931873477122
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets, favorable lease",
        "box": [
          69.74999709375,
          306.8805487364152,
          555.2773699610029,
          311.8931863477119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intangible assets and unfavorable lease liabilities for the next five years and thereafter (amounts in thousands):",
        "box": [
          33.74999859375,
          318.8805482364187,
          475.43580811426136,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Amortization",
        "box": [
          436.81639179931625,
          357.70642070177564,
          502.3182813199482,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liability",
        "box": [
          529.289040446289,
          349.45642104552826,
          558.6104947995618,
          353.46502692210925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          521.0859157880859,
          357.70642070177564,
          566.822863982257,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (remainder of)",
        "box": [
          34.74609230224609,
          369.88054611141706,
          115.24831572848606,
          374.89318372271373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          436.32420431982405,
          369.88054611141706,
          441.3229540740428,
          374.89318372271373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,069 ",
        "box": [
          472.2538903227537,
          369.88054611141706,
          502.2571665538672,
          374.89318372271373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          510.6679512221678,
          369.88054611141706,
          515.6667009763866,
          374.89318372271373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,214)",
        "box": [
          547.4765396884765,
          369.88054611141706,
          576.645631528597,
          374.89318372271373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          34.74609230224609,
          383.3805455489128,
          54.74107635662172,
          388.3931831602167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,978 ",
        "box": [
          472.2538903227537,
          383.3805455489128,
          502.2571665538672,
          388.3931831602167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,424)",
        "box": [
          547.4765396884765,
          383.3805455489128,
          576.645631528597,
          388.3931831602167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          34.74609230224609,
          396.130545017666,
          54.74107635662172,
          401.1431826289627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,975 ",
        "box": [
          472.2538903227537,
          396.130545017666,
          502.2571665538672,
          401.1431826289627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,423)",
        "box": [
          547.4765396884765,
          396.130545017666,
          576.645631528597,
          401.1431826289627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          34.74609230224609,
          408.88054448641924,
          54.74107635662172,
          413.8931820977159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,941 ",
        "box": [
          472.2538903227537,
          408.88054448641924,
          502.2571665538672,
          413.8931820977159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,422)",
        "box": [
          547.4765396884765,
          408.88054448641924,
          576.645631528597,
          413.8931820977159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          34.74609230224609,
          422.38054392391496,
          54.74107635662172,
          427.3931815352116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,688 ",
        "box": [
          472.2538903227537,
          422.38054392391496,
          502.2571665538672,
          427.3931815352116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,422)",
        "box": [
          547.4765396884765,
          422.38054392391496,
          576.645631528597,
          427.3931815352116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          34.74609230224609,
          435.1305433926682,
          76.36650039856177,
          440.14318100396486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "285,836 ",
        "box": [
          467.26170303076157,
          435.1305433926682,
          502.2571665538672,
          440.14318100396486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,143)",
        "box": [
          542.4726373969725,
          435.1305433926682,
          576.645631528597,
          440.14318100396486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          34.74609230224609,
          450.1305427676634,
          55.14624522632728,
          455.1431803789674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          436.32420431982405,
          448.6305428301639,
          441.3229540740428,
          453.64318044146785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "411,487 ",
        "box": [
          467.63670301513656,
          448.6305428301639,
          502.2571665538672,
          453.64318044146785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          510.6679512221678,
          448.6305428301639,
          515.6667009763866,
          453.64318044146785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(33,048)",
        "box": [
          542.4726373969725,
          448.6305428301639,
          576.645631528597,
          453.64318044146785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          300.99608495849594,
          526.6305395801683,
          310.9935794794336,
          531.6431771914649
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 51,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992392037,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10. Secured Borrowings",
        "box": [
          33.74999859375,
          93.13055764266755,
          135.30540635768747,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Financing Agreements",
        "box": [
          33.74999859375,
          117.13055664266722,
          163.91260176572098,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table is a summary of our secured financing agreements in place as of June 30, 2026 and December 31, 2025",
        "box": [
          69.74999709375,
          141.13055564266688,
          564.19605240433,
          146.14319325396355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(dollars in thousands):",
        "box": [
          33.74999859375,
          153.13055514267035,
          123.16110059237488,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding Balance at",
        "box": [
          484.20701482470685,
          171.61688251240412,
          554.5816293929304,
          175.12535278719588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current",
        "box": [
          147.41015010791014,
          188.86688179365592,
          171.76811924349414,
          192.37535206844768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          145.9921814169922,
          195.61688151240378,
          173.19627924598802,
          199.12535178719554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          183.96092983496095,
          196.36688148115354,
          189.20903809753975,
          199.8753517559453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Extended",
        "box": [
          207.76171384326156,
          188.86688179365592,
          236.14459189308022,
          192.37535206844768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (a)",
        "box": [
          203.40233902490218,
          195.61688151240378,
          240.5149769790416,
          199.12535178719554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          245.34373977734376,
          196.36688148115354,
          250.59184803992258,
          199.8753517559453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted",
        "box": [
          274.0663985805662,
          181.3668821061583,
          302.445866305527,
          184.87535238095006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average",
        "box": [
          276.0820234965818,
          188.86688179365592,
          300.42975167465454,
          192.37535206844768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon",
        "box": [
          276.38671098388653,
          195.61688151240378,
          300.1125762777474,
          199.12535178719554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pledged Asset",
        "box": [
          336.46873598046875,
          188.86688179365592,
          377.4799064721693,
          192.37535206844768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          333.9374860859375,
          195.61688151240378,
          380.0088461338588,
          199.12535178719554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum",
        "box": [
          405.6445180981444,
          188.86688179365592,
          436.740304065486,
          192.37535206844768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility Size",
        "box": [
          403.01951820751935,
          195.61688151240378,
          439.3565571110375,
          199.12535178719554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          444.9374814609375,
          196.36688148115354,
          450.18558972351633,
          199.8753517559453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          465.4570156059568,
          195.61688151240378,
          506.0854902256037,
          199.12535178719554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31,",
        "box": [
          532.5820128090818,
          188.86688179365592,
          573.2549394956267,
          192.37535206844768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          545.9179497534177,
          195.61688151240378,
          559.9129340577933,
          199.12535178719554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase Agreements:",
        "box": [
          34.74609230224609,
          206.11688107490772,
          109.30969054592879,
          209.62535134969949
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Loans",
        "box": [
          39.24609211474609,
          223.36688035615953,
          92.68395975358118,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aug 2026 to",
        "box": [
          142.10155657910155,
          215.86688066865463,
          177.0889983837914,
          219.3753509434464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2031",
        "box": [
          145.30077519580078,
          223.36688035615953,
          173.87158364285037,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          183.96092983496095,
          223.36688035615953,
          192.12010827049457,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jun 2029 to",
        "box": [
          205.62890143212874,
          215.86688066865463,
          238.2861202589112,
          219.3753509434464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb 2035",
        "box": [
          208.82811629882812,
          223.36688035615953,
          235.06870169297028,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          245.34373977734376,
          223.36688035615953,
          253.50291821287738,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index + 1.81%",
        "box": [
          267.5273363530272,
          223.36688035615953,
          308.98130671377777,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          316.55858431005845,
          223.36688035615953,
          324.32484128696376,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          333.1054586206053,
          223.36688035615953,
          336.604208437324,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,135,932 ",
        "box": [
          347.3554580268553,
          223.36688035615953,
          380.3352966339453,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          399.4452958564453,
          223.36688035615953,
          402.94404567316406,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,336,490  (d)",
        "box": [
          409.1835804506834,
          223.36688035615953,
          453.0966598964711,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          461.5429532690428,
          223.36688035615953,
          465.0417030857616,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,884,783 ",
        "box": [
          479.74216751074215,
          223.36688035615953,
          509.4876387525975,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          528.5976379750974,
          223.36688035615953,
          532.0963877918163,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,048,734 ",
        "box": [
          546.8320122153318,
          223.36688035615953,
          576.5774759571874,
          226.8753506309513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential Loans",
        "box": [
          39.24609211474609,
          239.8668796686543,
          89.57812498299097,
          243.37534994344605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb 2027 to",
        "box": [
          142.874994046875,
          233.11687994990643,
          176.30781319134078,
          236.6253502246982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2027",
        "box": [
          146.67186888867187,
          239.8668796686543,
          172.5195328991858,
          243.37534994344605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2027 to",
        "box": [
          204.65624147265626,
          233.11687994990643,
          239.2507504187183,
          236.6253502246982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2028",
        "box": [
          208.82811629882812,
          239.8668796686543,
          235.06870169297028,
          243.37534994344605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.61%",
        "box": [
          266.7421763857422,
          239.8668796686543,
          309.7664591810631,
          243.37534994344605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,380,163 ",
        "box": [
          350.58983289208965,
          239.8668796686543,
          380.3352966339453,
          243.37534994344605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,950,000 ",
        "box": [
          412.6874828046875,
          239.8668796686543,
          442.4329540465428,
          243.37534994344605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,050,076 ",
        "box": [
          479.74216751074215,
          239.8668796686543,
          509.4876387525975,
          243.37534994344605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,929,400 ",
        "box": [
          546.8320122153318,
          239.8668796686543,
          576.5774759571874,
          243.37534994344605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Loans",
        "box": [
          39.24609211474609,
          250.36687923115824,
          96.17241653322881,
          253.87534950595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2027",
        "box": [
          146.47265014697265,
          250.36687923115824,
          172.71323554111487,
          253.87534950595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2029",
        "box": [
          208.82811629882812,
          250.36687923115824,
          235.06870169297028,
          253.87534950595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.00%",
        "box": [
          266.7421763857422,
          250.36687923115824,
          309.7664591810631,
          253.87534950595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "238,641 ",
        "box": [
          355.8398326733397,
          250.36687923115824,
          380.3352966339453,
          253.87534950595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "650,000 ",
        "box": [
          417.9374825859375,
          250.36687923115824,
          442.4329540465428,
          253.87534950595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "157,074 ",
        "box": [
          484.9921672919922,
          250.36687923115824,
          509.4876387525975,
          253.87534950595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "211,651 ",
        "box": [
          552.3398244858396,
          250.36687923115824,
          576.5774759571874,
          253.87534950595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conduit Loans",
        "box": [
          39.24609211474609,
          266.866878543653,
          80.64675560513136,
          270.37534881844476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec 2026 to",
        "box": [
          142.48827531298826,
          260.11687882490514,
          176.6898742004216,
          263.6253490996969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jun 2028",
        "box": [
          146.85936888085936,
          266.866878543653,
          172.32435395731827,
          270.37534881844476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec 2027 to",
        "box": [
          204.8554639643553,
          260.11687882490514,
          239.05706285178857,
          263.6253490996969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jun 2029",
        "box": [
          209.21483878271468,
          266.866878543653,
          234.67982385917352,
          270.37534881844476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.00%",
        "box": [
          266.7421763857422,
          266.866878543653,
          309.7664591810631,
          270.37534881844476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,006 ",
        "box": [
          359.33202002783185,
          266.866878543653,
          380.3352966339453,
          270.37534881844476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "375,000 ",
        "box": [
          417.9374825859375,
          266.866878543653,
          442.4329540465428,
          270.37534881844476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,125 ",
        "box": [
          488.48435464648435,
          266.866878543653,
          509.4876387525975,
          270.37534881844476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          266.866878543653,
          576.5774759571874,
          270.37534881844476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS/RMBS",
        "box": [
          39.24609211474609,
          284.1168778249048,
          80.08640162050503,
          287.62534809969657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2026 to",
        "box": [
          142.10155657910155,
          277.36687810615695,
          177.0889983837914,
          280.8753483809487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr 2032",
        "box": [
          146.27343140527344,
          284.1168778249048,
          172.9001062083286,
          287.62534809969657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(e)",
        "box": [
          183.96092983496095,
          284.1168778249048,
          191.7271868118663,
          287.62534809969657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2026 to",
        "box": [
          204.45702648095687,
          277.36687810615695,
          239.44446828564668,
          280.8753483809487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2032",
        "box": [
          209.02733879052718,
          284.1168778249048,
          234.8750028010411,
          287.62534809969657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(e)",
        "box": [
          245.34373977734376,
          284.1168778249048,
          253.10999675424912,
          287.62534809969657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(f)",
        "box": [
          284.75389813525373,
          284.1168778249048,
          291.7445433194763,
          287.62534809969657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,040,989 ",
        "box": [
          350.58983289208965,
          283.36687785615504,
          380.3352966339453,
          286.8753481309468
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "846,563 ",
        "box": [
          417.9374825859375,
          283.36687785615504,
          442.4329540465428,
          286.8753481309468
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "651,371  (g)",
        "box": [
          484.9921672919922,
          283.36687785615504,
          520.1513446025258,
          287.62534809969657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "700,307 ",
        "box": [
          552.0820119965817,
          283.36687785615504,
          576.5774759571874,
          286.8753481309468
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Repurchase",
        "box": [
          48.24609173974609,
          293.866877418659,
          100.53932957842252,
          297.37534769345075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreements",
        "box": [
          57.24609136474609,
          301.3668771061566,
          92.86906792086833,
          304.87534738094837
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,816,731 ",
        "box": [
          347.0859230380859,
          300.61687713740685,
          380.3352966339453,
          304.1253474121986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,158,053 ",
        "box": [
          409.1835804506834,
          300.61687713740685,
          442.4329540465428,
          304.1253474121986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,759,429 ",
        "box": [
          479.74216751074215,
          300.61687713740685,
          509.4876387525975,
          304.1253474121986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,890,092 ",
        "box": [
          546.8320122153318,
          300.61687713740685,
          576.5774759571874,
          304.1253474121986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Secured Financing:",
        "box": [
          34.74609230224609,
          311.1168766999035,
          112.23779849892429,
          314.6253469746953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowing Base Facility",
        "box": [
          39.24609211474609,
          320.8668762936577,
          108.04559388560006,
          324.37534656844946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2027",
        "box": [
          146.67186888867187,
          320.8668762936577,
          172.5195328991858,
          324.37534656844946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2029",
        "box": [
          209.02733879052718,
          320.8668762936577,
          234.8750028010411,
          324.37534656844946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.00%",
        "box": [
          266.7421763857422,
          320.8668762936577,
          309.7664591810631,
          324.37534656844946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,811 ",
        "box": [
          359.60154751660156,
          320.8668762936577,
          380.3352966339453,
          324.37534656844946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,250,000  (h)",
        "box": [
          412.6874828046875,
          320.8668762936577,
          453.0966598964711,
          324.37534656844946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,000 ",
        "box": [
          491.9882645004881,
          320.8668762936577,
          509.4876387525975,
          324.37534656844946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,000 ",
        "box": [
          559.0781017050781,
          320.8668762936577,
          576.5774759571874,
          324.37534656844946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Financing Facilities",
        "box": [
          39.24609211474609,
          338.1168755749095,
          130.97195248324803,
          341.62534584970126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan 2027 to Apr",
        "box": [
          137.33202552783203,
          331.36687585615437,
          181.841929523752,
          334.8753461309461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          152.58983739208983,
          338.1168755749095,
          166.58482169646547,
          341.62534584970126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan 2027 to",
        "box": [
          205.81640142431624,
          331.36687585615437,
          238.08069879247043,
          334.8753461309461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb 2035",
        "box": [
          208.82811629882812,
          338.1168755749095,
          235.06870169297028,
          341.62534584970126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index + 1.90%",
        "box": [
          267.5273363530272,
          338.1168755749095,
          308.98130671377777,
          341.62534584970126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "703,416 ",
        "box": [
          355.8398326733397,
          338.1168755749095,
          380.3352966339453,
          341.62534584970126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,098,350  (i)",
        "box": [
          412.6874828046875,
          338.1168755749095,
          451.54203731124704,
          341.62534584970126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474,955 ",
        "box": [
          484.9921672919922,
          338.1168755749095,
          509.4876387525975,
          341.62534584970126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "480,611 ",
        "box": [
          552.3398244858396,
          338.1168755749095,
          576.5774759571874,
          341.62534584970126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Financing Facilities",
        "box": [
          39.24609211474609,
          355.366874856154,
          134.46040926289567,
          358.8753451309458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2028 to Oct",
        "box": [
          138.1171817451172,
          347.8668751686564,
          181.0724599894014,
          351.37534544344817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          152.58983739208983,
          355.366874856154,
          166.58482169646547,
          358.8753451309458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aug 2030 to",
        "box": [
          204.45702648095687,
          347.8668751686564,
          239.44446828564668,
          351.37534544344817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2033",
        "box": [
          209.99999125,
          355.366874856154,
          233.9103537412348,
          358.8753451309458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.97%",
        "box": [
          266.7421763857422,
          355.366874856154,
          309.7664591810631,
          358.8753451309458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "696,154 ",
        "box": [
          355.8398326733397,
          355.366874856154,
          380.3352966339453,
          358.8753451309458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,175,000 ",
        "box": [
          412.6874828046875,
          355.366874856154,
          442.4329540465428,
          358.8753451309458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "564,909 ",
        "box": [
          484.9921672919922,
          355.366874856154,
          509.4876387525975,
          358.8753451309458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "515,004 ",
        "box": [
          552.0820119965817,
          355.366874856154,
          576.5774759571874,
          358.8753451309458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Financing",
        "box": [
          39.24609211474609,
          371.86687416865607,
          93.08027000915524,
          375.37534444344783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2026 to Apr",
        "box": [
          137.91796300341795,
          365.1168744499082,
          181.26616587274214,
          368.62534472469997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2031",
        "box": [
          152.58983739208983,
          371.86687416865607,
          166.58482169646547,
          375.37534444344783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2026 to",
        "box": [
          206.4023388999022,
          365.1168744499082,
          237.50493514146058,
          368.62534472469997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr 2031",
        "box": [
          208.64061630664062,
          371.86687416865607,
          235.26729110969572,
          375.37534444344783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.10%",
        "box": [
          266.7421763857422,
          371.86687416865607,
          309.7664591810631,
          375.37534444344783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,018,646 ",
        "box": [
          350.58983289208965,
          371.86687416865607,
          380.3352966339453,
          375.37534444344783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,070,691 ",
        "box": [
          412.6874828046875,
          371.86687416865607,
          442.4329540465428,
          375.37534444344783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "757,821  (j)",
        "box": [
          484.9921672919922,
          371.86687416865607,
          518.5967220173018,
          375.37534444344783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "622,906 ",
        "box": [
          552.0820119965817,
          371.86687416865607,
          576.5774759571874,
          375.37534444344783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans and Revolver",
        "box": [
          39.24609211474609,
          389.11687344990787,
          112.0124646833132,
          392.62534372469963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2027 to",
        "box": [
          142.10155657910155,
          382.36687373115274,
          177.0889983837914,
          385.8753440059518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2032",
        "box": [
          146.47265014697265,
          389.11687344990787,
          172.71323554111487,
          392.62534372469963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          215.92967850292968,
          389.11687344990787,
          227.9805382667229,
          392.62534372469963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.93%",
        "box": [
          266.7421763857422,
          389.11687344990787,
          309.7664591810631,
          392.62534372469963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A (k)",
        "box": [
          368.78904713378904,
          388.3668734811581,
          390.9990099838733,
          392.62534372469963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,733,102 ",
        "box": [
          412.6874828046875,
          388.3668734811581,
          442.4329540465428,
          391.87534375594987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,533,102 ",
        "box": [
          479.74216751074215,
          388.3668734811581,
          509.4876387525975,
          391.87534375594987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,270,180 ",
        "box": [
          546.8320122153318,
          388.3668734811581,
          576.5774759571874,
          391.87534375594987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Other Secured",
        "box": [
          48.24609173974609,
          398.8668730436548,
          108.76342885062886,
          402.37534331844654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          57.24609136474609,
          406.3668727311597,
          87.18699772970827,
          409.87534300595144
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,446,027 ",
        "box": [
          350.58983289208965,
          405.61687276240264,
          380.3352966339453,
          409.1253430372017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,327,143 ",
        "box": [
          412.6874828046875,
          405.61687276240264,
          442.4329540465428,
          409.1253430372017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,333,787 ",
        "box": [
          479.74216751074215,
          405.61687276240264,
          509.4876387525975,
          409.1253430372017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,890,701 ",
        "box": [
          546.8320122153318,
          405.61687276240264,
          576.5774759571874,
          409.1253430372017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          333.1054586206053,
          416.1168723249066,
          336.604208437324,
          419.62534259969834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,262,758 ",
        "box": [
          347.0859230380859,
          416.1168723249066,
          380.3352966339453,
          419.62534259969834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          399.4452958564453,
          416.1168723249066,
          402.94404567316406,
          419.62534259969834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,485,196 ",
        "box": [
          409.1835804506834,
          416.1168723249066,
          442.4329540465428,
          419.62534259969834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,093,216 ",
        "box": [
          476.2382651567381,
          417.6168722624061,
          509.4876387525975,
          421.12534253719787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,780,793 ",
        "box": [
          543.3281023613281,
          417.6168722624061,
          576.5774759571874,
          421.12534253719787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized net discount",
        "box": [
          34.74609230224609,
          428.1168718249028,
          107.03412154933235,
          431.6253420997018
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,924)",
        "box": [
          485.5781047675781,
          428.1168718249028,
          509.4942633965709,
          431.6253420997018
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,084)",
        "box": [
          552.6679494721677,
          428.1168718249028,
          576.5841081011605,
          431.6253420997018
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized deferred financing costs",
        "box": [
          34.74609230224609,
          438.6168713874067,
          140.2482584717353,
          442.1253416621985
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(77,401)",
        "box": [
          485.5781047675781,
          437.86687141865696,
          509.4942633965709,
          441.3753416934487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82,761)",
        "box": [
          552.6679494721677,
          437.86687141865696,
          576.5841081011605,
          441.3753416934487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          461.5429532690428,
          448.3668709811536,
          465.0417030857616,
          451.8753412559454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,999,891 ",
        "box": [
          476.2382651567381,
          448.3668709811536,
          509.4876387525975,
          451.8753412559454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          528.5976379750974,
          448.3668709811536,
          532.0963877918163,
          451.8753412559454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,678,948 ",
        "box": [
          543.3281023613281,
          448.3668709811536,
          576.5774759571874,
          451.8753412559454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          464.5136525052658,
          210.74999121875,
          466.0178198417707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          51.749997843749995,
          473.3805417989206,
          62.845844461922454,
          478.3931794102173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subject to certain conditions as defined in the respective facility agreement.",
        "box": [
          69.74999709375,
          473.3805417989206,
          372.6181790054917,
          478.3931794102173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          51.749997843749995,
          485.3805412989168,
          63.40722296353168,
          490.39317891022074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral",
        "box": [
          69.74999709375,
          485.3805412989168,
          573.6467108721401,
          490.39317891022074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "matures, subject to certain specified conditions.",
        "box": [
          69.74999709375,
          497.38054079892026,
          259.9219177761696,
          502.39317841021693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          51.749997843749995,
          509.38054029891646,
          62.845844461922454,
          514.3931779102204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain facilities with an outstanding balance of $3.0 billion as of June 30, 2026 are indexed to EURIBOR, BBSY, SARON,",
        "box": [
          69.74999709375,
          509.38054029891646,
          566.6147534973007,
          514.3931779102204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SONIA and STIBOR. The remainder are indexed to SOFR.",
        "box": [
          69.74999709375,
          521.3805397989199,
          307.2488888292124,
          526.3931774102166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          51.749997843749995,
          533.3805392989161,
          63.40722296353168,
          538.3931769102201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain facilities with an aggregate initial maximum facility size of $11.9 billion may be increased to $12.3 billion, subject to",
        "box": [
          69.74999709375,
          533.3805392989161,
          570.8079797538333,
          538.3931769102201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain conditions. The $12.3 billion amount includes such upsizes.",
        "box": [
          69.74999709375,
          545.3805387989196,
          338.6209350470436,
          550.3931764102163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(e)",
        "box": [
          51.749997843749995,
          557.3805382989158,
          62.845844461922454,
          562.3931759102197
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain facilities with an outstanding balance of $215.4 million as of June 30, 2026 carry a rolling 6 or 12-month term which",
        "box": [
          69.74999709375,
          557.3805382989158,
          569.271190892866,
          562.3931759102197
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may reset monthly or quarterly with the lender's consent. These facilities carry no maximum facility size.",
        "box": [
          69.74999709375,
          569.3805377989192,
          491.64588394600395,
          574.3931754102159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(f)",
        "box": [
          51.749997843749995,
          581.3805372989154,
          61.737713133094594,
          586.3931749102194
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain facilities with an outstanding balance of $333.9 million as of June 30, 2026 have a weighted average fixed annual",
        "box": [
          69.74999709375,
          581.3805372989154,
          555.8885754370622,
          586.3931749102194
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rate of 4.06%. All other facilities are variable rate with a weighted average rate of SOFR + 1.55%.",
        "box": [
          69.74999709375,
          593.3805367989189,
          494.57734582385973,
          598.3931744102156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(g)",
        "box": [
          51.749997843749995,
          605.3805362989151,
          63.40722296353168,
          610.393173910219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes: (i) $312.9 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $24.5 million",
        "box": [
          69.74999709375,
          605.3805362989151,
          550.2079097121695,
          610.393173910219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a",
        "box": [
          69.74999709375,
          617.3805357989186,
          564.4803918775439,
          622.3931734102152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated joint venture (see Note 15).",
        "box": [
          69.74999709375,
          629.380535298922,
          232.4385892963084,
          634.3931729102187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(h)",
        "box": [
          51.749997843749995,
          641.3805347989182,
          63.40722296353168,
          646.3931724102149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The maximum facility size as of June 30, 2026 of $615.0 million may be increased to $1.3 billion, subject to certain",
        "box": [
          69.74999709375,
          641.3805347989182,
          533.4479767605002,
          646.3931724102149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions. The $1.3 billion amount includes such upsize.",
        "box": [
          69.74999709375,
          653.3805342989217,
          300.0428079044657,
          658.3931719102184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i)",
        "box": [
          51.749997843749995,
          665.3805337989179,
          61.18609648107862,
          670.3931714102146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain facilities with an aggregate initial maximum facility size of $998.4 million may be increased to $1.1 billion, subject to",
        "box": [
          69.76171584326173,
          665.3805337989179,
          573.9720421219973,
          670.3931714102146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain conditions. The $1.1 billion amount includes such upsizes.",
        "box": [
          69.74999709375,
          677.3805332989214,
          333.62874775505145,
          682.393170910218
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(j)",
        "box": [
          51.749997843749995,
          689.3805327989176,
          61.18609648107862,
          694.3931704102142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Of the total balance, $289.7 million relates to Fundamental.",
        "box": [
          69.76171584326173,
          689.3805327989176,
          308.26385396192205,
          694.3931704102142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(k)",
        "box": [
          51.749997843749995,
          701.380532298921,
          63.40722296353168,
          706.3931699102177
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These facilities are secured by the equity interests in certain of our subsidiaries which totaled $8.0 billion as of June 30, 2026.",
        "box": [
          69.74999709375,
          701.380532298921,
          572.8294596383548,
          706.3931699102177
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 52,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "36",
        "box": [
          300.99608495849594,
          38.3805599239131,
          310.9935794794336,
          43.393197535209765
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 53,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992392037,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the normal course of business, the Company is in discussions with its lenders to extend, amend or replace any financing",
        "box": [
          69.74999709375,
          81.13055814266409,
          559.5194473991884,
          86.14319575396803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilities which contain near term expirations.",
        "box": [
          33.74999859375,
          93.13055764266755,
          216.9705378908106,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In May 2026, we amended our $696.5 million term loan facility due September 2032, increasing the facility by $275.0 million",
        "box": [
          69.74999709375,
          117.13055664266722,
          575.3680611638298,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to $971.5 million ($969.1 million outstanding as of June 30, 2026), and reducing the spread by 25 bps from SOFR + 2.25% to SOFR +",
        "box": [
          33.74999859375,
          129.1305561426634,
          573.5302814235066,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.00%.",
        "box": [
          33.74999859375,
          141.13055564266688,
          62.073457594855824,
          146.14319325396355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In April 2026, we entered into a new revolving warehouse credit facility to finance Fundamental's net lease property",
        "box": [
          69.74999709375,
          165.13055464266654,
          535.5898982962532,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisitions. The facility totals $1.0 billion, of which $500.0 million is committed and $500.0 million is uncommitted. It has a five-year",
        "box": [
          33.74999859375,
          177.13055414267,
          576.7194343755218,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term, an annual interest rate of SOFR + 1.55% and an advance rate of up to 70%.",
        "box": [
          33.74999859375,
          189.1305536426662,
          358.393761498176,
          194.14319125396287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we amended commercial credit facilities resulting in an aggregate upsize of",
        "box": [
          69.74999709375,
          213.13055264266586,
          566.6759012190022,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$250.0 million and extended the weighted average maturity on amended facilities by 1.2 years to 1.9 years.",
        "box": [
          33.74999859375,
          225.13055214266933,
          462.43972041292744,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our secured financing agreements contain certain financial tests and covenants. As of June 30, 2026, we were in compliance",
        "box": [
          69.74999709375,
          250.63055108016852,
          567.5057932014852,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with all such covenants.",
        "box": [
          33.74999859375,
          262.6305505801647,
          129.81473044730268,
          267.64318819146865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We seek to mitigate risks associated with our repurchase agreements by managing risk related to the credit quality of our",
        "box": [
          69.74999709375,
          288.1305495176639,
          552.2800577938293,
          293.14318712896784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets, interest rates, liquidity, prepayment speeds and market value. The margin call provisions under the majority of our repurchase",
        "box": [
          33.74999859375,
          300.13054901766736,
          564.6662849947984,
          305.14318662896403
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilities, consisting of 68% of these agreements, do not permit valuation adjustments based on capital market events and are limited to",
        "box": [
          33.74999859375,
          312.13054851766356,
          574.0307839195493,
          317.1431861289675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral-specific credit marks generally determined on a commercially reasonable basis. To monitor credit risk associated with the",
        "box": [
          33.74999859375,
          324.130548017667,
          560.0386150126182,
          329.1431856289637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance and value of our loans and investments, our asset management team regularly reviews our investment portfolios and is in",
        "box": [
          33.74999859375,
          336.1305475176705,
          570.6804574091467,
          341.14318512896716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary. For the 32% of",
        "box": [
          33.74999859375,
          348.1305470176667,
          555.8623605695666,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase agreements which do permit valuation adjustments based on capital market events, approximately 7% of these pertain to our",
        "box": [
          33.74999859375,
          360.13054651767015,
          577.0542960865693,
          365.1431841289668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks",
        "box": [
          33.74999859375,
          372.13054601766635,
          571.6957640497551,
          377.143183628963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related",
        "box": [
          33.74999859375,
          384.1305455176698,
          555.0886613338047,
          389.1431831289665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase agreement.",
        "box": [
          33.74999859375,
          396.130545017666,
          123.67371652817823,
          401.1431826289627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three and six months ended June 30, 2026, approximately $9.2 million and $18.4 million, respectively, of amortization",
        "box": [
          69.74999709375,
          420.13054401766567,
          574.999275079196,
          425.14318162896234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated",
        "box": [
          33.74999859375,
          432.13054351766914,
          541.7766196134731,
          437.1431811289658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements of operations. For the three and six months ended June 30, 2025, approximately $8.9 million and $17.7 million, respectively,",
        "box": [
          33.74999859375,
          444.13054301766533,
          577.3239318760852,
          449.143180628962
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed",
        "box": [
          33.74999859375,
          456.1305425176688,
          552.5990678625374,
          461.14318012896547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations.",
        "box": [
          33.74999859375,
          468.130542017665,
          186.45088598746275,
          473.14317962896894
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, Morgan Stanley Bank, N.A., Wells Fargo Bank, N.A. and JPMorgan Chase Bank, N.A. held collateral",
        "box": [
          69.74999709375,
          493.6305409551642,
          562.7461226763313,
          498.6431785664681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by",
        "box": [
          33.74999859375,
          505.63054045516765,
          530.0900966254115,
          510.6431780664643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.1 billion, $821.8 million and $696.6 million, respectively. The weighted average extended maturity of those repurchase agreements",
        "box": [
          33.74999859375,
          517.6305399551638,
          571.0020694286586,
          522.6431775664678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is 3.9 years, 8.5 years and 4.2 years, respectively.",
        "box": [
          33.74999859375,
          529.6305394551673,
          230.8024733644799,
          534.643177066464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          300.99608495849594,
          599.380536548917,
          310.9935794794336,
          604.3931741602137
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 54,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992392037,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized Financing",
        "box": [
          33.74999859375,
          81.13055814267136,
          125.13326977361353,
          86.14319575396803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized Loan Obligations and Single Asset Securitizations",
        "box": [
          33.74999859375,
          99.13055739267293,
          294.06050749289113,
          104.1431950039696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We finance various pools of our commercial and infrastructure loans held-for-investment through multiple CLOs and a SASB,",
        "box": [
          69.74999709375,
          117.13055664266722,
          575.4382844296537,
          122.14319425397116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "each involving the transfer of held-for-investment loans, loan participations and/or debt securities into a consolidated VIE, which then",
        "box": [
          33.74999859375,
          129.13055614267068,
          570.0213692866085,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issues various classes of non-recourse notes secured by those investments pursuant to the terms of an indenture. In exchange for the",
        "box": [
          33.74999859375,
          141.13055564266688,
          560.4144848469567,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transfer of those investments to the respective VIE, we receive cash proceeds from the sale of the notes to third parties and retain",
        "box": [
          33.74999859375,
          153.13055514267035,
          549.084267108988,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinated notes or preferred shares in the VIE. The CLOs typically contain a reinvestment feature that, subject to certain eligibility",
        "box": [
          33.74999859375,
          165.13055464266654,
          570.0213692116085,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "criteria, allows us to contribute new investments to the CLO for a specified period of years. The CLOs may also contain a ramp-up",
        "box": [
          33.74999859375,
          177.13055414267,
          557.1779403717514,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "feature that, for a certain period of time after the closing date, allows us to utilize unused proceeds of the CLO to acquire additional",
        "box": [
          33.74999859375,
          189.1305536426662,
          559.2672556212841,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral to complete the CLO portfolio.",
        "box": [
          33.74999859375,
          201.13055314266967,
          197.5466992501372,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, our CLO and SASB activity was as follows:",
        "box": [
          69.74999709375,
          219.13055239267123,
          425.46623699632676,
          224.1431900039679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          33.74999859375,
          237.1305516426728,
          161.45227474690924,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In January 2026, we refinanced a pool of our infrastructure loans held-for-investment through a CLO, Starwood 2026-SIF7.",
        "box": [
          69.74999709375,
          255.1305508926671,
          565.1332005590323,
          260.14318850397103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On the closing date, the CLO issued $600.0 million of notes, of which $496.2 million of notes were purchased by third party investors",
        "box": [
          33.74999859375,
          267.13055039267056,
          570.7770601380341,
          272.1431880039672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and $103.8 million of subordinated notes were retained by us. The CLO contains a reinvestment feature that, subject to certain",
        "box": [
          33.74999859375,
          279.13054989266675,
          539.4142845619037,
          284.1431875039707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "eligibility criteria, allows us to contribute new investments to the CLO for a period of three years. The CLO also contains a ramp-up",
        "box": [
          33.74999859375,
          291.1305493926702,
          562.7478527146717,
          296.1431870039669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "feature. In connection therewith, we redeemed at par the third party financing for our STWD 2024-SIF3 issued in May 2024 for $330.0",
        "box": [
          33.74999859375,
          303.1305488926664,
          575.1388626733797,
          308.14318650397036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million plus accrued interest, and contributed certain loans previously held in that CLO to Starwood 2026-SIF7.",
        "box": [
          33.74999859375,
          315.1305483926699,
          481.6061198393272,
          320.14318600396655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-backed Securitizations",
        "box": [
          33.74999859375,
          333.13054764267144,
          148.41845816131027,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fundamental utilizes ABS financing in the form of net-lease mortgage notes issued under a master trust by wholly-owned",
        "box": [
          69.74999709375,
          351.130546892673,
          556.4636002765158,
          356.1431845039697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated special purpose vehicles ('SPVs'). Each ABS note series requires monthly principal and interest payments with a balloon",
        "box": [
          33.74999859375,
          363.1305463926692,
          573.4825202173939,
          368.14318400396587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment due at maturity. In connection with the ABS notes, Fundamental is subject to various restrictive financial and nonfinancial",
        "box": [
          33.74999859375,
          375.13054589267267,
          558.9499800595038,
          380.14318350396934
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "covenants, which, among other things, require certain minimum debt service coverage ratios. Fundamental was in compliance with all",
        "box": [
          33.74999859375,
          387.13054539266886,
          570.3973673575294,
          392.14318300396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "such covenants as of June 30, 2026.",
        "box": [
          33.74999859375,
          399.13054489267233,
          177.01966165543044,
          404.143182503969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, ABS activity was as follows:",
        "box": [
          69.74999709375,
          417.1305441426666,
          364.0998149282612,
          422.14318175397057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          33.74999859375,
          435.1305433926682,
          105.6655225213573,
          440.14318100396486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2026, we refinanced a pool of our Fundamental net lease properties through an ABS, FI Series 2026-1, with $466.4",
        "box": [
          69.74999709375,
          453.13054264266975,
          570.0763628843172,
          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million of third party financing at a weighted average fixed rate of 5.06% and weighted average maturity of 5.4 years. In connection",
        "box": [
          33.74999859375,
          465.1305421426732,
          562.3306125820567,
          470.1431797539699
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "therewith, we redeemed at par the third party financing for our ABS, FI Series 2023-1, which had a weighted average fixed rate of",
        "box": [
          33.74999859375,
          477.1305416426694,
          554.2733895607736,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.65%, for $323.6 million plus accrued interest. This reduced the cost of funds on the aggregate ABS financing on the master trust from",
        "box": [
          33.74999859375,
          489.1305411426729,
          576.644392534737,
          494.14317875396955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.73% to 5.29%.",
        "box": [
          33.74999859375,
          501.1305406426691,
          100.67501848645739,
          506.14317825396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The CLOs, SASB and ABS SPVs are considered VIEs, for which we are deemed the primary beneficiary and therefore",
        "box": [
          69.74999709375,
          519.1305398926706,
          545.977947173479,
          524.1431775039673
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidate. Refer to Note 15 for further discussion.",
        "box": [
          33.74999859375,
          531.1305393926668,
          241.7006127353907,
          536.1431770039708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          300.99608495849594,
          579.8805373614232,
          310.9935794794336,
          584.8931749727199
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 55,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table is a summary of our securitized financing as of June 30, 2026 and December 31, 2025 (amounts in",
        "box": [
          69.74999709375,
          93.13055764266755,
          545.0651019514531,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          105.13055714266375,
          79.84681717213674,
          110.14319475396042
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          126.70643032677617,
          81.16618641807543,
          130.71503620335716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          172.8632777973631,
          126.70643032677617,
          194.1897520497588,
          130.71503620335716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face",
        "box": [
          244.28905232128906,
          118.45643067052879,
          260.26732785565036,
          122.4650365471025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          238.27733757177717,
          126.70643032677617,
          266.2637007716774,
          130.71503620335716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          305.6367097651366,
          118.45643067052879,
          337.1677319763438,
          122.4650365471025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          311.7773345092772,
          126.70643032677617,
          331.03089755716815,
          130.71503620335716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted",
        "box": [
          381.785144092285,
          118.45643067052879,
          414.2101306661209,
          122.4650365471025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Rate",
        "box": [
          375.0937343710937,
          126.70643032677617,
          420.89314903790756,
          130.71503620335716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          492.72654196972655,
          126.70643032677617,
          523.8086125496403,
          130.71503620335716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2025-FL4",
        "box": [
          34.74609230224609,
          137.95642985802988,
          93.15867856838824,
          141.9650357346036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          149.2064293892763,
          92.9204213741416,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          179.53124251953125,
          149.2064293892763,
          187.52623206140666,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          221.6132757661131,
          149.2064293892763,
          225.61077552455063,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,103,850 ",
        "box": [
          248.46092714746092,
          149.2064293892763,
          282.44014819416,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          290.7421753857422,
          149.2064293892763,
          294.7396751441797,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,108,010 ",
        "box": [
          317.58983426708966,
          149.2064293892763,
          351.56904781378904,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.08%",
        "box": [
          373.40623444140624,
          149.2064293892763,
          422.57003970891304,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          149.2064293892763,
          446.99051524139327,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2029",
        "box": [
          487.7226396782225,
          149.2064293892763,
          528.8101419912431,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.6093519746094,
          149.2064293892763,
          561.9316268021801,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          159.70642895178025,
          72.72214069491065,
          163.71503482835396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.52342993652343,
          159.70642895178025,
          185.52092969496093,
          163.71503482835396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "968,628 ",
        "box": [
          254.44921189794906,
          159.70642895178025,
          282.44014819416,
          163.71503482835396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "962,087 ",
        "box": [
          323.5781115175781,
          159.70642895178025,
          351.56904781378904,
          163.71503482835396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.85%",
        "box": [
          373.40623444140624,
          159.70642895178025,
          422.57003970891304,
          163.71503482835396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          159.70642895178025,
          446.99051524139327,
          163.71503482835396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2042",
        "box": [
          482.8476398813475,
          159.70642895178025,
          533.6829673882088,
          163.71503482835396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.6093519746094,
          159.70642895178025,
          561.9316268021801,
          163.71503482835396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2022-FL3 (e)",
        "box": [
          34.74609230224609,
          170.95642848302668,
          104.03075948138368,
          174.96503435960767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          182.2064280142804,
          92.9204213741416,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          179.53124251953125,
          182.2064280142804,
          187.52623206140666,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "458,576 ",
        "box": [
          254.44921189794906,
          182.2064280142804,
          282.44014819416,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "460,493 ",
        "box": [
          323.5781115175781,
          182.2064280142804,
          351.56904781378904,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.96%",
        "box": [
          373.40623444140624,
          182.2064280142804,
          422.57003970891304,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          182.2064280142804,
          446.99051524139327,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2027",
        "box": [
          492.60935447460935,
          182.2064280142804,
          523.925639844764,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.6093519746094,
          182.2064280142804,
          561.9316268021801,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          192.70642757677706,
          72.72214069491065,
          196.71503345335805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.52342993652343,
          192.70642757677706,
          185.52092969496093,
          196.71503345335805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "299,196 ",
        "box": [
          254.44921189794906,
          192.70642757677706,
          282.44014819416,
          196.71503345335805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "299,196 ",
        "box": [
          323.5781115175781,
          192.70642757677706,
          351.56904781378904,
          196.71503345335805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.13%",
        "box": [
          373.40623444140624,
          192.70642757677706,
          422.57003970891304,
          196.71503345335805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          192.70642757677706,
          446.99051524139327,
          196.71503345335805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2038",
        "box": [
          482.40232739990216,
          192.70642757677706,
          534.1355125693527,
          196.71503345335805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.6093519746094,
          192.70642757677706,
          561.9316268021801,
          196.71503345335805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2021-HTS",
        "box": [
          34.74609230224609,
          203.95642710803077,
          94.94271851893038,
          207.96503298460448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          215.2064266392772,
          92.9204213741416,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.52342993652343,
          215.2064266392772,
          185.52092969496093,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,603 ",
        "box": [
          258.4453017314453,
          215.2064266392772,
          282.44014819416,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,982 ",
        "box": [
          327.57420885107405,
          215.2064266392772,
          351.56904781378904,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.97%",
        "box": [
          373.40623444140624,
          215.2064266392772,
          422.57003970891304,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          215.2064266392772,
          446.99051524139327,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          501.38670160888654,
          215.2064266392772,
          515.1554251470145,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(f)",
        "box": [
          552.6093519746094,
          215.2064266392772,
          560.5965247828093,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          225.70642620178114,
          72.72214069491065,
          229.71503207835485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.52342993652343,
          225.70642620178114,
          185.52092969496093,
          229.71503207835485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,694 ",
        "box": [
          258.4453017314453,
          225.70642620178114,
          282.44014819416,
          229.71503207835485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,694 ",
        "box": [
          327.57420885107405,
          225.70642620178114,
          351.56904781378904,
          229.71503207835485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.92%",
        "box": [
          373.40623444140624,
          225.70642620178114,
          422.57003970891304,
          229.71503207835485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          225.70642620178114,
          446.99051524139327,
          229.71503207835485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          501.38670160888654,
          225.70642620178114,
          515.1554251470145,
          229.71503207835485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(f)",
        "box": [
          552.6093519746094,
          225.70642620178114,
          560.5965247828093,
          229.71503207835485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2021-FL2 (e)",
        "box": [
          34.74609230224609,
          236.95642573302757,
          104.03075948138368,
          240.96503160960856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          248.20642526428128,
          92.9204213741416,
          252.215031140855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          179.68359001318342,
          248.20642526428128,
          187.38189149242086,
          252.215031140855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "498,443 ",
        "box": [
          254.44921189794906,
          248.20642526428128,
          282.44014819416,
          252.215031140855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "501,172 ",
        "box": [
          323.5781115175781,
          248.20642526428128,
          351.56904781378904,
          252.215031140855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.34%",
        "box": [
          373.40623444140624,
          248.20642526428128,
          422.57003970891304,
          252.215031140855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          248.20642526428128,
          446.99051524139327,
          252.215031140855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2027",
        "box": [
          491.9413895024412,
          248.20642526428128,
          524.5849720172918,
          252.215031140855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.6093519746094,
          248.20642526428128,
          561.9316268021801,
          252.215031140855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          258.70642482677795,
          72.72214069491065,
          262.71503070335893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.52342993652343,
          258.70642482677795,
          185.52092969496093,
          262.71503070335893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "279,896 ",
        "box": [
          254.44921189794906,
          258.70642482677795,
          282.44014819416,
          262.71503070335893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "279,896 ",
        "box": [
          323.5781115175781,
          258.70642482677795,
          351.56904781378904,
          262.71503070335893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.31%",
        "box": [
          373.40623444140624,
          258.70642482677795,
          422.57003970891304,
          262.71503070335893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          258.70642482677795,
          446.99051524139327,
          262.71503070335893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2038",
        "box": [
          490.8281045488281,
          258.70642482677795,
          525.6929508711262,
          262.71503070335893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.6093519746094,
          258.70642482677795,
          561.9316268021801,
          262.71503070335893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2026-SIF7",
        "box": [
          34.74609230224609,
          269.95642435803165,
          104.70611008724524,
          273.96503023460536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          281.2064238892781,
          92.9204213741416,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          179.53124251953125,
          281.2064238892781,
          187.52623206140666,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "563,619 ",
        "box": [
          254.44921189794906,
          281.2064238892781,
          282.44014819416,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "619,563 ",
        "box": [
          323.5781115175781,
          281.2064238892781,
          351.56904781378904,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.57%",
        "box": [
          373.40623444140624,
          281.2064238892781,
          422.57003970891304,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          281.2064238892781,
          446.99051524139327,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2031",
        "box": [
          482.1796674091797,
          281.2064238892781,
          534.3578904100871,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.6093519746094,
          281.2064238892781,
          561.9316268021801,
          285.2150297658591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          291.70642345178203,
          72.72214069491065,
          295.71502932835574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.52342993652343,
          291.70642345178203,
          185.52092969496093,
          295.71502932835574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496,200 ",
        "box": [
          254.44921189794906,
          291.70642345178203,
          282.44014819416,
          295.71502932835574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "493,257 ",
        "box": [
          323.5781115175781,
          291.70642345178203,
          351.56904781378904,
          295.71502932835574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.91%",
        "box": [
          373.40623444140624,
          291.70642345178203,
          422.57003970891304,
          295.71502932835574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          291.70642345178203,
          446.99051524139327,
          295.71502932835574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2038",
        "box": [
          486.84372971484373,
          291.70642345178203,
          529.6957507293428,
          295.71502932835574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.6093519746094,
          291.70642345178203,
          561.9316268021801,
          295.71502932835574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2025-SIF6",
        "box": [
          34.74609230224609,
          302.95642298302846,
          104.70611008724524,
          306.96502885960217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          314.20642251428217,
          92.9204213741416,
          318.2150283908559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          179.53124251953125,
          314.20642251428217,
          187.52623206140666,
          318.2150283908559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "454,335 ",
        "box": [
          254.44921189794906,
          314.20642251428217,
          282.44014819416,
          318.2150283908559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "509,053 ",
        "box": [
          323.5781115175781,
          314.20642251428217,
          351.56904781378904,
          318.2150283908559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.69%",
        "box": [
          373.40623444140624,
          314.20642251428217,
          422.57003970891304,
          318.2150283908559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          314.20642251428217,
          446.99051524139327,
          318.2150283908559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2031",
        "box": [
          486.39841723339845,
          314.20642251428217,
          530.1366114359736,
          318.2150283908559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.6093519746094,
          314.20642251428217,
          561.9316268021801,
          318.2150283908559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          324.70642207677884,
          72.72214069491065,
          328.71502795335255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.52342993652343,
          324.70642207677884,
          185.52092969496093,
          328.71502795335255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,500 ",
        "box": [
          254.44921189794906,
          324.70642207677884,
          282.44014819416,
          328.71502795335255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "411,182 ",
        "box": [
          323.8827990048828,
          324.70642207677884,
          351.56904781378904,
          328.71502795335255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.91%",
        "box": [
          373.40623444140624,
          324.70642207677884,
          422.57003970891304,
          328.71502795335255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          324.70642207677884,
          446.99051524139327,
          328.71502795335255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2037",
        "box": [
          486.39841723339845,
          324.70642207677884,
          530.1366114359736,
          328.71502795335255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.6093519746094,
          324.70642207677884,
          561.9316268021801,
          328.71502795335255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2025-SIF5",
        "box": [
          34.74609230224609,
          335.95642160802527,
          104.70611008724524,
          339.96502748460625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          347.206421139279,
          92.9204213741416,
          351.2150270158527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32",
        "box": [
          179.53124251953125,
          347.206421139279,
          187.52623206140666,
          351.2150270158527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "451,797 ",
        "box": [
          254.44921189794906,
          347.206421139279,
          282.44014819416,
          351.2150270158527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "509,239 ",
        "box": [
          323.5781115175781,
          347.206421139279,
          351.56904781378904,
          351.2150270158527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.55%",
        "box": [
          373.40623444140624,
          347.206421139279,
          422.57003970891304,
          351.2150270158527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          347.206421139279,
          446.99051524139327,
          351.2150270158527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2031",
        "box": [
          487.7226396782225,
          347.206421139279,
          528.8101419912431,
          351.2150270158527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.6093519746094,
          347.206421139279,
          561.9316268021801,
          351.2150270158527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          357.70642070177564,
          72.72214069491065,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.52342993652343,
          357.70642070177564,
          185.52092969496093,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,500 ",
        "box": [
          254.44921189794906,
          357.70642070177564,
          282.44014819416,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "411,368 ",
        "box": [
          323.8827990048828,
          357.70642070177564,
          351.56904781378904,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.94%",
        "box": [
          373.40623444140624,
          357.70642070177564,
          422.57003970891304,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          357.70642070177564,
          446.99051524139327,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2037",
        "box": [
          490.8281045488281,
          357.70642070177564,
          525.6929508711262,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.6093519746094,
          357.70642070177564,
          561.9316268021801,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2024-SIF4",
        "box": [
          34.74609230224609,
          368.95642023302935,
          104.70611008724524,
          372.96502610960306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          380.2064197642758,
          92.9204213741416,
          384.21502564085677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31",
        "box": [
          179.53124251953125,
          380.2064197642758,
          187.52623206140666,
          384.21502564085677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "567,574 ",
        "box": [
          254.44921189794906,
          380.2064197642758,
          282.44014819416,
          384.21502564085677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "611,134 ",
        "box": [
          323.8827990048828,
          380.2064197642758,
          351.56904781378904,
          384.21502564085677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.51%",
        "box": [
          373.40623444140624,
          380.2064197642758,
          422.57003970891304,
          384.21502564085677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          380.2064197642758,
          446.99051524139327,
          384.21502564085677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2031",
        "box": [
          487.7226396782225,
          380.2064197642758,
          528.8101419912431,
          384.21502564085677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.6093519746094,
          380.2064197642758,
          561.9316268021801,
          384.21502564085677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          390.7064193267797,
          72.72214069491065,
          394.71502520335343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.52342993652343,
          390.7064193267797,
          185.52092969496093,
          394.71502520335343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496,200 ",
        "box": [
          254.44921189794906,
          390.7064193267797,
          282.44014819416,
          394.71502520335343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "494,232 ",
        "box": [
          323.5781115175781,
          390.7064193267797,
          351.56904781378904,
          394.71502520335343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.10%",
        "box": [
          373.40623444140624,
          390.7064193267797,
          422.57003970891304,
          394.71502520335343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          390.7064193267797,
          446.99051524139327,
          394.71502520335343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2036",
        "box": [
          486.39841723339845,
          390.7064193267797,
          530.1366114359736,
          394.71502520335343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.6093519746094,
          390.7064193267797,
          561.9316268021801,
          394.71502520335343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal - CLOs and SASB",
        "box": [
          34.74609230224609,
          401.95641885802615,
          127.60971976692926,
          405.96502473460714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          413.20641838927986,
          92.9204213741416,
          417.2150242658536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,180,797 ",
        "box": [
          248.46092714746092,
          413.20641838927986,
          282.44014819416,
          417.2150242658536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,401,646 ",
        "box": [
          317.58983426708966,
          413.20641838927986,
          351.56904781378904,
          417.2150242658536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          425.20641788927605,
          72.72214069491065,
          429.21502376585704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,429,814 ",
        "box": [
          248.46092714746092,
          424.4564179205263,
          282.44014819416,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,413,912 ",
        "box": [
          317.58983426708966,
          424.4564179205263,
          351.56904781378904,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ABS Financing",
        "box": [
          34.74609230224609,
          447.7064169517762,
          86.50661729555746,
          451.7150228283572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          458.9564164830299,
          92.9204213741416,
          462.9650223596036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "444",
        "box": [
          177.52734010302717,
          458.9564164830299,
          189.51981942834053,
          462.9650223596036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          269.17967628417966,
          458.9564164830299,
          282.94839982230764,
          462.9650223596036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,010,583 ",
        "box": [
          317.58983426708966,
          458.9564164830299,
          351.56904781378904,
          462.9650223596036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          391.11326870361313,
          458.9564164830299,
          404.88199224174105,
          462.9650223596036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          501.38670160888654,
          458.9564164830299,
          515.1554251470145,
          462.9650223596036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ABS Master Series",
        "box": [
          40.74609205224609,
          470.20641601427633,
          102.03580024433413,
          474.2150218908573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          181.52342993652343,
          470.20641601427633,
          185.52092969496093,
          474.2150218908573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,409,331 ",
        "box": [
          248.46092714746092,
          470.20641601427633,
          282.44014819416,
          474.2150218908573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,397,599 ",
        "box": [
          317.58983426708966,
          470.20641601427633,
          351.56904781378904,
          474.2150218908573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.29%",
        "box": [
          387.6679563471678,
          470.20641601427633,
          408.3200403026631,
          474.2150218908573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(g)",
        "box": [
          438.11716924511717,
          470.20641601427633,
          447.4394440726879,
          474.2150218908573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2028 to Mar 2033",
        "box": [
          472.73435530273434,
          470.20641601427633,
          543.7913465170262,
          474.2150218908573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Securitized Financing",
        "box": [
          34.74609230224609,
          493.4564150455262,
          128.61693671596078,
          497.4650209221072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          505.4564145455297,
          92.9204213741416,
          509.4650204221034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          221.6132757661131,
          503.9564146080302,
          225.61077552455063,
          507.9650204846039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,180,797 ",
        "box": [
          248.46092714746092,
          503.9564146080302,
          282.44014819416,
          507.9650204846039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          290.7421753857422,
          503.9564146080302,
          294.7396751441797,
          507.9650204846039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,412,229 ",
        "box": [
          317.58983426708966,
          503.9564146080302,
          351.56904781378904,
          507.9650204846039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          519.7064139517752,
          72.72214069491065,
          523.7150198283562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          221.6132757661131,
          518.2064140142757,
          225.61077552455063,
          522.2150198908566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,839,145 ",
        "box": [
          248.46092714746092,
          518.2064140142757,
          282.44014819416,
          522.2150198908566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          290.7421753857422,
          518.2064140142757,
          294.7396751441797,
          522.2150198908566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,811,511 ",
        "box": [
          318.17577174267564,
          518.2064140142757,
          351.56904781378904,
          522.2150198908566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          300.99608495849594,
          567.8805378614124,
          310.9935794794336,
          572.8931754727164
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 56,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992392037,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          34.74609230224609,
          102.70643132678379,
          99.20569064142938,
          106.7150372033575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          172.85155529785158,
          102.70643132678379,
          194.17802955024726,
          106.7150372033575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face",
        "box": [
          244.27733732177717,
          94.45643167052913,
          260.25561285613844,
          98.46503754711011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          238.26561507226563,
          102.70643132678379,
          266.2519782721659,
          106.7150372033575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          305.624987265625,
          94.45643167052913,
          337.1560094768323,
          98.46503754711011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          311.7656120097656,
          102.70643132678379,
          331.0191750576566,
          106.7150372033575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted",
        "box": [
          381.77342159277345,
          94.45643167052913,
          414.1984081666094,
          98.46503754711011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Rate",
        "box": [
          375.08201937158185,
          102.70643132678379,
          420.88143403839564,
          106.7150372033575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          492.7031044707031,
          102.70643132678379,
          523.7851750506169,
          106.7150372033575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2025-FL4",
        "box": [
          34.74609230224609,
          113.95643085803022,
          93.15867856838824,
          117.9650367346112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          125.20643038928392,
          92.9204213741416,
          129.21503626585763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          179.51952752001935,
          125.20643038928392,
          187.5145170618948,
          129.21503626585763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          221.60155326660157,
          125.20643038928392,
          225.59905302503907,
          129.21503626585763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,049,200 ",
        "box": [
          248.44921214794905,
          125.20643038928392,
          282.4284256946484,
          129.21503626585763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          290.7304603862303,
          125.20643038928392,
          294.7279601446678,
          129.21503626585763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,108,352 ",
        "box": [
          317.5781117675781,
          125.20643038928392,
          351.5573328142772,
          129.21503626585763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.19%",
        "box": [
          373.40623444140624,
          125.20643038928392,
          422.57003970891304,
          129.21503626585763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          125.20643038928392,
          446.99051524139327,
          129.21503626585763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2029",
        "box": [
          492.5859169755859,
          125.20643038928392,
          523.9022023457405,
          129.21503626585763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.574199476074,
          125.20643038928392,
          561.8964743036447,
          129.21503626585763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          135.7064299517806,
          72.72214069491065,
          139.71503582836158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.51171493701156,
          135.7064299517806,
          185.50921469544906,
          139.71503582836158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "968,628 ",
        "box": [
          254.4374893984375,
          135.7064299517806,
          282.4284256946484,
          139.71503582836158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "961,078 ",
        "box": [
          323.56639651806626,
          135.7064299517806,
          351.5573328142772,
          139.71503582836158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.85%",
        "box": [
          373.40623444140624,
          135.7064299517806,
          422.57003970891304,
          139.71503582836158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          135.7064299517806,
          446.99051524139327,
          139.71503582836158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2042",
        "box": [
          482.83591738183594,
          135.7064299517806,
          533.6712448886973,
          139.71503582836158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.574199476074,
          135.7064299517806,
          561.8964743036447,
          139.71503582836158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2022-FL3",
        "box": [
          34.74609230224609,
          146.9564294830343,
          93.15867856838824,
          150.965035359608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          158.20642901428073,
          92.9204213741416,
          162.21503489086172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          179.51952752001935,
          158.20642901428073,
          187.5145170618948,
          162.21503489086172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "662,525 ",
        "box": [
          254.4374893984375,
          158.20642901428073,
          282.4284256946484,
          162.21503489086172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "668,530 ",
        "box": [
          323.56639651806626,
          158.20642901428073,
          351.5573328142772,
          162.21503489086172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.99%",
        "box": [
          373.40623444140624,
          158.20642901428073,
          422.57003970891304,
          162.21503489086172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          158.20642901428073,
          446.99051524139327,
          162.21503489086172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2027",
        "box": [
          490.8163895493162,
          158.20642901428073,
          525.6812358716143,
          162.21503489086172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.574199476074,
          158.20642901428073,
          561.8964743036447,
          162.21503489086172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          168.70642857678467,
          72.72214069491065,
          172.71503445335838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.51171493701156,
          168.70642857678467,
          185.50921469544906,
          172.71503445335838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "505,973 ",
        "box": [
          254.4374893984375,
          168.70642857678467,
          282.4284256946484,
          172.71503445335838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "505,973 ",
        "box": [
          323.56639651806626,
          168.70642857678467,
          351.5573328142772,
          172.71503445335838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.82%",
        "box": [
          373.40623444140624,
          168.70642857678467,
          422.57003970891304,
          172.71503445335838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          168.70642857678467,
          446.99051524139327,
          172.71503445335838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2038",
        "box": [
          482.37888990087873,
          168.70642857678467,
          534.1120750703293,
          172.71503445335838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.574199476074,
          168.70642857678467,
          561.8964743036447,
          172.71503445335838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2021-HTS",
        "box": [
          34.74609230224609,
          179.9564281080311,
          94.94271851893038,
          183.9650339846121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          191.2064276392848,
          92.9204213741416,
          195.21503351585852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.51171493701156,
          191.2064276392848,
          185.50921469544906,
          195.21503351585852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,602 ",
        "box": [
          254.4374893984375,
          191.2064276392848,
          282.4284256946484,
          195.21503351585852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103,101 ",
        "box": [
          323.56639651806626,
          191.2064276392848,
          351.5573328142772,
          195.21503351585852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.97%",
        "box": [
          373.40623444140624,
          191.2064276392848,
          422.57003970891304,
          195.21503351585852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          191.2064276392848,
          446.99051524139327,
          195.21503351585852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          501.3632641098631,
          191.2064276392848,
          515.1319876479911,
          195.21503351585852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(f)",
        "box": [
          552.574199476074,
          191.2064276392848,
          560.561372284274,
          195.21503351585852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          201.70642720178148,
          72.72214069491065,
          205.7150330783552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.51171493701156,
          201.70642720178148,
          185.50921469544906,
          205.7150330783552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,693 ",
        "box": [
          258.4335867319334,
          201.70642720178148,
          282.4284256946484,
          205.7150330783552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,693 ",
        "box": [
          327.5624863515625,
          201.70642720178148,
          351.5573328142772,
          205.7150330783552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.80%",
        "box": [
          373.40623444140624,
          201.70642720178148,
          422.57003970891304,
          205.7150330783552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          201.70642720178148,
          446.99051524139327,
          205.7150330783552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          501.3632641098631,
          201.70642720178148,
          515.1319876479911,
          205.7150330783552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(f)",
        "box": [
          552.574199476074,
          201.70642720178148,
          560.561372284274,
          205.7150330783552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2021-FL2",
        "box": [
          34.74609230224609,
          212.9564267330279,
          93.15867856838824,
          216.9650326096089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          224.20642626428162,
          92.9204213741416,
          228.21503214085533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          179.51952752001935,
          224.20642626428162,
          187.5145170618948,
          228.21503214085533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "886,773 ",
        "box": [
          254.4374893984375,
          224.20642626428162,
          282.4284256946484,
          228.21503214085533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "896,979 ",
        "box": [
          323.56639651806626,
          224.20642626428162,
          351.5573328142772,
          228.21503214085533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.22%",
        "box": [
          373.40623444140624,
          224.20642626428162,
          422.57003970891304,
          228.21503214085533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          224.20642626428162,
          446.99051524139327,
          228.21503214085533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2026",
        "box": [
          482.83591738183594,
          224.20642626428162,
          533.6712448886973,
          228.21503214085533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.574199476074,
          224.20642626428162,
          561.8964743036447,
          228.21503214085533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          234.7064258267783,
          72.72214069491065,
          238.71503170335927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.51171493701156,
          234.7064258267783,
          185.50921469544906,
          238.71503170335927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "674,494 ",
        "box": [
          254.4374893984375,
          234.7064258267783,
          282.4284256946484,
          238.71503170335927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "674,494 ",
        "box": [
          323.56639651806626,
          234.7064258267783,
          351.5573328142772,
          238.71503170335927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.77%",
        "box": [
          373.40623444140624,
          234.7064258267783,
          422.57003970891304,
          238.71503170335927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          234.7064258267783,
          446.99051524139327,
          238.71503170335927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2038",
        "box": [
          490.8163895493162,
          234.7064258267783,
          525.6812358716143,
          238.71503170335927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.574199476074,
          234.7064258267783,
          561.8964743036447,
          238.71503170335927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2025-SIF6",
        "box": [
          34.74609230224609,
          245.956425358032,
          104.70611008724524,
          249.9650312346057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          257.2064248892784,
          92.9204213741416,
          261.2150307658594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          179.51952752001935,
          257.2064248892784,
          187.5145170618948,
          261.2150307658594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "487,404 ",
        "box": [
          254.4374893984375,
          257.2064248892784,
          282.4284256946484,
          261.2150307658594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "503,199 ",
        "box": [
          323.56639651806626,
          257.2064248892784,
          351.5573328142772,
          261.2150307658594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.75%",
        "box": [
          373.40623444140624,
          257.2064248892784,
          422.57003970891304,
          261.2150307658594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          257.2064248892784,
          446.99051524139327,
          261.2150307658594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2031",
        "box": [
          492.5859169755859,
          257.2064248892784,
          523.9022023457405,
          261.2150307658594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.574199476074,
          257.2064248892784,
          561.8964743036447,
          261.2150307658594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          267.70642445178237,
          72.72214069491065,
          271.7150303283561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.51171493701156,
          267.70642445178237,
          185.50921469544906,
          271.7150303283561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,500 ",
        "box": [
          254.4374893984375,
          267.70642445178237,
          282.4284256946484,
          271.7150303283561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "410,792 ",
        "box": [
          323.56639651806626,
          267.70642445178237,
          351.5573328142772,
          271.7150303283561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.91%",
        "box": [
          373.40623444140624,
          267.70642445178237,
          422.57003970891304,
          271.7150303283561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          267.70642445178237,
          446.99051524139327,
          271.7150303283561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2037",
        "box": [
          486.37497973437496,
          267.70642445178237,
          530.1131739369501,
          271.7150303283561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.574199476074,
          267.70642445178237,
          561.8964743036447,
          271.7150303283561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2025-SIF5",
        "box": [
          34.74609230224609,
          278.9564239830288,
          104.70611008724524,
          282.9650298596098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          290.2064235142825,
          92.9204213741416,
          294.2150293908562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          179.51952752001935,
          290.2064235142825,
          187.5145170618948,
          294.2150293908562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "444,427 ",
        "box": [
          254.4374893984375,
          290.2064235142825,
          282.4284256946484,
          294.2150293908562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "510,441 ",
        "box": [
          323.56639651806626,
          290.2064235142825,
          351.5573328142772,
          294.2150293908562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.64%",
        "box": [
          373.40623444140624,
          290.2064235142825,
          422.57003970891304,
          294.2150293908562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          290.2064235142825,
          446.99051524139327,
          294.2150293908562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2031",
        "box": [
          484.8281047988281,
          290.2064235142825,
          531.6776155967651,
          294.2150293908562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.574199476074,
          290.2064235142825,
          561.8964743036447,
          294.2150293908562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          300.7064230767792,
          72.72214069491065,
          304.71502895336016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.51171493701156,
          300.7064230767792,
          185.50921469544906,
          304.71502895336016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,500 ",
        "box": [
          254.4374893984375,
          300.7064230767792,
          282.4284256946484,
          304.71502895336016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "410,945 ",
        "box": [
          323.56639651806626,
          300.7064230767792,
          351.5573328142772,
          304.71502895336016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.94%",
        "box": [
          373.40623444140624,
          300.7064230767792,
          422.57003970891304,
          304.71502895336016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          300.7064230767792,
          446.99051524139327,
          304.71502895336016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2037",
        "box": [
          490.8163895493162,
          300.7064230767792,
          525.6812358716143,
          304.71502895336016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.574199476074,
          300.7064230767792,
          561.8964743036447,
          304.71502895336016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2024-SIF4",
        "box": [
          34.74609230224609,
          311.9564226080329,
          104.70611008724524,
          315.9650284846066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          323.2064221392793,
          92.9204213741416,
          327.2150280158603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          179.51952752001935,
          323.2064221392793,
          187.5145170618948,
          327.2150280158603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "551,333 ",
        "box": [
          254.4374893984375,
          323.2064221392793,
          282.4284256946484,
          327.2150280158603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "612,505 ",
        "box": [
          323.56639651806626,
          323.2064221392793,
          351.5573328142772,
          327.2150280158603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.69%",
        "box": [
          373.40623444140624,
          323.2064221392793,
          422.57003970891304,
          327.2150280158603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          323.2064221392793,
          446.99051524139327,
          327.2150280158603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2031",
        "box": [
          488.82420213232405,
          323.2064221392793,
          527.6787447633847,
          327.2150280158603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.574199476074,
          323.2064221392793,
          561.8964743036447,
          327.2150280158603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          333.70642170178326,
          72.72214069491065,
          337.71502757835697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.51171493701156,
          333.70642170178326,
          185.50921469544906,
          337.71502757835697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496,200 ",
        "box": [
          254.4374893984375,
          333.70642170178326,
          282.4284256946484,
          337.71502757835697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "493,800 ",
        "box": [
          323.56639651806626,
          333.70642170178326,
          351.5573328142772,
          337.71502757835697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.10%",
        "box": [
          373.40623444140624,
          333.70642170178326,
          422.57003970891304,
          337.71502757835697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          333.70642170178326,
          446.99051524139327,
          337.71502757835697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2036",
        "box": [
          486.37497973437496,
          333.70642170178326,
          530.1131739369501,
          337.71502757835697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.574199476074,
          333.70642170178326,
          561.8964743036447,
          337.71502757835697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2024-SIF3",
        "box": [
          34.74609230224609,
          344.9564212330297,
          95.38384477567297,
          348.9650271096107
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          356.2064207642834,
          92.9204213741416,
          360.2150266408571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          179.51952752001935,
          356.2064207642834,
          187.5145170618948,
          360.2150266408571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "354,210 ",
        "box": [
          254.4374893984375,
          356.2064207642834,
          282.4284256946484,
          360.2150266408571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "408,594 ",
        "box": [
          323.56639651806626,
          356.2064207642834,
          351.5573328142772,
          360.2150266408571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.78%",
        "box": [
          373.40623444140624,
          356.2064207642834,
          422.57003970891304,
          360.2150266408571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          438.11716924511717,
          356.2064207642834,
          446.99051524139327,
          360.2150266408571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2030",
        "box": [
          482.37888990087873,
          356.2064207642834,
          534.1120750703293,
          360.2150266408571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          552.574199476074,
          356.2064207642834,
          561.8964743036447,
          360.2150266408571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          366.70642032678006,
          72.72214069491065,
          370.71502620336105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          181.51171493701156,
          366.70642032678006,
          185.50921469544906,
          370.71502620336105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "330,000 ",
        "box": [
          254.4374893984375,
          366.70642032678006,
          282.4284256946484,
          370.71502620336105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "330,000 ",
        "box": [
          323.56639651806626,
          366.70642032678006,
          351.5573328142772,
          370.71502620336105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.41%",
        "box": [
          373.40623444140624,
          366.70642032678006,
          422.57003970891304,
          370.71502620336105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          438.11716924511717,
          366.70642032678006,
          446.99051524139327,
          370.71502620336105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2036",
        "box": [
          490.8163895493162,
          366.70642032678006,
          525.6812358716143,
          370.71502620336105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          552.574199476074,
          366.70642032678006,
          561.8964743036447,
          370.71502620336105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal - CLOs and SASB",
        "box": [
          34.74609230224609,
          377.95641985803377,
          127.60971976692926,
          381.9650257346075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          389.2064193892802,
          92.9204213741416,
          393.2150252658612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,538,474 ",
        "box": [
          248.44921214794905,
          389.2064193892802,
          282.4284256946484,
          393.2150252658612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,811,701 ",
        "box": [
          317.87108425537093,
          389.2064193892802,
          351.5573328142772,
          393.2150252658612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          401.20641888928367,
          72.72214069491065,
          405.2150247658574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,884,988 ",
        "box": [
          248.44921214794905,
          400.4564189205339,
          282.4284256946484,
          404.4650247971076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,869,775 ",
        "box": [
          317.5781117675781,
          400.4564189205339,
          351.5573328142772,
          404.4650247971076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ABS Financing",
        "box": [
          34.74609230224609,
          426.70641782678285,
          86.50661729555746,
          430.71502370335656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          437.9564173580293,
          92.9204213741416,
          441.96502323461027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "433",
        "box": [
          177.51561760351564,
          437.9564173580293,
          189.50809692882896,
          441.96502323461027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          269.1679612846678,
          437.9564173580293,
          282.9366848227957,
          441.96502323461027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,927,934 ",
        "box": [
          317.5781117675781,
          437.9564173580293,
          351.5573328142772,
          441.96502323461027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          391.10154620410157,
          437.9564173580293,
          404.8702697422295,
          441.96502323461027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          501.3632641098631,
          437.9564173580293,
          515.1319876479911,
          441.96502323461027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ABS Master Series",
        "box": [
          40.74609205224609,
          449.206416889283,
          102.03580024433413,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          181.51171493701156,
          449.206416889283,
          185.50921469544906,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,268,328 ",
        "box": [
          248.44921214794905,
          449.206416889283,
          282.4284256946484,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,261,678 ",
        "box": [
          317.5781117675781,
          449.206416889283,
          351.5573328142772,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.73%",
        "box": [
          387.65623384765627,
          449.206416889283,
          408.30831780315157,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(h)",
        "box": [
          438.11716924511717,
          449.206416889283,
          447.4394440726879,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2028 to Oct 2032",
        "box": [
          472.7226403032225,
          449.206416889283,
          543.7796315175143,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Securitized Financing",
        "box": [
          34.74609230224609,
          475.45641579553194,
          128.61693671596078,
          479.46502167210565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          40.74609205224609,
          487.45641529552813,
          92.9204213741416,
          491.4650211721091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          221.60155326660157,
          485.9564153580286,
          225.59905302503907,
          489.9650212346096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,538,474 ",
        "box": [
          248.44921214794905,
          485.9564153580286,
          282.4284256946484,
          489.9650212346096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          290.7304603862303,
          485.9564153580286,
          294.7279601446678,
          489.9650212346096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,739,635 ",
        "box": [
          317.5781117675781,
          485.9564153580286,
          351.5573328142772,
          489.9650212346096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          40.74609205224609,
          501.7064147017809,
          72.72214069491065,
          505.7150205783619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          221.60155326660157,
          500.20641476428136,
          225.59905302503907,
          504.2150206408551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,153,316 ",
        "box": [
          248.44921214794905,
          500.20641476428136,
          282.4284256946484,
          504.2150206408551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          290.7304603862303,
          500.20641476428136,
          294.7279601446678,
          504.2150206408551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,131,453 ",
        "box": [
          317.5781117675781,
          500.20641476428136,
          351.5573328142772,
          504.2150206408551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          517.0136503177637,
          222.74999071874998,
          518.5178176542686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          33.74999859375,
          525.8805396114185,
          44.84584521192245,
          530.8931772227152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period and excludes",
        "box": [
          69.74999709375,
          525.8805396114185,
          570.5958038955864,
          530.8931772227152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans for which interest income is not recognized. Of the investments financed by the Starwood 2026-SIF7, Starwood 2025-",
        "box": [
          69.74999709375,
          537.8805391114147,
          566.4659244777514,
          542.8931767227186
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SIF5 and Starwood 2024-SIF4 CLOs as of June 30, 2026, 3%, 6% and 5%, respectively, earned fixed-rate weighted average",
        "box": [
          69.74999709375,
          549.8805386114182,
          566.381640598325,
          554.8931762227148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest of 7.33%. Of the investments financed by the Starwood 2025-SIF6 CLO as of June 30, 2026, 6% earned fixed-rate",
        "box": [
          69.74999709375,
          561.8805381114216,
          560.3649327990214,
          566.8931757227183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average interest of 7.26%.",
        "box": [
          69.74999709375,
          573.8805376114178,
          213.5500175333322,
          578.8931752227145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          33.74999859375,
          588.8805369864203,
          45.40722371353168,
          593.893174597717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets.",
        "box": [
          69.74999709375,
          588.8805369864203,
          510.4986051104738,
          593.893174597717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          33.74999859375,
          603.8805363614156,
          44.84584521192245,
          608.8931739727195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the weighted-average cost of financing, inclusive of any related deferred issuance costs.",
        "box": [
          69.74999709375,
          603.8805363614156,
          467.27212081157717,
          608.8931739727195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          33.74999859375,
          618.8805357364181,
          45.40722371353168,
          623.8931733477148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments of the CLOs and SASB are tied to timing of the related collateral asset repayments. The term of the CLOs and",
        "box": [
          69.74999709375,
          618.8805357364181,
          562.0920332419972,
          623.8931733477148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SASB financing obligations represents the legal final maturity date.",
        "box": [
          69.74999709375,
          630.8805352364216,
          340.45341604569023,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(e)",
        "box": [
          33.74999859375,
          645.8805346114168,
          44.84584521192245,
          650.8931722227135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In July 2026, we redeemed at par the third party financing for our STWD 2021-FL2 and STWD 2022-FL3 CLOs issued in",
        "box": [
          69.74999709375,
          645.8805346114168,
          559.8074266121897,
          650.8931722227135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2021 and February 2022 for $279.9 million and $299.2 million, respectively, plus accrued interest (see Note 24).",
        "box": [
          69.74999709375,
          657.8805341114203,
          541.1120532849131,
          662.8931717227169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(f)",
        "box": [
          33.74999859375,
          669.1305336426667,
          43.73771388309459,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The underlying loan is in maturity default. However, the borrower has continued to make current interest payments. The",
        "box": [
          69.74999709375,
          669.1305336426667,
          550.5666158072845,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrower is continuing to effectuate their plan of liquidating the underlying assets, with the remaining balance expected to be",
        "box": [
          69.74999709375,
          680.3805331739204,
          570.117334792671,
          685.3931707852171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repaid in full by early 2027.",
        "box": [
          69.74999709375,
          691.6305327051668,
          181.35765892468055,
          696.6431703164635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(g)",
        "box": [
          33.74999859375,
          705.8805321114196,
          45.40722371353168,
          710.8931697227163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes as of June 30, 2026: (i) $466.1 million outstanding under ABS Series 2026-1 with a weighted average fixed rate of",
        "box": [
          69.74999709375,
          705.8805321114196,
          564.533613158264,
          710.8931697227163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.06%; (ii) $390.4 million outstanding under ABS Series 2025-1 with a weighted average fixed rate of 5.25%; (iii) $240.0",
        "box": [
          69.74999709375,
          717.8805316114158,
          557.9005783916415,
          722.8931692227197
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million outstanding under ABS Series 2024-1 with a weighted average fixed rate of 5.03% and (iv) $312.8 million outstanding",
        "box": [
          69.74999709375,
          729.8805311114193,
          576.2160568784967,
          734.8931687227159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under ABS Series 2023-2 with a weighted average fixed rate of 5.89%.",
        "box": [
          69.74999709375,
          741.8805306114155,
          353.7765741905588,
          746.8931682227194
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 57,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "40",
        "box": [
          300.99608495849594,
          64.63055883016204,
          310.9935794794336,
          69.64319644146599
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 58,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(h)",
        "box": [
          33.74999859375,
          84.13055801766313,
          45.40722371353168,
          89.14319562896708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes as of December 31, 2025: (i) $390.9 million outstanding under ABS Series 2025-1 with a weighted average fixed rate",
        "box": [
          69.74999709375,
          84.13055801766313,
          576.4523533787118,
          89.14319562896708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of 5.26%; (ii) $240.3 million outstanding under ABS Series 2024-1 with a weighted average fixed rate of 5.03%; (iii) $313.2",
        "box": [
          69.74999709375,
          96.1305575176666,
          568.7287029404697,
          101.14319512896327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million outstanding under ABS Series 2023-2 with a weighted average fixed rate of 5.89% and (iv) $323.9 million outstanding",
        "box": [
          69.74999709375,
          108.13055701767007,
          576.2160568784967,
          113.14319462896674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under ABS Series 2023-1 with a weighted average fixed rate of 6.65%.",
        "box": [
          69.74999709375,
          120.13055651766626,
          353.7765741905588,
          125.14319412896293
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We incurred issuance costs in connection with our securitized financing, which is amortized on an effective yield basis over",
        "box": [
          69.74999709375,
          144.13055551766593,
          564.3083012426523,
          149.1431931289626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the estimated life of the debt. For the three and six months ended June 30, 2026, approximately $1.9 million and $3.6 million,",
        "box": [
          33.74999859375,
          156.1305550176694,
          536.6057177726775,
          161.14319262896606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of",
        "box": [
          33.74999859375,
          168.1305545176656,
          570.5681733568243,
          173.14319212896226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations. For the three and six months ended June 30, 2025, approximately $1.1 million and $2.3 million, respectively, of",
        "box": [
          33.74999859375,
          180.13055401766906,
          527.6356579956795,
          185.14319162896572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. As of",
        "box": [
          33.74999859375,
          192.13055351766525,
          577.6220825129118,
          197.14319112896192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and December 31, 2025, our unamortized issuance costs were $27.3 million and $21.6 million, respectively.",
        "box": [
          33.74999859375,
          204.13055301766872,
          523.9801840987415,
          209.14319062896539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturities",
        "box": [
          33.74999859375,
          228.13055201766838,
          76.52732890677416,
          233.14318962896505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our credit facilities generally require principal to be paid down prior to the facilities' respective maturities if and when we",
        "box": [
          69.74999709375,
          252.13055101766804,
          558.4259138548138,
          257.1431886289647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receive principal payments on, or sell, the investment collateral that we have pledged. The following table sets forth our principal",
        "box": [
          33.74999859375,
          264.13055051766423,
          551.0519212605898,
          269.1431881289682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayments schedule for secured financings based on the earlier of (i) the fully extended contractual maturity of each credit facility or",
        "box": [
          33.74999859375,
          276.1305500176677,
          568.3909579475416,
          281.14318762896437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii) the contractual maturity, on a fully extended basis as applicable, of each of the investments that have been pledged as collateral",
        "box": [
          33.74999859375,
          288.1305495176639,
          556.9387952933031,
          293.14318712896784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the respective credit facility (amounts in thousands):",
        "box": [
          33.74999859375,
          300.13054901766736,
          268.8959611450888,
          305.14318662896403
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase",
        "box": [
          290.8828003798828,
          318.70642232678074,
          331.15444415202035,
          322.71502820335445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreements",
        "box": [
          290.67186288867185,
          326.20642201427836,
          331.3729297636199,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Secured",
        "box": [
          356.6718601386719,
          318.70642232678074,
          406.3399794440438,
          322.71502820335445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          364.40623481640625,
          326.20642201427836,
          398.6152659410298,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized",
        "box": [
          432.9023294624022,
          318.70642232678074,
          471.0893473211538,
          322.71502820335445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing (a)",
        "box": [
          429.2343571152344,
          326.20642201427836,
          474.7643979841482,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          513.914041086914,
          326.20642201427836,
          531.3913575468678,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (remainder of)",
        "box": [
          34.74609230224609,
          339.13054739266954,
          115.24831572848606,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          279.7031133457031,
          339.13054739266954,
          284.70186309992187,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "626,635 ",
        "box": [
          306.84373721484377,
          339.13054739266954,
          341.83920823794904,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          350.1913954086912,
          339.13054739266954,
          355.19014516290997,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,266 ",
        "box": [
          377.3320192778319,
          339.13054739266954,
          412.3274828009375,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          420.6796699716797,
          339.13054739266954,
          425.67841972589844,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "217,896 ",
        "box": [
          447.8202938408203,
          339.13054739266954,
          482.8157648639256,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          491.1679520346678,
          339.13054739266954,
          496.16670178888654,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "969,797 ",
        "box": [
          518.5898258920896,
          339.13054739266954,
          553.5852894151952,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          34.74609230224609,
          351.8805468614155,
          54.74107635662172,
          356.89318447271216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,263,876 ",
        "box": [
          299.34373752734376,
          351.8805468614155,
          341.83920823794904,
          356.89318447271216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "923,300 ",
        "box": [
          377.3320192778319,
          351.8805468614155,
          412.3274828009375,
          356.89318447271216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "551,603 ",
        "box": [
          447.8202938408203,
          351.8805468614155,
          482.8157648639256,
          356.89318447271216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,738,779 ",
        "box": [
          511.08982620458966,
          351.8805468614155,
          553.5852894151952,
          356.89318447271216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          34.74609230224609,
          365.3805462989185,
          54.74107635662172,
          370.39318391021516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,869,772 ",
        "box": [
          299.34373752734376,
          365.3805462989185,
          341.83920823794904,
          370.39318391021516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "188,890 ",
        "box": [
          377.3320192778319,
          365.3805462989185,
          412.3274828009375,
          370.39318391021516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "269,336 ",
        "box": [
          447.8202938408203,
          365.3805462989185,
          482.8157648639256,
          370.39318391021516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,327,998 ",
        "box": [
          511.08982620458966,
          365.3805462989185,
          553.5852894151952,
          370.39318391021516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          34.74609230224609,
          378.13054576766444,
          54.74107635662172,
          383.1431833789684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,448,776 ",
        "box": [
          299.34373752734376,
          378.13054576766444,
          341.83920823794904,
          383.1431833789684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "557,145 ",
        "box": [
          377.3320192778319,
          378.13054576766444,
          412.3274828009375,
          383.1431833789684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "309,695 ",
        "box": [
          447.8202938408203,
          378.13054576766444,
          482.8157648639256,
          383.1431833789684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,315,616 ",
        "box": [
          511.08982620458966,
          378.13054576766444,
          553.5852894151952,
          383.1431833789684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          34.74609230224609,
          390.8805452364177,
          54.74107635662172,
          395.89318284771434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,301,344 ",
        "box": [
          299.34373752734376,
          390.8805452364177,
          341.83920823794904,
          395.89318284771434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,219,488 ",
        "box": [
          369.83201959033187,
          390.8805452364177,
          412.3274828009375,
          395.89318284771434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "783,499 ",
        "box": [
          447.8202938408203,
          390.8805452364177,
          482.8157648639256,
          395.89318284771434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,304,331 ",
        "box": [
          511.08982620458966,
          390.8805452364177,
          553.5852894151952,
          395.89318284771434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          34.74609230224609,
          404.3805446739134,
          76.36650039856177,
          409.39318228521734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,026 ",
        "box": [
          306.84373721484377,
          404.3805446739134,
          341.83920823794904,
          409.39318228521734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,319,698 ",
        "box": [
          369.83201959033187,
          404.3805446739134,
          412.3274828009375,
          409.39318228521734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,707,116 ",
        "box": [
          440.6952941376953,
          404.3805446739134,
          482.8157648639256,
          409.39318228521734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,275,840 ",
        "box": [
          511.08982620458966,
          404.3805446739134,
          553.5852894151952,
          409.39318228521734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          34.74609230224609,
          419.3805440489159,
          55.14624522632728,
          424.3931816602126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          279.7031133457031,
          417.8805441114164,
          284.70186309992187,
          422.89318172271305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,759,429 ",
        "box": [
          299.34373752734376,
          417.8805441114164,
          341.83920823794904,
          422.89318172271305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          350.1913954086912,
          417.8805441114164,
          355.19014516290997,
          422.89318172271305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,333,787 ",
        "box": [
          369.83201959033187,
          417.8805441114164,
          412.3274828009375,
          422.89318172271305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          420.6796699716797,
          417.8805441114164,
          425.67841972589844,
          422.89318172271305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,839,145 ",
        "box": [
          440.3202941533203,
          417.8805441114164,
          482.8157648639256,
          422.89318172271305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          491.1679520346678,
          417.8805441114164,
          496.16670178888654,
          422.89318172271305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,932,361 ",
        "box": [
          506.0859164130859,
          417.8805441114164,
          553.5852894151952,
          422.89318172271305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          439.0136535677593,
          210.74999121875,
          440.5178209042642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          33.74999859375,
          447.88054286141414,
          44.84584521192245,
          452.8931804727181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the CLOs, the above does not assume utilization of their reinvestment features. The SASB and ABS financings do not",
        "box": [
          69.74999709375,
          447.88054286141414,
          557.4203628482379,
          452.8931804727181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have reinvestment features.",
        "box": [
          69.74999709375,
          459.8805423614176,
          179.3953061314453,
          464.8931799727143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41",
        "box": [
          300.99608495849594,
          502.6305405801686,
          310.9935794794336,
          507.64317819146527
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 59,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992392037,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11. Unsecured Senior Notes",
        "box": [
          33.74999859375,
          93.13055764266755,
          150.02422436940338,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table is a summary of our unsecured senior notes outstanding as of June 30, 2026 and December 31, 2025",
        "box": [
          69.74999709375,
          117.13055664266722,
          551.7430953732032,
          122.14319425397116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(dollars in thousands):",
        "box": [
          33.74999859375,
          129.13055614267068,
          123.16110059237488,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon",
        "box": [
          147.8085875913086,
          159.70642895178025,
          174.91659203668553,
          163.71503482836124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate",
        "box": [
          153.374993609375,
          167.9564286080349,
          169.35716014357422,
          171.96503448460862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Swapped Rate (1)",
        "box": [
          192.32811698632813,
          167.9564286080349,
          252.73554521035058,
          171.96503448460862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effective",
        "box": [
          269.15623878515623,
          159.70642895178025,
          299.3404312026043,
          163.71503482836124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate (2)",
        "box": [
          270.5976487250975,
          167.9564286080349,
          297.90083410346347,
          171.96503448460862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          324.2577989892578,
          159.70642895178025,
          355.33986956917147,
          163.71503482836124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date",
        "box": [
          331.81639617431625,
          167.9564286080349,
          347.7985627085154,
          171.96503448460862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Remaining",
        "box": [
          397.4179559409178,
          152.20642926428263,
          434.73051018622806,
          156.21503514085634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Period of",
        "box": [
          400.4296708154297,
          159.70642895178025,
          431.7342712520701,
          163.71503482836124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          393.21092111621095,
          167.9564286080349,
          438.947869310382,
          171.96503448460862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value at",
        "box": [
          482.08591741308595,
          147.70642945178406,
          543.3834327750217,
          151.71503532835777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          457.28904344628904,
          167.9564286080349,
          503.70913756211837,
          171.96503448460862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31,",
        "box": [
          521.6484157646483,
          159.70642895178025,
          568.1193050908614,
          163.71503482836124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          536.8945126293943,
          167.9564286080349,
          552.8844817381455,
          171.96503448460862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027 Convertible Notes",
        "box": [
          34.74609230224609,
          181.54100801579625,
          120.73388178942139,
          186.05351002531097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.75%",
        "box": [
          148.45311881445312,
          180.88055398641882,
          174.27721075644865,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          213.9257760864256,
          180.88055398641882,
          231.14313954494784,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.38%",
        "box": [
          271.3359261943359,
          180.88055398641882,
          297.1600181363315,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/15/2027",
        "box": [
          319.535146686035,
          180.88055398641882,
          360.0816016090992,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.0 year",
        "box": [
          399.9726433344725,
          180.88055398641882,
          432.1786346730555,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "380,750 ",
        "box": [
          473.28514027978497,
          180.88055398641882,
          508.28060380289065,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "380,750 ",
        "box": [
          537.6093525996093,
          180.88055398641882,
          572.6048236227147,
          185.8931915977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 Senior Notes",
        "box": [
          34.74609230224609,
          194.2910074845422,
          101.74071845080323,
          198.80350949405693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.63%",
        "box": [
          148.45311881445312,
          193.63055345517205,
          174.27721075644865,
          198.64319106646872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          213.9257760864256,
          193.63055345517205,
          231.14313954494784,
          198.64319106646872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.77%",
        "box": [
          271.3359261943359,
          193.63055345517205,
          297.1600181363315,
          198.64319106646872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/15/2026",
        "box": [
          319.535146686035,
          193.63055345517205,
          360.0816016090992,
          198.64319106646872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          369.5156096035156,
          193.63055345517205,
          381.1728347232973,
          198.64319106646872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.0 years",
        "box": [
          398.02733091552716,
          193.63055345517205,
          434.1239402819147,
          198.64319106646872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "400,000 ",
        "box": [
          473.28514027978497,
          193.63055345517205,
          508.28060380289065,
          198.64319106646872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "400,000 ",
        "box": [
          537.6093525996093,
          193.63055345517205,
          572.6048236227147,
          198.64319106646872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027 Senior Notes",
        "box": [
          34.74609230224609,
          207.7910069220452,
          101.74071845080323,
          212.30350893155992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.38%",
        "box": [
          148.45311881445312,
          206.380552923918,
          174.27721075644865,
          211.39319053521467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.95%",
        "box": [
          191.80077700830063,
          206.380552923918,
          253.27329746494493,
          211.39319053521467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.49%",
        "box": [
          271.3359261943359,
          206.380552923918,
          297.1600181363315,
          211.39319053521467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/15/2027",
        "box": [
          319.535146686035,
          206.380552923918,
          360.0816016090992,
          211.39319053521467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          369.5156096035156,
          206.380552923918,
          381.1728347232973,
          211.39319053521467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.5 years",
        "box": [
          398.02733091552716,
          206.380552923918,
          434.1239402819147,
          211.39319053521467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000 ",
        "box": [
          473.28514027978497,
          206.380552923918,
          508.28060380289065,
          211.39319053521467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000 ",
        "box": [
          537.6093525996093,
          206.380552923918,
          572.6048236227147,
          211.39319053521467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028 Senior Notes",
        "box": [
          34.74609230224609,
          220.54100639079115,
          101.74071845080323,
          225.05350840030587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.25%",
        "box": [
          148.45311881445312,
          219.880552361421,
          174.27721075644865,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.88%",
        "box": [
          191.80077700830063,
          219.880552361421,
          253.27329746494493,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.49%",
        "box": [
          271.3359261943359,
          219.880552361421,
          297.1600181363315,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/15/2028",
        "box": [
          317.02733429052716,
          219.880552361421,
          362.57253398031037,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.3 years",
        "box": [
          398.02733091552716,
          219.880552361421,
          434.1239402819147,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000 ",
        "box": [
          473.28514027978497,
          219.880552361421,
          508.28060380289065,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000 ",
        "box": [
          537.6093525996093,
          219.880552361421,
          572.6048236227147,
          224.89318997271766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029 Senior Notes",
        "box": [
          34.74609230224609,
          233.29100585954438,
          101.74071845080323,
          237.8035078690591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.25%",
        "box": [
          148.45311881445312,
          232.63055183016695,
          174.27721075644865,
          237.6431894414709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.25%",
        "box": [
          191.80077700830063,
          232.63055183016695,
          253.27329746494493,
          237.6431894414709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.37%",
        "box": [
          271.3359261943359,
          232.63055183016695,
          297.1600181363315,
          237.6431894414709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/1/2029",
        "box": [
          322.0312365820312,
          232.63055183016695,
          357.5789467383765,
          237.6431894414709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8 years",
        "box": [
          398.02733091552716,
          232.63055183016695,
          434.1239402819147,
          237.6431894414709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "600,000 ",
        "box": [
          473.28514027978497,
          232.63055183016695,
          508.28060380289065,
          237.6431894414709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "600,000 ",
        "box": [
          537.6093525996093,
          232.63055183016695,
          572.6048236227147,
          237.6431894414709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2030 Senior Notes",
        "box": [
          34.74609230224609,
          246.79100529704738,
          122.98827612548828,
          251.30350730655482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.00%",
        "box": [
          148.45311881445312,
          245.38055129892018,
          174.27721075644865,
          250.39318891021685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.70%",
        "box": [
          191.80077700830063,
          245.38055129892018,
          253.27329746494493,
          250.39318891021685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.14%",
        "box": [
          271.3359261943359,
          245.38055129892018,
          297.1600181363315,
          250.39318891021685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/15/2030",
        "box": [
          319.535146686035,
          245.38055129892018,
          360.0816016090992,
          250.39318891021685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.8 years",
        "box": [
          398.02733091552716,
          245.38055129892018,
          434.1239402819147,
          250.39318891021685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "400,000 ",
        "box": [
          473.28514027978497,
          245.38055129892018,
          508.28060380289065,
          250.39318891021685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "400,000 ",
        "box": [
          537.6093525996093,
          245.38055129892018,
          572.6048236227147,
          250.39318891021685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030 Senior Notes",
        "box": [
          34.74609230224609,
          259.54100476579333,
          118.99364744193116,
          264.05350677530805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.50%",
        "box": [
          148.45311881445312,
          258.8805507364159,
          174.27721075644865,
          263.89318834771984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.55%",
        "box": [
          191.80077700830063,
          258.8805507364159,
          253.27329746494493,
          263.89318834771984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.64%",
        "box": [
          271.3359261943359,
          258.8805507364159,
          297.1600181363315,
          263.89318834771984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/1/2030",
        "box": [
          322.0312365820312,
          258.8805507364159,
          357.5789467383765,
          263.89318834771984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.0 years",
        "box": [
          398.02733091552716,
          258.8805507364159,
          434.1239402819147,
          263.89318834771984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000 ",
        "box": [
          473.28514027978497,
          258.8805507364159,
          508.28060380289065,
          263.89318834771984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000 ",
        "box": [
          537.6093525996093,
          258.8805507364159,
          572.6048236227147,
          263.89318834771984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2030 Senior Notes",
        "box": [
          34.74609230224609,
          272.29100423454656,
          132.97704531928954,
          276.803506244054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.50%",
        "box": [
          148.45311881445312,
          271.63055020516913,
          174.27721075644865,
          276.6431878164658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.61%",
        "box": [
          191.80077700830063,
          271.63055020516913,
          253.27329746494493,
          276.6431878164658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.64%",
        "box": [
          271.3359261943359,
          271.63055020516913,
          297.1600181363315,
          276.6431878164658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/15/2030",
        "box": [
          317.02733429052716,
          271.63055020516913,
          362.57253398031037,
          276.6431878164658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.3 years",
        "box": [
          398.02733091552716,
          271.63055020516913,
          434.1239402819147,
          276.6431878164658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000 ",
        "box": [
          473.28514027978497,
          271.63055020516913,
          508.28060380289065,
          276.6431878164658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000 ",
        "box": [
          537.6093525996093,
          271.63055020516913,
          572.6048236227147,
          276.6431878164658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2031 Senior Notes",
        "box": [
          34.74609230224609,
          285.7910036720423,
          131.9794868008545,
          290.303505681557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.75%",
        "box": [
          148.45311881445312,
          284.38054967392236,
          174.27721075644865,
          289.393187285219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.24%",
        "box": [
          191.80077700830063,
          284.38054967392236,
          253.27329746494493,
          289.393187285219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.90%",
        "box": [
          271.3359261943359,
          284.38054967392236,
          297.1600181363315,
          289.393187285219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/15/2031",
        "box": [
          319.535146686035,
          284.38054967392236,
          360.0816016090992,
          289.393187285219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.5 years",
        "box": [
          398.02733091552716,
          284.38054967392236,
          434.1239402819147,
          289.393187285219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "550,000 ",
        "box": [
          473.28514027978497,
          284.38054967392236,
          508.28060380289065,
          289.393187285219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "550,000 ",
        "box": [
          537.6093525996093,
          284.38054967392236,
          572.6048236227147,
          289.393187285219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2031 Senior Notes",
        "box": [
          34.74609230224609,
          299.2910031095453,
          120.48778804967529,
          303.80350511906
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.13%",
        "box": [
          148.45311881445312,
          297.8805491114181,
          174.27721075644865,
          302.89318672271474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.22%",
        "box": [
          191.80077700830063,
          297.8805491114181,
          253.27329746494493,
          302.89318672271474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.28%",
        "box": [
          271.3359261943359,
          297.8805491114181,
          297.1600181363315,
          302.89318672271474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/1/2031",
        "box": [
          322.0312365820312,
          297.8805491114181,
          357.5789467383765,
          302.89318672271474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.9 years",
        "box": [
          398.02733091552716,
          297.8805491114181,
          434.1239402819147,
          302.89318672271474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "600,000 ",
        "box": [
          473.28514027978497,
          297.8805491114181,
          508.28060380289065,
          302.89318672271474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          560.0976366625974,
          297.8805491114181,
          572.6048236227147,
          302.89318672271474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total principal amount",
        "box": [
          45.996091833496095,
          312.0410025782912,
          127.8442329881567,
          316.55350458780595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,930,750 ",
        "box": [
          465.78514059228496,
          311.38054854892107,
          508.28060380289065,
          316.39318616021774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,330,750 ",
        "box": [
          530.1093529121093,
          311.38054854892107,
          572.6048236227147,
          316.39318616021774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized discount-Convertible Notes",
        "box": [
          34.74609230224609,
          325.5410020157942,
          189.21385950608888,
          330.05350402530894
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,829)",
        "box": [
          479.10935503710937,
          324.130548017667,
          508.2784468772299,
          329.14318562897097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,063)",
        "box": [
          543.4335748569333,
          324.130548017667,
          572.6026591970542,
          329.14318562897097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized discount-Senior Notes",
        "box": [
          34.74609230224609,
          338.29100148454745,
          170.22069616747072,
          342.8035034940549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,649)",
        "box": [
          474.1054527456053,
          337.63054745517,
          508.2784468772299,
          342.6431850664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,206)",
        "box": [
          538.4296650654296,
          337.63054745517,
          572.6026591970542,
          342.6431850664667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized deferred financing costs",
        "box": [
          34.74609230224609,
          351.79100092204317,
          170.4404227883155,
          356.3035029315579
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,550)",
        "box": [
          474.1054527456053,
          350.380546923916,
          508.2784468772299,
          355.3931845352199
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25,645)",
        "box": [
          538.4296650654296,
          350.380546923916,
          572.6026591970542,
          355.3931845352199
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total carrying amount",
        "box": [
          45.996091833496095,
          366.7910002970457,
          125.84032682165284,
          371.3035023065604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          452.2148286577147,
          363.88054636141896,
          457.21357841193344,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,882,722 ",
        "box": [
          465.78514059228496,
          363.88054636141896,
          508.28060380289065,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          516.5156034785156,
          363.88054636141896,
          521.5143532327344,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,283,836 ",
        "box": [
          530.1093529121093,
          363.88054636141896,
          572.6048236227147,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          385.0136558177619,
          210.74999121875,
          386.5178231542668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          393.8805451114167,
          45.40722371353168,
          398.89318272272067
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We entered into interest rate swaps on certain of our senior notes at closing to effectively convert them to floating rates. Each",
        "box": [
          69.74999709375,
          393.8805451114167,
          570.1270668572046,
          398.89318272272067
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of those swaps has a notional amount equal to the aggregate principal amount of the respective notes, except for the January",
        "box": [
          69.74999709375,
          405.8805446114202,
          565.8508677853793,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2031 Senior Notes swap which has a notional amount of $275.0 million.",
        "box": [
          69.74999709375,
          417.8805441114164,
          359.37135015744303,
          422.8931817227203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          432.8805434864189,
          45.40722371353168,
          437.89318109771557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effective rate reflects the coupon rate plus the effects of underwriter purchase discount.",
        "box": [
          69.74999709375,
          432.8805434864189,
          419.4227957052994,
          437.89318109771557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
          447.8805428614214,
          45.40722371353168,
          452.8931804727181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The entire $400.0 million principal balance of the 2026 Senior Notes was repaid at maturity on July 15, 2026 (see Note 24)",
        "box": [
          69.74999709375,
          447.8805428614214,
          562.5725989649733,
          452.8931804727181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with proceeds received from the senior note issuance that occurred during the three months ended June 30, 2026.",
        "box": [
          69.74999709375,
          459.8805423614176,
          521.4381950296575,
          464.89317997272155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          33.74999859375,
          474.8805417364201,
          45.40722371353168,
          479.8931793477168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On July 16, 2026, we early redeemed the entire $500.0 million principal balance of the 2027 Senior Notes due January 15,",
        "box": [
          69.74999709375,
          474.8805417364201,
          559.5101276933266,
          479.8931793477168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027 with proceeds received from the $500.0 million unsecured senior notes that settled in July 2026. In connection with the",
        "box": [
          69.74999709375,
          486.8805412364163,
          568.6906269521174,
          491.89317884772026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redemption, we unwound the related interest rate hedges and recognized a derivative loss of $6.3 million (see Note 24).",
        "box": [
          69.74999709375,
          498.8805407364198,
          547.548576941725,
          503.89317834771646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our unsecured senior notes contain certain financial tests and covenants. As of June 30, 2026, we were in compliance with all",
        "box": [
          69.74999709375,
          522.8805397364195,
          572.5288975687156,
          527.8931773477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "such covenants.",
        "box": [
          33.74999859375,
          534.8805392364229,
          97.04954173751892,
          539.8931768477196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Notes Due June 2031",
        "box": [
          33.74999859375,
          558.8805382364226,
          152.06499330145832,
          563.8931758477192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On May 26, 2026, we issued $600.0 million of 6.125% Senior Notes due June 2031 (the 'June 2031 Senior Notes'). The June",
        "box": [
          69.74999709375,
          582.8805372364222,
          573.8425739874529,
          587.8931748477189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2031 Senior Notes mature on June 1, 2031. Prior to December 1, 2030, we may redeem some or all of the June 2031 Senior Notes at a",
        "box": [
          33.74999859375,
          594.8805367364184,
          570.7146250927842,
          599.8931743477151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price equal to 100% of the principal amount thereof, plus the applicable 'make-whole' premium as of the applicable date of",
        "box": [
          33.74999859375,
          606.8805362364219,
          530.1101065675771,
          611.8931738477186
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redemption. On and after December 1, 2030, we may redeem some or all of the June 2031 Senior Notes at a price equal to 100% of the",
        "box": [
          33.74999859375,
          618.8805357364181,
          573.7277864172358,
          623.8931733477148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal amount thereof. In addition, prior to June 1, 2029, we may redeem up to 40% of the June 2031 Senior Notes at the applicable",
        "box": [
          33.74999859375,
          630.8805352364216,
          572.3794927984147,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redemption price using the proceeds of certain equity offerings.",
        "box": [
          33.74999859375,
          642.8805347364178,
          287.58265252363907,
          647.8931723477217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes",
        "box": [
          33.74999859375,
          666.8805337364174,
          107.33502864811993,
          671.8931713477214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In July 2023, we issued $380.8 million of 6.75% Convertible Senior Notes due 2027 (the '2027 Convertible Notes') for net",
        "box": [
          69.74999709375,
          690.8805327364171,
          565.115644752601,
          695.893170347721
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds of $371.2 million. The notes mature on July 15, 2027.",
        "box": [
          33.74999859375,
          702.8805322364205,
          287.3645973077246,
          707.8931698477172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We recognized interest expense from our Convertible Notes of $7.1 million and $14.2 million, respectively, during the three",
        "box": [
          69.74999709375,
          726.8805312364202,
          565.5515094329143,
          731.8931688477169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and six months ended June 30, 2026. We recognized interest expense from our Convertible Notes of $7.1 million and $14.1 million,",
        "box": [
          33.74999859375,
          738.8805307364164,
          561.1564942497284,
          743.8931683477203
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 60,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "respectively, during the three and six months ended June 30, 2025.",
        "box": [
          33.74999859375,
          38.3805599239131,
          299.9184445596478,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          300.99608495849594,
          93.13055764266755,
          310.9935794794336,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 61,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992392037,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the conversion attributes of our Convertible Notes outstanding as of June 30, 2026 (amounts in",
        "box": [
          69.74999709375,
          81.13055814267136,
          559.255775085175,
          86.14319575396803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands, except rates):",
        "box": [
          33.74999859375,
          93.13055764266755,
          132.30433431140676,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          419.9413925024412,
          106.4564311705326,
          466.36148661827053,
          110.4650370471063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conversion",
        "box": [
          360.1171724951172,
          118.45643067052879,
          399.2059504162951,
          122.46503654710978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conversion",
        "box": [
          487.7460771772459,
          118.45643067052879,
          526.834855098424,
          122.46503654710978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate (1)",
        "box": [
          366.0117072495115,
          128.95643023303273,
          393.31489262787755,
          132.96503610960644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Price (2)",
        "box": [
          492.76170196826155,
          128.95643023303273,
          521.8333313229425,
          132.96503610960644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027 Convertible Notes",
        "box": [
          34.74609230224609,
          141.88055561141664,
          130.26407824274284,
          146.8931932227133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48.1783",
        "box": [
          405.0234206240234,
          141.88055561141664,
          437.5152608576967,
          146.8931932227133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          450.09373124609374,
          141.88055561141664,
          455.09248100031255,
          146.8931932227133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.76 ",
        "box": [
          538.8867000463865,
          141.88055561141664,
          563.8860739859958,
          146.8931932227133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)    The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2027",
        "box": [
          33.74999859375,
          172.63055433017144,
          519.423791394841,
          177.6431919414681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes converted, as adjusted in accordance with the indenture governing the 2027 Convertible Notes",
        "box": [
          69.74999709375,
          184.63055383016763,
          522.5609699720383,
          189.6431914414643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(including the applicable supplemental indenture).",
        "box": [
          69.74999709375,
          196.6305533301711,
          271.02266356363845,
          201.64319094146776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)    As of June 30, 2026, the market price of the Company's common stock was $16.38.",
        "box": [
          33.74999859375,
          222.13055226767028,
          390.2727962198828,
          227.14318987896695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The if-converted value of the 2027 Convertible Notes was less than their principal amount by $80.3 million at June 30, 2026",
        "box": [
          69.74999709375,
          247.63055120516947,
          567.858768826717,
          252.64318881646614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as the closing market price of the Company's common stock of $16.38 was less than the implicit conversion price of $20.76 per share.",
        "box": [
          33.74999859375,
          259.63055070516566,
          571.0091166392024,
          264.6431883164696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The if-converted value of the principal amount of the 2027 Convertible Notes was $300.5 million as of June 30, 2026. As of June 30,",
        "box": [
          33.74999859375,
          271.63055020516913,
          566.0207823220494,
          276.6431878164658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, the net carrying amount and fair value of the 2027 Convertible Notes was $377.7 million and $386.7 million, respectively.",
        "box": [
          33.74999859375,
          283.6305497051653,
          547.8747106031361,
          288.64318731646927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon conversion of the 2027 Convertible Notes, settlement may be made in common stock, cash, or a combination of both, at",
        "box": [
          69.74999709375,
          309.1305486426645,
          573.9543284593226,
          314.14318625396845
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the option of the Company.",
        "box": [
          33.74999859375,
          321.130548142668,
          142.7802108320743,
          326.14318575396464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conditions for Conversion",
        "box": [
          33.74999859375,
          346.63054708016716,
          140.39799408758333,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prior to January 15, 2027, the 2027 Convertible Notes will be convertible only upon satisfaction of one",
        "box": [
          69.74999709375,
          372.13054601766635,
          482.3528092995268,
          377.143183628963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.3554524018553,
          372.13054601766635,
          484.8548272789647,
          377.143183628963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or more of the",
        "box": [
          484.8632647973631,
          372.13054601766635,
          541.7727744486947,
          377.143183628963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "following conditions: (1) the closing market price of the Company's common stock is at least 110% of the conversion price of the 2027",
        "box": [
          33.74999859375,
          384.1305455176698,
          574.8028944873782,
          389.1431831289665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes for at least 20 out of 30 trading days prior to the end of the preceding fiscal quarter, (2) the trading price of the 2027",
        "box": [
          33.74999859375,
          396.130545017666,
          572.803313645694,
          401.14318262896995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes is less than 98% of the product of (i) the conversion rate and (ii) the closing price of the Company's common stock",
        "box": [
          33.74999859375,
          408.1305445176695,
          568.7775341634347,
          413.14318212896615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during any five consecutive trading day period, (3) the Company issues certain equity instruments at less than the 10-day average",
        "box": [
          33.74999859375,
          420.13054401766567,
          551.2732240778425,
          425.1431816289696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "closing market price of its common stock or the per-share value of certain distributions exceeds the market price of the Company's",
        "box": [
          33.74999859375,
          432.13054351766914,
          556.5872751542754,
          437.1431811289658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock by more than 10% or (4) certain other specified corporate events (significant consolidation, sale, merger, share",
        "box": [
          33.74999859375,
          444.13054301766533,
          536.774379706961,
          449.1431806289693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exchange, fundamental change, etc.) occur.",
        "box": [
          33.74999859375,
          456.1305425176688,
          206.39706720637187,
          461.14318012896547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On or after January 15, 2027, holders of the 2027 Convertible Notes may convert each of their notes at the applicable",
        "box": [
          69.74999709375,
          481.630541455168,
          538.9288900671899,
          486.64317906646465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.",
        "box": [
          33.74999859375,
          493.63054095517145,
          574.0048430143804,
          498.6431785664681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12. Loan Securitization/Sale Activities",
        "box": [
          33.74999859375,
          517.6305399551711,
          195.368391930063,
          522.6431775664678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As described below, we regularly sell loans and notes under various strategies. We evaluate such sales as to whether they meet",
        "box": [
          69.74999709375,
          541.6305389551708,
          575.0478340387598,
          546.6431765664674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint",
        "box": [
          33.74999859375,
          553.630538455167,
          568.4104433653181,
          558.6431760664636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and transfer of control.",
        "box": [
          33.74999859375,
          565.6305379551704,
          125.35780620800784,
          570.6431755664671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Securitizations",
        "box": [
          33.74999859375,
          589.6305369551701,
          116.23414870232327,
          594.6431745664668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Within the Investing and Servicing Segment, we originate commercial mortgage loans with the intent to sell these mortgage",
        "box": [
          69.74999709375,
          613.6305359551698,
          565.20649227229,
          618.6431735664664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans to VIEs for the purposes of securitization. These VIEs then issue CMBS that are collateralized in part by these assets, as well as",
        "box": [
          33.74999859375,
          625.630535455166,
          568.2103065199824,
          630.6431730664699
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other assets transferred to the VIE by third parties. Within the Commercial and Residential Lending Segment, we acquire residential",
        "box": [
          33.74999859375,
          637.6305349551694,
          562.1376173266857,
          642.6431725664661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans with the intent to sell these mortgage loans to VIEs for the purpose of securitization. These VIEs then issue RMBS that are",
        "box": [
          33.74999859375,
          649.6305344551656,
          548.2446094540348,
          654.6431720664696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateralized by these assets.",
        "box": [
          33.74999859375,
          661.6305339551691,
          151.44992217083632,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In certain instances, we retain an interest in the CMBS or RMBS VIE and serve as special servicer or servicing administrator",
        "box": [
          69.74999709375,
          685.6305329551687,
          569.580319372985,
          690.6431705664654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for the VIE. In these circumstances, we generally consolidate the VIE into which the loans were sold. The securitizations are subject to",
        "box": [
          33.74999859375,
          697.6305324551649,
          573.4434269940227,
          702.6431700664689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "optional redemption after a certain period of time or when the pool balance falls below a specified threshold. During the three and six",
        "box": [
          33.74999859375,
          709.6305319551684,
          567.600119937494,
          714.6431695664651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026, we exercised the optional redemption on one of our consolidated residential securitizations and",
        "box": [
          33.74999859375,
          721.6305314551646,
          533.214287945237,
          726.6431690664685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transferred $232.7 million of loans and other assets from that VIE by redeeming $82.1 million of our existing RMBS holdings and",
        "box": [
          33.74999859375,
          733.6305309551681,
          555.6060074122487,
          738.6431685664647
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 62,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "$150.6 million of RMBS certificates held by third parties, which is reflected as repayment of debt of consolidated VIEs in our",
        "box": [
          33.74999859375,
          38.38055992392037,
          537.7746719982202,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed consolidated statement of cash flows. The transferred loans were",
        "box": [
          33.74999859375,
          50.38055942392384,
          337.27235169454616,
          55.39319703522051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43",
        "box": [
          300.99608495849594,
          93.13055764266755,
          310.9935794794336,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 63,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reclassified from VIE assets to loans held-for-investment on our condensed consolidated balance sheet and continue to be carried under",
        "box": [
          33.74999859375,
          93.13055764266755,
          575.2691314609509,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the fair value option. There were no such redemptions during the three and six months ended June 30, 2025.",
        "box": [
          33.74999859375,
          105.13055714266375,
          465.8590505204553,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following summarizes the face amount and proceeds of commercial loans securitized for the three and six months ended",
        "box": [
          69.74999709375,
          129.1305561426634,
          568.8970105834568,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and 2025 (amounts in thousands):",
        "box": [
          33.74999859375,
          141.13055564266688,
          227.57335064186424,
          146.14319325396355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Loans",
        "box": [
          443.20310653320314,
          159.70642895178025,
          508.1194472991816,
          163.71503482835396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Amount",
        "box": [
          401.83592075683595,
          170.95642848302668,
          447.35816807607455,
          174.96503435960767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds",
        "box": [
          511.6757636801756,
          170.95642848302668,
          542.1644896556379,
          174.96503435960767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended June 30,",
        "box": [
          34.74609230224609,
          182.95642798303015,
          164.68025040082264,
          186.96503385960386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          34.74609230224609,
          195.79100742204173,
          52.74609155224609,
          200.30350943155645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          377.27342178027345,
          194.38055342391453,
          382.27217153449214,
          199.39319103521848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "287,510 ",
        "box": [
          436.3827943173828,
          194.38055342391453,
          471.3782653404881,
          199.39319103521848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          479.78904250878907,
          194.38055342391453,
          484.7877922630078,
          199.39319103521848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296,226 ",
        "box": [
          538.5468525605469,
          194.38055342391453,
          573.5423235836521,
          199.39319103521848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          34.74609230224609,
          208.54100689078768,
          52.74609155224609,
          213.0535089003024
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "434,958 ",
        "box": [
          436.3827943173828,
          207.88055286141753,
          471.3782653404881,
          212.8931904727142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "445,845 ",
        "box": [
          538.5468525605469,
          207.88055286141753,
          573.5423235836521,
          212.8931904727142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended June 30,",
        "box": [
          34.74609230224609,
          219.70642645178305,
          155.20960112043304,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          34.74609230224609,
          232.54100589078735,
          52.74609155224609,
          237.05350790030207
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          377.27342178027345,
          231.8805518614172,
          382.27217153449214,
          236.89318947271386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "429,168 ",
        "box": [
          436.3827943173828,
          231.8805518614172,
          471.3782653404881,
          236.89318947271386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          479.78904250878907,
          231.8805518614172,
          484.7877922630078,
          236.89318947271386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "443,336 ",
        "box": [
          538.5468525605469,
          231.8805518614172,
          573.5423235836521,
          236.89318947271386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          34.74609230224609,
          245.29100535954058,
          52.74609155224609,
          249.8035073690553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "702,974 ",
        "box": [
          436.3827943173828,
          244.63055133016314,
          471.3782653404881,
          249.6431889414671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "724,576 ",
        "box": [
          538.5468525605469,
          244.63055133016314,
          573.5423235836521,
          249.6431889414671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There were no residential loans securitized during the three and six months ended June 30, 2026 and 2025.",
        "box": [
          69.74999709375,
          266.3805504239135,
          496.48925189419685,
          271.39318803521746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The securitization of these commercial and residential loans does not result in a discrete gain or loss since they are carried",
        "box": [
          69.74999709375,
          287.38054954891413,
          557.7815931465989,
          292.3931871602181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the fair value option.",
        "box": [
          33.74999859375,
          299.3805490489176,
          142.29691527721158,
          304.39318666021427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our securitizations have each been structured as bankruptcy-remote entities whose assets are not intended to be available to",
        "box": [
          69.74999709375,
          320.3805481739182,
          564.1667550805506,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the creditors of any other party.",
        "box": [
          33.74999859375,
          332.3805476739144,
          159.1334967256874,
          337.39318528521835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Loan Sales",
        "box": [
          33.74999859375,
          356.38054667391407,
          194.43715214386467,
          361.393184285218
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Within the Commercial and Residential Lending Segment, we originate or acquire commercial mortgage loans, subsequently",
        "box": [
          69.74999709375,
          380.38054567391373,
          569.6341473027426,
          385.3931832852177
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "selling all or a portion thereof. Typically, our motivation for entering into these transactions is to effectively create leverage on the",
        "box": [
          33.74999859375,
          392.3805451739172,
          553.9511368412626,
          397.39318278521387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinated position that we will retain and hold for investment. We also may sell certain of our previously-acquired residential loans",
        "box": [
          33.74999859375,
          404.3805446739134,
          571.9300935899914,
          409.39318228521734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to third parties outside a securitization.",
        "box": [
          33.74999859375,
          416.38054417391686,
          189.22358322193375,
          421.3931817852135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, there were no sales of commercial or residential loans within the",
        "box": [
          69.74999709375,
          441.88054311141605,
          546.1870347897673,
          446.8931807227127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment. During the three and six months ended June 30, 2025, we sold a $231.7 million senior",
        "box": [
          33.74999859375,
          453.8805426114195,
          570.2021159970769,
          458.8931802227162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest in a first mortgage loan for proceeds of $229.9 million within the Commercial and Residential Lending Segment.",
        "box": [
          33.74999859375,
          465.8805421114157,
          518.2523894873992,
          470.8931797227124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Loan Sales",
        "box": [
          33.74999859375,
          490.63054108016513,
          174.80341723693698,
          495.6431786914618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, the Investing and Servicing Segment sold loans outside of securitizations with a",
        "box": [
          69.74999709375,
          516.1305400176643,
          576.4732003778437,
          521.1431776289683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "face amount of $43.5 million for proceeds of $45.6 million. During the six months ended June 30, 2026, the Investing and Servicing",
        "box": [
          33.74999859375,
          528.1305395176678,
          562.9807816299663,
          533.1431771289645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment sold loans outside of securitization with a face amount of $77.9 million for proceeds of $80.6 million. During the six months",
        "box": [
          33.74999859375,
          540.130539017664,
          569.6422376603188,
          545.1431766289679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2025, the Investing and Servicing Segment sold loans outside of securitizations with a face amount of $18.0 million for",
        "box": [
          33.74999859375,
          552.1305385176674,
          573.5168361089636,
          557.1431761289641
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds of $18.6 million. The sale of these loans in each case does not result in a discrete gain or loss since they are carried under the",
        "box": [
          33.74999859375,
          564.1305380176636,
          571.0332283045091,
          569.1431756289676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value option.",
        "box": [
          33.74999859375,
          576.1305375176671,
          102.32161716784913,
          581.1431751289638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Loan Sales",
        "box": [
          33.74999859375,
          600.1305365176668,
          136.13148669826748,
          605.1431741289634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026 and 2025, there were no sales of loans by the Infrastructure Lending",
        "box": [
          69.74999709375,
          624.1305355176664,
          558.1206860574703,
          629.1431731289631
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment.",
        "box": [
          33.74999859375,
          636.1305350176699,
          71.23571153809522,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13. Derivatives and Hedging Activity",
        "box": [
          33.74999859375,
          660.1305340176696,
          190.09630656682026,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Management Objective of Using Derivatives",
        "box": [
          33.74999859375,
          681.1305331426629,
          236.1747371797986,
          686.1431707539668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are exposed to certain risks arising from both our business operations and economic conditions. Refer to Note 14 to the",
        "box": [
          69.74999709375,
          702.1305322676635,
          561.7551831410947,
          707.1431698789675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements included in our Form 10-K for further discussion of our risk management objectives and policies.",
        "box": [
          33.74999859375,
          714.130531767667,
          558.4862435609888,
          719.1431693789636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Designated Hedges",
        "box": [
          33.74999859375,
          738.1305307676666,
          112.8854130168539,
          743.1431683789633
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 64,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The Company does not generally elect to apply the hedge accounting designation to its hedging instruments. As of June 30,",
        "box": [
          69.74999709375,
          38.38055992392037,
          563.1367099422195,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and December 31, 2025, the Company did not have any designated hedges.",
        "box": [
          33.74999859375,
          50.380559423916566,
          357.1990056229574,
          55.39319703522051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          300.99608495849594,
          93.13055764266755,
          310.9935794794336,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 65,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.393197535209765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-designated Hedges and Derivatives",
        "box": [
          33.74999859375,
          93.13055764266755,
          198.41079230329632,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have entered into the following types of non-designated hedges and derivatives:",
        "box": [
          69.74999709375,
          117.13055664266722,
          404.5925801660627,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          135.1305558926615,
          55.250099027505115,
          140.14319350396545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign exchange ('Fx') forwards whereby we agree to buy or sell a specified amount of foreign currency for a specified",
        "box": [
          69.74999709375,
          135.1305558926615,
          555.262702801553,
          140.14319350396545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount of USD at a future date, economically fixing the USD amounts of foreign denominated cash flows we expect to",
        "box": [
          69.74999709375,
          147.13055539266497,
          548.3894734379375,
          152.14319300396164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receive or pay related to certain foreign denominated loan investments;",
        "box": [
          69.74999709375,
          159.13055489266117,
          354.2878565620929,
          164.1431925039651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          171.13055439266464,
          55.250099027505115,
          176.1431920039613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate contracts which hedge a portion of our exposure to changes in interest rates; and",
        "box": [
          69.74999709375,
          171.13055439266464,
          440.91155726618416,
          176.1431920039613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          183.1305538926681,
          55.250099027505115,
          188.14319150396477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit instruments which hedge a portion of our exposure to the credit risk of our commercial loans held-for-sale and one",
        "box": [
          69.74999709375,
          183.1305538926681,
          555.6726943445315,
          188.14319150396477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held-for-investment.",
        "box": [
          69.74999709375,
          195.1305533926643,
          151.44820587090783,
          200.14319100396096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes our non-designated derivatives as of June 30, 2026 (notional amounts in thousands):",
        "box": [
          69.74999709375,
          213.13055264266586,
          538.426100864666,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Type of Derivative",
        "box": [
          34.74609230224609,
          234.7064258267783,
          97.65195168129137,
          238.715031703352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          242.87108738037094,
          226.4564261705309,
          279.80888148229485,
          230.46503204710461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contracts",
        "box": [
          244.46483731396467,
          234.7064258267783,
          278.2132067786084,
          238.715031703352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aggregate Notional",
        "box": [
          294.035147748535,
          226.4564261705309,
          360.2787587015594,
          230.46503204710461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          313.16014695166,
          234.7064258267783,
          341.1465101515603,
          238.715031703352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional",
        "box": [
          381.31639411181624,
          226.4564261705309,
          410.6339391534269,
          230.46503204710461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Currency",
        "box": [
          379.6171716826172,
          234.7064258267783,
          412.3310665445381,
          238.715031703352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          487.92185466992186,
          234.7064258267783,
          519.0039252498357,
          238.715031703352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fx contracts - Buy Euros ('EUR')",
        "box": [
          34.74609230224609,
          246.88055123641243,
          174.40336153869245,
          251.89318884771637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          279.2226483657225,
          246.88055123641243,
          284.2213981199412,
          251.89318884771637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,328 ",
        "box": [
          331.75779867675783,
          246.88055123641243,
          361.76108240787096,
          251.89318884771637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          385.96873391796873,
          246.88055123641243,
          405.9637239543447,
          251.89318884771637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2026 - September 2027",
        "box": [
          447.0937313710937,
          246.88055123641243,
          559.8290679362877,
          251.89318884771637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fx contracts - Buy Pounds Sterling ('GBP')",
        "box": [
          34.74609230224609,
          260.3805506739154,
          214.1345685582254,
          265.3931882852121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          279.2226483657225,
          260.3805506739154,
          284.2213981199412,
          265.3931882852121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,322 ",
        "box": [
          336.76170846826153,
          260.3805506739154,
          361.76108240787096,
          265.3931882852121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          386.24998390625,
          260.3805506739154,
          405.6982310233449,
          265.3931882852121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2027 - September 2027",
        "box": [
          439.874981671875,
          260.3805506739154,
          567.0354121860233,
          265.3931882852121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fx contracts - Buy Australian dollar ('AUD')",
        "box": [
          34.74609230224609,
          273.1305501426614,
          219.65566745317963,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          279.2226483657225,
          273.1305501426614,
          284.2213981199412,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "403,454 ",
        "box": [
          326.76561138476563,
          273.1305501426614,
          361.76108240787096,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AUD",
        "box": [
          385.13670645263653,
          273.1305501426614,
          406.7963228760649,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2026 - October 2029",
        "box": [
          446.2617039057615,
          273.1305501426614,
          560.6616637515962,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fx contracts - Sell EUR",
        "box": [
          34.74609230224609,
          285.8805496114146,
          131.93357234726815,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "166",
        "box": [
          269.2265512822265,
          285.8805496114146,
          284.2227905698832,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "482,404 ",
        "box": [
          326.76561138476563,
          285.8805496114146,
          361.76108240787096,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          385.96873391796873,
          285.8805496114146,
          405.9637239543447,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2026 - December 2030",
        "box": [
          447.9374813359375,
          285.8805496114146,
          558.9935691711001,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fx contracts - Sell GBP",
        "box": [
          34.74609230224609,
          299.3805490489176,
          131.3868294279871,
          304.39318666021427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "240",
        "box": [
          269.2265512822265,
          299.3805490489176,
          284.2227905698832,
          304.39318666021427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "436,065 ",
        "box": [
          326.76561138476563,
          299.3805490489176,
          361.76108240787096,
          304.39318666021427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          386.24998390625,
          299.3805490489176,
          405.6982310233449,
          304.39318666021427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2026 - November 2029",
        "box": [
          447.374981359375,
          299.3805490489176,
          559.553826197756,
          304.39318666021427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fx contracts - Sell AUD",
        "box": [
          34.74609230224609,
          312.13054851766356,
          133.04658208230458,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          274.2187385742187,
          312.13054851766356,
          284.21623309515644,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,233,452 ",
        "box": [
          319.2656116972656,
          312.13054851766356,
          361.76108240787096,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AUD",
        "box": [
          385.13670645263653,
          312.13054851766356,
          406.7963228760649,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2026 - May 2030",
        "box": [
          459.30466836230465,
          312.13054851766356,
          547.6125462953096,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fx contracts - Sell Swiss Franc ('CHF')",
        "box": [
          34.74609230224609,
          324.8805479864168,
          198.02046387964648,
          329.89318559771345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          279.2226483657225,
          324.8805479864168,
          284.2213981199412,
          329.89318559771345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,243 ",
        "box": [
          332.1327986611328,
          324.8805479864168,
          361.76108240787096,
          329.89318559771345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CHF",
        "box": [
          386.24998390625,
          324.8805479864168,
          405.6982310233449,
          329.89318559771345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2026 - May 2027",
        "box": [
          453.19920361669904,
          324.8805479864168,
          553.7256975655948,
          329.89318559771345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fx contracts - Sell Swedish Kronas ('SEK')",
        "box": [
          34.74609230224609,
          338.3805474239125,
          214.11506780903792,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32",
        "box": [
          274.2187385742187,
          338.3805474239125,
          284.21623309515644,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "355,800 ",
        "box": [
          326.76561138476563,
          338.3805474239125,
          361.76108240787096,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SEK",
        "box": [
          386.5312338945312,
          338.3805474239125,
          405.418095708491,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2026 - February 2029",
        "box": [
          444.3163914868162,
          338.3805474239125,
          562.606964695542,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate swaps - Paying fixed rates",
        "box": [
          34.74609230224609,
          351.13054689266573,
          191.322928548624,
          356.1431845039624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          274.2187385742187,
          351.13054689266573,
          284.21623309515644,
          356.1431845039624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,928,695 ",
        "box": [
          319.2656116972656,
          351.13054689266573,
          361.76108240787096,
          356.1431845039624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          385.96873391796873,
          351.13054689266573,
          405.96860228555323,
          356.1431845039624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2026 - September 2035",
        "box": [
          447.0937313710937,
          351.13054689266573,
          559.8290679362877,
          356.1431845039624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate swaps - Receiving fixed rates",
        "box": [
          34.74609230224609,
          363.8805463614117,
          204.0833992919377,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          279.2226483657225,
          363.8805463614117,
          284.2213981199412,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,913,380 ",
        "box": [
          319.2656116972656,
          363.8805463614117,
          361.76108240787096,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          385.96873391796873,
          363.8805463614117,
          405.96860228555323,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2027 - June 2031",
        "box": [
          452.0976411625975,
          363.8805463614117,
          554.8306130445567,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate futures",
        "box": [
          34.74609230224609,
          377.3805457989147,
          112.4657923843381,
          382.39318341021135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          279.2226483657225,
          377.3805457989147,
          284.2213981199412,
          382.39318341021135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,700 ",
        "box": [
          331.75779867675783,
          377.3805457989147,
          361.76108240787096,
          382.39318341021135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          385.96873391796873,
          377.3805457989147,
          405.96860228555323,
          382.39318341021135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2026",
        "box": [
          477.7734175927734,
          377.3805457989147,
          529.1521169644941,
          382.39318341021135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate caps",
        "box": [
          34.74609230224609,
          390.1305452676679,
          102.46832572589923,
          395.1431828789646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          279.2226483657225,
          390.1305452676679,
          284.2213981199412,
          395.1431828789646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "469,500 ",
        "box": [
          326.76561138476563,
          390.1305452676679,
          361.76108240787096,
          395.1431828789646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          385.96873391796873,
          390.1305452676679,
          405.96860228555323,
          395.1431828789646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2027 - June 2030",
        "box": [
          458.47264089697245,
          390.1305452676679,
          548.4402668108211,
          395.1431828789646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit instruments",
        "box": [
          34.74609230224609,
          402.88054473641387,
          108.88760283342936,
          407.89318234771054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          279.2226483657225,
          402.88054473641387,
          284.2213981199412,
          407.89318234771054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,000 ",
        "box": [
          331.75779867675783,
          402.88054473641387,
          361.76108240787096,
          407.89318234771054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          385.96873391796873,
          402.88054473641387,
          405.96860228555323,
          407.89318234771054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2030 - July 2031",
        "box": [
          447.9374813359375,
          402.88054473641387,
          558.9935691711001,
          407.89318234771054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          34.74609230224609,
          417.8805441114164,
          55.14624522632728,
          422.89318172271305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "556",
        "box": [
          269.2265512822265,
          416.38054417391686,
          284.2227905698832,
          421.3931817852135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The above table excludes certain interest rate derivatives which serve as an economic hedge related to our residential loan",
        "box": [
          69.74999709375,
          450.1305427676634,
          557.1958385960055,
          455.1431803789601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio. In 2024, we entered into a series of derivative transactions related to this loan portfolio in an effort to extend hedge duration.",
        "box": [
          33.74999859375,
          462.1305422676669,
          571.8811860028661,
          467.14317987896356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The current high interest rate environment has caused these loans to experience lower prepayment speeds than was originally",
        "box": [
          33.74999859375,
          474.1305417676631,
          534.2784967258949,
          479.14317937895976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "anticipated at the time of their origination. In order to minimize volatility in future earnings and cash flows while minimizing the",
        "box": [
          33.74999859375,
          486.13054126766656,
          549.3185686842866,
          491.1431788789632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current cash outflow, we: (i) entered into a series of reverse swap trades to offset approximately 100% of the dollar duration of our",
        "box": [
          33.74999859375,
          498.13054076766275,
          555.6684632276457,
          503.1431783789667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "existing interest rate swaps through the end of 2024 and approximately 80% between 2025 through their termination in the second",
        "box": [
          33.74999859375,
          510.1305402676662,
          554.8965879918078,
          515.1431778789629
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter of 2027; and (ii) entered into a forward starting swap from June 2027 for four years which pays fixed and receives floating in",
        "box": [
          33.74999859375,
          522.1305397676624,
          565.4023744790667,
          527.1431773789664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "order to replace the swaps reversed. Given the volume of these hedges and their sequential nature, the notional value of these new",
        "box": [
          33.74999859375,
          534.1305392676659,
          553.155579927762,
          539.1431768789625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "swaps is not representative of the notional value of our portfolio, and they were thus excluded from the table above. The notional value",
        "box": [
          33.74999859375,
          546.1305387676621,
          573.824121663222,
          551.143176378966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the swaps described in (i) above that were not yet effective and not included as of June 30, 2026 totaled $1.9 billion. Because the",
        "box": [
          33.74999859375,
          558.1305382676655,
          560.2421491791375,
          563.1431758789622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reverse swaps and the forward starting swap are not specifically designated to assets or liabilities, changes in their respective fair values",
        "box": [
          33.74999859375,
          570.1305377676617,
          577.0362640022338,
          575.1431753789657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are recorded currently in earnings. The above table also excludes $2.8 billion notional amount of certain other interest rate swaps we",
        "box": [
          33.74999859375,
          582.1305372676652,
          563.8149409802708,
          587.1431748789619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entered into prior to June 30, 2026, but that were not yet effective.",
        "box": [
          33.74999859375,
          594.1305367676614,
          298.6980010354994,
          599.1431743789653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative Investment",
        "box": [
          33.74999859375,
          619.6305357051679,
          123.98613925799822,
          624.6431733164645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In May 2026, we entered into a bespoke credit default swap (the 'CDS') with a financial institution under which we provide",
        "box": [
          69.74999709375,
          645.130534642667,
          568.0915018520811,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit protection on certain obligations of an infrastructure security. The CDS has an initial notional amount of $60.0 million, expires in",
        "box": [
          33.74999859375,
          657.1305341426632,
          576.2700385762474,
          662.1431717539599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2032, and provides that we receive a fixed premium of 2.50% per annum on the outstanding notional amount. Upon the",
        "box": [
          33.74999859375,
          669.1305336426667,
          556.5472525830914,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "occurrence of specified credit events, we may be required to purchase certain of those credit-protected obligations through physical",
        "box": [
          33.74999859375,
          681.1305331426629,
          558.9646281588938,
          686.1431707539668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "settlement. The CDS also contains customary collateral posting requirements and permits the counterparty to terminate all or a portion",
        "box": [
          33.74999859375,
          693.1305326426664,
          571.3394536566882,
          698.143170253963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the contract in or after November 2026, subject to payment of an early unwind amount under certain circumstances. Consistent with",
        "box": [
          33.74999859375,
          705.1305321426626,
          572.8966740918041,
          710.1431697539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our other derivative instruments, the CDS is carried at fair value which, as of June 30, 2026, was nominal. As of June 30, 2026, we had",
        "box": [
          33.74999859375,
          717.130531642666,
          574.0535801685996,
          722.1431692539627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "posted $12.0 million of cash collateral under the CDS, which earns us interest at SOFR. Such collateral is split evenly between an",
        "box": [
          33.74999859375,
          729.1305311426622,
          552.9604265474811,
          734.1431687539662
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 66,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "account classified within restricted cash and a counter-party held account classified within other assets on our condensed consolidated",
        "box": [
          33.74999859375,
          38.38055992392037,
          569.6260443780801,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheet.",
        "box": [
          33.74999859375,
          50.380559423916566,
          89.81503341395678,
          55.393197035213234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          300.99608495849594,
          93.13055764266755,
          310.9935794794336,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 67,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992392037,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed",
        "box": [
          69.74999709375,
          81.13055814267136,
          569.7316964986779,
          86.14319575396803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets as of June 30, 2026 and December 31, 2025 (amounts in thousands):",
        "box": [
          33.74999859375,
          93.13055764266755,
          420.7816661665175,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value of Derivatives",
        "box": [
          312.84373696484374,
          111.70643095178093,
          397.74364712317305,
          115.71503682836192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in an Asset Position (1) as of",
        "box": [
          307.535147186035,
          119.20643063928583,
          403.0377126727598,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value of Derivatives",
        "box": [
          463.65232818115214,
          111.70643095178093,
          548.552238339482,
          115.71503682836192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in a Liability Position (2) as of",
        "box": [
          454.7929535502928,
          119.20643063928583,
          557.4043369658174,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          302.8359248818359,
          131.20643013928202,
          331.26730998469475,
          135.215036015863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          309.05858462255844,
          139.45642979553668,
          325.04855373130965,
          143.4650356721104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          360.59764497509747,
          139.45642979553668,
          425.05724331428064,
          143.4650356721104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          453.99607858349594,
          131.20643013928202,
          482.4274636863549,
          135.215036015863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          460.2187308242187,
          139.45642979553668,
          476.2086999329699,
          143.4650356721104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          511.03122870703123,
          139.45642979553668,
          575.4908270462146,
          143.4650356721104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign exchange contracts",
        "box": [
          34.74609230224609,
          151.63055520517082,
          144.67453504230713,
          156.6431928164675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          283.4296756904297,
          151.63055520517082,
          288.42842544464844,
          156.6431928164675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,791 ",
        "box": [
          320.1796741591797,
          151.63055520517082,
          350.1829578902928,
          156.6431928164675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          358.4999850625,
          151.63055520517082,
          363.49873481671875,
          156.6431928164675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,770 ",
        "box": [
          396.5507684770506,
          151.63055520517082,
          426.55404470816404,
          156.6431928164675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          434.96482937646465,
          151.63055520517082,
          439.96357913068346,
          156.6431928164675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,972 ",
        "box": [
          470.9531053769531,
          151.63055520517082,
          500.9563891080662,
          156.6431928164675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          509.2734162802734,
          151.63055520517082,
          514.2721660344922,
          156.6431928164675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,351 ",
        "box": [
          546.5976372250974,
          151.63055520517082,
          576.6009134562108,
          156.6431928164675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate contracts",
        "box": [
          34.74609230224609,
          165.13055464267381,
          120.78890826254158,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,173 ",
        "box": [
          325.18358395068344,
          165.13055464267381,
          350.1829578902928,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,657 ",
        "box": [
          396.5507684770506,
          165.13055464267381,
          426.55404470816404,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,723 ",
        "box": [
          470.9531053769531,
          165.13055464267381,
          500.9563891080662,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,060 ",
        "box": [
          546.5976372250974,
          165.13055464267381,
          576.6009134562108,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit instruments",
        "box": [
          34.74609230224609,
          178.63055408016953,
          108.88760283342936,
          183.6431916914662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "442 ",
        "box": [
          332.68358363818345,
          177.88055411141977,
          350.1829578902928,
          182.89319172271644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "386 ",
        "box": [
          409.0546704560547,
          177.88055411141977,
          426.55404470816404,
          182.89319172271644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "878 ",
        "box": [
          483.45701485595686,
          177.88055411141977,
          500.9563891080662,
          182.89319172271644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,572 ",
        "box": [
          551.6015395166015,
          177.88055411141977,
          576.6009134562108,
          182.89319172271644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total derivatives",
        "box": [
          34.74609230224609,
          192.8805534864223,
          105.74386508941842,
          197.89319109771895
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          283.4296756904297,
          191.38055354892276,
          288.42842544464844,
          196.39319116021943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,406 ",
        "box": [
          320.1796741591797,
          191.38055354892276,
          350.1829578902928,
          196.39319116021943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          358.4999850625,
          191.38055354892276,
          363.49873481671875,
          196.39319116021943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,813 ",
        "box": [
          396.5507684770506,
          191.38055354892276,
          426.55404470816404,
          196.39319116021943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          434.96482937646465,
          191.38055354892276,
          439.96357913068346,
          196.39319116021943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,573 ",
        "box": [
          470.9531053769531,
          191.38055354892276,
          500.9563891080662,
          196.39319116021943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          509.2734162802734,
          191.38055354892276,
          514.2721660344922,
          196.39319116021943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,983 ",
        "box": [
          546.5976372250974,
          191.38055354892276,
          576.6009134562108,
          196.39319116021943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "___________________________________________________",
        "box": [
          33.74999859375,
          210.6168808874063,
          212.18598987141664,
          214.12535116219806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          223.6305522051698,
          45.40722371353168,
          228.64318981646647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Classified as derivative assets in our condensed consolidated balance sheets.",
        "box": [
          69.74999709375,
          223.6305522051698,
          375.13711502553605,
          228.64318981646647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          235.63055170517327,
          45.40722371353168,
          240.64318931646994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Classified as derivative liabilities in our condensed consolidated balance sheets.",
        "box": [
          69.74999709375,
          235.63055170517327,
          389.02033122206876,
          240.64318931646994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of",
        "box": [
          69.74999709375,
          259.63055070517294,
          545.4019298804178,
          264.6431883164696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):",
        "box": [
          33.74999859375,
          271.63055020516913,
          412.4780165375028,
          276.6431878164658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives Not Designated",
        "box": [
          34.74609230224609,
          317.956422358031,
          127.55898543491918,
          321.96502823461196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as Hedging Instruments",
        "box": [
          34.74609230224609,
          326.20642201428564,
          116.48389691733004,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location of Gain (Loss) ",
        "box": [
          198.84374171484376,
          317.956422358031,
          281.4637692098423,
          321.96502823461196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recognized in Income",
        "box": [
          202.62890155712873,
          326.20642201428564,
          277.68341905497977,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount of Gain (Loss)",
        "box": [
          355.26561019726563,
          298.45642317053716,
          433.6695473214335,
          302.4650290471109
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recognized in Income for the",
        "box": [
          344.5781106425781,
          305.9564228580348,
          444.3514992604762,
          309.9650287346085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          342.89061071289063,
          314.20642251428217,
          446.02905837795504,
          318.21502839086315
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount of Gain (Loss)",
        "box": [
          480.4335774819334,
          298.45642317053716,
          558.8375146061016,
          302.4650290471109
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recognized in Income for the",
        "box": [
          469.7460779272459,
          305.9564228580348,
          569.5194665451445,
          309.9650287346085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          472.874980296875,
          314.20642251428217,
          566.3983427875684,
          318.21502839086315
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          354.2812352382812,
          326.20642201428564,
          370.2712043470325,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          418.324205069824,
          326.20642201428564,
          434.31417417857523,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          480.87888996337875,
          326.20642201428564,
          496.8688590721299,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          542.0156024160156,
          326.20642201428564,
          558.0055715247668,
          330.21502789085935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign exchange contracts",
        "box": [
          34.74609230224609,
          339.0410014532972,
          133.70653758889407,
          343.55350346281193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on derivative financial instruments, net",
        "box": [
          155.6132785161131,
          339.0410014532972,
          315.5742095310738,
          343.55350346281193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          333.94920858544907,
          339.0410014532972,
          338.44920839794906,
          343.55350346281193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,503)",
        "box": [
          363.8671723388672,
          339.0410014532972,
          390.1142415352392,
          343.55350346281193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          397.65233093115216,
          339.0410014532972,
          402.15233074365216,
          343.55350346281193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(95,317)",
        "box": [
          423.7382673442381,
          339.0410014532972,
          454.48533635311014,
          343.55350346281193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          462.02341824902345,
          339.0410014532972,
          466.52341806152344,
          343.55350346281193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,315 ",
        "box": [
          492.7382644692381,
          339.0410014532972,
          515.2382635317381,
          343.55350346281193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          522.7734157177734,
          339.0410014532972,
          527.2734155302734,
          343.55350346281193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(127,616)",
        "box": [
          541.4413874399412,
          339.0410014532972,
          576.6884562613133,
          343.55350346281193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate contracts",
        "box": [
          34.74609230224609,
          351.0410009532934,
          112.2040970448291,
          355.5535029628081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on derivative financial instruments, net",
        "box": [
          155.6132785161131,
          351.0410009532934,
          315.5742095310738,
          355.5535029628081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,989 ",
        "box": [
          367.6171721826172,
          351.0410009532934,
          390.11717124511716,
          355.5535029628081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,385)",
        "box": [
          428.2382671567381,
          351.0410009532934,
          454.48533635311014,
          355.5535029628081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,637)",
        "box": [
          488.9882646254881,
          351.0410009532934,
          515.2353338218601,
          355.5535029628081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,672)",
        "box": [
          545.9413872524411,
          351.0410009532934,
          576.6884562613133,
          355.5535029628081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit instruments",
        "box": [
          34.74609230224609,
          363.0410004532969,
          101.49023019124024,
          367.5535024628116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on derivative financial instruments, net",
        "box": [
          155.6132785161131,
          363.0410004532969,
          315.5742095310738,
          367.5535024628116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(510)",
        "box": [
          370.61717205761715,
          363.0410004532969,
          390.1142415352392,
          367.5535024628116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(594)",
        "box": [
          434.9882668754881,
          363.0410004532969,
          454.48533635311014,
          367.5535024628116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(165)",
        "box": [
          495.7382643442381,
          363.0410004532969,
          515.2353338218601,
          367.5535024628116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(697)",
        "box": [
          557.1913867836912,
          363.0410004532969,
          576.6884562613133,
          367.5535024628116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          333.94920858544907,
          375.79099992204283,
          338.44920839794906,
          380.30350193155755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,024)",
        "box": [
          363.8671723388672,
          375.79099992204283,
          390.1142415352392,
          380.30350193155755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          397.65233093115216,
          375.79099992204283,
          402.15233074365216,
          380.30350193155755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(101,296)",
        "box": [
          419.23826753173813,
          375.79099992204283,
          454.48533635311014,
          380.30350193155755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          462.02341824902345,
          375.79099992204283,
          466.52341806152344,
          380.30350193155755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,487)",
        "box": [
          488.9882646254881,
          375.79099992204283,
          515.2353338218601,
          380.30350193155755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          522.7734157177734,
          375.79099992204283,
          527.2734155302734,
          380.30350193155755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(140,985)",
        "box": [
          541.4413874399412,
          375.79099992204283,
          576.6884562613133,
          380.30350193155755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14. Offsetting Assets and Liabilities",
        "box": [
          33.74999859375,
          406.63054458016995,
          184.00404320357757,
          411.6431821914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables present the potential effects of netting arrangements on our financial position for financial assets and",
        "box": [
          69.74999709375,
          430.6305435801696,
          557.3470835897037,
          435.6431811914663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities within the scope of ASC 210-20, ",
        "box": [
          33.74999859375,
          442.6305430801731,
          207.0267213551363,
          447.64318069146975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance Sheet-Offsetting",
        "box": [
          207.035151373535,
          442.6305430801731,
          312.26262607655644,
          447.64318069146975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", which for us are derivative assets and liabilities as well as",
        "box": [
          312.2695219887694,
          442.6305430801731,
          548.250213026653,
          447.64318069146975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase agreement liabilities (amounts in thousands):",
        "box": [
          33.74999859375,
          454.6305425801693,
          259.4598730632591,
          459.64318019146594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii)  ",
        "box": [
          253.93358691943342,
          493.4564150455335,
          267.6983848334001,
          497.4650209221072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross Amounts",
        "box": [
          234.57421272607405,
          501.7064147017809,
          287.0725469844693,
          505.7150205783619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Offset in the",
        "box": [
          239.71874001171875,
          509.2064143892858,
          281.90712045399226,
          513.2150202658595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statement of",
        "box": [
          239.1679625346678,
          517.4564140455332,
          282.46111844678495,
          521.4650199221142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Position",
        "box": [
          230.0507754145506,
          525.7064137017805,
          291.57469885093064,
          529.7150195783615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iii) = (i) - (ii)",
        "box": [
          319.39452169189434,
          493.4564150455335,
          363.9095519781,
          497.4650209221072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Amounts",
        "box": [
          319.3359241943359,
          501.7064147017809,
          363.97589850516283,
          505.7150205783619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Presented in",
        "box": [
          320.5195216450194,
          509.2064143892858,
          362.78601470879244,
          513.2150202658595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Statement of",
        "box": [
          313.6757719301756,
          517.4564140455332,
          369.6250514649542,
          521.4650199221142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Position",
        "box": [
          310.88670954638656,
          525.7064137017805,
          372.4106329827666,
          529.7150195783615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iv)",
        "box": [
          442.88670404638657,
          473.9564158580324,
          454.4302426814046,
          477.9650217346134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross Amounts Not",
        "box": [
          415.1952952001953,
          481.45641554553004,
          482.1259812774156,
          485.465021422111
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Offset in the Statement",
        "box": [
          409.25389294775374,
          489.7064152017847,
          488.0755508795172,
          493.7150210783584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of Financial Position",
        "box": [
          413.5781077675781,
          497.9564148580321,
          483.7606536431826,
          501.96502073461306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i)",
        "box": [
          179.21484003271468,
          509.2064143892858,
          186.7608888842948,
          513.2150202658595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross Amounts",
        "box": [
          156.7382784692381,
          517.4564140455332,
          209.23661272763343,
          521.4650199221142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recognized",
        "box": [
          163.44140318994124,
          525.7064137017805,
          202.5184852366066,
          529.7150195783615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial",
        "box": [
          398.8710808803709,
          517.4564140455332,
          430.85493896088536,
          521.4650199221142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instruments",
        "box": [
          393.9843585839844,
          525.7064137017805,
          435.7394262900159,
          529.7150195783615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Collateral",
        "box": [
          454.8867035463865,
          509.2064143892858,
          508.4039241296777,
          513.2150202658595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Received /",
        "box": [
          464.2148281577147,
          517.4564140455332,
          499.06799456867475,
          521.4650199221142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pledged",
        "box": [
          468.1054529956053,
          525.7064137017805,
          495.19785916663227,
          529.7150195783615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(v) = (iii) - (iv)",
        "box": [
          524.2382631567381,
          517.4564140455332,
          572.3057453949252,
          521.4650199221142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Amount",
        "box": [
          527.5077905205078,
          525.7064137017805,
          569.0364390561464,
          529.7150195783615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026",
        "box": [
          34.74609230224609,
          536.9564132330343,
          100.7086089038078,
          540.965019109608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative assets",
        "box": [
          34.74609230224609,
          550.6305385801679,
          102.76123731369458,
          555.6431761914719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          149.60155626660156,
          549.1305386426684,
          154.6003060208203,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,406 ",
        "box": [
          185.8124922578125,
          549.1305386426684,
          215.8157759889256,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          224.05077566455063,
          549.1305386426684,
          229.04952541876935,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          284.24998815624997,
          549.1305386426684,
          296.7571751163672,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          305.27342478027344,
          549.1305386426684,
          310.2721745344922,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,406 ",
        "box": [
          347.41404802441406,
          549.1305386426684,
          377.4173317555272,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.72264392822245,
          549.1305386426684,
          390.7213936824412,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,202 ",
        "box": [
          413.4960802709959,
          549.1305386426684,
          443.4993565021094,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          451.6874811796875,
          549.1305386426684,
          456.68623093390624,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          498.59763922509745,
          549.1305386426684,
          511.1048261852147,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          519.2929508627927,
          549.1305386426684,
          524.2917006170115,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,204 ",
        "box": [
          551.6366995151365,
          549.1305386426684,
          576.6360734547459,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative liabilities",
        "box": [
          34.74609230224609,
          564.8805379864207,
          116.64444211022769,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          149.60155626660156,
          564.8805379864207,
          154.6003060208203,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,573 ",
        "box": [
          185.8124922578125,
          564.8805379864207,
          215.8157759889256,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          224.05077566455063,
          564.8805379864207,
          229.04952541876935,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          284.24998815624997,
          564.8805379864207,
          296.7571751163672,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          305.27342478027344,
          564.8805379864207,
          310.2721745344922,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,573 ",
        "box": [
          347.41404802441406,
          564.8805379864207,
          377.4173317555272,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.72264392822245,
          564.8805379864207,
          390.7213936824412,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,202 ",
        "box": [
          413.4960802709959,
          564.8805379864207,
          443.4993565021094,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          451.6874811796875,
          564.8805379864207,
          456.68623093390624,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,371 ",
        "box": [
          481.10154245410155,
          564.8805379864207,
          511.1048261852147,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          519.2929508627927,
          564.8805379864207,
          524.2917006170115,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1288864946287,
          564.8805379864207,
          576.6360734547459,
          569.8931755977173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements",
        "box": [
          34.74609230224609,
          578.3805374239237,
          129.40007205374306,
          583.3931750352203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,759,429 ",
        "box": [
          173.32030527832032,
          577.6305374551739,
          215.8157759889256,
          582.6431750664706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          284.24998815624997,
          577.6305374551739,
          296.7571751163672,
          582.6431750664706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,759,429 ",
        "box": [
          334.92186104492185,
          577.6305374551739,
          377.4173317555272,
          582.6431750664706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,759,429 ",
        "box": [
          401.00389329150374,
          577.6305374551739,
          443.4993565021094,
          582.6431750664706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          498.59763922509745,
          577.6305374551739,
          511.1048261852147,
          582.6431750664706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1288864946287,
          577.6305374551739,
          576.6360734547459,
          582.6431750664706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          149.60155626660156,
          591.8805368614194,
          154.6003060208203,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,851,002 ",
        "box": [
          173.32030527832032,
          591.8805368614194,
          215.8157759889256,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          224.05077566455063,
          591.8805368614194,
          229.04952541876935,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          284.24998815624997,
          591.8805368614194,
          296.7571751163672,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          305.27342478027344,
          591.8805368614194,
          310.2721745344922,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,851,002 ",
        "box": [
          334.92186104492185,
          591.8805368614194,
          377.4173317555272,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.72264392822245,
          591.8805368614194,
          390.7213936824412,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,779,631 ",
        "box": [
          401.00389329150374,
          591.8805368614194,
          443.4993565021094,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          451.6874811796875,
          591.8805368614194,
          456.68623093390624,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,371 ",
        "box": [
          481.10154245410155,
          591.8805368614194,
          511.1048261852147,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          519.2929508627927,
          591.8805368614194,
          524.2917006170115,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1288864946287,
          591.8805368614194,
          576.6360734547459,
          596.893174472716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025",
        "box": [
          34.74609230224609,
          605.2064103892844,
          118.74811312716173,
          609.2150162658581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative assets",
        "box": [
          34.74609230224609,
          618.8805357364181,
          102.76123731369458,
          623.893173347722
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          149.60155626660156,
          617.3805357989186,
          154.6003060208203,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,813 ",
        "box": [
          185.8124922578125,
          617.3805357989186,
          215.8157759889256,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          224.05077566455063,
          617.3805357989186,
          229.04952541876935,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          284.24998815624997,
          617.3805357989186,
          296.7571751163672,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          305.27342478027344,
          617.3805357989186,
          310.2721745344922,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,813 ",
        "box": [
          347.41404802441406,
          617.3805357989186,
          377.4173317555272,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.72264392822245,
          617.3805357989186,
          390.7213936824412,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,709 ",
        "box": [
          413.4960802709959,
          617.3805357989186,
          443.4993565021094,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          451.6874811796875,
          617.3805357989186,
          456.68623093390624,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          498.59763922509745,
          617.3805357989186,
          511.1048261852147,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          519.2929508627927,
          617.3805357989186,
          524.2917006170115,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,104 ",
        "box": [
          546.6327897236328,
          617.3805357989186,
          576.6360734547459,
          622.3931734102225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative liabilities",
        "box": [
          34.74609230224609,
          633.1305351426709,
          116.64444211022769,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          149.60155626660156,
          633.1305351426709,
          154.6003060208203,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,983 ",
        "box": [
          185.8124922578125,
          633.1305351426709,
          215.8157759889256,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          224.05077566455063,
          633.1305351426709,
          229.04952541876935,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          284.24998815624997,
          633.1305351426709,
          296.7571751163672,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          305.27342478027344,
          633.1305351426709,
          310.2721745344922,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,983 ",
        "box": [
          347.41404802441406,
          633.1305351426709,
          377.4173317555272,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.72264392822245,
          633.1305351426709,
          390.7213936824412,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,709 ",
        "box": [
          413.4960802709959,
          633.1305351426709,
          443.4993565021094,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          451.6874811796875,
          633.1305351426709,
          456.68623093390624,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,274 ",
        "box": [
          481.10154245410155,
          633.1305351426709,
          511.1048261852147,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          519.2929508627927,
          633.1305351426709,
          524.2917006170115,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1288864946287,
          633.1305351426709,
          576.6360734547459,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements",
        "box": [
          34.74609230224609,
          646.6305345801738,
          129.40007205374306,
          651.6431721914705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,890,092 ",
        "box": [
          173.32030527832032,
          645.8805346114241,
          215.8157759889256,
          650.8931722227208
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          284.24998815624997,
          645.8805346114241,
          296.7571751163672,
          650.8931722227208
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,890,092 ",
        "box": [
          334.92186104492185,
          645.8805346114241,
          377.4173317555272,
          650.8931722227208
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,890,092 ",
        "box": [
          401.00389329150374,
          645.8805346114241,
          443.4993565021094,
          650.8931722227208
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          498.59763922509745,
          645.8805346114241,
          511.1048261852147,
          650.8931722227208
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1288864946287,
          645.8805346114241,
          576.6360734547459,
          650.8931722227208
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          149.60155626660156,
          660.1305340176696,
          154.6003060208203,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,974,075 ",
        "box": [
          173.32030527832032,
          660.1305340176696,
          215.8157759889256,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          224.05077566455063,
          660.1305340176696,
          229.04952541876935,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          284.24998815624997,
          660.1305340176696,
          296.7571751163672,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          305.27342478027344,
          660.1305340176696,
          310.2721745344922,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,974,075 ",
        "box": [
          334.92186104492185,
          660.1305340176696,
          377.4173317555272,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.72264392822245,
          660.1305340176696,
          390.7213936824412,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,923,801 ",
        "box": [
          401.00389329150374,
          660.1305340176696,
          443.4993565021094,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          451.6874811796875,
          660.1305340176696,
          456.68623093390624,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,274 ",
        "box": [
          481.10154245410155,
          660.1305340176696,
          511.1048261852147,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          519.2929508627927,
          660.1305340176696,
          524.2917006170115,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1288864946287,
          660.1305340176696,
          576.6360734547459,
          665.1431716289662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          300.99608495849594,
          710.3805319239182,
          310.9935794794336,
          715.3931695352221
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 68,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15. Variable Interest Entities",
        "box": [
          33.74999859375,
          93.13055764266755,
          155.75578000258855,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Securities",
        "box": [
          33.74999859375,
          117.13055664266722,
          118.97761768801203,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 2, we evaluate all of our investments and other interests in entities for consolidation, including our",
        "box": [
          69.74999709375,
          141.13055564266688,
          549.8050671219537,
          146.14319325396355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments in CMBS, RMBS and our retained interests in securitization transactions we initiated, all of which are generally considered",
        "box": [
          33.74999859375,
          153.13055514266307,
          577.3730534052883,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to be variable interests in VIEs.",
        "box": [
          33.74999859375,
          165.13055464266654,
          159.61189403075417,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization VIEs consolidated in accordance with ASC 810 are structured as pass through entities that receive principal and",
        "box": [
          69.74999709375,
          189.1305536426662,
          574.5644903473118,
          194.14319125396287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest on the underlying collateral and distribute those payments to the certificate holders. The assets and other instruments held by",
        "box": [
          33.74999859375,
          201.13055314266967,
          564.3978342709224,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these securitization entities are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the",
        "box": [
          33.74999859375,
          213.13055264266586,
          574.1218507258167,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitization entities do not have any recourse to the general credit of any other consolidated entities, nor to us as the primary",
        "box": [
          33.74999859375,
          225.13055214266933,
          538.4570545017887,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beneficiary. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of",
        "box": [
          33.74999859375,
          237.13055164266552,
          574.3806577979709,
          242.1431892539622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees",
        "box": [
          33.74999859375,
          249.130551142669,
          567.3414251061857,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated",
        "box": [
          33.74999859375,
          261.1305506426652,
          566.6043006539866,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs are also eliminated. Finally, a portion of the identified servicing intangible associated with the eliminated fee streams is",
        "box": [
          33.74999859375,
          273.13055014266865,
          533.9416154478444,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "eliminated in consolidation.",
        "box": [
          33.74999859375,
          285.13054964266485,
          145.08920491086621,
          290.1431872539615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs in which we are the Primary Beneficiary",
        "box": [
          33.74999859375,
          309.1305486426645,
          218.01031751379784,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The inclusion of the assets and liabilities of securitization VIEs in which we are deemed the primary beneficiary has no",
        "box": [
          69.74999709375,
          333.13054764266417,
          546.7931600044503,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic effect on us. Our exposure to the obligations of securitization VIEs is generally limited to our investment in these entities. We",
        "box": [
          33.74999859375,
          345.13054714266764,
          577.4023689641281,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are not obligated to provide, nor have we provided, any financial support for any of these consolidated structures.",
        "box": [
          33.74999859375,
          357.13054664266383,
          487.38588944850386,
          362.1431842539678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 10, we have financed (i) various pools of our commercial and infrastructure loans held-for-investment",
        "box": [
          69.74999709375,
          381.1305456426635,
          564.2789894874617,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through multiple CLOs and an SASB and (ii) pools of net lease properties through ABSs, all of which are considered to be VIEs. We",
        "box": [
          33.74999859375,
          393.13054514266696,
          564.8517713120698,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are the primary beneficiary of, and therefore consolidate, all these securitized financing VIEs in our financial statements as we have",
        "box": [
          33.74999859375,
          405.13054464266315,
          560.7171123843474,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "both (i) the power to direct the activities in our role as collateral manager, collateral advisor, controlling class representative and/or",
        "box": [
          33.74999859375,
          417.1305441426666,
          556.787381881024,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "special servicer that most significantly impact the VIE's economic performance, and (ii) the obligation to absorb losses and the right to",
        "box": [
          33.74999859375,
          429.1305436426628,
          573.0040656873297,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receive benefits from the VIEs that could be potentially significant through the subordinate interests we own.",
        "box": [
          33.74999859375,
          441.1305431426663,
          470.0025892978078,
          446.14318075396295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the assets and liabilities of our consolidated securitized financing VIEs as of June 30, 2026 and",
        "box": [
          69.74999709375,
          465.13054214266594,
          559.8757704343416,
          470.1431797539626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 (amounts in thousands):",
        "box": [
          33.74999859375,
          477.1305416426694,
          210.8929923868792,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          429.38670460888653,
          490.4564151705272,
          475.80679872471586,
          494.46502104710817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          506.07420141357403,
          490.4564151705272,
          570.5337997527573,
          494.46502104710817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets:",
        "box": [
          34.74609230224609,
          502.6305405801686,
          64.73368468326244,
          507.64317819146527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          52.74609155224609,
          516.1305400176643,
          157.96868963838398,
          521.1431776289683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          413.68358026318344,
          516.1305400176643,
          418.6823300174022,
          521.1431776289683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "202,560 ",
        "box": [
          456.01170349951155,
          516.1305400176643,
          491.0071670226172,
          521.1431776289683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          499.37107669287093,
          516.1305400176643,
          504.3698264470897,
          521.1431776289683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "251,137 ",
        "box": [
          541.7226374282225,
          516.1305400176643,
          576.7181009513281,
          521.1431776289683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-investment",
        "box": [
          52.74609155224609,
          528.8805394864175,
          158.87664472922714,
          533.8931770977142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,080,734 ",
        "box": [
          448.51170381201155,
          528.8805394864175,
          491.0071670226172,
          533.8931770977142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,536,127 ",
        "box": [
          534.2226377407225,
          528.8805394864175,
          576.7181009513281,
          533.8931770977142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment securities",
        "box": [
          52.74609155224609,
          541.6305389551635,
          137.42208259449262,
          546.6431765664674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97,000 ",
        "box": [
          461.00389079150375,
          541.6305389551635,
          491.0071670226172,
          546.6431765664674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.2109139912109,
          541.6305389551635,
          576.7181009513281,
          546.6431765664674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, net",
        "box": [
          52.74609155224609,
          554.3805384239167,
          110.49523799511914,
          559.3931760352134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,665,492 ",
        "box": [
          448.51170381201155,
          554.3805384239167,
          491.0071670226172,
          559.3931760352134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,570,531 ",
        "box": [
          534.2226377407225,
          554.3805384239167,
          576.7181009513281,
          559.3931760352134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets, net",
        "box": [
          52.74609155224609,
          567.8805378614124,
          136.31395481933924,
          572.8931754727164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "318,893 ",
        "box": [
          456.01170349951155,
          567.8805378614124,
          491.0071670226172,
          572.8931754727164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "333,263 ",
        "box": [
          541.7226374282225,
          567.8805378614124,
          576.7181009513281,
          572.8931754727164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          52.74609155224609,
          580.6305373301657,
          162.0985041434568,
          585.6431749414623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,866 ",
        "box": [
          461.37889077587874,
          580.6305373301657,
          491.0071670226172,
          585.6431749414623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,178 ",
        "box": [
          546.7148247202146,
          580.6305373301657,
          576.7181009513281,
          585.6431749414623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          52.74609155224609,
          594.1305367676687,
          101.33252269822435,
          599.1431743789653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,684 ",
        "box": [
          461.00389079150375,
          593.3805367989189,
          491.0071670226172,
          598.3931744102156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,399 ",
        "box": [
          546.7148247202146,
          593.3805367989189,
          576.7181009513281,
          598.3931744102156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          34.74609230224609,
          609.1305361426639,
          85.20704277011939,
          614.1431737539679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          413.68358026318344,
          607.6305362051644,
          418.6823300174022,
          612.6431738164611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,412,229",
        "box": [
          448.51170381201155,
          607.6305362051644,
          488.5016554582635,
          612.6431738164611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.5077921455078,
          607.6305362051644,
          491.0071670226172,
          612.6431738164611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          499.37107669287093,
          607.6305362051644,
          504.3698264470897,
          612.6431738164611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,739,635",
        "box": [
          534.2226377407225,
          607.6305362051644,
          574.2125893869744,
          612.6431738164611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.2187260742187,
          607.6305362051644,
          576.7181009513281,
          612.6431738164611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          34.74609230224609,
          621.8805356114171,
          77.51852451547434,
          626.8931732227138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable, accrued expenses and other liabilities",
        "box": [
          52.74609155224609,
          634.6305350801631,
          278.4364616438931,
          639.643172691467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          413.68358026318344,
          634.6305350801631,
          418.6823300174022,
          639.643172691467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,294 ",
        "box": [
          456.38670348388655,
          634.6305350801631,
          491.0071670226172,
          639.643172691467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          499.37107669287093,
          634.6305350801631,
          504.3698264470897,
          639.643172691467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,854 ",
        "box": [
          546.7148247202146,
          634.6305350801631,
          576.7181009513281,
          639.643172691467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized financing, net",
        "box": [
          52.74609155224609,
          648.1305345176661,
          155.18127878320072,
          653.1431721289628
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,811,511 ",
        "box": [
          449.24998128125,
          648.1305345176661,
          491.0071670226172,
          653.1431721289628
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,131,453 ",
        "box": [
          534.2226377407225,
          648.1305345176661,
          576.7181009513281,
          653.1431721289628
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          34.74609230224609,
          663.1305338926686,
          101.87274100071528,
          668.1431715039653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          413.68358026318344,
          661.6305339551691,
          418.6823300174022,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,925,805",
        "box": [
          448.51170381201155,
          661.6305339551691,
          488.5016554582635,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.5077921455078,
          661.6305339551691,
          491.0071670226172,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          499.37107669287093,
          661.6305339551691,
          504.3698264470897,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,211,307",
        "box": [
          534.7734152177734,
          661.6305339551691,
          574.2117502120094,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.2187260742187,
          661.6305339551691,
          576.7181009513281,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets held by the securitized financing VIEs are restricted and can be used only to settle obligations of those VIEs, including",
        "box": [
          69.74999709375,
          693.8805326114161,
          573.2952490501971,
          698.8931702227128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the subordinate interests owned by us. The liabilities of those VIEs are non-recourse to us and can only be satisfied from the assets of",
        "box": [
          33.74999859375,
          705.8805321114196,
          567.0045749803077,
          710.8931697227163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the VIEs.",
        "box": [
          33.74999859375,
          717.8805316114158,
          71.32844303423141,
          722.8931692227125
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 69,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "We also hold controlling interests in other non-securitization entities that are considered VIEs. The Woodstar Fund, Woodstar",
        "box": [
          69.74999709375,
          38.38055992392037,
          570.8056155469304,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feeder Fund, L.P. and one of the Woodstar Fund's indirect investees, SPT Dolphin Intermediate LLC ('SPT Dolphin'), the entity which",
        "box": [
          33.74999859375,
          50.380559423916566,
          577.7293767404415,
          55.39319703522051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "holds the Woodstar II Portfolio, are each VIEs because the third party interest holders do not carry",
        "box": [
          33.74999859375,
          62.380558923920034,
          426.5271586155341,
          67.3931965352167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
          300.99608495849594,
          105.13055714267102,
          310.9935794794336,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 70,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992390582,
          104.6843139585664,
          43.393197535209765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "kick-out rights or substantive participating rights. We were deemed to be the primary beneficiary of those VIEs because we possess",
        "box": [
          33.74999859375,
          93.13055764266028,
          558.9597269554233,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "both the power to direct the activities of the VIEs that most significantly impact their economic performance and a significant economic",
        "box": [
          33.74999859375,
          105.13055714265647,
          577.7001440017207,
          110.14319475396042
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest in each entity. The Woodstar Fund had total assets of $1.7 billion, including its indirect investment in SPT Dolphin, and no",
        "box": [
          33.74999859375,
          117.13055664265994,
          556.2904442587304,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant liabilities as of June 30, 2026. As of June 30, 2026, Woodstar Feeder Fund, L.P. and its consolidated subsidiary which is also",
        "box": [
          33.74999859375,
          129.13055614265613,
          576.7335576069341,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considered a VIE, Woodstar Feeder REIT, LLC, had a $0.5 billion investment in the Woodstar Fund, had insignificant liabilities and",
        "box": [
          33.74999859375,
          141.1305556426596,
          561.7351418568679,
          146.14319325396355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "had temporary equity of $0.4 billion consisting of the contingently redeemable non-controlling interests of the third party investors (see",
        "box": [
          33.74999859375,
          153.1305551426558,
          575.9973548726703,
          158.14319275395974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 17).",
        "box": [
          33.74999859375,
          165.13055464265926,
          71.5090651517055,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We also hold a 51% controlling interest in a joint venture (the 'CMBS JV') within our Investing and Servicing Segment,",
        "box": [
          69.74999709375,
          189.13055364265892,
          553.7536540581799,
          194.14319125396287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is considered a VIE because the third party interest holder does not carry kick-out rights or substantive participating rights. We",
        "box": [
          33.74999859375,
          201.1305531426624,
          567.0191899217609,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are deemed the primary beneficiary of the CMBS JV. This VIE had total assets of $215.1 million and liabilities of $50.7 million as of",
        "box": [
          33.74999859375,
          213.13055264265859,
          566.3196470338464,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026. Refer to Note 17 for further discussion.",
        "box": [
          33.74999859375,
          225.13055214266205,
          251.98610435682858,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to the above non-securitization entities, we have smaller VIEs with total assets of $86.9 million and insignificant",
        "box": [
          69.74999709375,
          249.13055114266172,
          566.5566661175588,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities as of June 30, 2026.",
        "box": [
          33.74999859375,
          261.1305506426579,
          153.42692351346125,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs in which we are not the Primary Beneficiary",
        "box": [
          33.74999859375,
          285.13054964265757,
          233.2847919773614,
          290.1431872539615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In certain instances, we hold a variable interest in a VIE in the form of CMBS, but either (i) we are not appointed, or do not",
        "box": [
          69.74999709375,
          309.13054864265723,
          563.7467936346366,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "serve as, special servicer or servicing administrator or (ii) an unrelated third party has the rights to unilaterally remove us as special",
        "box": [
          33.74999859375,
          321.1305481426607,
          558.9938790576748,
          326.14318575396464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicer without cause. In these instances, we do not have the power to direct activities that most significantly impact the VIE's",
        "box": [
          33.74999859375,
          333.1305476426569,
          542.7382307563191,
          338.14318525396084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic performance. In other cases, the variable interest we hold does not obligate us to absorb losses or provide us with the right to",
        "box": [
          33.74999859375,
          345.13054714266036,
          573.7460543064135,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receive benefits from the VIE which could potentially be significant. For these structures, we are not deemed to be the primary",
        "box": [
          33.74999859375,
          357.13054664265655,
          540.4926840169703,
          362.1431842539605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beneficiary of the VIE, and we do not consolidate these VIEs.",
        "box": [
          33.74999859375,
          369.13054614266,
          281.02182394700685,
          374.14318375396397
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As noted above, we are not obligated to provide, nor have we provided, any financial support for any of our securitization",
        "box": [
          69.74999709375,
          393.1305451426597,
          578.2456429689306,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs, whether or not we are deemed to be the primary beneficiary. As such, the risk associated with our involvement in these VIEs is",
        "box": [
          33.74999859375,
          405.1305446426559,
          578.2400915770745,
          410.1431822539598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "limited to the carrying value of our investment in the entity. As of June 30, 2026, our maximum risk of loss related to securitization",
        "box": [
          33.74999859375,
          417.13054414265935,
          578.2459631439174,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs in which we were not the primary beneficiary was $35.0 million on a fair value basis.",
        "box": [
          33.74999859375,
          429.13054364265554,
          398.555689749762,
          434.1431812539595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the securitization VIEs which we do not consolidate had debt obligations to beneficial interest holders",
        "box": [
          69.74999709375,
          453.1305426426625,
          562.9414005895204,
          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with unpaid principal balances, excluding the notional value of interest-only securities, of $5.1 billion. The corresponding assets are",
        "box": [
          33.74999859375,
          465.13054214265867,
          561.3579709326449,
          470.1431797539626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comprised primarily of commercial mortgage loans with unpaid principal balances corresponding to the amounts of the outstanding",
        "box": [
          33.74999859375,
          477.13054164266214,
          560.1460341230811,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt obligations.",
        "box": [
          33.74999859375,
          489.13054114265833,
          100.39340227319141,
          494.1431787539623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We also hold passive non-controlling interests in certain unconsolidated entities that are considered VIEs. We are not the",
        "box": [
          69.74999709375,
          513.130540142658,
          551.9578510493161,
          518.1431777539619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primary beneficiaries of these VIEs as we do not possess the power to direct the activities of the VIEs that most significantly impact",
        "box": [
          33.74999859375,
          525.1305396426615,
          562.0009290073812,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "their economic performance and therefore report our interests, which totaled $6.2 million as of June 30, 2026, within investments in",
        "box": [
          33.74999859375,
          537.1305391426577,
          561.5486685396377,
          542.1431767539616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated entities on our condensed consolidated balance sheet. Our maximum risk of loss is limited to our carrying value of the",
        "box": [
          33.74999859375,
          549.1305386426611,
          569.3184914509566,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments.",
        "box": [
          33.74999859375,
          561.1305381426573,
          84.01081935579904,
          566.1431757539613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16. Related-Party Transactions",
        "box": [
          33.74999859375,
          585.130537142657,
          165.83482018562853,
          590.1431747539609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management Agreement",
        "box": [
          33.74999859375,
          609.1305361426566,
          135.29676968672197,
          614.1431737539606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are party to a management agreement (the 'Management Agreement') with our Manager. Under the Management",
        "box": [
          69.74999709375,
          633.1305351426563,
          539.7393789349454,
          638.1431727539602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement, our Manager, subject to the oversight of our board of directors, is required to manage our day to day activities, for which",
        "box": [
          33.74999859375,
          645.1305346426598,
          565.8280705613294,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our Manager receives a base management fee and is eligible for an incentive fee and stock awards. Our Manager's personnel perform",
        "box": [
          33.74999859375,
          657.130534142656,
          567.3756854709329,
          662.1431717539599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain due diligence, legal, management and other services that outside professionals or consultants would otherwise perform. As such,",
        "box": [
          33.74999859375,
          669.1305336426594,
          577.0704861866456,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in accordance with the terms of our Management Agreement, our Manager is paid or reimbursed for the documented costs of",
        "box": [
          33.74999859375,
          681.1305331426556,
          533.4583726780663,
          686.1431707539596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performing such tasks. Refer to Note 17 to the consolidated financial statements included in our Form 10-K for further discussion of",
        "box": [
          33.74999859375,
          693.1305326426591,
          563.2164431131466,
          698.143170253963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "this agreement.",
        "box": [
          33.74999859375,
          705.1305321426626,
          94.82352863026946,
          710.1431697539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Base Management Fee.",
        "box": [
          69.74999709375,
          729.1305311426622,
          163.85724005386476,
          734.1431687539662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " For the three months ended June 30, 2026 and 2025, approximately $25.0 million and $23.4 million,",
        "box": [
          163.86327817236312,
          729.1305311426622,
          568.4338414465057,
          734.1431687539662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, was incurred for base management fees. For the six months ended June 30, 2026 and 2025, approximately $50.1 million",
        "box": [
          33.74999859375,
          741.1305306426584,
          567.2938465002554,
          746.1431682539624
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 71,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "and $46.8 million, respectively, was incurred for base management fees. As of June 30, 2026 and December 31, 2025, there were $25.0",
        "box": [
          33.74999859375,
          38.3805599239131,
          574.7573052142778,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million and $25.3 million, respectively, of unpaid base management fees included in related-party payable in our condensed",
        "box": [
          33.74999859375,
          50.38055942390929,
          529.2155392118513,
          55.393197035213234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets.",
        "box": [
          33.74999859375,
          62.38055892391276,
          146.73432721731945,
          67.3931965352167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          300.99608495849594,
          105.13055714266375,
          310.9935794794336,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 72,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Incentive Fee.",
        "box": [
          69.74999709375,
          93.13055764266755,
          126.36176194117635,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " There were no incentive fees incurred during the three months ended June 30, 2026. For the three months ended",
        "box": [
          126.36327598486326,
          93.13055764266755,
          576.7846479048051,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025, $0.2 million was incurred for incentive fees. For the six months ended June 30, 2026 and 2025, approximately $5.6",
        "box": [
          33.74999859375,
          105.13055714266375,
          555.7663735305667,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million and $10.2 million, respectively, was incurred for incentive fees. As of December 31, 2025, there were $3.5 million of unpaid",
        "box": [
          33.74999859375,
          117.13055664266722,
          563.1234899740203,
          122.14319425397116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incentive fees included in related-party payable in our condensed consolidated balance sheets. There were no unpaid incentive fees as",
        "box": [
          33.74999859375,
          129.1305561426634,
          567.9586856554666,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of June 30, 2026.",
        "box": [
          33.74999859375,
          141.13055564266688,
          102.89276899405112,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expense Reimbursement.",
        "box": [
          69.74999709375,
          165.13055464266654,
          170.24724301261455,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " For the three months ended June 30, 2026 and 2025, approximately $1.8 million and $1.9 million,",
        "box": [
          170.24999290625001,
          165.13055464266654,
          564.8361815964081,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, was incurred for executive compensation and other reimbursable expenses and recognized within general and",
        "box": [
          33.74999859375,
          177.13055414266273,
          524.1736383969309,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "administrative expenses in our condensed consolidated statements of operations. For the six months ended June 30, 2026 and 2025,",
        "box": [
          33.74999859375,
          189.1305536426662,
          559.3503181499855,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "approximately $3.5 million and $3.1 million, respectively, was incurred for executive compensation and other reimbursable expenses.",
        "box": [
          33.74999859375,
          201.1305531426624,
          568.945185650199,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, there were $2.1 million and $2.8 million, respectively, of unpaid reimbursable executive",
        "box": [
          33.74999859375,
          213.13055264266586,
          569.7828933816063,
          218.1431902539698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation and other expenses included in related-party payable in our condensed consolidated balance sheets.",
        "box": [
          33.74999859375,
          225.13055214266205,
          488.4746344781392,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Awards.",
        "box": [
          69.74999709375,
          249.13055114266172,
          130.29629792723736,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for",
        "box": [
          130.30077582080077,
          249.13055114266172,
          576.2481964201564,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "us. These RSAs generally vest over a three-year period. There were no RSAs granted during the three months ended June 30, 2026 and",
        "box": [
          33.74999859375,
          261.1305506426652,
          573.970363247067,
          266.14318825396913
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025. During the six months ended June 30, 2026 and 2025, we granted 185,420 and 416,780 RSAs, respectively, at grant date fair",
        "box": [
          33.74999859375,
          273.1305501426614,
          557.3345129332271,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "values of $3.3 million and $8.4 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our",
        "box": [
          33.74999859375,
          285.13054964266485,
          543.240145120492,
          290.1431872539688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager were $2.2 million and $2.6 million during the three months ended June 30, 2026 and 2025, respectively, and $4.4 million and",
        "box": [
          33.74999859375,
          297.1305491426683,
          573.1655694056003,
          302.14318675397226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4.9 million during the six months ended June 30, 2026 and 2025, respectively, which are reflected in general and administrative",
        "box": [
          33.74999859375,
          309.1305486426645,
          549.2380941376399,
          314.14318625396845
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses in our condensed consolidated statements of operations. Compensation expense related to the ESPP (refer to Note 17) for",
        "box": [
          33.74999859375,
          321.130548142668,
          557.2756322356801,
          326.1431857539719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "employees of affiliates of our Manager was not material during the three and six months ended June 30, 2026 and 2025, and is reflected",
        "box": [
          33.74999859375,
          333.13054764266417,
          576.9060470997466,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in general and administrative expenses in our condensed consolidated statements of operations.",
        "box": [
          33.74999859375,
          345.13054714266764,
          414.6552559789468,
          350.1431847539716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager Equity Plan",
        "box": [
          33.74999859375,
          369.1305461426673,
          123.18552449470818,
          374.14318375397124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In April 2022, the Company's shareholders approved the Starwood Property Trust, Inc. 2022 Manager Equity Plan (the '2022",
        "box": [
          69.74999709375,
          393.13054514266696,
          572.3238292156726,
          398.1431827539709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager Equity Plan') which replaced the Starwood Property Trust, Inc. 2017 Manager Equity Plan. In March 2026, we granted",
        "box": [
          33.74999859375,
          405.13054464266315,
          549.0549698602086,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "670,000 RSUs to our Manager under the 2022 Manager Equity Plan. In March 2025, we granted 1,350,000 RSUs to our Manager under",
        "box": [
          33.74999859375,
          417.1305441426666,
          577.417302746444,
          422.14318175397057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the 2022 Manager Equity Plan. In March 2024, we granted 1,300,000 RSUs to our Manager under the 2022 Manager Equity Plan. In",
        "box": [
          33.74999859375,
          429.1305436426628,
          565.1872979630281,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2022, we granted 1,500,000 RSUs to our Manager under the 2022 Manager Equity Plan. In connection with these grants and",
        "box": [
          33.74999859375,
          441.1305431426663,
          576.8412240774477,
          446.1431807539702
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior similar grants, we recognized share-based compensation expense of $5.4 million and $7.1 million within management fees in our",
        "box": [
          33.74999859375,
          453.1305426426625,
          572.6537149199269,
          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed consolidated statements of operations for the three months ended June 30, 2026 and 2025, respectively. For the six months",
        "box": [
          33.74999859375,
          465.13054214266594,
          568.4056335118441,
          470.1431797539699
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026 and 2025, we recognized share-based compensation expense of $10.9 million and $14.2 million, respectively,",
        "box": [
          33.74999859375,
          477.13054164266214,
          556.4528352457143,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related to these awards. Refer to Note 17 for further discussion.",
        "box": [
          33.74999859375,
          489.1305411426656,
          287.49476190230115,
          494.14317875396955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in Loans and Securities",
        "box": [
          33.74999859375,
          512.3805401739155,
          183.18020581290415,
          517.3931777852195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following ten related-party loan transactions were each approved by our board of directors, with those affiliated with the",
        "box": [
          69.74999709375,
          536.3805391739152,
          569.0057013389894,
          541.3931767852191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respective transaction recusing themselves.",
        "box": [
          33.74999859375,
          548.3805386739114,
          206.4214660553552,
          553.3931762852153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In June 2026, we acquired $95.0 million of senior debt securities in a $211.7 million note offering. The notes have a 10-year",
        "box": [
          69.74999709375,
          571.6305377051613,
          566.8380223372474,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term, bear interest at a fixed rate of 7.33% and are secured by a domestic coal fired power plant. An affiliate of our Manager holds",
        "box": [
          33.74999859375,
          582.880537236415,
          554.6300606858258,
          587.8931748477189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "passive minority interests in both Lotus Infrastructure Partners ('Lotus'), the sponsor of the notes, and the general partners of the Lotus",
        "box": [
          33.74999859375,
          594.1305367676614,
          576.2502382349852,
          599.1431743789653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funds that own the borrower.",
        "box": [
          33.74999859375,
          605.3805362989151,
          148.97493179896094,
          610.393173910219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2026, we originated a $150.0 million first priority infrastructure term loan, which has a five-year term and initially",
        "box": [
          69.74999709375,
          630.1305352676645,
          567.2915995753491,
          635.1431728789685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bears interest at SOFR plus 3.50%. The loan is secured by a domestic natural gas power plant. An affiliate of our Manager holds",
        "box": [
          33.74999859375,
          641.3805347989182,
          546.7502124141529,
          646.3931724102222
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "passive minority interests in both Lotus, the sponsor of the loan, and the general partners of the Lotus funds that own the borrower.",
        "box": [
          33.74999859375,
          652.6305343301647,
          557.1193153679442,
          657.6431719414686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2026, we and Starwood European Real Estate Debt Finance II LP ('SEREDF II'), an affiliate of ours and advised by",
        "box": [
          69.74999709375,
          678.1305332676638,
          576.4194405950223,
          683.1431708789678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affiliates of Starwood Capital Group, completed a rebalancing of respective interests in a $969.2 million first mortgage loan",
        "box": [
          33.74999859375,
          690.1305327676673,
          529.144201239824,
          695.1431703789713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateralized by a diversified portfolio of logistics assets located across the United Kingdom and Europe. The loan consists of three",
        "box": [
          33.74999859375,
          702.1305322676635,
          561.6209334466881,
          707.1431698789675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cross-collateralized facilities. The rebalancing transaction was undertaken at par to restore the parties' original percentage interests in",
        "box": [
          33.74999859375,
          714.130531767667,
          566.0721963011575,
          719.1431693789709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "each facility. It involved our acquisition from SEREDF II of a $3.5 million additional interest in",
        "box": [
          33.74999859375,
          726.1305312676632,
          417.6582859100704,
          731.1431688789671
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 73,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "49",
        "box": [
          300.99608495849594,
          48.880559486409766,
          310.9935794794336,
          53.89319709771371
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 74,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "one of the facilities in exchange for the sale to SEREDF II of an equal combined interest in the other two facilities. Our total",
        "box": [
          33.74999859375,
          81.13055814266409,
          531.251799613595,
          86.14319575396803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitment to the loan remains unchanged at approximately $347.3 million.",
        "box": [
          33.74999859375,
          93.13055764266028,
          342.77760084884926,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "An affiliate of our Manager owns a technology park in Herndon, Virginia, on which it is constructing four data center facilities",
        "box": [
          69.74999709375,
          117.8805566114097,
          576.1119254157484,
          122.89319422271365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which are 100% pre-leased to an investment grade tenant. This affiliate also owns an adjacent parcel on which it is constructing a data",
        "box": [
          33.74999859375,
          129.1305561426634,
          570.0122322720505,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "center facility in Ashburn, Virginia. We have co-originated loans, as a minority lender, on three of these facilities as noted below.",
        "box": [
          33.74999859375,
          140.38055567390984,
          548.5216791761791,
          145.39319328521378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Because of the affiliated interest, we lack certain consent rights under the respective co-lender agreements.",
        "box": [
          33.74999859375,
          151.63055520516355,
          460.493281494029,
          156.6431928164675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          177.13055414266273,
          55.250099027505115,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2026, we co-originated 24.5% of a $653.0 million first mortgage loan. Of our $160.0 million share of the total loan",
        "box": [
          69.74999709375,
          177.13055414266273,
          569.5360719068294,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitment, $30.7 million has been funded and is outstanding as of June 30, 2026. The loan has an initial term of four-years",
        "box": [
          69.74999709375,
          189.1305536426662,
          570.5424297728106,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with two one-year extension options (subject to certain conditions) and initially bears interest at SOFR plus 2.70%. This",
        "box": [
          69.74999709375,
          201.1305531426624,
          550.212909394874,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pricing was negotiated in a competitive bid process with a third party who is retaining a 51% interest in the loan, with a related",
        "box": [
          69.74999709375,
          213.13055264266586,
          577.2722660094879,
          218.1431902539698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "party holding the remaining 24.5% interest in the loan.",
        "box": [
          69.74999709375,
          225.13055214266205,
          288.5356175589319,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          243.13055139266362,
          55.250099027505115,
          248.14318900396756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In June 2025, we co-originated 49% of a $587.1 million first mortgage loan. Of our $287.7 million share of the total loan",
        "box": [
          69.74999709375,
          243.13055139266362,
          554.2899825420832,
          248.14318900396756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitment, $74.1 million has been funded and is outstanding as of June 30, 2026. The loan has an initial term of four-years",
        "box": [
          69.74999709375,
          255.1305508926598,
          570.5424297728106,
          260.14318850396376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with two one-year extension options (subject to certain conditions) and initially bears interest at SOFR plus 3.00%. This",
        "box": [
          69.74999709375,
          267.1305503926633,
          550.212909394874,
          272.1431880039672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pricing was negotiated in a competitive bid process with a third party who is retaining the remaining 51% interest in the loan.",
        "box": [
          69.74999709375,
          279.13054989266675,
          571.1801332820768,
          284.1431875039707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          296.5546750835492,
          55.95116958870116,
          302.57134442957613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In May 2025, we co-originated one-third of a $638.5 million first mortgage loan. Of our $212.8 million share of the total loan",
        "box": [
          69.74999709375,
          297.8805491114108,
          572.5829467798762,
          302.89318672271474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitment, $157.6 million has been funded and is outstanding as of June 30, 2026. The loan has a five-year term and",
        "box": [
          69.74999709375,
          308.38054867391475,
          546.0315144111859,
          313.3931862852187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "initially bears interest at SOFR (floor of 2.00%) plus 2.50%. This pricing was negotiated in a competitive bid process with",
        "box": [
          69.74999709375,
          318.13054826766165,
          559.3645898806409,
          323.1431858789656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other third parties who are retaining the remaining two-thirds interest in the loan. An affiliate of our Manager is general partner",
        "box": [
          69.74999709375,
          327.88054786141583,
          577.8790251522053,
          332.8931854727198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of, and holds a 92.5% limited partnership interest in, the borrower.",
        "box": [
          69.74999709375,
          338.3805474239125,
          335.7429596419592,
          343.39318503521645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In January 2025, we co-originated 49% of a $388.4 million first mortgage loan for the construction of a luxury 81 unit",
        "box": [
          69.74999709375,
          362.38054642391216,
          542.8997381782641,
          367.3931840352161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condominium project in Miami Beach, Florida. Of our $190.3 million share of the total loan commitment, $87.9 million has been",
        "box": [
          33.74999859375,
          374.38054592391563,
          551.3235674406837,
          379.3931835352196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funded and is outstanding as of June 30, 2026. The loan has an initial term of four years with a one-year extension option (subject to",
        "box": [
          33.74999859375,
          386.3805454239118,
          562.7712979386949,
          391.39318303521577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain conditions) and bears interest at SOFR (floor of 3.00%) plus 4.25%. This pricing was negotiated in a competitive bid process",
        "box": [
          33.74999859375,
          398.3805449239153,
          563.6069933867872,
          403.39318253521924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with a third party who is retaining the remaining 51% interest in the loan. An affiliate of our Manager is general partner of, and holds a",
        "box": [
          33.74999859375,
          410.3805444239115,
          573.0119155720635,
          415.39318203521543
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90% limited partnership interest in, the borrower. Because of the affiliated interest, we lack certain consent rights under the co-lender",
        "box": [
          33.74999859375,
          422.38054392391496,
          566.585309397777,
          427.3931815352189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreement.",
        "box": [
          33.74999859375,
          434.38054342391115,
          77.87955581126838,
          439.3931810352151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2024, we modified a loan that was originated in March 2022 for the development and recapitalization of a",
        "box": [
          69.74999709375,
          458.3805424239108,
          547.7938951728147,
          463.39318003521475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio of luxury rental cabins, where our CEO and another non-independent member of our board of directors own minority equity",
        "box": [
          33.74999859375,
          470.3805419239143,
          567.9125435994767,
          475.3931795352182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests in the borrower. In connection with a new $25.0 million investment in the borrower by a major hotel brand, we granted: (i) a",
        "box": [
          33.74999859375,
          482.3805414239105,
          567.3615790824942,
          487.3931790352144
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24-month term extension with a one-year extension option subject to certain conditions and with an extension fee due at maturity, (ii) a",
        "box": [
          33.74999859375,
          494.38054092391394,
          573.9379257584798,
          499.3931785352179
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.25% reduction in the interest rate to SOFR + 4.25%, and (iii) deferral of half of the remaining interest payments until maturity in",
        "box": [
          33.74999859375,
          506.38054042391013,
          556.6283493946509,
          511.3931780352141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2026, with such deferral compounding interest. Previous modifications to the loan were as follows: (i) in July 2023, we",
        "box": [
          33.74999859375,
          518.3805399239136,
          554.610225113801,
          523.3931775352175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreed to a 10-month 300 bps partial interest payment deferral, which in January 2024 was extended to December 2024; and (ii) in June",
        "box": [
          33.74999859375,
          530.3805394239098,
          577.6390781042654,
          535.3931770352137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024, we deferred all remaining interest payments due under the loan and formally extended its initial maturity until December 2024. In",
        "box": [
          33.74999859375,
          542.3805389239133,
          577.8905095837279,
          547.3931765352172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "connection with these modifications, we retained all previous exit and extension fees, which are due at the amended maturity date. The",
        "box": [
          33.74999859375,
          554.3805384239167,
          572.9699348488128,
          559.3931760352207
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan had an original commitment of $200.0 million, of which $147.5 million was outstanding as of June 30, 2026.",
        "box": [
          33.74999859375,
          566.3805379239129,
          489.99450596481114,
          571.3931755352169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2024, we sold participating interests in four commercial loans to a private investment fund for which an affiliate",
        "box": [
          69.74999709375,
          590.3805369239126,
          572.6282643380491,
          595.3931745352165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our Manager is the general partner. The participating interests were sold at par for $40.1 million, along with $15.9 million of future",
        "box": [
          33.74999859375,
          602.380536423916,
          568.854777945278,
          607.39317403522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funding commitments. Under a separate arrangement, we are entitled to receive all fees and carried interest distributions with respect to",
        "box": [
          33.74999859375,
          614.3805359239122,
          575.9086219163064,
          619.3931735352162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these loan participations from the general partner. During both the three and six months ended June 30, 2026 and 2025, we received",
        "box": [
          33.74999859375,
          626.3805354239157,
          560.6878425005054,
          631.3931730352197
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fees of $0.1 million and $0.2 million, respectively, from the general manager under this arrangement.",
        "box": [
          33.74999859375,
          638.3805349239119,
          438.1743744989834,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In connection with the May 2024 refinancing of our Medical Office Portfolio, we obtained $450.5 million of securitization",
        "box": [
          69.74999709375,
          662.3805339239116,
          560.7164006243157,
          667.3931715352155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt ('MED 2024-MOB') and a $39.5 million mezzanine loan (the 'Mezz Loan'). The Mezz Loan and the $23.0 million horizontal",
        "box": [
          33.74999859375,
          674.380533423915,
          562.1726713502253,
          679.393171035219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk retention certificates of MED 2024-MOB ('HRR') were funded by affiliates of investment funds which are managed by the real",
        "box": [
          33.74999859375,
          686.3805329239112,
          564.651655471934,
          691.3931705352152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate investment firm for which one of our independent directors is co-founder and co-chief executive officer. One of such affiliates",
        "box": [
          33.74999859375,
          698.3805324239147,
          563.6069891867872,
          703.3931700352186
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "also serves as controlling class representative of MED 2024-MOB. Both the Mezz Loan and the HRR bear interest at SOFR + 5.50%",
        "box": [
          33.74999859375,
          710.3805319239109,
          566.0935969307652,
          715.3931695352148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and have an initial term of two years, followed by three successive one-year",
        "box": [
          33.74999859375,
          722.3805314239144,
          337.7441483328259,
          727.3931690352183
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 75,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "50",
        "box": [
          300.99608495849594,
          57.13055914265715,
          310.9935794794336,
          62.14319675396109
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 76,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options. The final structure and cost of debt for this refinancing was selected after a competitive marketing process led by a",
        "box": [
          33.74999859375,
          93.13055764266028,
          567.702631668284,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "third party broker. In February 2026, we prepaid the entirety of the $39.5 million Mezz Loan at par plus accrued interest. In connection",
        "box": [
          33.74999859375,
          105.13055714266375,
          574.004920545627,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "therewith, we recognized a $0.3 million loss on extinguishment of debt within our condensed consolidated statement of operations for",
        "box": [
          33.74999859375,
          117.13055664265994,
          569.6200536213292,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the six months ended June 30, 2026.",
        "box": [
          33.74999859375,
          129.1305561426634,
          179.25542521227362,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In July 2024, we purchased all the controlling class certificates in the newly-formed Freddie Mac multifamily mortgage trust,",
        "box": [
          69.74999709375,
          153.13055514266307,
          571.425619746848,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FREMF 2024-KF163 (the 'Trust'), for their aggregate principal amount of $77.1 million. The certificates have a pass-through interest",
        "box": [
          33.74999859375,
          165.13055464265926,
          571.2756560959339,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate of one-month SOFR + 6.00% and an expected final distribution date in May 2034. As of June 30, 2026, the Trust holds 23 SOFR",
        "box": [
          33.74999859375,
          177.13055414266273,
          567.5663133709031,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based floating rate multifamily mortgage loans with a total principal balance of approximately $949.0 million, of which affiliates of our",
        "box": [
          33.74999859375,
          189.13055364265892,
          576.3398795663367,
          194.14319125396287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager are borrowers under 11 of those loans totaling approximately $495.0 million. As directing certificate holder, we are considered",
        "box": [
          33.74999859375,
          201.1305531426624,
          577.969912905419,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the primary beneficiary of, and therefore consolidate the Trust as a securitization VIE. However, while we are able to appoint and",
        "box": [
          33.74999859375,
          213.13055264265859,
          551.4665148097274,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remove the special servicer of the unaffiliated loans in the VIE, we cannot name ourselves or an affiliate as special servicer, and we",
        "box": [
          33.74999859375,
          225.13055214266205,
          559.1208447758585,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cannot remove or direct the third party special servicer with respect to the affiliate loans.",
        "box": [
          33.74999859375,
          237.13055164265825,
          388.06028626207063,
          242.1431892539622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2012, we acquired 9,140,000 ordinary shares in SEREF, a debt fund that is externally managed by an affiliate of",
        "box": [
          69.74999709375,
          261.1305506426652,
          572.3949521057083,
          266.14318825396913
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our Manager and is listed on the London Stock Exchange, for approximately $14.7 million, which equated to approximately 4%",
        "box": [
          33.74999859375,
          273.1305501426614,
          546.0193827671908,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ownership of SEREF. As of December 31, 2025, we held 536,129 shares of SEREF that had not yet been redeemed. During the six",
        "box": [
          33.74999859375,
          285.13054964266485,
          556.8916095836817,
          290.1431872539688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026, this entity entered liquidation and was delisted from the London Stock Exchange. The remaining 536,129",
        "box": [
          33.74999859375,
          297.13054914266104,
          574.7183801408997,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares were redeemed by SEREF for proceeds of $0.6 million, reducing our basis to zero. Refer to Note 5 for additional details.",
        "box": [
          33.74999859375,
          309.1305486426645,
          544.3272937009448,
          314.14318625396845
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Arrangements",
        "box": [
          33.74999859375,
          333.13054764266417,
          118.6359086272499,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2020, we entered into an office lease agreement with an entity which is controlled by our Chairman and CEO",
        "box": [
          69.74999709375,
          357.13054664266383,
          546.241517865848,
          362.1431842539678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through majority equity ownership of the entity. The leased premises serve as our new Miami Beach office following the expiration of",
        "box": [
          33.74999859375,
          369.13054614266,
          570.509580059266,
          374.14318375396397
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our former lease in Miami Beach. The lease, as amended in September 2022, is for 64,424 square feet of office space, commenced",
        "box": [
          33.74999859375,
          381.1305456426635,
          555.2955975001822,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 1, 2022 and has an initial term of 15 years from the monthly lease payment commencement date of November 1, 2022. The lease",
        "box": [
          33.74999859375,
          393.1305451426597,
          568.8540028953099,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payments are based on an annual base rate of $52.00 per square foot that increases by 3% each November, plus our pro rata share of",
        "box": [
          33.74999859375,
          405.13054464266315,
          561.9248067419645,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "building operating expenses. Prior to the execution of this lease, we engaged an independent third party leasing firm and external",
        "box": [
          33.74999859375,
          417.13054414265935,
          549.850691388641,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "counsel to advise the independent directors of our board of directors on market terms for the lease. The terms of the lease and",
        "box": [
          33.74999859375,
          429.1305436426628,
          535.2108242370477,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsequent amendment were approved by our independent directors. In April 2020, we provided a $1.9 million cash security deposit to",
        "box": [
          33.74999859375,
          441.130543142659,
          574.0499648687505,
          446.14318075396295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the landlord.",
        "box": [
          33.74999859375,
          453.1305426426625,
          84.27928626961292,
          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, we made payments to the landlord under the terms of the lease of",
        "box": [
          69.74999709375,
          477.13054164266214,
          548.9508344825468,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.6 million and $3.3 million, respectively, for rent, parking and our pro rata share of building operating expenses. During the three and",
        "box": [
          33.74999859375,
          489.13054114265833,
          576.450476643729,
          494.1431787539623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "six months ended June 30, 2025, we made payments to the landlord under the terms of the lease of $1.7 million and $3.3 million,",
        "box": [
          33.74999859375,
          501.1305406426618,
          550.2111822057832,
          506.14317825396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively. Inclusive of straight-line rent, we recognized $1.7 million and $3.5 million, respectively, of expenses with respect to this",
        "box": [
          33.74999859375,
          513.130540142658,
          568.306463715976,
          518.1431777539692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lease within general and administrative expenses in our condensed consolidated statements of operations for the three and six months",
        "box": [
          33.74999859375,
          525.1305396426615,
          566.7996156787611,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026. During the three and six months ended June 30, 2025, we recognized $1.8 million and $3.6 million, respectively,",
        "box": [
          33.74999859375,
          537.1305391426649,
          572.0387720963002,
          542.1431767539689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of such expenses with respect to this lease.",
        "box": [
          33.74999859375,
          549.1305386426611,
          204.77146844910519,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Related-Party Arrangements",
        "box": [
          33.74999859375,
          573.1305376426608,
          177.78606781265987,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In August 2025, we entered into a shared services agreement with Starwood Capital Group Management, L.L.C. ('SCG",
        "box": [
          69.74999709375,
          597.1305366426604,
          548.6774615143504,
          602.1431742539644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management'), that governs the reimbursement arrangements for SCG Management and its affiliates when our employees or",
        "box": [
          33.74999859375,
          609.1305361426639,
          534.395689939011,
          614.1431737539679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contractors provide services to those entities. The agreement is effective as of January 2, 2024. The reimbursement parameters were",
        "box": [
          33.74999859375,
          621.1305356426601,
          560.9270429256001,
          626.143173253964
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "informed by a transfer pricing study conducted by a third party. Amounts previously billed to SCG Management have been adjusted in",
        "box": [
          33.74999859375,
          633.1305351426636,
          571.4566413768052,
          638.1431727539675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accordance with the terms of this agreement as of the August 2025 execution date. During the three and six months ended June 30,",
        "box": [
          33.74999859375,
          645.1305346426598,
          556.2505256041437,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, $0.8 million and $1.7 million, respectively, was billed in accordance with the agreement. During the three and six months ended",
        "box": [
          33.74999859375,
          657.1305341426632,
          571.185736963093,
          662.1431717539672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025, $1.0 million and $1.9 million, respectively, was billed in accordance with the agreement. As of June 30, 2026 and",
        "box": [
          33.74999859375,
          669.1305336426594,
          548.71892584921,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, $2.6 million and $1.8 million, respectively, was reflected as a receivable within other assets in our condensed",
        "box": [
          33.74999859375,
          681.1305331426629,
          554.2281607196585,
          686.1431707539668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets for such reimbursements.",
        "box": [
          33.74999859375,
          693.1305326426591,
          248.07117209495073,
          698.143170253963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2025, an affiliate of our Manager acquired Worldwide Mission Critical ('Worldwide'), an entity which provides",
        "box": [
          69.74999709375,
          718.6305315801583,
          558.0598088179198,
          723.6431691914622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset management services for loans secured by data center projects, including construction loans. Prior to Worldwide's acquisition by",
        "box": [
          33.74999859375,
          730.6305310801617,
          570.5388707650463,
          735.6431686914657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our Manager, we entered into a $0.3 million contract with Worldwide to provide services on a $550.0 million construction loan that was",
        "box": [
          33.74999859375,
          742.6305305801579,
          577.1282333484023,
          747.6431681914692
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 77,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "originated by us in 2025. During both the three and six months ended June 30, 2026 and 2025, we incurred less than $0.1 million of",
        "box": [
          33.74999859375,
          38.3805599239131,
          560.7657265652598,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "costs related to this contract.",
        "box": [
          33.74999859375,
          50.380559423916566,
          147.85216317074298,
          55.39319703522051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          300.99608495849594,
          93.13055764266755,
          310.9935794794336,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 78,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Essex Title, LLC ('Essex'), which is majority-owned by Starwood Capital Group as a limited partner, acts as an agent for one",
        "box": [
          69.74999709375,
          81.13055814265681,
          574.3838293149008,
          86.14319575396075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or more underwriters in issuing title policies and/or providing support services related to investments by the Company, its affiliates and",
        "box": [
          33.74999859375,
          93.13055764266028,
          574.3367071818028,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other third parties. Essex earns fees, which would have otherwise been paid to third parties, by providing title agency services and",
        "box": [
          33.74999859375,
          105.13055714265647,
          553.7413253899438,
          110.14319475396042
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilitating the placement of title insurance with underwriters. During both the three months ended June 30, 2026 and 2025, there were",
        "box": [
          33.74999859375,
          117.13055664265994,
          572.0667668114451,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "no fees paid relating to such services provided by Essex. During both the six months ended June 30, 2026 and 2025, we paid less than",
        "box": [
          33.74999859375,
          129.1305561426634,
          569.3580695392459,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.1 million of fees relating to such services.",
        "box": [
          33.74999859375,
          141.1305556426596,
          213.39476296480117,
          146.14319325396355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Highmark Residential ('Highmark'), an affiliate of our Manager, provides property management services for properties within",
        "box": [
          69.74999709375,
          166.6305545801588,
          577.200522287477,
          171.64319219146273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our Woodstar I and Woodstar II Portfolios. Fees paid to Highmark are calculated as a percentage of gross receipts and are at market",
        "box": [
          33.74999859375,
          178.63055408016226,
          558.9548323343016,
          183.6431916914662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "terms. During the three and six months ended June 30, 2026, property management fees to Highmark of $1.8 million and $3.5 million,",
        "box": [
          33.74999859375,
          190.63055358015845,
          571.5861813151581,
          195.6431911914624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, were recognized within our Woodstar Portfolios. During the three and six months ended June 30, 2025, property",
        "box": [
          33.74999859375,
          202.63055308016192,
          535.4793019508612,
          207.64319069146586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management fees to Highmark were $1.7 million and $3.4 million, respectively.",
        "box": [
          33.74999859375,
          214.6305525801581,
          353.51925370128026,
          219.64319019146205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 17 to the consolidated financial statements included in our Form 10-K for further discussion of related-party",
        "box": [
          69.74999709375,
          239.38055154890753,
          559.4901045504112,
          244.39318916021148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements.",
        "box": [
          33.74999859375,
          250.63055108016124,
          81.770180649159,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17. Stockholders' Equity",
        "box": [
          33.74999859375,
          274.6305500801609,
          138.278250650906,
          279.64318769146485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          138.28124423828123,
          274.6305500801609,
          140.7806191153906,
          279.64318769146485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Non-Controlling Interests",
        "box": [
          140.78905663378904,
          274.6305500801609,
          269.2918891749171,
          279.64318769146485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends Declared",
        "box": [
          33.74999859375,
          298.63054908016056,
          114.54515083978518,
          303.6431866914645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, our board of directors (the 'Board') declared the following dividends:",
        "box": [
          69.74999709375,
          323.38054804891,
          529.2438200472608,
          328.39318566021393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Declaration Date",
        "box": [
          34.74609230224609,
          348.7064210767712,
          92.69022848802982,
          352.7150269533522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Record Date",
        "box": [
          287.51952302001934,
          348.7064210767712,
          330.3637642599653,
          352.7150269533522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment Date",
        "box": [
          369.5507696020506,
          348.7064210767712,
          417.7275912448057,
          352.7150269533522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          451.9804536674803,
          348.7064210767712,
          479.9668168673807,
          352.7150269533522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Frequency",
        "box": [
          520.4179508159177,
          348.7064210767712,
          556.6882115046569,
          352.7150269533522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/16/26",
        "box": [
          34.74609230224609,
          361.6305464551624,
          65.29505769187247,
          366.64318406646635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/30/26",
        "box": [
          293.67186276367187,
          361.6305464551624,
          324.22082815329816,
          366.64318406646635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/15/26",
        "box": [
          378.3632692348631,
          361.6305464551624,
          408.91223462448943,
          366.64318406646635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.8984191708984,
          361.6305464551624,
          444.8971689251172,
          366.64318406646635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.48 ",
        "box": [
          471.51560535351564,
          361.6305464551624,
          491.51107700162095,
          366.64318406646635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarterly",
        "box": [
          519.41013835791,
          361.6305464551624,
          557.7159430993346,
          366.64318406646635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/13/26",
        "box": [
          34.74609230224609,
          374.38054592390836,
          65.29505769187247,
          379.3931835352123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/26",
        "box": [
          293.67186276367187,
          374.38054592390836,
          324.22082815329816,
          379.3931835352123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/15/26",
        "box": [
          378.3632692348631,
          374.38054592390836,
          408.91223462448943,
          379.3931835352123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.48 ",
        "box": [
          471.51560535351564,
          374.38054592390836,
          491.51107700162095,
          379.3931835352123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarterly",
        "box": [
          519.41013835791,
          374.38054592390836,
          557.7159430993346,
          379.3931835352123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share Repurchase Program",
        "box": [
          33.74999859375,
          404.3805446739134,
          148.73576566426374,
          409.39318228521734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In February 2026, our board of directors authorized the repurchase of up to $400.0 million of our outstanding common shares",
        "box": [
          69.74999709375,
          429.8805436114126,
          572.0143268364816,
          434.8931812227165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Convertible Notes over a period of one year. Purchases made pursuant to the program will be made either in the open market or in",
        "box": [
          33.74999859375,
          441.88054311140877,
          570.9616618574294,
          446.8931807227127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing,",
        "box": [
          33.74999859375,
          453.88054261141224,
          559.9360725505792,
          458.8931802227162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "manner, price and amount of any repurchases are discretionary and will be subject to economic and market conditions, stock price,",
        "box": [
          33.74999859375,
          465.88054211140843,
          556.3676672742627,
          470.8931797227124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable legal requirements and other factors. The program may be suspended or discontinued at any time. During the three and six",
        "box": [
          33.74999859375,
          477.8805416114119,
          566.5945504293928,
          482.89317922271584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026, we repurchased 581,795 and 1,708,338 shares, respectively, of common stock for $10.0 million and $29.9",
        "box": [
          33.74999859375,
          489.8805411114081,
          576.7729301302935,
          494.89317872271204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, respectively, under the repurchase program. There were no repurchases of our outstanding Convertible Notes during the three",
        "box": [
          33.74999859375,
          501.88054061141156,
          569.2745005027898,
          506.8931782227155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and six months ended June 30, 2026. As of June 30, 2026, we had $370.1 million of remaining capacity to repurchase common stock",
        "box": [
          33.74999859375,
          513.8805401114078,
          565.4713860261909,
          518.8931777227117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and/or Convertible Notes under the repurchase program.",
        "box": [
          33.74999859375,
          525.8805396114112,
          259.45010082082877,
          530.8931772227152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ATM Agreement",
        "box": [
          33.74999859375,
          549.8805386114109,
          101.97505482512679,
          554.8931762227148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In May 2025, we entered into a Starwood Property Trust, Inc. Common Stock Sales Agreement (the 'ATM Agreement') with",
        "box": [
          69.74999709375,
          573.8805376114105,
          571.4793467258594,
          578.8931752227145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a syndicate of financial institutions to sell shares of the Company's common stock of up to $500.0 million from time to time, through an",
        "box": [
          33.74999859375,
          585.8805371114067,
          578.2576026184323,
          590.8931747227107
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'at the market' equity offering program. Sales of shares under the ATM Agreement are made by means of ordinary brokers'",
        "box": [
          33.74999859375,
          597.8805366114102,
          529.3822621229041,
          602.8931742227142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale or at negotiated prices. The",
        "box": [
          33.74999859375,
          609.8805361114064,
          565.4913127854221,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ATM Agreement replaces a similar agreement previously entered into in May 2022 with a syndicate of financial institutions. There",
        "box": [
          33.74999859375,
          621.8805356114099,
          556.8948316686091,
          626.8931732227138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were no shares issued under the ATM Agreement during the three and six months ended June 30, 2026. During the three and six months",
        "box": [
          33.74999859375,
          633.8805351114133,
          577.1273130984406,
          638.8931727227173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2025, we issued 1,561,634 shares of common stock under the ATM Agreement for gross proceeds of $31.6 million at an",
        "box": [
          33.74999859375,
          645.8805346114095,
          576.0296134112651,
          650.8931722227135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average share price of $20.22 and paid related commission costs of $0.5 million.",
        "box": [
          33.74999859375,
          657.880534111413,
          356.11353779318523,
          662.8931717227169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend Reinvestment and Direct Stock Purchase Plan",
        "box": [
          33.74999859375,
          681.1305331426629,
          263.6873340654659,
          686.1431707539668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026 and 2025, shares issued under the Starwood Property Trust, Inc.",
        "box": [
          69.74999709375,
          704.3805321739128,
          540.9547656164673,
          709.3931697852167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend Reinvestment and Direct Stock Purchase Plan (the 'DRIP Plan') were not material.",
        "box": [
          33.74999859375,
          715.6305317051592,
          407.3523697832337,
          720.6431693164632
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 79,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "52",
        "box": [
          300.99608495849594,
          38.3805599239131,
          310.9935794794336,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 80,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992390582,
          104.6843139585664,
          43.393197535209765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Employee Stock Purchase Plan",
        "box": [
          33.74999859375,
          92.38055767391052,
          162.87771861586668,
          97.39319528521446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In April 2022, the Company's shareholders approved the ESPP which allows eligible employees to purchase common stock of",
        "box": [
          69.74999709375,
          116.38055667391018,
          574.715878684003,
          121.39319428521412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company at a discounted purchase price. The discounted purchase price of a share of the Company's common stock is 85% of the",
        "box": [
          33.74999859375,
          128.38055617390637,
          568.5715366320796,
          133.39319378521031
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair market value (closing market price) at the lower of the beginning or the end of the quarterly offering period. Participants may",
        "box": [
          33.74999859375,
          140.38055567390984,
          551.5836103548485,
          145.39319328521378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchase shares not exceeding an aggregate fair market value of $25,000 in any calendar year. The maximum aggregate number of",
        "box": [
          33.74999859375,
          152.38055517390603,
          556.2944165765641,
          157.39319278520998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares subject to issuance in accordance with the ESPP is 2,000,000 shares.",
        "box": [
          33.74999859375,
          164.3805546739095,
          335.47878820296654,
          169.39319228521344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, 19,172 and 103,553 shares, respectively, of common stock were",
        "box": [
          69.74999709375,
          188.38055367390916,
          543.9107250346134,
          193.3931912852131
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchased by participants at weighted average discounted purchase prices of $14.30 and $14.82 per share, respectively. During the",
        "box": [
          33.74999859375,
          200.38055317390535,
          555.8604011117103,
          205.3931907852093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three and six months ended June 30, 2025, 17,087 and 82,025 shares, respectively, of common stock were purchased by participants at",
        "box": [
          33.74999859375,
          212.38055267390882,
          571.7550297509599,
          217.39319028521277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average discounted purchase price of $16.94 per share. During both the three and six months ended June 30, 2026 and 2025,",
        "box": [
          33.74999859375,
          224.38055217390502,
          570.4206951637198,
          229.39318978520896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company recognized $0.1 million and $0.3 million, respectively, of compensation expense related to its ESPP based on the",
        "box": [
          33.74999859375,
          236.38055167390849,
          541.4108851387732,
          241.39318928521243
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated fair value of the discounted purchase options granted to the participants as of the beginning of the quarterly offering periods",
        "box": [
          33.74999859375,
          248.38055117391195,
          569.9335112481825,
          253.3931887852159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined using the Black-Scholes option pricing model.",
        "box": [
          33.74999859375,
          260.38055067390815,
          266.69926886878,
          265.3931882852121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, there were 1.5 million shares of common stock available for future issuance through the ESPP.",
        "box": [
          69.74999709375,
          283.63054970515805,
          533.1574981913528,
          288.643187316462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Incentive Plans",
        "box": [
          33.74999859375,
          309.13054864265723,
          127.61799810299618,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In April 2022, the Company's shareholders approved the 2022 Manager Equity Plan and the Starwood Property Trust, Inc.",
        "box": [
          69.74999709375,
          333.1305476426569,
          558.9970619397046,
          338.14318525396084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022 Equity Plan (the '2022 Equity Plan'), which allow for the issuance of up to 18,700,000 stock options, stock appreciation rights,",
        "box": [
          33.74999859375,
          345.13054714266036,
          567.1537509498427,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RSAs, RSUs or other equity-based awards or any combination thereof to the Manager, directors, employees, consultants or any other",
        "box": [
          33.74999859375,
          357.13054664265655,
          565.8623170779018,
          362.1431842539605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "party providing services to the Company. The 2022 Manager Equity Plan succeeds and replaces the 2017 Manager Equity Plan and the",
        "box": [
          33.74999859375,
          369.13054614266,
          572.9162393510504,
          374.14318375396397
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022 Equity Plan succeeds and replaces the Starwood Property Trust, Inc. 2017 Equity Plan.",
        "box": [
          33.74999859375,
          381.1305456426562,
          403.60328486444575,
          386.14318325396016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below summarizes our share awards granted or vested under the 2022 Manager Equity Plan during the six months",
        "box": [
          69.74999709375,
          405.1305446426559,
          565.328546465056,
          410.1431822539598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026 and 2025 (dollar amounts in thousands):",
        "box": [
          33.74999859375,
          417.13054414265935,
          279.7623779173214,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Grant Date",
        "box": [
          34.74609230224609,
          435.7064174517727,
          73.6006372334295,
          439.7150233283537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Type",
        "box": [
          306.8788972133787,
          435.7064174517727,
          323.6105945163475,
          439.7150233283537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount Granted",
        "box": [
          344.8945206293944,
          435.7064174517727,
          403.7482513520325,
          439.7150233283537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Grant Date Fair Value",
        "box": [
          423.5859198505859,
          435.7064174517727,
          500.0536224645546,
          439.7150233283537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Vesting Period",
        "box": [
          519.2812283632812,
          435.7064174517727,
          568.9532273434918,
          439.7150233283537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2026",
        "box": [
          34.74609230224609,
          447.88054286140687,
          83.33252484031132,
          452.8931804727108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RSU",
        "box": [
          305.51952227001937,
          447.88054286140687,
          324.96776251058833,
          452.8931804727108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "670,000 ",
        "box": [
          374.7538943852537,
          447.88054286140687,
          409.7493579083594,
          452.8931804727108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          418.08983007958966,
          447.88054286140687,
          423.08857983380847,
          452.8931804727108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,953 ",
        "box": [
          475.4179526909178,
          447.88054286140687,
          505.0462289376562,
          452.8931804727108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 years",
        "box": [
          529.8163879243162,
          447.88054286140687,
          558.4129976032037,
          452.8931804727108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2025",
        "box": [
          34.74609230224609,
          461.38054229890986,
          83.33252484031132,
          466.3931799102138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RSU",
        "box": [
          305.51952227001937,
          461.38054229890986,
          324.96776251058833,
          466.3931799102138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,350,000 ",
        "box": [
          367.2538946977537,
          461.38054229890986,
          409.7493579083594,
          466.3931799102138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          418.08983007958966,
          461.38054229890986,
          423.08857983380847,
          466.3931799102138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,081 ",
        "box": [
          475.0429527065428,
          461.38054229890986,
          505.0462289376562,
          466.3931799102138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 years",
        "box": [
          529.8163879243162,
          461.38054229890986,
          558.4129976032037,
          466.3931799102138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2024",
        "box": [
          34.74609230224609,
          474.1305417676558,
          83.33252484031132,
          479.14317937895976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RSU",
        "box": [
          305.51952227001937,
          474.1305417676558,
          324.96776251058833,
          479.14317937895976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,300,000 ",
        "box": [
          367.2538946977537,
          474.1305417676558,
          409.7493579083594,
          479.14317937895976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          418.08983007958966,
          474.1305417676558,
          423.08857983380847,
          479.14317937895976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,104 ",
        "box": [
          475.0429527065428,
          474.1305417676558,
          505.0462289376562,
          479.14317937895976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 years",
        "box": [
          529.8163879243162,
          474.1305417676558,
          558.4129976032037,
          479.14317937895976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2022",
        "box": [
          34.74609230224609,
          486.88054123640904,
          99.43689054429606,
          491.893178847713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RSU",
        "box": [
          305.51952227001937,
          486.88054123640904,
          324.96776251058833,
          491.893178847713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,500,000 ",
        "box": [
          367.2538946977537,
          486.88054123640904,
          409.7493579083594,
          491.893178847713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          418.08983007958966,
          486.88054123640904,
          423.08857983380847,
          491.893178847713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,605 ",
        "box": [
          475.0429527065428,
          486.88054123640904,
          505.0462289376562,
          491.893178847713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 years",
        "box": [
          529.8163879243162,
          486.88054123640904,
          558.4129976032037,
          491.893178847713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Schedule of Non-Vested Shares and Share Equivalents",
        "box": [
          33.74999859375,
          516.130540017657,
          259.2792130421119,
          521.143177628961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022",
        "box": [
          323.56639651806626,
          551.2064126392725,
          339.55636562681747,
          555.2150185158534
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Plan",
        "box": [
          311.2382720317381,
          559.4564122955198,
          351.89246436269036,
          563.4650181721008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022",
        "box": [
          388.6874838046875,
          542.9564129830251,
          404.67745291343874,
          546.9650188596061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager",
        "box": [
          381.1406091191406,
          551.2064126392725,
          412.222681999177,
          555.2150185158534
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Plan",
        "box": [
          376.3476443188475,
          559.4564122955198,
          417.00183664979977,
          563.4650181721008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          453.1523286186522,
          559.4564122955198,
          470.6296450786059,
          563.4650181721008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average",
        "box": [
          506.3554514018553,
          542.9564129830251,
          568.1565438769327,
          546.9650188596061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Grant Date Fair",
        "box": [
          509.5077912705078,
          551.2064126392725,
          565.0120586079529,
          555.2150185158534
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (per share)",
        "box": [
          508.01951383251935,
          559.4564122955198,
          566.5024006617313,
          563.4650181721008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of January 1, 2026",
        "box": [
          34.74609230224609,
          571.6305377051613,
          154.67688964262933,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,165,781 ",
        "box": [
          316.8281117988281,
          571.6305377051613,
          359.32358250943344,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,333,336 ",
        "box": [
          382.71092155371093,
          571.6305377051613,
          425.20639226431626,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,499,117 ",
        "box": [
          447.6327938486328,
          571.6305377051613,
          489.7532645748631,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          498.0820142465819,
          571.6305377051613,
          503.0807640008006,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.04 ",
        "box": [
          550.7812270507811,
          571.6305377051613,
          575.7806009903906,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Granted",
        "box": [
          34.74609230224609,
          585.130537142657,
          66.94504382312306,
          590.1431747539609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "836,028 ",
        "box": [
          324.3281114863281,
          585.130537142657,
          359.32358250943344,
          590.1431747539609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "670,000 ",
        "box": [
          390.21092124121094,
          585.130537142657,
          425.20639226431626,
          590.1431747539609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,506,028 ",
        "box": [
          447.2577938642578,
          585.130537142657,
          489.7532645748631,
          590.1431747539609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.94 ",
        "box": [
          550.7812270507811,
          585.130537142657,
          575.7806009903906,
          590.1431747539609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Vested",
        "box": [
          34.74609230224609,
          597.8805366114102,
          61.39956902918452,
          602.8931742227142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(810,370)",
        "box": [
          320.15623666015625,
          597.8805366114102,
          359.32141808377304,
          602.8931742227142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(553,332)",
        "box": [
          386.0390464150391,
          597.8805366114102,
          425.2042278386558,
          602.8931742227142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,363,702)",
        "box": [
          443.08591903808593,
          597.8805366114102,
          489.75110014920267,
          602.8931742227142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.68 ",
        "box": [
          550.7812270507811,
          597.8805366114102,
          575.7806009903906,
          602.8931742227142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forfeited",
        "box": [
          34.74609230224609,
          611.3805360489059,
          71.392148987827,
          616.3931736602099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,286)",
        "box": [
          325.14842395214845,
          610.6305360801562,
          359.32141808377304,
          615.6431736914601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          412.69920530419904,
          610.6305360801562,
          425.20639226431626,
          615.6431736914601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,286)",
        "box": [
          455.57810601757814,
          610.6305360801562,
          489.75110014920267,
          615.6431736914601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.99 ",
        "box": [
          550.7812270507811,
          611.3805360489059,
          575.7806009903906,
          616.3931736602099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of June 30, 2026",
        "box": [
          34.74609230224609,
          626.3805354239084,
          146.91028844123775,
          631.3931730352124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,171,153 ",
        "box": [
          316.8281117988281,
          624.8805354864089,
          359.32358250943344,
          629.8931730977129
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,450,004 ",
        "box": [
          382.71092155371093,
          624.8805354864089,
          425.20639226431626,
          629.8931730977129
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,621,157 ",
        "box": [
          447.2577938642578,
          624.8805354864089,
          489.7532645748631,
          629.8931730977129
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.57 ",
        "box": [
          550.7812270507811,
          626.3805354239084,
          575.7806009903906,
          631.3931730352124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, there were 8.2 million shares of common stock available for future grants under the 2022 Manager",
        "box": [
          69.74999709375,
          656.3805341739062,
          549.2276938210106,
          661.3931717852101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Plan and the 2022 Equity Plan.",
        "box": [
          33.74999859375,
          668.3805336739097,
          186.75351367485328,
          673.3931712852136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Controlling Interests in Consolidated Subsidiaries",
        "box": [
          33.74999859375,
          692.3805326739093,
          260.97312172153244,
          697.3931702852133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 2, on November 5, 2021 we sold a 20.6% non-controlling interest in the Woodstar Fund to third party",
        "box": [
          69.74999709375,
          716.380531673909,
          561.9053347747765,
          721.3931692852129
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investors for net cash proceeds of $214.2 million. Under the Woodstar Fund operating agreement, such interests are contingently",
        "box": [
          33.74999859375,
          728.3805311739052,
          548.0603874766492,
          733.3931687852091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redeemable by us, at the option of the interest holder, for cash at liquidation fair value if any assets remain upon termination of the",
        "box": [
          33.74999859375,
          740.3805306739087,
          555.0006973725311,
          745.3931682852126
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 81,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Woodstar Fund. The Woodstar Fund operating agreement specifies an eight-year term with two one-year extension options, the first at",
        "box": [
          33.74999859375,
          38.3805599239131,
          569.8559594800882,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our option and the second subject to consent of an advisory committee representing the non-controlling interest holders. Accordingly,",
        "box": [
          33.74999859375,
          50.38055942390929,
          566.9996859562623,
          55.393197035213234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these contingently redeemable non-controlling interests have been classified as",
        "box": [
          33.74999859375,
          62.38055892391276,
          349.67158122576313,
          67.3931965352167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          300.99608495849594,
          117.13055664265994,
          310.9935794794336,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 82,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Temporary Equity' in our condensed consolidated balance sheets and represent the fair value of the Woodstar Fund's net assets",
        "box": [
          33.74999859375,
          93.13055764266755,
          546.7704879133082,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allocable to those interests. During the three and six months ended June 30, 2026, net income attributable to these non-controlling",
        "box": [
          33.74999859375,
          105.13055714266375,
          552.9407421983016,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests was $0.7 million and $2.9 million, respectively. During the three and six months ended June 30, 2025, net income attributable",
        "box": [
          33.74999859375,
          117.13055664266722,
          572.8732094528432,
          122.14319425397116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to these non-controlling interests was $0.7 million and $1.1 million, respectively.",
        "box": [
          33.74999859375,
          129.1305561426634,
          357.98409351524526,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In connection with our Woodstar II Portfolio acquisitions, we issued 10.2 million Class A Units in our subsidiary, SPT",
        "box": [
          69.74999709375,
          153.13055514266307,
          542.1462123651604,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dolphin, and rights to receive an additional 1.9 million Class A Units if certain contingent events occur. As of June 30, 2026, all of the",
        "box": [
          33.74999859375,
          165.13055464266654,
          571.0313975545852,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.9 million contingent Class A Units were issued. The Class A Units are redeemable for consideration equal to the current share price of",
        "box": [
          33.74999859375,
          177.13055414266273,
          576.6332675541122,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company's common stock on a one-for-one basis, with the consideration paid in either cash or the Company's common stock, at the",
        "box": [
          33.74999859375,
          189.1305536426662,
          577.4693434363375,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determination of the Company. During the three and six months ended June 30, 2026, no redemptions of Class A Units were received.",
        "box": [
          33.74999859375,
          201.1305531426624,
          569.2602991120697,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2025, redemptions of 0.1 million of the Class A Units were received and settled in",
        "box": [
          33.74999859375,
          213.13055264266586,
          555.1965832543077,
          218.1431902539698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock. There were 9.6 million Class A Units outstanding as of June 30, 2026. The outstanding Class A Units are reflected as",
        "box": [
          33.74999859375,
          225.13055214266205,
          564.2941423081559,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-controlling interests in consolidated subsidiaries on our condensed consolidated balance sheets, the balance of which was $205.7",
        "box": [
          33.74999859375,
          237.13055164266552,
          566.8185505200594,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million as of both June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          33.74999859375,
          249.13055114266172,
          316.02279886363294,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To the extent SPT Dolphin has sufficient cash available, the Class A Units earn a preferred return indexed to the dividend rate",
        "box": [
          69.74999709375,
          273.1305501426614,
          571.7477974497352,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the Company's common stock. Any distributions made pursuant to this waterfall are recognized within net income attributable to",
        "box": [
          33.74999859375,
          285.13054964266485,
          560.4437638606755,
          290.1431872539688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-controlling interests in our condensed consolidated statements of operations. During both the three and six months ended June 30,",
        "box": [
          33.74999859375,
          297.13054914266104,
          571.2808747028793,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and 2025, we recognized net income attributable to non-controlling interests of $4.6 million and $9.3 million, respectively,",
        "box": [
          33.74999859375,
          309.1305486426645,
          547.3122106265737,
          314.14318625396845
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated with these Class A Units.",
        "box": [
          33.74999859375,
          321.1305481426607,
          177.5908132566325,
          326.14318575396464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 15, we hold a 51% controlling interest in the CMBS JV within our Investing and Servicing Segment.",
        "box": [
          69.74999709375,
          345.13054714266764,
          559.4055515226839,
          350.1431847539716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Because the CMBS JV is deemed a VIE for which we are the primary beneficiary, the 49% interest of our joint venture partner is",
        "box": [
          33.74999859375,
          357.13054664266383,
          549.6852564418596,
          362.1431842539678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reflected as a non-controlling interest in consolidated subsidiaries on our condensed consolidated balance sheets, and any net income",
        "box": [
          33.74999859375,
          369.1305461426673,
          565.1154429510833,
          374.14318375397124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attributable to this 49% joint venture interest is reflected within net income attributable to non-controlling interests in our condensed",
        "box": [
          33.74999859375,
          381.1305456426635,
          563.4917368836764,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations. The non-controlling interests in the CMBS JV were $88.0 million and $89.3 million as of",
        "box": [
          33.74999859375,
          393.13054514266696,
          546.796210347323,
          398.1431827539709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and December 31, 2025, respectively. During the three and six months ended June 30, 2026, net income attributable to",
        "box": [
          33.74999859375,
          405.13054464266315,
          565.8916085336822,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these non-controlling interests was $1.3 million and $0.7 million, respectively. During the three and six months ended June 30, 2025,",
        "box": [
          33.74999859375,
          417.1305441426666,
          565.9477950250905,
          422.14318175397057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net loss attributable to these non-controlling interests was $1.6 million and $2.3 million, respectively.",
        "box": [
          33.74999859375,
          429.1305436426628,
          438.78487514854606,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54",
        "box": [
          300.99608495849594,
          471.8805418614138,
          310.9935794794336,
          476.89317947271775
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 83,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18. Earnings per Share",
        "box": [
          33.74999859375,
          93.13055764266028,
          131.7076555097422,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides a reconciliation of net income and the number of shares of common stock used in the",
        "box": [
          69.74999709375,
          117.13055664265994,
          528.116238092717,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts):",
        "box": [
          33.74999859375,
          129.13055614265613,
          409.14879330122045,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          312.52733447802717,
          147.7064294517695,
          412.0313702569024,
          151.71503532835777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          348.0585829975584,
          155.2064291392744,
          376.48996810041723,
          159.2150350158554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended",
        "box": [
          463.4882656879881,
          147.7064294517695,
          553.5216521864743,
          151.71503532835777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          494.28513940478496,
          155.2064291392744,
          522.716524507644,
          159.2150350158554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          318.11717424511716,
          167.2064286392706,
          334.1071433538684,
          171.21503451585886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          390.5390462275391,
          167.2064286392706,
          406.5290153362903,
          171.21503451585886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          464.29685565429685,
          167.2064286392706,
          480.28682476304806,
          171.21503451585886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          536.5663876430662,
          167.2064286392706,
          552.5563567518174,
          171.21503451585886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic Earnings",
        "box": [
          34.74609230224609,
          179.38055404891202,
          98.90964832417745,
          184.39319166021596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income attributable to STWD common stockholders",
        "box": [
          34.74609230224609,
          192.88055348640773,
          244.36628056348428,
          197.89319109771168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          293.3906127753906,
          192.88055348640773,
          298.38936252960934,
          197.89319109771168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557 ",
        "box": [
          333.33983361083966,
          192.88055348640773,
          358.33920755044903,
          197.89319109771168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.89451975439437,
          192.88055348640773,
          370.8932695086131,
          197.89319109771168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,814 ",
        "box": [
          395.67185851367185,
          192.88055348640773,
          430.6673295367772,
          197.89319109771168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.7577941767578,
          192.88055348640773,
          444.7565439309766,
          197.89319109771168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,435 ",
        "box": [
          474.31639023681623,
          192.88055348640773,
          504.31966646792966,
          197.89319109771168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          511.874978671875,
          192.88055348640773,
          516.8737284260937,
          197.89319109771168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,069 ",
        "box": [
          541.6757624301755,
          192.88055348640773,
          576.6712259532812,
          197.89319109771168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Income attributable to participating shares not already",
        "box": [
          34.74609230224609,
          205.63055295516097,
          274.3245436573102,
          210.6431905664649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deducted as non-controlling interests",
        "box": [
          39.24609211474609,
          215.38055254890787,
          186.66996714249737,
          220.39319016021182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,439)",
        "box": [
          329.1679587846678,
          215.38055254890787,
          358.33704312478864,
          220.39319016021182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,099)",
        "box": [
          401.49608077099595,
          215.38055254890787,
          430.6651651111168,
          220.39319016021182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,013)",
        "box": [
          475.14841770214844,
          215.38055254890787,
          504.3175095422689,
          220.39319016021182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,364)",
        "box": [
          547.4999771874999,
          215.38055254890787,
          576.6690690276205,
          220.39319016021182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic earnings",
        "box": [
          45.996091833496095,
          230.3805519239104,
          104.5751258131159,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          293.3906127753906,
          228.88055198641086,
          298.38936252960934,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,118 ",
        "box": [
          333.71483359521466,
          228.88055198641086,
          358.33920755044903,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.89451975439437,
          228.88055198641086,
          370.8932695086131,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "127,715 ",
        "box": [
          395.67185851367185,
          228.88055198641086,
          430.6673295367772,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.7577941767578,
          228.88055198641086,
          444.7565439309766,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,422 ",
        "box": [
          474.31639023681623,
          228.88055198641086,
          504.31966646792966,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          511.874978671875,
          228.88055198641086,
          516.8737284260937,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "237,705 ",
        "box": [
          541.6757624301755,
          228.88055198641086,
          576.6712259532812,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted Earnings",
        "box": [
          34.74609230224609,
          257.3805507989091,
          107.79900645378754,
          262.39318841021304
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income attributable to STWD common stockholders",
        "box": [
          34.74609230224609,
          270.13055026766233,
          244.36628056348428,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          293.3906127753906,
          270.13055026766233,
          298.38936252960934,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557 ",
        "box": [
          333.33983361083966,
          270.13055026766233,
          358.33920755044903,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.89451975439437,
          270.13055026766233,
          370.8932695086131,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,814 ",
        "box": [
          395.67185851367185,
          270.13055026766233,
          430.6673295367772,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.7577941767578,
          270.13055026766233,
          444.7565439309766,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,435 ",
        "box": [
          474.31639023681623,
          270.13055026766233,
          504.31966646792966,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          511.874978671875,
          270.13055026766233,
          516.8737284260937,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,069 ",
        "box": [
          541.6757624301755,
          270.13055026766233,
          576.6712259532812,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Income attributable to participating shares not already",
        "box": [
          34.74609230224609,
          283.63054970515805,
          274.3245436573102,
          288.643187316462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deducted as non-controlling interests",
        "box": [
          39.24609211474609,
          293.38054929891223,
          186.66996714249737,
          298.3931869102162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,439)",
        "box": [
          329.1679587846678,
          293.38054929891223,
          358.33704312478864,
          298.3931869102162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,099)",
        "box": [
          401.49608077099595,
          293.38054929891223,
          430.6651651111168,
          298.3931869102162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,013)",
        "box": [
          475.14841770214844,
          293.38054929891223,
          504.3175095422689,
          298.3931869102162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,364)",
        "box": [
          547.4999771874999,
          293.38054929891223,
          576.6690690276205,
          298.3931869102162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted earnings",
        "box": [
          45.996091833496095,
          308.38054867390747,
          112.35148893910076,
          313.3931862852114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          293.3906127753906,
          306.88054873640795,
          298.38936252960934,
          311.8931863477119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,118 ",
        "box": [
          333.71483359521466,
          306.88054873640795,
          358.33920755044903,
          311.8931863477119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.89451975439437,
          306.88054873640795,
          370.8932695086131,
          311.8931863477119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "127,715 ",
        "box": [
          395.67185851367185,
          306.88054873640795,
          430.6673295367772,
          311.8931863477119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.7577941767578,
          306.88054873640795,
          444.7565439309766,
          311.8931863477119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,422 ",
        "box": [
          474.31639023681623,
          306.88054873640795,
          504.31966646792966,
          311.8931863477119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          511.874978671875,
          306.88054873640795,
          516.8737284260937,
          311.8931863477119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "237,705 ",
        "box": [
          541.6757624301755,
          306.88054873640795,
          576.6712259532812,
          311.8931863477119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Shares:",
        "box": [
          34.74609230224609,
          335.3805475489062,
          113.62276264621744,
          340.3931851602101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic - Average shares outstanding",
        "box": [
          34.74609230224609,
          348.1305470176594,
          181.15462596439025,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,401 ",
        "box": [
          323.34373652734376,
          348.1305470176594,
          358.33920755044903,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "336,945 ",
        "box": [
          395.67185851367185,
          348.1305470176594,
          430.6673295367772,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,430 ",
        "box": [
          469.32420294482404,
          348.1305470176594,
          504.31966646792966,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "336,007 ",
        "box": [
          541.6757624301755,
          348.1305470176594,
          576.6712259532812,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effect of dilutive securities - Contingently issuable shares",
        "box": [
          34.74609230224609,
          360.88054648641264,
          272.5036845410923,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          345.83202059033187,
          360.88054648641264,
          358.33920755044903,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 ",
        "box": [
          423.16404486816407,
          360.88054648641264,
          430.6673295367772,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.8124795078125,
          360.88054648641264,
          504.31966646792966,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 ",
        "box": [
          569.1679487846677,
          360.88054648641264,
          576.6712259532812,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effect of dilutive securities - Unvested non-participating",
        "box": [
          34.74609230224609,
          374.38054592390836,
          267.2120410536644,
          379.3931835352123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares",
        "box": [
          39.24609211474609,
          384.13054551766254,
          64.23005769416048,
          389.1431831289665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "330 ",
        "box": [
          340.83983329833967,
          384.13054551766254,
          358.33920755044903,
          389.1431831289665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "195 ",
        "box": [
          413.1679552846678,
          384.13054551766254,
          430.6673295367772,
          389.1431831289665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "323 ",
        "box": [
          486.8202922158203,
          384.13054551766254,
          504.31966646792966,
          389.1431831289665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "196 ",
        "box": [
          559.1718517011718,
          384.13054551766254,
          576.6712259532812,
          389.1431831289665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted - Average shares outstanding",
        "box": [
          45.996091833496095,
          399.1305448926578,
          200.18098862162515,
          404.1431825039617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,731 ",
        "box": [
          323.34373652734376,
          397.63054495515826,
          358.33920755044903,
          402.6431825664622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "337,145 ",
        "box": [
          395.67185851367185,
          397.63054495515826,
          430.6673295367772,
          402.6431825664622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,753 ",
        "box": [
          469.32420294482404,
          397.63054495515826,
          504.31966646792966,
          402.6431825664622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "336,208 ",
        "box": [
          541.6757624301755,
          397.63054495515826,
          576.6712259532812,
          402.6431825664622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Per Share Attributable to STWD Common",
        "box": [
          34.74609230224609,
          426.1305437676565,
          249.36986053702734,
          431.14318137896043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders:",
        "box": [
          43.74609192724609,
          435.8805433614107,
          100.40178157209169,
          440.8931809727146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic",
        "box": [
          34.74609230224609,
          449.3805427989064,
          56.95731157434001,
          454.39318041021033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          293.3906127753906,
          449.3805427989064,
          298.38936252960934,
          454.39318041021033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.01 ",
        "box": [
          338.3437359023437,
          449.3805427989064,
          358.33920755044903,
          454.39318041021033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.89451975439437,
          449.3805427989064,
          370.8932695086131,
          454.39318041021033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.38 ",
        "box": [
          410.67185788867187,
          449.3805427989064,
          430.6673295367772,
          454.39318041021033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.7577941767578,
          449.3805427989064,
          444.7565439309766,
          454.39318041021033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.15 ",
        "box": [
          484.32420231982405,
          449.3805427989064,
          504.31966646792966,
          454.39318041021033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          511.874978671875,
          449.3805427989064,
          516.8737284260937,
          454.39318041021033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.71 ",
        "box": [
          556.6757618051755,
          449.3805427989064,
          576.6712259532812,
          454.39318041021033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted",
        "box": [
          34.74609230224609,
          462.1305422676596,
          64.73367919026325,
          467.14317987896356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          293.3906127753906,
          462.1305422676596,
          298.38936252960934,
          467.14317987896356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.01 ",
        "box": [
          338.3437359023437,
          462.1305422676596,
          358.33920755044903,
          467.14317987896356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.89451975439437,
          462.1305422676596,
          370.8932695086131,
          467.14317987896356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.38 ",
        "box": [
          410.67185788867187,
          462.1305422676596,
          430.6673295367772,
          467.14317987896356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.7577941767578,
          462.1305422676596,
          444.7565439309766,
          467.14317987896356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.15 ",
        "box": [
          484.32420231982405,
          462.1305422676596,
          504.31966646792966,
          467.14317987896356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          511.874978671875,
          462.1305422676596,
          516.8737284260937,
          467.14317987896356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.71 ",
        "box": [
          556.6757618051755,
          462.1305422676596,
          576.6712259532812,
          467.14317987896356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and 2025, participating shares of 14.7 million and 14.0 million, respectively, were excluded from the",
        "box": [
          69.74999709375,
          491.3805410489076,
          555.2741240361383,
          496.39317866021156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Such",
        "box": [
          33.74999859375,
          503.3805405489111,
          545.7794880966868,
          508.39317816021503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participating shares at both June 30, 2026 and 2025 included 9.6 million potential shares of our common stock issuable upon",
        "box": [
          33.74999859375,
          515.3805400489073,
          532.7137466660927,
          520.3931776602112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redemption of the Class A Units in SPT Dolphin, as discussed in Note 17. Our Convertible Notes were not dilutive for the three and six",
        "box": [
          33.74999859375,
          527.3805395489107,
          574.4684977013117,
          532.3931771602147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026 and 2025.",
        "box": [
          33.74999859375,
          539.3805390489069,
          189.804542872727,
          544.3931766602109
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          300.99608495849594,
          582.1305372676579,
          310.9935794794336,
          587.1431748789619
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 84,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19. Accumulated Other Comprehensive Income",
        "box": [
          33.74999859375,
          93.13055764266028,
          235.8235604565794,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The changes in AOCI by component are as follows (amounts in thousands):",
        "box": [
          69.74999709375,
          117.13055664265994,
          372.67191954609024,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cumulative",
        "box": [
          512.2148261577146,
          133.45643004552403,
          552.1897590672154,
          137.46503592210502
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized Gain",
        "box": [
          504.1874789921875,
          141.7064297017787,
          560.2265926571017,
          145.71503557835968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss) on",
        "box": [
          516.5507634770506,
          149.2064293892763,
          547.87094894692,
          153.2150352658573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Available-for-",
        "box": [
          508.6757638051756,
          157.4564290455237,
          555.743902060002,
          161.46503492211195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sale Securities",
        "box": [
          507.4452913564453,
          165.70642870177835,
          556.9611353141113,
          169.71503457835934
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30, 2026",
        "box": [
          34.74609230224609,
          176.95642823302478,
          155.87324898028106,
          180.96503410960577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at April 1, 2026",
        "box": [
          34.74609230224609,
          189.13055364265892,
          132.1971810042839,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          487.17185470117187,
          189.13055364265892,
          492.1706044553906,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,881 ",
        "box": [
          546.6327897236328,
          189.13055364265892,
          576.6360734547459,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OCI before reclassifications",
        "box": [
          45.996091833496095,
          201.88055311141215,
          158.14562670601157,
          206.8931907227161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          547.4648246889647,
          201.88055311141215,
          576.6339090290854,
          206.8931907227161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts reclassified from AOCI",
        "box": [
          45.996091833496095,
          215.38055254891515,
          178.99490274737815,
          220.3931901602191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1288864946287,
          214.63055258016539,
          576.6360734547459,
          219.64319019146933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net period OCI",
        "box": [
          34.74609230224609,
          228.88055198641086,
          96.93749496643696,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          547.4648246889647,
          228.88055198641086,
          576.6339090290854,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2026",
        "box": [
          34.74609230224609,
          243.88055136141338,
          134.96993553875245,
          248.89318897271733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          487.17185470117187,
          242.38055142391386,
          492.1706044553906,
          247.3931890352178
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,697 ",
        "box": [
          551.6366995151365,
          242.38055142391386,
          576.6360734547459,
          247.3931890352178
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30, 2025",
        "box": [
          34.74609230224609,
          255.7064249517789,
          155.87324898028106,
          259.7150308283599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at April 1, 2025",
        "box": [
          34.74609230224609,
          267.88055036141304,
          132.1971810042839,
          272.893187972717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          487.17185470117187,
          267.88055036141304,
          492.1706044553906,
          272.893187972717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,727 ",
        "box": [
          546.6327897236328,
          267.88055036141304,
          576.6360734547459,
          272.893187972717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OCI before reclassifications",
        "box": [
          45.996091833496095,
          280.630549830159,
          158.14562670601157,
          285.64318744146294
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          564.1288864946287,
          280.630549830159,
          576.6360734547459,
          285.64318744146294
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts reclassified from AOCI",
        "box": [
          45.996091833496095,
          294.130549267662,
          178.99490274737815,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1288864946287,
          294.130549267662,
          576.6360734547459,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net period OCI",
        "box": [
          34.74609230224609,
          307.630548705165,
          96.93749496643696,
          312.6431863164689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          564.1288864946287,
          307.630548705165,
          576.6360734547459,
          312.6431863164689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2025",
        "box": [
          34.74609230224609,
          322.6305480801602,
          134.96993553875245,
          327.64318569146417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          487.17185470117187,
          321.1305481426607,
          492.1706044553906,
          326.14318575396464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,785 ",
        "box": [
          546.6327897236328,
          321.1305481426607,
          576.6360734547459,
          326.14318575396464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2026",
        "box": [
          34.74609230224609,
          334.45642167052574,
          146.2581638059096,
          338.46502754710673
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at January 1, 2026",
        "box": [
          34.74609230224609,
          346.6305470801599,
          142.73653674014403,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          487.17185470117187,
          346.6305470801599,
          492.1706044553906,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,560 ",
        "box": [
          547.0077897080077,
          346.6305470801599,
          576.6360734547459,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OCI before reclassifications",
        "box": [
          45.996091833496095,
          359.3805465489131,
          158.14562670601157,
          364.39318416021706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          547.4648246889647,
          359.3805465489131,
          576.6339090290854,
          364.39318416021706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts reclassified from AOCI",
        "box": [
          45.996091833496095,
          372.8805459864161,
          178.99490274737815,
          377.89318359772005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1288864946287,
          372.8805459864161,
          576.6360734547459,
          377.89318359772005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net period OCI",
        "box": [
          34.74609230224609,
          387.1305453926616,
          96.93749496643696,
          392.14318300396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          547.4648246889647,
          386.3805454239118,
          576.6339090290854,
          391.39318303521577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2026",
        "box": [
          34.74609230224609,
          401.38054479891434,
          134.96993553875245,
          406.3931824102183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          487.17185470117187,
          399.8805448614148,
          492.1706044553906,
          404.89318247271876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,697 ",
        "box": [
          551.6366995151365,
          399.8805448614148,
          576.6360734547459,
          404.89318247271876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2025",
        "box": [
          34.74609230224609,
          413.95641835802235,
          146.2581638059096,
          417.9650242346106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at January 1, 2025",
        "box": [
          34.74609230224609,
          425.380543798914,
          142.73653674014403,
          430.39318141021795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          487.17185470117187,
          425.380543798914,
          492.1706044553906,
          430.39318141021795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,594 ",
        "box": [
          546.6327897236328,
          425.380543798914,
          576.6360734547459,
          430.39318141021795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OCI before reclassifications",
        "box": [
          45.996091833496095,
          438.8805432364097,
          158.14562670601157,
          443.89318084771367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          554.9648243764645,
          438.8805432364097,
          576.6339090290854,
          443.89318084771367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts reclassified from AOCI",
        "box": [
          45.996091833496095,
          452.3805426739127,
          178.99490274737815,
          457.39318028521666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          564.1288864946287,
          451.63054270516295,
          576.6360734547459,
          456.6431803164669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net period OCI",
        "box": [
          34.74609230224609,
          465.8805421114157,
          96.93749496643696,
          470.89317972271965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          554.9648243764645,
          465.13054214266594,
          576.6339090290854,
          470.1431797539699
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2025",
        "box": [
          34.74609230224609,
          480.88054148641095,
          134.96993553875245,
          485.8931790977149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          487.17185470117187,
          479.3805415489114,
          492.1706044553906,
          484.39317916021537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,785 ",
        "box": [
          546.6327897236328,
          479.3805415489114,
          576.6360734547459,
          484.39317916021537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          300.99608495849594,
          563.3805380489139,
          310.9935794794336,
          568.3931756602178
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 85,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.38055992390582,
          104.6843139585664,
          43.393197535209765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20. Fair Value",
        "box": [
          33.74999859375,
          93.13055764266028,
          93.28470268569865,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial",
        "box": [
          69.74999709375,
          117.13055664265994,
          554.686689612141,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by",
        "box": [
          33.74999859375,
          129.13055614265613,
          566.6921453753264,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described",
        "box": [
          33.74999859375,
          141.1305556426596,
          549.108757232967,
          146.14319325396355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "below:",
        "box": [
          33.74999859375,
          153.1305551426558,
          60.959969509088765,
          158.14319275395974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level I",
        "box": [
          105.74999559374999,
          177.13055414265546,
          133.22844792931383,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement",
        "box": [
          133.23046319873046,
          177.13055414265546,
          565.763334450614,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date.",
        "box": [
          69.74999709375,
          189.13055364265892,
          88.9004675520637,
          194.14319125396287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level II",
        "box": [
          105.74999559374999,
          213.13055264265859,
          136.55768286559572,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset",
        "box": [
          136.55858806005858,
          213.13055264265859,
          576.5650918505407,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated",
        "box": [
          69.74999709375,
          225.13055214265478,
          565.5774457717717,
          230.14318975395872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "life.",
        "box": [
          69.74999709375,
          237.13055164265825,
          85.57120974078278,
          242.1431892539622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level III",
        "box": [
          105.74999559374999,
          261.1305506426579,
          139.88691780187762,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-Inputs reflect management's best estimate of what market participants would use in pricing the asset or",
        "box": [
          139.89843167089842,
          261.1305506426579,
          561.6137216049264,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in",
        "box": [
          69.74999709375,
          273.1305501426614,
          573.6564701101461,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the inputs to the model.",
        "box": [
          69.74999709375,
          285.13054964265757,
          163.88160455284952,
          290.1431872539615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation Process",
        "box": [
          33.74999859375,
          309.13054864265723,
          109.57079220496311,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have valuation control processes in place to validate the fair value of the Company's financial assets and liabilities",
        "box": [
          69.74999709375,
          333.1305476426569,
          542.5608014637119,
          338.14318525396084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used",
        "box": [
          33.74999859375,
          345.13054714266036,
          574.6491764437832,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the",
        "box": [
          33.74999859375,
          357.13054664265655,
          550.3827774649445,
          362.1431842539605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions",
        "box": [
          33.74999859375,
          369.13054614266,
          576.7921843874041,
          374.14318375396397
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are reasonable.",
        "box": [
          33.74999859375,
          381.1305456426562,
          93.69588500225461,
          386.14318325396016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pricing Verification",
        "box": [
          69.74999709375,
          405.1305446426559,
          148.8853784839423,
          410.1431822539598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-We use recently executed transactions, other observable market data such as exchange data,",
        "box": [
          148.88671254638672,
          405.1305446426559,
          525.0471123792856,
          410.1431822539598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "broker/dealer quotes, third party pricing vendors and aggregation services for validating the fair values generated using valuation",
        "box": [
          33.74999859375,
          417.13054414265935,
          549.8311538278674,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "models. Pricing data provided by approved external sources is evaluated using a number of approaches; for example, by corroborating",
        "box": [
          33.74999859375,
          429.13054364265554,
          570.6658089347567,
          434.1431812539595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the external sources' prices to executed trades, analyzing the methodology and assumptions used by the external source to generate a",
        "box": [
          33.74999859375,
          441.130543142659,
          564.3539526828124,
          446.14318075396295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price and/or by evaluating how active the third party pricing source (or originating sources used by the third party pricing source) is in",
        "box": [
          33.74999859375,
          453.1305426426552,
          570.6803658341505,
          458.14318025395914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the market.",
        "box": [
          33.74999859375,
          465.13054214265867,
          78.71917447628425,
          470.1431797539626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unobservable Inputs",
        "box": [
          69.74999709375,
          489.13054114265833,
          153.327641606761,
          494.1431787539623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-Where inputs are not observable, we review the appropriateness of the proposed valuation",
        "box": [
          153.3281186113281,
          489.13054114265833,
          523.3864685047295,
          494.1431787539623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "methodology to ensure it is consistent with how a market participant would arrive at the unobservable input. The valuation",
        "box": [
          33.74999859375,
          501.1305406426545,
          524.1589446975429,
          506.14317825396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "methodologies utilized in the absence of observable inputs may include extrapolation techniques and the use of comparable observable",
        "box": [
          33.74999859375,
          513.130540142658,
          573.165216540676,
          518.1431777539619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "inputs.",
        "box": [
          33.74999859375,
          525.1305396426615,
          60.69146917743868,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Any changes to the valuation methodology will be reviewed by our management to ensure the changes are appropriate. The",
        "box": [
          69.74999709375,
          549.1305386426611,
          564.0007887225272,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values.",
        "box": [
          33.74999859375,
          561.1305381426573,
          546.7411263003683,
          566.1431757539613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furthermore, while we anticipate that our valuation methods are appropriate and consistent with other market participants, the use of",
        "box": [
          33.74999859375,
          573.1305376426608,
          564.5589266322096,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "different methodologies, or assumptions, to determine the fair value could result in a different estimate of fair value at the reporting",
        "box": [
          33.74999859375,
          585.130537142657,
          559.1939773377499,
          590.1431747539609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date.",
        "box": [
          33.74999859375,
          597.1305366426604,
          52.9004690520637,
          602.1431742539644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value on a Recurring Basis",
        "box": [
          33.74999859375,
          621.1305356426601,
          167.92034554873163,
          626.143173253964
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We determine the fair value of our financial assets and liabilities measured at fair value on a recurring basis as follows:",
        "box": [
          69.74999709375,
          645.1305346426598,
          545.3188768024664,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale, commercial",
        "box": [
          33.74999859375,
          669.1305336426594,
          163.96141464236175,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We measure the fair value of our commercial mortgage loans held-for-sale using a discounted cash flow analysis unless",
        "box": [
          69.74999709375,
          693.1305326426591,
          547.6328227273776,
          698.143170253963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "observable market data (i.e., securitized pricing) is available. A discounted cash flow analysis requires management to make estimates",
        "box": [
          33.74999859375,
          705.1305321426553,
          569.8213595528549,
          710.1431697539592
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "regarding future interest rates and credit spreads. The most significant of these inputs relates to credit spreads and is unobservable.",
        "box": [
          33.74999859375,
          717.1305316426588,
          555.2155221222688,
          722.1431692539627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thus, we have determined that the fair values of mortgage loans valued using a discounted cash flow analysis should be classified in",
        "box": [
          33.74999859375,
          729.130531142655,
          564.0268624613799,
          734.1431687539589
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 86,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Level III of the fair value hierarchy, while mortgage loans valued using securitized pricing should be classified in Level II of the fair",
        "box": [
          33.74999859375,
          38.3805599239131,
          563.6020632470791,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available.",
        "box": [
          33.74999859375,
          50.38055942390929,
          519.7019892769993,
          55.393197035213234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          300.99608495849594,
          93.13055764266028,
          310.9935794794336,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 87,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale and loans held-for-investment, residential",
        "box": [
          33.74999859375,
          93.13055764266028,
          281.77843760831877,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We measure the fair value of our residential loans held-for-sale and held-for-investment based on the net present value of",
        "box": [
          69.74999709375,
          117.13055664266722,
          553.7933328057759,
          122.14319425397116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected future cash flows using a combination of observable and unobservable inputs. Observable market participant assumptions",
        "box": [
          33.74999859375,
          129.1305561426634,
          558.4716589257595,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include pricing related to trades of residential loans with similar characteristics. Unobservable inputs include the expectation of future",
        "box": [
          33.74999859375,
          141.13055564266688,
          568.9913737145862,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows, which involves judgments about the underlying collateral, the creditworthiness of the borrower, estimated prepayment",
        "box": [
          33.74999859375,
          153.13055514266307,
          554.1855760830207,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. At each measurement",
        "box": [
          33.74999859375,
          165.13055464266654,
          576.4700143545024,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the",
        "box": [
          33.74999859375,
          177.13055414266273,
          541.1175495759958,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significance of the unobservable inputs, these loans have been classified within Level III.",
        "box": [
          33.74999859375,
          189.1305536426662,
          390.7647311743853,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          33.74999859375,
          213.13055264266586,
          59.29046884206369,
          218.1431902539698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS are valued utilizing observable and unobservable market inputs. The observable market inputs include recent",
        "box": [
          69.74999709375,
          237.13055164266552,
          535.150618651144,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions, broker quotes and vendor prices ('market data'). However, given the implied price dispersion amongst the market data,",
        "box": [
          33.74999859375,
          249.13055114266172,
          564.9787511154676,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the fair value determination for RMBS has also utilized significant unobservable inputs in discounted cash flow models including",
        "box": [
          33.74999859375,
          261.1305506426652,
          552.1255112072693,
          266.14318825396913
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prepayments, default and severity estimates based on the recent performance of the collateral, the underlying collateral characteristics,",
        "box": [
          33.74999859375,
          273.1305501426614,
          570.8806062445568,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "industry trends, as well as expectations of macroeconomic events (e.g., housing price curves, interest rate curves, etc.). At each",
        "box": [
          33.74999859375,
          285.13054964266485,
          541.2200702866626,
          290.1431872539688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However,",
        "box": [
          33.74999859375,
          297.13054914266104,
          557.4904698774793,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "given the significance of the unobservable inputs these securities have been classified within Level III.",
        "box": [
          33.74999859375,
          309.1305486426645,
          444.3401303920769,
          314.14318625396845
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          33.74999859375,
          333.13054764266417,
          59.85184726867293,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows,",
        "box": [
          69.74999709375,
          357.13054664266383,
          577.0735992115154,
          362.1431842539678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar securities and the spreads used in the prior",
        "box": [
          33.74999859375,
          369.1305461426673,
          571.2466705785537,
          374.14318375397124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuation. We obtain current market spread information where available and use this information in evaluating and validating the",
        "box": [
          33.74999859375,
          381.1305456426635,
          549.1331284920134,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these",
        "box": [
          33.74999859375,
          393.13054514266696,
          542.3671988489269,
          398.1431827539709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities are classified in either Level II or Level III of the fair value hierarchy. CMBS may shift between Level II and Level III of the",
        "box": [
          33.74999859375,
          405.13054464266315,
          573.8484746122073,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable.",
        "box": [
          33.74999859375,
          417.1305441426666,
          485.14527346686276,
          422.14318175397057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity security",
        "box": [
          33.74999859375,
          441.1305431426663,
          93.99365260615909,
          446.1431807539702
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The equity security was publicly registered and traded in the U.S. and its market price was listed on the London Stock",
        "box": [
          69.74999709375,
          465.13054214266594,
          541.7357872151745,
          470.1431797539699
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exchange. The security was classified within Level I as of December 31, 2025.",
        "box": [
          33.74999859375,
          477.13054164266214,
          350.325707109345,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund Investments",
        "box": [
          33.74999859375,
          500.38054067391204,
          145.01111747828284,
          505.393178285216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair value of investments held by the Woodstar Fund is determined based on observable and unobservable market inputs. The initial",
        "box": [
          33.74999859375,
          524.3805396739117,
          577.5830206081273,
          529.3931772852156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value of the Woodstar Fund's investments at its November 5, 2021 establishment date was determined by reference to the purchase",
        "box": [
          33.74999859375,
          536.3805391739152,
          573.8583629867951,
          541.3931767852191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price paid by third party investors, which was consistent with both a recent external appraisal as well as our extensive marketing efforts",
        "box": [
          33.74999859375,
          548.3805386739114,
          575.488748341714,
          553.3931762852153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to sell interests in the Woodstar Fund, plus working capital. The fair value of the Woodstar Fund's investments as of December 31,",
        "box": [
          33.74999859375,
          560.3805381739148,
          555.8013225728603,
          565.3931757852188
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 was determined by reference to an external appraisal as of that date.",
        "box": [
          33.74999859375,
          572.380537673911,
          327.71419685149107,
          577.393175285215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the properties, the third party appraisals applied the income capitalization approach with corroborative support from the",
        "box": [
          69.74999709375,
          597.8805366114102,
          564.742685841615,
          602.8931742227214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sales comparison approach. The cost approach was not employed, as it is typically not emphasized by potential investors in the",
        "box": [
          33.74999859375,
          609.8805361114137,
          541.3665731156196,
          614.8931737227176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "multifamily affordable housing sector. The income capitalization approach estimates an income stream for a property over a 10-year",
        "box": [
          33.74999859375,
          621.8805356114171,
          562.5020850179114,
          626.8931732227211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted discount rate. Terminal",
        "box": [
          33.74999859375,
          633.8805351114133,
          542.3184196524857,
          638.8931727227173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization rates and discount rates utilized in this approach are derived from market transactions as well as other financial and",
        "box": [
          33.74999859375,
          645.8805346114168,
          550.924659557305,
          650.8931722227208
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "industry data.",
        "box": [
          33.74999859375,
          657.880534111413,
          88.16991110750355,
          662.8931717227169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For secured financing, we discounted the contractual cash flows at the interest rate at which such arrangements would bear if",
        "box": [
          69.74999709375,
          683.3805330489122,
          569.4437227036761,
          688.3931706602161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its",
        "box": [
          33.74999859375,
          695.3805325489157,
          568.2493989183534,
          700.3931701602196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the",
        "box": [
          33.74999859375,
          707.3805320489118,
          566.8727521278623,
          712.3931696602158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives ",
        "box": [
          33.74999859375,
          719.3805315489153,
          82.33155907576823,
          724.3931691602193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion below.",
        "box": [
          82.33593406933593,
          719.3805315489153,
          152.77723109053179,
          724.3931691602193
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 88,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "58",
        "box": [
          300.99608495849594,
          55.630559205157624,
          310.9935794794336,
          60.64319681646157
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 89,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Internal valuations at interim quarter ends, including June 30, 2026, are prepared by management. The valuation of properties",
        "box": [
          69.74999709375,
          81.13055814266409,
          572.33356627318,
          86.14319575396803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is based on a direct income capitalization approach, whereby a direct capitalization market rate is applied to annualized in-place net",
        "box": [
          33.74999859375,
          93.13055764266028,
          560.0532819135329,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operating income at the portfolio level. The direct capitalization rate is initially calibrated to the implied rate from the latest appraisal",
        "box": [
          33.74999859375,
          105.13055714266375,
          565.7353188767811,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and adjusted for subsequent changes in current market capitalization rates for sales of comparable multifamily properties. The",
        "box": [
          33.74999859375,
          117.13055664265994,
          537.4270592297662,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuations of secured financing agreements, working capital and interest rate derivatives are consistent with the methodologies",
        "box": [
          33.74999859375,
          129.1305561426634,
          540.6782485921517,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "described in the paragraph above.",
        "box": [
          33.74999859375,
          141.1305556426596,
          168.37925814044726,
          146.14319325396355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Given the significance of the unobservable inputs used in the respective valuations, the Woodstar Fund's investments have",
        "box": [
          69.74999709375,
          166.6305545801588,
          559.3583786909611,
          171.64319219146273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "been classified within Level III of the fair value hierarchy.",
        "box": [
          33.74999859375,
          178.63055408016226,
          266.8261378884939,
          183.6431916914662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Domestic servicing rights",
        "box": [
          33.74999859375,
          202.63055308016192,
          136.48786710841827,
          207.64319069146586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair value of this intangible is determined using discounted cash flow modeling techniques which require management to",
        "box": [
          69.74999709375,
          226.63055208016158,
          570.8740455260803,
          231.64318969146552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "make estimates regarding future net servicing cash flows, including forecasted loan defeasance, control migration, delinquency and",
        "box": [
          33.74999859375,
          238.63055158016505,
          558.9841841214914,
          243.643189191469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "anticipated maturity defaults which are calculated assuming a debt yield at which default occurs. Since the most significant of these",
        "box": [
          33.74999859375,
          250.63055108016124,
          560.111811484568,
          255.64318869146518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "inputs are unobservable, we have determined that the fair values of this intangible in its entirety should be classified in Level III of the",
        "box": [
          33.74999859375,
          262.6305505801647,
          571.2270912964315,
          267.64318819146865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value hierarchy.",
        "box": [
          33.74999859375,
          274.6305500801609,
          113.86657661180911,
          279.64318769146485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives",
        "box": [
          33.74999859375,
          298.63054908016056,
          79.83218786907167,
          303.6431866914645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The valuation of derivative contracts are determined using widely accepted valuation techniques including discounted cash",
        "box": [
          69.74999709375,
          322.6305480801602,
          561.6771616842838,
          327.64318569146417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the",
        "box": [
          33.74999859375,
          334.6305475801637,
          576.0257817464861,
          339.64318519146764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period to maturity, and uses observable market based inputs, including interest rate curves, spot and market forward points and implied",
        "box": [
          33.74999859375,
          346.6305470801599,
          573.3799352216683,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted",
        "box": [
          33.74999859375,
          358.63054658016335,
          552.4525833436415,
          363.6431841914673
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation",
        "box": [
          33.74999859375,
          370.63054608015955,
          567.6441571606586,
          375.6431836914635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of future interest rates (forward curves) derived from observable market interest rate curves.",
        "box": [
          33.74999859375,
          382.630545580163,
          402.10461287689037,
          387.64318319146696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective",
        "box": [
          69.74999709375,
          406.6305445801627,
          559.4755202110802,
          411.6431821914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "counterparty's non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect",
        "box": [
          33.74999859375,
          418.63054408015887,
          574.3269476437971,
          423.6431816914628
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of non-performance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings,",
        "box": [
          33.74999859375,
          430.63054358016234,
          574.2489226292103,
          435.6431811914663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thresholds, mutual puts, and guarantees.",
        "box": [
          33.74999859375,
          442.6305430801658,
          193.9538726248383,
          447.64318069146975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The valuation of over the counter derivatives are determined using discounted cash flows based on Overnight Index Swap",
        "box": [
          69.74999709375,
          466.63054208016547,
          557.5375592817672,
          471.6431796914694
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('OIS') rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value.",
        "box": [
          33.74999859375,
          478.63054158016166,
          554.5662754993208,
          483.6431791914656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Uncollateralized or partially collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding",
        "box": [
          33.74999859375,
          490.63054108016513,
          573.6972567584464,
          495.6431786914691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "costs (i.e., a SOFR OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. For credit instruments, fair",
        "box": [
          33.74999859375,
          502.6305405801613,
          554.6150641965374,
          507.64317819146527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value is determined based on changes in the relevant indices, underlying loan pricing or borrower credit ratings, as applicable, from the",
        "box": [
          33.74999859375,
          514.6305400801648,
          574.8199863217278,
          519.6431776914687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date of initiation of the instrument to the reporting date. These factors are considered Level II inputs as they are directly observable.",
        "box": [
          33.74999859375,
          526.630539580161,
          560.7463601418171,
          531.6431771914649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Although we have determined that the majority of the inputs used to value our derivatives fall within Level II of the fair value",
        "box": [
          69.74999709375,
          550.6305385801606,
          573.3586677076157,
          555.6431761914646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hierarchy, the credit valuation adjustments associated with our derivatives utilize Level III inputs, such as estimates of current credit",
        "box": [
          33.74999859375,
          562.6305380801641,
          562.2352580226172,
          567.6431756914681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "spreads to evaluate the likelihood of default by us and our counterparties. However, as of June 30, 2026 and December 31, 2025, we",
        "box": [
          33.74999859375,
          574.6305375801603,
          562.7820383233087,
          579.6431751914643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and",
        "box": [
          33.74999859375,
          586.6305370801638,
          572.3450689147878,
          591.6431746914677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have",
        "box": [
          33.74999859375,
          598.63053658016,
          575.3862858731317,
          603.6431741914639
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined that our derivative valuations in their entirety are classified in Level II of the fair value hierarchy.",
        "box": [
          33.74999859375,
          610.6305360801634,
          470.0318863965871,
          615.6431736914674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities of consolidated VIEs",
        "box": [
          33.74999859375,
          634.6305350801631,
          160.1000487745774,
          639.643172691467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our consolidated VIE liabilities generally represent bonds that are not owned by us. The majority of these are either traded in",
        "box": [
          69.74999709375,
          658.6305340801628,
          571.0448369439639,
          663.6431716914667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the marketplace or can be analogized to similar securities that are traded in the marketplace. For these liabilities, pricing is considered",
        "box": [
          33.74999859375,
          670.630533580159,
          568.9670020055404,
          675.6431711914629
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to be Level II, where the valuation is based upon quoted prices for similar instruments traded in active markets. We generally utilize",
        "box": [
          33.74999859375,
          682.6305330801624,
          561.6250867215148,
          687.6431706914664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "third party pricing service providers for valuing these liabilities. In order to determine whether to utilize the valuations provided by",
        "box": [
          33.74999859375,
          694.6305325801586,
          557.9101333162433,
          699.6431701914698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "third parties, we conduct an ongoing evaluation of their valuation methodologies and processes, as well as a review of the individual",
        "box": [
          33.74999859375,
          706.6305320801621,
          563.4703503961554,
          711.643169691466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuations themselves. In evaluating third party pricing for reasonableness, we consider a variety of factors, including market",
        "box": [
          33.74999859375,
          718.6305315801656,
          534.849593413687,
          723.6431691914695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transaction information for the particular bond, market transaction information",
        "box": [
          33.74999859375,
          730.6305310801617,
          348.2900405254142,
          735.6431686914657
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 90,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "59",
        "box": [
          300.99608495849594,
          53.38055929890834,
          310.9935794794336,
          58.39319691021228
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 91,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for bonds within the same trust, market transaction information for similar bonds, the bond's ratings and the bond's subordination",
        "box": [
          33.74999859375,
          93.13055764266028,
          551.8667372930519,
          98.14319525396422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "levels.",
        "box": [
          33.74999859375,
          105.13055714266375,
          59.56871217422022,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the minority portion of our consolidated VIE liabilities which consist of unrated or non-investment grade bonds that are",
        "box": [
          69.74999709375,
          129.1305561426634,
          564.3375195084969,
          134.14319375396735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not owned by us, pricing may be either Level II or Level III. If independent third party pricing similar to that noted above is available,",
        "box": [
          33.74999859375,
          141.1305556426596,
          570.387457565105,
          146.14319325396355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we consider the valuation to be Level II. If such third party pricing is not available, the valuation is generated from model-based",
        "box": [
          33.74999859375,
          153.13055514266307,
          546.506782491383,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "techniques that use significant unobservable assumptions, and we consider the valuation to be Level III. For VIE liabilities classified as",
        "box": [
          33.74999859375,
          165.13055464265926,
          575.2349181272904,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level III, valuation is determined based on discounted expected future cash flows which take into consideration expected duration and",
        "box": [
          33.74999859375,
          177.13055414266273,
          572.042441452397,
          182.14319175396668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "yields based on market transaction information, ratings, subordination levels, vintage and current market spread. VIE liabilities may",
        "box": [
          33.74999859375,
          189.13055364265892,
          561.6202157616566,
          194.14319125396287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the VIE liabilities",
        "box": [
          33.74999859375,
          201.1305531426624,
          545.1886851792169,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "become or cease to be observable.",
        "box": [
          33.74999859375,
          213.13055264265859,
          170.31726915969682,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets of consolidated VIEs",
        "box": [
          33.74999859375,
          237.13055164265825,
          144.54245899781034,
          242.1431892539622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The securitization VIEs in which we invest are 'static'; that is, no reinvestment is permitted, and there is no active",
        "box": [
          69.74999709375,
          261.1305506426579,
          527.9209104258555,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management of the underlying assets. In determining the fair value of the assets of the VIE, we maximize the use of observable inputs",
        "box": [
          33.74999859375,
          273.1305501426614,
          569.9384557729761,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over unobservable inputs. The individual assets of a VIE are inherently incapable of precise measurement given their illiquid nature and",
        "box": [
          33.74999859375,
          285.13054964265757,
          577.5146399743891,
          290.1431872539615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the limitations on available information related to these assets. Because our methodology for valuing these assets does not value the",
        "box": [
          33.74999859375,
          297.13054914266104,
          560.7025097349558,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "individual assets of a VIE, but rather uses the value of the VIE liabilities as an indicator of the fair value of VIE assets as a whole, we",
        "box": [
          33.74999859375,
          309.13054864265723,
          567.0728404195252,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have determined that our valuations of VIE assets in their entirety should be classified in Level III of the fair value hierarchy.",
        "box": [
          33.74999859375,
          321.1305481426607,
          534.2832262444477,
          326.14318575396464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value on a Nonrecurring Basis",
        "box": [
          33.74999859375,
          345.13054714266036,
          182.92146647368494,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We determine the fair value of our financial assets and liabilities measured at fair value on a nonrecurring basis as follows:",
        "box": [
          69.74999709375,
          369.13054614266,
          560.3151223526229,
          374.14318375396397
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities, other equity investments",
        "box": [
          33.74999859375,
          393.1305451426597,
          288.3539799556633,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our other equity investments set forth in Note 8 do not have readily determinable fair values. Therefore, we have elected the",
        "box": [
          69.74999709375,
          417.13054414265935,
          567.593592547827,
          422.1431817539633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value practicability exception under ASC 321, ",
        "box": [
          33.74999859375,
          429.1305436426628,
          237.52688383429614,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Securities, ",
        "box": [
          237.52733760302718,
          429.1305436426628,
          310.5460956918286,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "whereby we measure those investments within its scope at cost,",
        "box": [
          310.54686206054686,
          429.1305436426628,
          564.867744070093,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "less any impairment, plus or minus observable price changes from identical or similar investments of the same issuer. As such price",
        "box": [
          33.74999859375,
          441.130543142659,
          559.6041518057204,
          446.14318075396295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes represent observable market data, the fair value of the specific investments affected would be classified in Level II of the fair",
        "box": [
          33.74999859375,
          453.1305426426625,
          568.2054717052702,
          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value hierarchy as of the date of the observable price change.",
        "box": [
          33.74999859375,
          465.13054214265867,
          278.29302586070673,
          470.1431797539626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value Only Disclosed",
        "box": [
          33.74999859375,
          488.38054117390857,
          142.3408687816302,
          493.3931787852125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We determine the fair value of our financial instruments and assets where fair value is disclosed as follows:",
        "box": [
          69.74999709375,
          512.3805401739082,
          498.97799775833664,
          517.3931777852122
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-investment",
        "box": [
          33.74999859375,
          536.3805391739079,
          138.78708024129233,
          541.3931767852118
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We estimate the fair values of our loans not carried at fair value on a recurring basis by discounting their expected cash flows",
        "box": [
          69.74999709375,
          560.3805381739076,
          570.3076874325917,
          565.3931757852115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "at a rate we estimate would be demanded by the market participants that are most likely to buy our loans. The expected cash flows used",
        "box": [
          33.74999859375,
          572.380537673911,
          575.7573308726098,
          577.393175285215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are generally the same as those used to calculate our level yield income in the financial statements. Since these inputs are unobservable,",
        "box": [
          33.74999859375,
          584.3805371739072,
          576.4749357364598,
          589.3931747852112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we have determined that the fair value of these loans in their entirety would be classified in Level III of the fair value hierarchy.",
        "box": [
          33.74999859375,
          596.3805366739107,
          544.4321208215772,
          601.3931742852146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM debt securities",
        "box": [
          33.74999859375,
          620.3805356739103,
          115.38476811271411,
          625.3931732852143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We estimate the fair value of our mandatorily redeemable preferred equity interests in commercial real estate companies and",
        "box": [
          69.74999709375,
          644.38053467391,
          567.2128519036298,
          649.393172285214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "infrastructure bonds using the same methodology described for our loans held-for-investment. We estimate the fair value of our HTM",
        "box": [
          33.74999859375,
          656.3805341739135,
          567.556224234736,
          661.3931717852174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS using the same methodology described for our CMBS carried at fair value on a recurring basis.",
        "box": [
          33.74999859375,
          668.3805336739097,
          443.83242473823134,
          673.3931712852136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financing agreements and securitized financing",
        "box": [
          33.74999859375,
          692.3805326739093,
          257.629308252945,
          697.3931702852133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair value of the secured financing agreements and securitized financing are determined by discounting the contractual",
        "box": [
          69.74999709375,
          716.380531673909,
          561.0864544204841,
          721.3931692852129
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows at the interest rate we estimate such arrangements would bear if executed in the current market. We have determined that our",
        "box": [
          33.74999859375,
          728.3805311739125,
          577.1290248084556,
          733.3931687852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuation of these instruments should be classified in Level III of the fair value hierarchy.",
        "box": [
          33.74999859375,
          740.3805306739087,
          391.50182236867323,
          745.3931682852126
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 92,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "60",
        "box": [
          300.99608495849594,
          63.13055889266252,
          310.9935794794336,
          68.14319650396646
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 93,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured senior notes",
        "box": [
          33.74999859375,
          93.13055764266755,
          127.78400624607917,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair value of our unsecured senior notes is determined based on the last available bid price for the respective notes in the",
        "box": [
          69.74999709375,
          117.13055664265994,
          568.3355357169129,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current market. As these prices represent observable market data, we have determined that the fair value of these instruments would be",
        "box": [
          33.74999859375,
          129.13055614267068,
          572.3011421766793,
          134.14319375397463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "classified in Level II of the fair value hierarchy.",
        "box": [
          33.74999859375,
          141.13055564266688,
          224.35146173327212,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value Disclosures",
        "box": [
          33.74999859375,
          165.13055464265926,
          128.92140017368774,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the consolidated",
        "box": [
          69.74999709375,
          189.1305536426662,
          559.1825788382246,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheets by their level in the fair value hierarchy as of June 30, 2026 and December 31, 2025 (amounts in thousands):",
        "box": [
          33.74999859375,
          201.1305531426624,
          528.7525017427324,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          415.5702951845703,
          219.70642645178305,
          461.9903893003996,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          324.5507714770506,
          230.95642598303675,
          342.0280879370042,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level I",
        "box": [
          391.58201868408185,
          230.95642598303675,
          415.3405661649682,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level II",
        "box": [
          460.20701582470684,
          230.95642598303675,
          487.07689130095474,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level III",
        "box": [
          529.2421654482422,
          230.95642598303675,
          559.2233689198513,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Assets:",
        "box": [
          34.74609230224609,
          243.88055136142066,
          106.67625641065521,
          248.8931889727246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans under fair value option",
        "box": [
          34.74609230224609,
          256.63055083015934,
          153.01225511198908,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          301.92186241992187,
          256.63055083015934,
          306.9206121741406,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,445,002 ",
        "box": [
          321.6679590971678,
          256.63055083015934,
          364.16342230777343,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.4804569799803,
          256.63055083015934,
          377.479206734199,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          256.63055083015934,
          433.8899819025,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.2656065722656,
          256.63055083015934,
          447.2643563264844,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.9999795,
          256.63055083015934,
          504.50716646011716,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.824201132324,
          256.63055083015934,
          517.8229508865428,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,445,002 ",
        "box": [
          532.5820128090818,
          256.63055083015934,
          575.0774760196874,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          34.74609230224609,
          269.38055029891257,
          62.5320808969351,
          274.3931879102165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,800 ",
        "box": [
          334.16014607666,
          269.38055029891257,
          364.16342230777343,
          274.3931879102165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          269.38055029891257,
          433.8899819025,
          274.3931879102165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.9999795,
          269.38055029891257,
          504.50716646011716,
          274.3931879102165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,800 ",
        "box": [
          545.074199788574,
          269.38055029891257,
          575.0774760196874,
          274.3931879102165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          34.74609230224609,
          282.1305497676658,
          62.5320808969351,
          287.14318737896974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,980 ",
        "box": [
          334.16014607666,
          282.1305497676658,
          364.16342230777343,
          287.14318737896974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          282.1305497676658,
          433.8899819025,
          287.14318737896974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,337 ",
        "box": [
          479.5077925205078,
          282.1305497676658,
          504.50716646011716,
          287.14318737896974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,643 ",
        "box": [
          545.074199788574,
          282.1305497676658,
          575.0774760196874,
          287.14318737896974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund investments",
        "box": [
          34.74609230224609,
          295.6305492051615,
          146.12923948169444,
          300.64318681646546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,368 ",
        "box": [
          321.6679590971678,
          295.6305492051615,
          364.16342230777343,
          300.64318681646546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          295.6305492051615,
          433.8899819025,
          300.64318681646546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.9999795,
          295.6305492051615,
          504.50716646011716,
          300.64318681646546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,368 ",
        "box": [
          532.5820128090818,
          295.6305492051615,
          575.0774760196874,
          300.64318681646546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Domestic servicing rights",
        "box": [
          34.74609230224609,
          308.38054867391475,
          137.47906279211844,
          313.3931862852187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,487 ",
        "box": [
          334.16014607666,
          308.38054867391475,
          364.16342230777343,
          313.3931862852187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          308.38054867391475,
          433.8899819025,
          313.3931862852187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.9999795,
          308.38054867391475,
          504.50716646011716,
          313.3931862852187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,487 ",
        "box": [
          545.074199788574,
          308.38054867391475,
          575.0774760196874,
          313.3931862852187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative assets",
        "box": [
          34.74609230224609,
          321.130548142668,
          102.76123731369458,
          326.1431857539719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,406 ",
        "box": [
          334.16014607666,
          321.130548142668,
          364.16342230777343,
          326.1431857539719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          321.130548142668,
          433.8899819025,
          326.1431857539719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,406 ",
        "box": [
          474.50389022900373,
          321.130548142668,
          504.50716646011716,
          326.1431857539719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.5702890595702,
          321.130548142668,
          575.0774760196874,
          326.1431857539719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE assets",
        "box": [
          34.74609230224609,
          334.6305475801637,
          77.22565882767707,
          339.64318519146764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,868,147 ",
        "box": [
          316.66404930566404,
          334.6305475801637,
          364.16342230777343,
          339.64318519146764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          334.6305475801637,
          433.8899819025,
          339.64318519146764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.9999795,
          334.6305475801637,
          504.50716646011716,
          339.64318519146764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,868,147 ",
        "box": [
          527.5781030175781,
          334.6305475801637,
          575.0774760196874,
          339.64318519146764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          34.74609230224609,
          349.6305469551735,
          56.6009494407146,
          354.64318456647743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          301.92186241992187,
          348.1305470176594,
          306.9206121741406,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,212,190 ",
        "box": [
          316.66404930566404,
          348.1305470176594,
          364.16342230777343,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.4804569799803,
          348.1305470176594,
          377.479206734199,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          348.1305470176594,
          433.8899819025,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.2656065722656,
          348.1305470176594,
          447.2643563264844,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,743 ",
        "box": [
          474.50389022900373,
          348.1305470176594,
          504.50716646011716,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.824201132324,
          348.1305470176594,
          517.8229508865428,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,185,447 ",
        "box": [
          527.5781030175781,
          348.1305470176594,
          575.0774760196874,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Liabilities:",
        "box": [
          34.74609230224609,
          362.38054642391216,
          123.3419546412511,
          367.3931840352161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative liabilities",
        "box": [
          34.74609230224609,
          375.88054586142243,
          116.64444211022769,
          380.8931834727264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          301.92186241992187,
          375.88054586142243,
          306.9206121741406,
          380.8931834727264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,573 ",
        "box": [
          334.16014607666,
          375.88054586142243,
          364.16342230777343,
          380.8931834727264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.4804569799803,
          375.88054586142243,
          377.479206734199,
          380.8931834727264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          375.88054586142243,
          433.8899819025,
          380.8931834727264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.2656065722656,
          375.88054586142243,
          447.2643563264844,
          380.8931834727264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,573 ",
        "box": [
          474.50389022900373,
          375.88054586142243,
          504.50716646011716,
          380.8931834727264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.824201132324,
          375.88054586142243,
          517.8229508865428,
          380.8931834727264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.5702890595702,
          375.88054586142243,
          575.0774760196874,
          380.8931834727264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE liabilities",
        "box": [
          34.74609230224609,
          389.38054529891815,
          91.10886362421019,
          394.3931829102221
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,293,820 ",
        "box": [
          316.66404930566404,
          388.6305453301611,
          364.16342230777343,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          388.6305453301611,
          433.8899819025,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,848,563 ",
        "box": [
          457.0077934580078,
          388.6305453301611,
          504.50716646011716,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,445,257 ",
        "box": [
          532.5820128090818,
          388.6305453301611,
          575.0774760196874,
          393.64318294146506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          34.74609230224609,
          403.6305447051709,
          56.6009494407146,
          408.64318231647485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          301.92186241992187,
          402.1305447676714,
          306.9206121741406,
          407.1431823789753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,385,393 ",
        "box": [
          316.66404930566404,
          402.1305447676714,
          364.16342230777343,
          407.1431823789753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.4804569799803,
          402.1305447676714,
          377.479206734199,
          407.1431823789753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3827949423828,
          402.1305447676714,
          433.8899819025,
          407.1431823789753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.2656065722656,
          402.1305447676714,
          447.2643563264844,
          407.1431823789753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,940,136 ",
        "box": [
          457.0077934580078,
          402.1305447676714,
          504.50716646011716,
          407.1431823789753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.824201132324,
          402.1305447676714,
          517.8229508865428,
          407.1431823789753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,445,257 ",
        "box": [
          532.5820128090818,
          402.1305447676714,
          575.0774760196874,
          407.1431823789753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          406.71092055371093,
          442.45641717052786,
          471.17051889289434,
          446.4650230471161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          324.8906114628906,
          454.45641667052405,
          342.3679279228442,
          458.4650225471123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level I",
        "box": [
          391.73435867773435,
          454.45641667052405,
          415.49290615862077,
          458.4650225471123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level II",
        "box": [
          460.16014082666,
          454.45641667052405,
          487.0300163029079,
          458.4650225471123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level III",
        "box": [
          529.2187279492188,
          454.45641667052405,
          559.1999314208279,
          458.4650225471123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Assets:",
        "box": [
          34.74609230224609,
          466.63054208016547,
          106.67625641065521,
          471.6431796914694
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans under fair value option",
        "box": [
          34.74609230224609,
          479.3805415489187,
          153.01225511198908,
          484.39317916022264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          302.24998740625,
          479.3805415489187,
          307.24873716046875,
          484.39317916022264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,323,543 ",
        "box": [
          322.0077990830078,
          479.3805415489187,
          364.50326979361313,
          484.39317916022264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.8202969658203,
          479.3805415489187,
          377.81904672003907,
          484.39317916022264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3710799428709,
          479.3805415489187,
          433.8782669029881,
          484.39317916022264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.21873157421874,
          479.3805415489187,
          447.21748132843754,
          484.39317916022264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.96482700146464,
          479.3805415489187,
          504.47201396158187,
          484.39317916022264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.789041133789,
          479.3805415489187,
          517.7877908880077,
          484.39317916022264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,323,543 ",
        "box": [
          532.5585753100584,
          479.3805415489187,
          575.054038520664,
          484.39317916022264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          34.74609230224609,
          492.8805409864144,
          62.5320808969351,
          497.89317859771836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,283 ",
        "box": [
          334.4999860625,
          492.8805409864144,
          364.50326979361313,
          497.89317859771836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3710799428709,
          492.8805409864144,
          433.8782669029881,
          497.89317859771836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.96482700146464,
          492.8805409864144,
          504.47201396158187,
          497.89317859771836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,283 ",
        "box": [
          545.0507622895506,
          492.8805409864144,
          575.054038520664,
          497.89317859771836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          34.74609230224609,
          505.63054045516765,
          62.5320808969351,
          510.6431780664716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,522 ",
        "box": [
          334.4999860625,
          505.63054045516765,
          364.50326979361313,
          510.6431780664716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3710799428709,
          505.63054045516765,
          433.8782669029881,
          510.6431780664716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,325 ",
        "box": [
          479.4726400219725,
          505.63054045516765,
          504.47201396158187,
          510.6431780664716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,197 ",
        "box": [
          545.0507622895506,
          505.63054045516765,
          575.054038520664,
          510.6431780664716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity security",
        "box": [
          34.74609230224609,
          518.3805399239209,
          95.55111790620325,
          523.3931775352248
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "628 ",
        "box": [
          347.0038955415037,
          518.3805399239209,
          364.50326979361313,
          523.3931775352248
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "628 ",
        "box": [
          416.37889265087875,
          518.3805399239209,
          433.8782669029881,
          523.3931775352248
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.96482700146464,
          518.3805399239209,
          504.47201396158187,
          523.3931775352248
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.5468515605468,
          518.3805399239209,
          575.054038520664,
          523.3931775352248
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund investments",
        "box": [
          34.74609230224609,
          531.8805393614166,
          146.12923948169444,
          536.8931769727205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,727,499 ",
        "box": [
          322.0077990830078,
          531.8805393614166,
          364.50326979361313,
          536.8931769727205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3710799428709,
          531.8805393614166,
          433.8782669029881,
          536.8931769727205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.96482700146464,
          531.8805393614166,
          504.47201396158187,
          536.8931769727205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,727,499 ",
        "box": [
          532.5585753100584,
          531.8805393614166,
          575.054038520664,
          536.8931769727205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Domestic servicing rights",
        "box": [
          34.74609230224609,
          544.6305388301698,
          137.47906279211844,
          549.6431764414738
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,280 ",
        "box": [
          334.4999860625,
          544.6305388301698,
          364.50326979361313,
          549.6431764414738
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3710799428709,
          544.6305388301698,
          433.8782669029881,
          549.6431764414738
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.96482700146464,
          544.6305388301698,
          504.47201396158187,
          549.6431764414738
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,280 ",
        "box": [
          545.0507622895506,
          544.6305388301698,
          575.054038520664,
          549.6431764414738
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative assets",
        "box": [
          34.74609230224609,
          557.380538298923,
          102.76123731369458,
          562.393175910227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,813 ",
        "box": [
          334.4999860625,
          557.380538298923,
          364.50326979361313,
          562.393175910227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3710799428709,
          557.380538298923,
          433.8782669029881,
          562.393175910227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,813 ",
        "box": [
          474.46873023046874,
          557.380538298923,
          504.47201396158187,
          562.393175910227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.5468515605468,
          557.380538298923,
          575.054038520664,
          562.393175910227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE assets",
        "box": [
          34.74609230224609,
          570.8805377364188,
          77.22565882767707,
          575.8931753477227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,493,164 ",
        "box": [
          317.00389679150373,
          570.8805377364188,
          364.50326979361313,
          575.8931753477227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3710799428709,
          570.8805377364188,
          433.8782669029881,
          575.8931753477227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          491.96482700146464,
          570.8805377364188,
          504.47201396158187,
          575.8931753477227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,493,164 ",
        "box": [
          527.5546655185547,
          570.8805377364188,
          575.054038520664,
          575.8931753477227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          34.74609230224609,
          585.880537111414,
          56.6009494407146,
          590.893174722718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          302.24998740625,
          584.3805371739145,
          307.24873716046875,
          589.3931747852184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,739,732 ",
        "box": [
          317.00389679150373,
          584.3805371739145,
          364.50326979361313,
          589.3931747852184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.8202969658203,
          584.3805371739145,
          377.81904672003907,
          589.3931747852184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "628 ",
        "box": [
          416.37889265087875,
          584.3805371739145,
          433.8782669029881,
          589.3931747852184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.21873157421874,
          584.3805371739145,
          447.21748132843754,
          589.3931747852184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,138 ",
        "box": [
          474.46873023046874,
          584.3805371739145,
          504.47201396158187,
          589.3931747852184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.789041133789,
          584.3805371739145,
          517.7877908880077,
          589.3931747852184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,688,966 ",
        "box": [
          527.5546655185547,
          584.3805371739145,
          575.054038520664,
          589.3931747852184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Liabilities:",
        "box": [
          34.74609230224609,
          598.6305365801672,
          123.3419546412511,
          603.6431741914712
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative liabilities",
        "box": [
          34.74609230224609,
          612.130536017663,
          116.64444211022769,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          302.24998740625,
          612.130536017663,
          307.24873716046875,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,983 ",
        "box": [
          334.4999860625,
          612.130536017663,
          364.50326979361313,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.8202969658203,
          612.130536017663,
          377.81904672003907,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3710799428709,
          612.130536017663,
          433.8782669029881,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.21873157421874,
          612.130536017663,
          447.21748132843754,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,983 ",
        "box": [
          474.46873023046874,
          612.130536017663,
          504.47201396158187,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.789041133789,
          612.130536017663,
          517.7877908880077,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.5468515605468,
          612.130536017663,
          575.054038520664,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE liabilities",
        "box": [
          34.74609230224609,
          624.8805354864162,
          91.10886362421019,
          629.8931730977201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,803,806 ",
        "box": [
          317.00389679150373,
          624.8805354864162,
          364.50326979361313,
          629.8931730977201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3710799428709,
          624.8805354864162,
          433.8782669029881,
          629.8931730977201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,972,753 ",
        "box": [
          456.97264095947247,
          624.8805354864162,
          504.47201396158187,
          629.8931730977201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,831,053 ",
        "box": [
          532.5585753100584,
          624.8805354864162,
          575.054038520664,
          629.8931730977201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          34.74609230224609,
          639.8805348614114,
          56.6009494407146,
          644.8931724727154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          302.24998740625,
          638.3805349239119,
          307.24873716046875,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,887,789 ",
        "box": [
          317.00389679150373,
          638.3805349239119,
          364.50326979361313,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          372.8202969658203,
          638.3805349239119,
          377.81904672003907,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          421.3710799428709,
          638.3805349239119,
          433.8782669029881,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.21873157421874,
          638.3805349239119,
          447.21748132843754,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,056,736 ",
        "box": [
          456.97264095947247,
          638.3805349239119,
          504.47201396158187,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.789041133789,
          638.3805349239119,
          517.7877908880077,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,831,053 ",
        "box": [
          532.5585753100584,
          638.3805349239119,
          575.054038520664,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          300.99608495849594,
          689.3805327989103,
          310.9935794794336,
          694.3931704102142
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 94,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The changes in financial assets and liabilities classified as Level III are as follows for the three and six months ended June 30,",
        "box": [
          69.74999709375,
          93.13055764266755,
          573.6320863549117,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and 2025 (amounts in thousands):",
        "box": [
          33.74999859375,
          105.13055714266375,
          191.75228053440892,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30, 2026",
        "box": [
          34.74609230224609,
          146.11688357489766,
          140.76073727246904,
          149.6253538496967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans at",
        "box": [
          180.19921499169905,
          138.61688388740004,
          206.05711551478586,
          142.12535416218452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          177.53905510253907,
          146.11688357489766,
          208.70999087131142,
          149.6253538496967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          232.46483781396466,
          146.11688357489766,
          252.6817159040333,
          149.6253538496967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          278.14452341064435,
          146.11688357489766,
          298.361401500713,
          149.6253538496967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar",
        "box": [
          323.48436152148435,
          131.86688416865945,
          352.6428423991091,
          135.37535444344394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fund",
        "box": [
          330.08202124658186,
          138.61688388740004,
          346.0313746894641,
          142.12535416218452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments",
        "box": [
          319.9804591674803,
          146.11688357489766,
          356.133011076537,
          149.6253538496967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Domestic",
        "box": [
          374.7538943852537,
          131.86688416865945,
          402.34409990322325,
          135.37535444344394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing",
        "box": [
          374.55467189355466,
          138.61688388740004,
          402.54121356494875,
          142.12535416218452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rights",
        "box": [
          378.83201921533185,
          146.11688357489766,
          398.2732795706923,
          149.6253538496967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE Assets",
        "box": [
          423.76170484326155,
          146.11688357489766,
          456.2276000309287,
          149.6253538496967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE",
        "box": [
          490.25388957275374,
          138.61688388740004,
          502.697679028763,
          142.12535416218452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          481.51170243701154,
          146.11688357489766,
          511.44917440502974,
          149.6253538496967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          545.074199788574,
          146.11688357489766,
          560.3709518102969,
          149.6253538496967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 1, 2026 balance",
        "box": [
          34.74609230224609,
          156.70642907677393,
          107.14599271070628,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          170.3554654018553,
          156.70642907677393,
          174.3529651602928,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,311,351 ",
        "box": [
          181.71092992871093,
          156.70642907677393,
          215.3971784876172,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.90233821240219,
          156.70642907677393,
          226.89983797083968,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,717 ",
        "box": [
          237.76171259326156,
          156.70642907677393,
          261.75655155597656,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          269.2617112807615,
          156.70642907677393,
          273.25921103919904,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,237 ",
        "box": [
          282.76171071826155,
          156.70642907677393,
          306.75654968097655,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          314.26170940576156,
          156.70642907677393,
          318.2592091641991,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,729,433 ",
        "box": [
          327.38670885888655,
          156.70642907677393,
          361.36592240558593,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          368.8710821303709,
          156.70642907677393,
          372.8685818888084,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,743 ",
        "box": [
          383.7304565112303,
          156.70642907677393,
          407.72529547394527,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          415.2304551987303,
          156.70642907677393,
          419.22795495716775,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,399,812 ",
        "box": [
          426.26951723876937,
          156.70642907677393,
          464.2565431184766,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          471.76170284326156,
          156.70642907677393,
          475.75920260169903,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,759,883)",
        "box": [
          483.374979859375,
          156.70642907677393,
          520.6897231955927,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          528.199200491699,
          156.70642907677393,
          532.1967002501365,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,827,410 ",
        "box": [
          538.6054500581052,
          156.70642907677393,
          576.5924759378124,
          160.7150349533622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total realized and unrealized gains",
        "box": [
          34.74609230224609,
          167.95642860802764,
          146.06302808486623,
          171.96503448460135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(losses):",
        "box": [
          34.74609230224609,
          175.45642829552526,
          61.393433305115366,
          179.46503417211352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in earnings:",
        "box": [
          45.996091833496095,
          186.70642782677896,
          113.48890558447059,
          190.71503370335267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value / gain on sale",
        "box": [
          52.74609155224609,
          197.95642735801812,
          162.19697029191556,
          201.96503323460638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61)",
        "box": [
          202.05467908105467,
          197.95642735801812,
          215.3928609162959,
          201.96503323460638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.75389951025375,
          197.95642735801812,
          261.75655155597656,
          201.96503323460638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(427)",
        "box": [
          289.4179604409178,
          197.95642735801812,
          306.75223210965527,
          201.96503323460638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,065)",
        "box": [
          338.02733341552715,
          197.95642735801812,
          361.36160483426465,
          201.96503323460638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,744 ",
        "box": [
          387.72654634472656,
          197.95642735801812,
          407.72529547394527,
          201.96503323460638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,815,236)",
        "box": [
          426.9374822109375,
          197.95642735801812,
          464.25222554715526,
          201.96503323460638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,665 ",
        "box": [
          492.7031044707031,
          197.95642735801812,
          520.6940407669141,
          201.96503323460638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,666,380)",
        "box": [
          539.2734150302734,
          197.95642735801812,
          576.5881583664911,
          201.96503323460638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net accretion",
        "box": [
          52.74609155224609,
          208.45642692052934,
          95.58253709239412,
          212.46503279710305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          205.39452644189436,
          208.45642692052934,
          215.3971784876172,
          212.46503279710305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,038 ",
        "box": [
          241.75780242675782,
          208.45642692052934,
          261.75655155597656,
          212.46503279710305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.75389763525374,
          208.45642692052934,
          306.75654968097655,
          212.46503279710305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          208.45642692052934,
          361.36592240558593,
          212.46503279710305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          208.45642692052934,
          407.72529547394527,
          212.46503279710305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          454.25389107275373,
          208.45642692052934,
          464.2565431184766,
          212.46503279710305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          510.69138872119123,
          208.45642692052934,
          520.6940407669141,
          212.46503279710305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,038 ",
        "box": [
          556.5937268085937,
          208.45642692052934,
          576.5924759378124,
          212.46503279710305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in OCI",
        "box": [
          45.996091833496095,
          219.7064264517685,
          97.95178405967434,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          205.39452644189436,
          219.7064264517685,
          215.3971784876172,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          238.4179625659178,
          219.7064264517685,
          261.7522339846553,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.75389763525374,
          219.7064264517685,
          306.75654968097655,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          219.7064264517685,
          361.36592240558593,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          219.7064264517685,
          407.72529547394527,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          454.25389107275373,
          219.7064264517685,
          464.2565431184766,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          510.69138872119123,
          219.7064264517685,
          520.6940407669141,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          553.2538869477537,
          219.7064264517685,
          576.5881583664911,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases / Originations",
        "box": [
          34.74609230224609,
          230.9564259830222,
          112.90800761632548,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "287,490 ",
        "box": [
          187.40624219140625,
          230.9564259830222,
          215.3971784876172,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.75389951025375,
          230.9564259830222,
          261.75655155597656,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,527 ",
        "box": [
          286.7578005517578,
          230.9564259830222,
          306.75654968097655,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          230.9564259830222,
          361.36592240558593,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          230.9564259830222,
          407.72529547394527,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          454.25389107275373,
          230.9564259830222,
          464.2565431184766,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          510.69138872119123,
          230.9564259830222,
          520.6940407669141,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "294,017 ",
        "box": [
          548.6015396416014,
          230.9564259830222,
          576.5924759378124,
          234.96503185961046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales",
        "box": [
          34.74609230224609,
          241.45642554551887,
          51.622243319899084,
          245.46503142210713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(330,236)",
        "box": [
          184.06640233056623,
          241.45642554551887,
          215.3928609162959,
          245.46503142210713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.75389951025375,
          241.45642554551887,
          261.75655155597656,
          245.46503142210713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.75389763525374,
          241.45642554551887,
          306.75654968097655,
          245.46503142210713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          241.45642554551887,
          361.36592240558593,
          245.46503142210713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          241.45642554551887,
          407.72529547394527,
          245.46503142210713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          454.25389107275373,
          241.45642554551887,
          464.2565431184766,
          245.46503142210713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          510.69138872119123,
          241.45642554551887,
          520.6940407669141,
          245.46503142210713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(330,236)",
        "box": [
          545.2616997807614,
          241.45642554551887,
          576.5881583664911,
          245.46503142210713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuances",
        "box": [
          34.74609230224609,
          252.70642507677258,
          65.3831337715286,
          256.71503095336084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          205.39452644189436,
          252.70642507677258,
          215.3971784876172,
          256.71503095336084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.75389951025375,
          252.70642507677258,
          261.75655155597656,
          256.71503095336084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.75389763525374,
          252.70642507677258,
          306.75654968097655,
          256.71503095336084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          252.70642507677258,
          361.36592240558593,
          256.71503095336084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          252.70642507677258,
          407.72529547394527,
          256.71503095336084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          454.25389107275373,
          252.70642507677258,
          464.2565431184766,
          256.71503095336084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,200)",
        "box": [
          497.35545177685526,
          252.70642507677258,
          520.6897231955927,
          256.71503095336084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,200)",
        "box": [
          553.2538869477537,
          252.70642507677258,
          576.5881583664911,
          256.71503095336084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash repayments / receipts",
        "box": [
          34.74609230224609,
          263.9564246080263,
          120.66488139312239,
          267.96503048461454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(52,961)",
        "box": [
          188.0624921640625,
          263.9564246080263,
          215.3928609162959,
          267.96503048461454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,771)",
        "box": [
          238.4179625659178,
          263.9564246080263,
          261.7522339846553,
          267.96503048461454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(158)",
        "box": [
          289.4179604409178,
          263.9564246080263,
          306.75223210965527,
          267.96503048461454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          263.9564246080263,
          361.36592240558593,
          267.96503048461454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          263.9564246080263,
          407.72529547394527,
          267.96503048461454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          454.25389107275373,
          263.9564246080263,
          464.2565431184766,
          267.96503048461454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145,812 ",
        "box": [
          492.7031044707031,
          263.9564246080263,
          520.6940407669141,
          267.96503048461454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90,922 ",
        "box": [
          552.5976369750974,
          263.9564246080263,
          576.5924759378124,
          267.96503048461454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfers out of Level III",
        "box": [
          34.74609230224609,
          274.45642417052295,
          115.71091969471033,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(409)",
        "box": [
          198.05858924755842,
          274.45642417052295,
          215.3928609162959,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.75389951025375,
          274.45642417052295,
          261.75655155597656,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,735)",
        "box": [
          283.41796069091777,
          274.45642417052295,
          306.75223210965527,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          274.45642417052295,
          361.36592240558593,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          274.45642417052295,
          407.72529547394527,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,895)",
        "box": [
          440.9179541284178,
          274.45642417052295,
          464.25222554715526,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24 ",
        "box": [
          510.69138872119123,
          274.45642417052295,
          520.6940407669141,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,015)",
        "box": [
          549.2577896142577,
          274.45642417052295,
          576.5881583664911,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfers within Level III",
        "box": [
          34.74609230224609,
          285.70642370177666,
          117.26855202980897,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229,828 ",
        "box": [
          187.40624219140625,
          285.70642370177666,
          215.3971784876172,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.75389951025375,
          285.70642370177666,
          261.75655155597656,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.75389763525374,
          285.70642370177666,
          306.75654968097655,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          285.70642370177666,
          361.36592240558593,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          285.70642370177666,
          407.72529547394527,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(229,828)",
        "box": [
          432.9257669614256,
          285.70642370177666,
          464.25222554715526,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          510.69138872119123,
          285.70642370177666,
          520.6940407669141,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          566.5898238920896,
          285.70642370177666,
          576.5924759378124,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidation of VIEs",
        "box": [
          34.74609230224609,
          296.95642323303036,
          106.55261160613364,
          300.9650291096041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          205.39452644189436,
          296.95642323303036,
          215.3971784876172,
          300.9650291096041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.75389951025375,
          296.95642323303036,
          261.75655155597656,
          300.9650291096041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,199 ",
        "box": [
          286.7578005517578,
          296.95642323303036,
          306.75654968097655,
          300.9650291096041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          296.95642323303036,
          361.36592240558593,
          300.9650291096041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          296.95642323303036,
          407.72529547394527,
          300.9650291096041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "654,186 ",
        "box": [
          436.2656068222656,
          296.95642323303036,
          464.2565431184766,
          300.9650291096041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          510.69138872119123,
          296.95642323303036,
          520.6940407669141,
          300.9650291096041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "657,385 ",
        "box": [
          548.6015396416014,
          296.95642323303036,
          576.5924759378124,
          300.9650291096041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deconsolidation of VIEs",
        "box": [
          34.74609230224609,
          308.2064227642695,
          114.09086886703957,
          312.2150286408578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          205.39452644189436,
          307.45642279552703,
          215.3971784876172,
          311.46502867210074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.75389951025375,
          307.45642279552703,
          261.75655155597656,
          311.46502867210074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.75389763525374,
          307.45642279552703,
          306.75654968097655,
          311.46502867210074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          307.45642279552703,
          361.36592240558593,
          311.46502867210074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          307.45642279552703,
          407.72529547394527,
          311.46502867210074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(137,892)",
        "box": [
          432.9257669614256,
          307.45642279552703,
          464.25222554715526,
          311.46502867210074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,325 ",
        "box": [
          496.69920180419905,
          307.45642279552703,
          520.6940407669141,
          311.46502867210074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(116,567)",
        "box": [
          545.5663872680661,
          307.45642279552703,
          576.5881583664911,
          311.46502867210074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 balance",
        "box": [
          34.74609230224609,
          320.95642223302275,
          109.37114751799149,
          324.965028109611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          170.3554654018553,
          319.4564222955232,
          174.3529651602928,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,445,002 ",
        "box": [
          181.4179649409178,
          319.4564222955232,
          215.3971784876172,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.90233821240219,
          319.4564222955232,
          226.89983797083968,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,800 ",
        "box": [
          237.76171259326156,
          319.4564222955232,
          261.75655155597656,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          269.2617112807615,
          319.4564222955232,
          273.25921103919904,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,643 ",
        "box": [
          282.76171071826155,
          319.4564222955232,
          306.75654968097655,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          314.26170940576156,
          319.4564222955232,
          318.2592091641991,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,368 ",
        "box": [
          327.38670885888655,
          319.4564222955232,
          361.36592240558593,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          368.8710821303709,
          319.4564222955232,
          372.8685818888084,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,487 ",
        "box": [
          383.7304565112303,
          319.4564222955232,
          407.72529547394527,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          415.2304551987303,
          319.4564222955232,
          419.22795495716775,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,868,147 ",
        "box": [
          426.26951723876937,
          319.4564222955232,
          464.2565431184766,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          471.76170284326156,
          319.4564222955232,
          475.75920260169903,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,445,257)",
        "box": [
          483.374979859375,
          319.4564222955232,
          520.6897231955927,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          528.199200491699,
          319.4564222955232,
          532.1967002501365,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,740,190 ",
        "box": [
          538.6054500581052,
          319.4564222955232,
          576.5924759378124,
          323.4650281721115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount of unrealized gains (losses)",
        "box": [
          34.74609230224609,
          332.20642176427646,
          150.20101915762277,
          336.2150276408647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attributable to assets still held at",
        "box": [
          43.74609192724609,
          339.7064214517741,
          146.54881413197438,
          343.71502732836234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026:",
        "box": [
          43.74609192724609,
          347.95642110802874,
          90.60340076303333,
          351.96502698460245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in earnings",
        "box": [
          45.996091833496095,
          359.2064206392679,
          111.26764593467388,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          170.3554654018553,
          359.2064206392679,
          174.3529651602928,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,476)",
        "box": [
          188.0624921640625,
          359.2064206392679,
          215.3928609162959,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.90233821240219,
          359.2064206392679,
          226.89983797083968,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,038 ",
        "box": [
          241.75780242675782,
          359.2064206392679,
          261.75655155597656,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          269.2617112807615,
          359.2064206392679,
          273.25921103919904,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(416)",
        "box": [
          289.4179604409178,
          359.2064206392679,
          306.75223210965527,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          314.26170940576156,
          359.2064206392679,
          318.2592091641991,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,065)",
        "box": [
          338.02733341552715,
          359.2064206392679,
          361.36160483426465,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          368.8710821303709,
          359.2064206392679,
          372.8685818888084,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,744 ",
        "box": [
          387.72654634472656,
          359.2064206392679,
          407.72529547394527,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          415.2304551987303,
          359.2064206392679,
          419.22795495716775,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,815,236)",
        "box": [
          426.9374822109375,
          359.2064206392679,
          464.25222554715526,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          471.76170284326156,
          359.2064206392679,
          475.75920260169903,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,665 ",
        "box": [
          492.7031044707031,
          359.2064206392679,
          520.6940407669141,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          528.199200491699,
          359.2064206392679,
          532.1967002501365,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,679,746)",
        "box": [
          539.2734150302734,
          359.2064206392679,
          576.5881583664911,
          363.21502651585615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in OCI",
        "box": [
          45.996091833496095,
          369.7064202017791,
          97.95178405967434,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          170.3554654018553,
          369.7064202017791,
          174.3529651602928,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          205.39452644189436,
          369.7064202017791,
          215.3971784876172,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.90233821240219,
          369.7064202017791,
          226.89983797083968,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          238.4179625659178,
          369.7064202017791,
          261.7522339846553,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          269.2617112807615,
          369.7064202017791,
          273.25921103919904,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.75389763525374,
          369.7064202017791,
          306.75654968097655,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          314.26170940576156,
          369.7064202017791,
          318.2592091641991,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          351.3632703598631,
          369.7064202017791,
          361.36592240558593,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          368.8710821303709,
          369.7064202017791,
          372.8685818888084,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.72264342822245,
          369.7064202017791,
          407.72529547394527,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          415.2304551987303,
          369.7064202017791,
          419.22795495716775,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          454.25389107275373,
          369.7064202017791,
          464.2565431184766,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          471.76170284326156,
          369.7064202017791,
          475.75920260169903,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          510.69138872119123,
          369.7064202017791,
          520.6940407669141,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          528.199200491699,
          369.7064202017791,
          532.1967002501365,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,184)",
        "box": [
          553.2538869477537,
          369.7064202017791,
          576.5881583664911,
          373.7150260783528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30, 2025",
        "box": [
          34.74609230224609,
          413.11687244990026,
          140.76073727246904,
          416.62534272468474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans at",
        "box": [
          179.17968003417968,
          406.3668727311597,
          205.0375805572665,
          409.87534300594416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          176.51952764501937,
          413.11687244990026,
          207.69046341379172,
          416.62534272468474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          231.50390035400375,
          413.11687244990026,
          251.72077844407235,
          416.62534272468474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          277.24217594824216,
          413.11687244990026,
          297.4590540383108,
          416.62534272468474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund",
        "box": [
          315.1054593706053,
          408.5273266980221,
          355.17479396104955,
          411.5356613710319
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments",
        "box": [
          319.6406116816406,
          414.5273264480202,
          350.63963385001466,
          417.53566112103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Domestic",
        "box": [
          369.8202970908203,
          399.61687301240454,
          397.41050260878984,
          403.125343287189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing",
        "box": [
          369.62108209912094,
          406.3668727311597,
          397.607623770515,
          409.87534300594416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rights",
        "box": [
          373.89842192089844,
          413.11687244990026,
          393.3396822762589,
          416.62534272468474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE Assets",
        "box": [
          419.57810751757813,
          413.11687244990026,
          452.0440027052453,
          416.62534272468474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE",
        "box": [
          487.4999796875,
          406.3668727311597,
          499.94376914350926,
          409.87534300594416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          478.7577925517578,
          413.11687244990026,
          508.695264519776,
          416.62534272468474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          544.0546648310547,
          413.11687244990026,
          559.3514168527776,
          416.62534272468474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 1, 2025 balance",
        "box": [
          34.74609230224609,
          424.456417920519,
          107.14599271070628,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.3124929453125,
          424.456417920519,
          173.30999270375,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,446,636 ",
        "box": [
          180.42186748242187,
          424.456417920519,
          214.40108852912093,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          221.90624075390625,
          424.456417920519,
          225.90374051234377,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,941 ",
        "box": [
          236.82421263232405,
          424.456417920519,
          260.819051595039,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.32421131982403,
          424.456417920519,
          272.32171107826156,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,271 ",
        "box": [
          281.8828007548828,
          424.456417920519,
          305.8776472175975,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.3827994423828,
          424.456417920519,
          317.38029920082033,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,065,498 ",
        "box": [
          322.4296740654297,
          424.456417920519,
          356.40889511212873,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          363.91404733691405,
          424.456417920519,
          367.9115470953516,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,143 ",
        "box": [
          378.83201921533185,
          424.456417920519,
          402.82685817804685,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.33201790283186,
          424.456417920519,
          414.32951766126934,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,470,618 ",
        "box": [
          422.8007673833006,
          424.456417920519,
          460.7877932630078,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.2929529877928,
          424.456417920519,
          472.29045274623024,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,981,624)",
        "box": [
          481.3359174443359,
          424.456417920519,
          518.6506607805537,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          424.456417920519,
          530.1576378350974,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,143,483 ",
        "box": [
          538.664040055664,
          424.456417920519,
          576.6510734353709,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total realized and unrealized gains",
        "box": [
          34.74609230224609,
          434.95641748303024,
          146.06302808486623,
          438.96502335960395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(losses):",
        "box": [
          34.74609230224609,
          443.20641713927034,
          61.393433305115366,
          447.2150230158586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in earnings:",
        "box": [
          45.996091833496095,
          454.45641667052405,
          113.48890558447059,
          458.4650225471123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value / gain on sale",
        "box": [
          52.74609155224609,
          464.9564162330207,
          162.19697029191556,
          468.965022109609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,867 ",
        "box": [
          190.40624206640624,
          464.9564162330207,
          214.40108852912093,
          468.965022109609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          250.81639954931623,
          464.9564162330207,
          260.819051595039,
          468.965022109609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "108 ",
        "box": [
          291.87889783837875,
          464.9564162330207,
          305.8776472175975,
          468.965022109609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,943)",
        "box": [
          333.0702986220703,
          464.9564162330207,
          356.40457004080776,
          468.965022109609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,363 ",
        "box": [
          382.82810904882814,
          464.9564162330207,
          402.82685817804685,
          468.965022109609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,665,548)",
        "box": [
          423.4687323554687,
          464.9564162330207,
          460.78347569168653,
          468.965022109609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,723 ",
        "box": [
          490.664042055664,
          464.9564162330207,
          518.654978351875,
          468.965022109609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,495,430)",
        "box": [
          539.3320125278318,
          464.9564162330207,
          576.6467483640499,
          468.965022109609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net accretion",
        "box": [
          52.74609155224609,
          476.2064157642744,
          95.58253709239412,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.39842898339845,
          476.2064157642744,
          214.40108852912093,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,189 ",
        "box": [
          240.8203024658203,
          476.2064157642744,
          260.819051595039,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          295.874987671875,
          476.2064157642744,
          305.8776472175975,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.4062355664062,
          476.2064157642744,
          356.40889511212873,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.82420613232404,
          476.2064157642744,
          402.82685817804685,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.785141217285,
          476.2064157642744,
          460.7877932630078,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          476.2064157642744,
          518.654978351875,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,189 ",
        "box": [
          556.6523243061521,
          476.2064157642744,
          576.6510734353709,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in OCI",
        "box": [
          45.996091833496095,
          487.45641529552813,
          97.95178405967434,
          491.46502117210184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.39842898339845,
          487.45641529552813,
          214.40108852912093,
          491.46502117210184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          250.81639954931623,
          487.45641529552813,
          260.819051595039,
          491.46502117210184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          295.874987671875,
          487.45641529552813,
          305.8776472175975,
          491.46502117210184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.4062355664062,
          487.45641529552813,
          356.40889511212873,
          491.46502117210184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.82420613232404,
          487.45641529552813,
          402.82685817804685,
          491.46502117210184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.785141217285,
          487.45641529552813,
          460.7877932630078,
          491.46502117210184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          487.45641529552813,
          518.654978351875,
          491.46502117210184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          566.6484138896484,
          487.45641529552813,
          576.6510734353709,
          491.46502117210184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases / Originations",
        "box": [
          34.74609230224609,
          497.9564148580248,
          112.90800761632548,
          501.96502073461306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "524,986 ",
        "box": [
          186.41015223290998,
          497.9564148580248,
          214.40108852912093,
          501.96502073461306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          250.81639954931623,
          497.9564148580248,
          260.819051595039,
          501.96502073461306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          295.874987671875,
          497.9564148580248,
          305.8776472175975,
          501.96502073461306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.4062355664062,
          497.9564148580248,
          356.40889511212873,
          501.96502073461306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.82420613232404,
          497.9564148580248,
          402.82685817804685,
          501.96502073461306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.785141217285,
          497.9564148580248,
          460.7877932630078,
          501.96502073461306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          497.9564148580248,
          518.654978351875,
          501.96502073461306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "524,986 ",
        "box": [
          548.6601371391599,
          497.9564148580248,
          576.6510734353709,
          501.96502073461306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales",
        "box": [
          34.74609230224609,
          509.2064143892785,
          51.622243319899084,
          513.2150202658522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(445,845)",
        "box": [
          183.07030487207032,
          509.2064143892785,
          214.39676345779998,
          513.2150202658522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          250.81639954931623,
          509.2064143892785,
          260.819051595039,
          513.2150202658522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          295.874987671875,
          509.2064143892785,
          305.8776472175975,
          513.2150202658522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.4062355664062,
          509.2064143892785,
          356.40889511212873,
          513.2150202658522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.82420613232404,
          509.2064143892785,
          402.82685817804685,
          513.2150202658522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.785141217285,
          509.2064143892785,
          460.7877932630078,
          513.2150202658522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          509.2064143892785,
          518.654978351875,
          513.2150202658522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(445,845)",
        "box": [
          545.3202897783202,
          509.2064143892785,
          576.6467483640499,
          513.2150202658522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash repayments / receipts",
        "box": [
          34.74609230224609,
          520.4564139205322,
          120.66488139312239,
          524.4650197971059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(59,581)",
        "box": [
          187.06640220556625,
          520.4564139205322,
          214.39676345779998,
          524.4650197971059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,825)",
        "box": [
          237.4804626049803,
          520.4564139205322,
          260.81473402371773,
          524.4650197971059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41)",
        "box": [
          292.53514781103496,
          520.4564139205322,
          305.8733221462765,
          524.4650197971059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.4062355664062,
          520.4564139205322,
          356.40889511212873,
          524.4650197971059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.82420613232404,
          520.4564139205322,
          402.82685817804685,
          524.4650197971059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.785141217285,
          520.4564139205322,
          460.7877932630078,
          524.4650197971059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,031)",
        "box": [
          495.3163893618162,
          520.4564139205322,
          518.6506607805537,
          524.4650197971059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(64,478)",
        "box": [
          549.3163871118162,
          520.4564139205322,
          576.6467483640499,
          524.4650197971059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfers into Level III",
        "box": [
          34.74609230224609,
          530.9564134830289,
          109.2735610629336,
          534.9650193596026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.39842898339845,
          530.9564134830289,
          214.40108852912093,
          534.9650193596026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          250.81639954931623,
          530.9564134830289,
          260.819051595039,
          534.9650193596026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          295.874987671875,
          530.9564134830289,
          305.8776472175975,
          534.9650193596026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.4062355664062,
          530.9564134830289,
          356.40889511212873,
          534.9650193596026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.82420613232404,
          530.9564134830289,
          402.82685817804685,
          534.9650193596026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.785141217285,
          530.9564134830289,
          460.7877932630078,
          534.9650193596026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,527)",
        "box": [
          491.3202920283203,
          530.9564134830289,
          518.6506607805537,
          534.9650193596026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,527)",
        "box": [
          549.3163871118162,
          530.9564134830289,
          576.6467483640499,
          534.9650193596026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfers out of Level III",
        "box": [
          34.74609230224609,
          542.206413014268,
          115.71091969471033,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,225)",
        "box": [
          191.0624920390625,
          542.206413014268,
          214.39676345779998,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          250.81639954931623,
          542.206413014268,
          260.819051595039,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          295.874987671875,
          542.206413014268,
          305.8776472175975,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.4062355664062,
          542.206413014268,
          356.40889511212873,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.82420613232404,
          542.206413014268,
          402.82685817804685,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.785141217285,
          542.206413014268,
          460.7877932630078,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81 ",
        "box": [
          508.6523263061522,
          542.206413014268,
          518.654978351875,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,144)",
        "box": [
          553.3124769453125,
          542.206413014268,
          576.6467483640499,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidation of VIEs",
        "box": [
          34.74609230224609,
          553.4564125455217,
          106.55261160613364,
          557.46501842211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.39842898339845,
          553.4564125455217,
          214.40108852912093,
          557.46501842211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          250.81639954931623,
          553.4564125455217,
          260.819051595039,
          557.46501842211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          295.874987671875,
          553.4564125455217,
          305.8776472175975,
          557.46501842211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.4062355664062,
          553.4564125455217,
          356.40889511212873,
          557.46501842211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.82420613232404,
          553.4564125455217,
          402.82685817804685,
          557.46501842211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "717,180 ",
        "box": [
          432.79685696679684,
          553.4564125455217,
          460.7877932630078,
          557.46501842211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          553.4564125455217,
          518.654978351875,
          557.46501842211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "717,180 ",
        "box": [
          548.6601371391599,
          553.4564125455217,
          576.6510734353709,
          557.46501842211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025 balance",
        "box": [
          34.74609230224609,
          566.206412014275,
          109.37114751799149,
          570.2150178908632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.3124929453125,
          564.7064120767755,
          173.30999270375,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,494,838 ",
        "box": [
          180.42186748242187,
          564.7064120767755,
          214.40108852912093,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          221.90624075390625,
          564.7064120767755,
          225.90374051234377,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,363 ",
        "box": [
          236.82421263232405,
          564.7064120767755,
          260.819051595039,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.32421131982403,
          564.7064120767755,
          272.32171107826156,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,338 ",
        "box": [
          281.8828007548828,
          564.7064120767755,
          305.8776472175975,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.3827994423828,
          564.7064120767755,
          317.38029920082033,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,055,555 ",
        "box": [
          322.4296740654297,
          564.7064120767755,
          356.40889511212873,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          363.91404733691405,
          564.7064120767755,
          367.9115470953516,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,506 ",
        "box": [
          378.83201921533185,
          564.7064120767755,
          402.82685817804685,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.33201790283186,
          564.7064120767755,
          414.32951766126934,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,522,250 ",
        "box": [
          422.8007673833006,
          564.7064120767755,
          460.7877932630078,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.2929529877928,
          564.7064120767755,
          472.29045274623024,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,857,378)",
        "box": [
          481.3359174443359,
          564.7064120767755,
          518.6506607805537,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          564.7064120767755,
          530.1576378350974,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,359,472 ",
        "box": [
          538.664040055664,
          564.7064120767755,
          576.6510734353709,
          568.7150179533637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount of unrealized gains (losses)",
        "box": [
          34.74609230224609,
          577.4564115455287,
          150.20101915762277,
          581.4650174221024
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attributable to assets still held at",
        "box": [
          43.74609192724609,
          584.9564112330263,
          146.54881413197438,
          588.9650171096146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025:",
        "box": [
          43.74609192724609,
          593.206410889281,
          90.60340076303333,
          597.2150167658547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in earnings",
        "box": [
          45.996091833496095,
          604.4564104205201,
          111.26764593467388,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.3124929453125,
          604.4564104205201,
          173.30999270375,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,921 ",
        "box": [
          194.4023393999022,
          604.4564104205201,
          214.40108852912093,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          221.90624075390625,
          604.4564104205201,
          225.90374051234377,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,189 ",
        "box": [
          240.8203024658203,
          604.4564104205201,
          260.819051595039,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.32421131982403,
          604.4564104205201,
          272.32171107826156,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "108 ",
        "box": [
          291.87889783837875,
          604.4564104205201,
          305.8776472175975,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.3827994423828,
          604.4564104205201,
          317.38029920082033,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,943)",
        "box": [
          333.0702986220703,
          604.4564104205201,
          356.40457004080776,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          363.91404733691405,
          604.4564104205201,
          367.9115470953516,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,363 ",
        "box": [
          382.82810904882814,
          604.4564104205201,
          402.82685817804685,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.33201790283186,
          604.4564104205201,
          414.32951766126934,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,665,548)",
        "box": [
          423.4687323554687,
          604.4564104205201,
          460.78347569168653,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.2929529877928,
          604.4564104205201,
          472.29045274623024,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,723 ",
        "box": [
          490.664042055664,
          604.4564104205201,
          518.654978351875,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          604.4564104205201,
          530.1576378350974,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,517,187)",
        "box": [
          539.3320125278318,
          604.4564104205201,
          576.6467483640499,
          608.4650162971084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in OCI",
        "box": [
          45.996091833496095,
          614.9564099830313,
          97.95178405967434,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.3124929453125,
          614.9564099830313,
          173.30999270375,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.39842898339845,
          614.9564099830313,
          214.40108852912093,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          221.90624075390625,
          614.9564099830313,
          225.90374051234377,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          250.81639954931623,
          614.9564099830313,
          260.819051595039,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.32421131982403,
          614.9564099830313,
          272.32171107826156,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          295.874987671875,
          614.9564099830313,
          305.8776472175975,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.3827994423828,
          614.9564099830313,
          317.38029920082033,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.4062355664062,
          614.9564099830313,
          356.40889511212873,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          363.91404733691405,
          614.9564099830313,
          367.9115470953516,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.82420613232404,
          614.9564099830313,
          402.82685817804685,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.33201790283186,
          614.9564099830313,
          414.32951766126934,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.785141217285,
          614.9564099830313,
          460.7877932630078,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.2929529877928,
          614.9564099830313,
          472.29045274623024,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          614.9564099830313,
          518.654978351875,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          614.9564099830313,
          530.1576378350974,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          566.6484138896484,
          614.9564099830313,
          576.6510734353709,
          618.965015859605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          300.99608495849594,
          687.8805328614108,
          310.9935794794336,
          692.8931704727147
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 95,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2026",
        "box": [
          34.74609230224609,
          108.616885137395,
          132.34529039811267,
          112.12535541219404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans at",
        "box": [
          179.50780502050782,
          101.11688544989738,
          205.36570554359463,
          104.62535572468187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          176.8476526313475,
          108.616885137395,
          208.01858840011985,
          112.12535541219404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          231.77342784277343,
          108.616885137395,
          251.99030593284206,
          112.12535541219404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          277.4531134394531,
          108.616885137395,
          297.6699915295217,
          112.12535541219404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund",
        "box": [
          315.28123686328126,
          103.27733941677434,
          355.3505714537255,
          106.28567408978415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments",
        "box": [
          319.81639667431625,
          109.27733916677244,
          350.8154188426903,
          112.28567383978225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Domestic",
        "box": [
          369.949207085449,
          94.3668857311568,
          397.53941260341855,
          97.87535600594128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing",
        "box": [
          369.74998459375,
          101.11688544989738,
          397.73652626514405,
          104.62535572468187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rights",
        "box": [
          374.02733191552716,
          108.616885137395,
          393.46859227088765,
          112.12535541219404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE Assets",
        "box": [
          419.6484200146484,
          108.616885137395,
          452.1143152023156,
          112.12535541219404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE",
        "box": [
          487.52341718652343,
          101.11688544989738,
          499.9672066425327,
          104.62535572468187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          478.78123005078123,
          108.616885137395,
          508.71870201879943,
          112.12535541219404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          544.0546648310547,
          108.616885137395,
          559.3514168527776,
          112.12535541219404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 1, 2026 balance",
        "box": [
          34.74609230224609,
          119.20643063927128,
          117.36612708486734,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.66405543066406,
          119.20643063927128,
          173.66155518910156,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,323,543 ",
        "box": [
          180.72655496972655,
          119.20643063927128,
          214.70577601642563,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.21092824121092,
          119.20643063927128,
          226.20842799964845,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,283 ",
        "box": [
          237.0703026220703,
          119.20643063927128,
          261.06514908478493,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.5703013095703,
          119.20643063927128,
          272.56780106800784,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,197 ",
        "box": [
          282.0703007470703,
          119.20643063927128,
          306.065147209785,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.5702994345703,
          119.20643063927128,
          317.56779919300783,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,727,499 ",
        "box": [
          322.58202155908185,
          119.20643063927128,
          356.56123510578124,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          364.06639483056625,
          119.20643063927128,
          368.0638945890037,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,280 ",
        "box": [
          378.92576921142563,
          119.20643063927128,
          402.9206081741406,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.4257678989256,
          119.20643063927128,
          414.42326765736306,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,493,164 ",
        "box": [
          422.8476423813475,
          119.20643063927128,
          460.83466826105473,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.3398279858397,
          119.20643063927128,
          472.33732774427716,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,831,053)",
        "box": [
          481.3359174443359,
          119.20643063927128,
          518.6506607805537,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          119.20643063927128,
          530.1576378350974,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,857,913 ",
        "box": [
          538.6171650576172,
          119.20643063927128,
          576.604198437324,
          123.21503651585954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total realized and unrealized gains",
        "box": [
          34.74609230224609,
          130.45643017052498,
          146.06302808486623,
          134.4650360470987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(losses):",
        "box": [
          34.74609230224609,
          137.9564298580226,
          61.393433305115366,
          141.9650357345963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in earnings:",
        "box": [
          45.996091833496095,
          149.2064293892763,
          113.48890558447059,
          153.21503526585002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value / gain on sale",
        "box": [
          52.74609155224609,
          160.45642892051546,
          162.19697029191556,
          164.46503479710373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,729)",
        "box": [
          187.37108969287092,
          160.45642892051546,
          214.70145094510465,
          164.46503479710373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          160.45642892051546,
          261.06514908478493,
          164.46503479710373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(346)",
        "box": [
          288.72655046972653,
          160.45642892051546,
          306.060822138464,
          164.46503479710373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,131)",
        "box": [
          333.2226461157225,
          160.45642892051546,
          356.55691753445996,
          164.46503479710373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,207 ",
        "box": [
          382.92185904492186,
          160.45642892051546,
          402.9206081741406,
          164.46503479710373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,791,944)",
        "box": [
          423.51560735351563,
          160.45642892051546,
          460.8303506897334,
          164.46503479710373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "337,801 ",
        "box": [
          490.664042055664,
          160.45642892051546,
          518.654978351875,
          164.46503479710373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,468,142)",
        "box": [
          539.285137529785,
          160.45642892051546,
          576.5998733660031,
          164.46503479710373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net accretion",
        "box": [
          52.74609155224609,
          170.95642848302668,
          95.58253709239412,
          174.9650343596004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          170.95642848302668,
          214.70577601642563,
          174.9650343596004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,090 ",
        "box": [
          241.06639995556623,
          170.95642848302668,
          261.06514908478493,
          174.9650343596004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          170.95642848302668,
          306.065147209785,
          174.9650343596004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          170.95642848302668,
          356.56123510578124,
          174.9650343596004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          170.95642848302668,
          402.9206081741406,
          174.9650343596004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          170.95642848302668,
          460.83466826105473,
          174.9650343596004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          170.95642848302668,
          518.654978351875,
          174.9650343596004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,090 ",
        "box": [
          556.6054493081052,
          170.95642848302668,
          576.604198437324,
          174.9650343596004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in OCI",
        "box": [
          45.996091833496095,
          182.20642801426584,
          97.95178405967434,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          182.20642801426584,
          214.70577601642563,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          237.72655259472657,
          182.20642801426584,
          261.060824013464,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          182.20642801426584,
          306.065147209785,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          182.20642801426584,
          356.56123510578124,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          182.20642801426584,
          402.9206081741406,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          182.20642801426584,
          460.83466826105473,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          182.20642801426584,
          518.654978351875,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          553.2656019472655,
          182.20642801426584,
          576.5998733660031,
          186.2150338908541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases / Originations",
        "box": [
          34.74609230224609,
          193.45642754551955,
          112.90800761632548,
          197.4650334221078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "520,300 ",
        "box": [
          186.71483972021468,
          193.45642754551955,
          214.70577601642563,
          197.4650334221078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          193.45642754551955,
          261.06514908478493,
          197.4650334221078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,527 ",
        "box": [
          286.0663980805662,
          193.45642754551955,
          306.065147209785,
          197.4650334221078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          193.45642754551955,
          356.56123510578124,
          197.4650334221078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          193.45642754551955,
          402.9206081741406,
          197.4650334221078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          193.45642754551955,
          460.83466826105473,
          197.4650334221078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          193.45642754551955,
          518.654978351875,
          197.4650334221078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "526,827 ",
        "box": [
          548.6132621411131,
          193.45642754551955,
          576.604198437324,
          197.4650334221078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales",
        "box": [
          34.74609230224609,
          203.95642710801621,
          51.622243319899084,
          207.96503298460448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(512,323)",
        "box": [
          183.374992359375,
          203.95642710801621,
          214.70145094510465,
          207.96503298460448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          203.95642710801621,
          261.06514908478493,
          207.96503298460448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          203.95642710801621,
          306.065147209785,
          207.96503298460448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          203.95642710801621,
          356.56123510578124,
          207.96503298460448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          203.95642710801621,
          402.9206081741406,
          207.96503298460448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          203.95642710801621,
          460.83466826105473,
          207.96503298460448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          203.95642710801621,
          518.654978351875,
          207.96503298460448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(512,323)",
        "box": [
          545.2734147802734,
          203.95642710801621,
          576.5998733660031,
          207.96503298460448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuances",
        "box": [
          34.74609230224609,
          215.20642663926992,
          65.3831337715286,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          215.20642663926992,
          214.70577601642563,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          215.20642663926992,
          261.06514908478493,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          215.20642663926992,
          306.065147209785,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          215.20642663926992,
          356.56123510578124,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          215.20642663926992,
          402.9206081741406,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          215.20642663926992,
          460.83466826105473,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,065)",
        "box": [
          495.3163893618162,
          215.20642663926992,
          518.6506607805537,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,065)",
        "box": [
          553.2656019472655,
          215.20642663926992,
          576.5998733660031,
          219.21503251585818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash repayments / receipts",
        "box": [
          34.74609230224609,
          226.45642617052363,
          120.66488139312239,
          230.46503204709734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(91,038)",
        "box": [
          187.37108969287092,
          226.45642617052363,
          214.70145094510465,
          230.46503204709734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,710)",
        "box": [
          237.72655259472657,
          226.45642617052363,
          261.060824013464,
          230.46503204709734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(524)",
        "box": [
          288.72655046972653,
          226.45642617052363,
          306.060822138464,
          230.46503204709734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          226.45642617052363,
          356.56123510578124,
          230.46503204709734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          226.45642617052363,
          402.9206081741406,
          230.46503204709734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          226.45642617052363,
          460.83466826105473,
          230.46503204709734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,702 ",
        "box": [
          490.664042055664,
          226.45642617052363,
          518.654978351875,
          230.46503204709734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,430 ",
        "box": [
          556.6054493081052,
          226.45642617052363,
          576.604198437324,
          230.46503204709734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfers into Level III",
        "box": [
          34.74609230224609,
          236.9564257330203,
          109.2735610629336,
          240.96503160960856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28 ",
        "box": [
          204.70311647070312,
          236.9564257330203,
          214.70577601642563,
          240.96503160960856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          236.9564257330203,
          261.06514908478493,
          240.96503160960856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,325 ",
        "box": [
          286.0663980805662,
          236.9564257330203,
          306.065147209785,
          240.96503160960856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          236.9564257330203,
          356.56123510578124,
          240.96503160960856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          236.9564257330203,
          402.9206081741406,
          240.96503160960856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          236.9564257330203,
          460.83466826105473,
          240.96503160960856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(68,514)",
        "box": [
          491.3202920283203,
          236.9564257330203,
          518.6506607805537,
          240.96503160960856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(64,161)",
        "box": [
          549.2695121137693,
          236.9564257330203,
          576.5998733660031,
          240.96503160960856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfers out of Level III",
        "box": [
          34.74609230224609,
          248.206425264274,
          115.71091969471033,
          252.2150311408477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,607)",
        "box": [
          187.37108969287092,
          248.206425264274,
          214.70145094510465,
          252.2150311408477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          248.206425264274,
          261.06514908478493,
          252.2150311408477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,735)",
        "box": [
          282.72655071972656,
          248.206425264274,
          306.060822138464,
          252.2150311408477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          248.206425264274,
          356.56123510578124,
          252.2150311408477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          248.206425264274,
          402.9206081741406,
          252.2150311408477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,895)",
        "box": [
          437.4960792709959,
          248.206425264274,
          460.8303506897334,
          252.2150311408477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27 ",
        "box": [
          508.6523263061522,
          248.206425264274,
          518.654978351875,
          252.2150311408477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,210)",
        "box": [
          549.2695121137693,
          248.206425264274,
          576.5998733660031,
          252.2150311408477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfers within Level III",
        "box": [
          34.74609230224609,
          259.4564247955277,
          117.26855202980897,
          263.4650306721014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229,828 ",
        "box": [
          186.71483972021468,
          259.4564247955277,
          214.70577601642563,
          263.4650306721014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          259.4564247955277,
          261.06514908478493,
          263.4650306721014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          259.4564247955277,
          306.065147209785,
          263.4650306721014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          259.4564247955277,
          356.56123510578124,
          263.4650306721014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          259.4564247955277,
          402.9206081741406,
          263.4650306721014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(229,828)",
        "box": [
          429.50389210400374,
          259.4564247955277,
          460.8303506897334,
          263.4650306721014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          259.4564247955277,
          518.654978351875,
          263.4650306721014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          566.6015388916015,
          259.4564247955277,
          576.604198437324,
          263.4650306721014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidation of VIEs",
        "box": [
          34.74609230224609,
          269.9564243580244,
          106.55261160613364,
          273.9650302345981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          269.9564243580244,
          214.70577601642563,
          273.9650302345981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          269.9564243580244,
          261.06514908478493,
          273.9650302345981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,199 ",
        "box": [
          286.0663980805662,
          269.9564243580244,
          306.065147209785,
          273.9650302345981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          269.9564243580244,
          356.56123510578124,
          273.9650302345981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          269.9564243580244,
          402.9206081741406,
          273.9650302345981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "654,186 ",
        "box": [
          432.84373196484376,
          269.9564243580244,
          460.83466826105473,
          273.9650302345981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          269.9564243580244,
          518.654978351875,
          273.9650302345981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "657,385 ",
        "box": [
          548.6132621411131,
          269.9564243580244,
          576.604198437324,
          273.9650302345981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deconsolidation of VIEs",
        "box": [
          34.74609230224609,
          281.95642385802057,
          114.09086886703957,
          285.96502973460883
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          281.20642388926353,
          214.70577601642563,
          285.2150297658518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          281.20642388926353,
          261.06514908478493,
          285.2150297658518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          281.20642388926353,
          306.065147209785,
          285.2150297658518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          281.20642388926353,
          356.56123510578124,
          285.2150297658518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          281.20642388926353,
          402.9206081741406,
          285.2150297658518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(254,536)",
        "box": [
          429.50389210400374,
          281.20642388926353,
          460.8303506897334,
          285.2150297658518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,845 ",
        "box": [
          494.66013938915995,
          281.20642388926353,
          518.654978351875,
          285.2150297658518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(232,691)",
        "box": [
          545.2734147802734,
          281.20642388926353,
          576.5998733660031,
          285.2150297658518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 balance",
        "box": [
          34.74609230224609,
          294.7064233267738,
          109.37114751799149,
          298.7150292033475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.66405543066406,
          293.2064233892743,
          173.66155518910156,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,445,002 ",
        "box": [
          180.72655496972655,
          293.2064233892743,
          214.70577601642563,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.21092824121092,
          293.2064233892743,
          226.20842799964845,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,800 ",
        "box": [
          237.0703026220703,
          293.2064233892743,
          261.06514908478493,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.5703013095703,
          293.2064233892743,
          272.56780106800784,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,643 ",
        "box": [
          282.0703007470703,
          293.2064233892743,
          306.065147209785,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.5702994345703,
          293.2064233892743,
          317.56779919300783,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,368 ",
        "box": [
          322.58202155908185,
          293.2064233892743,
          356.56123510578124,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          364.06639483056625,
          293.2064233892743,
          368.0638945890037,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,487 ",
        "box": [
          378.92576921142563,
          293.2064233892743,
          402.9206081741406,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.4257678989256,
          293.2064233892743,
          414.42326765736306,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,868,147 ",
        "box": [
          422.8476423813475,
          293.2064233892743,
          460.83466826105473,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.3398279858397,
          293.2064233892743,
          472.33732774427716,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,445,257)",
        "box": [
          481.3359174443359,
          293.2064233892743,
          518.6506607805537,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          293.2064233892743,
          530.1576378350974,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,740,190 ",
        "box": [
          538.6171650576172,
          293.2064233892743,
          576.604198437324,
          297.215029265848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount of unrealized gains (losses)",
        "box": [
          34.74609230224609,
          305.20642288927047,
          150.20101915762277,
          309.21502876585873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attributable to assets still held at",
        "box": [
          43.74609192724609,
          313.45642254552513,
          146.54881413197438,
          317.46502842209884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026:",
        "box": [
          43.74609192724609,
          321.70642220176524,
          90.60340076303333,
          325.7150280783535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in earnings",
        "box": [
          45.996091833496095,
          332.20642176427646,
          111.26764593467388,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.66405543066406,
          332.20642176427646,
          173.66155518910156,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(36,670)",
        "box": [
          187.37108969287092,
          332.20642176427646,
          214.70145094510465,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.21092824121092,
          332.20642176427646,
          226.20842799964845,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,080 ",
        "box": [
          241.06639995556623,
          332.20642176427646,
          261.06514908478493,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.5703013095703,
          332.20642176427646,
          272.56780106800784,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(346)",
        "box": [
          288.72655046972653,
          332.20642176427646,
          306.060822138464,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.5702994345703,
          332.20642176427646,
          317.56779919300783,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,131)",
        "box": [
          333.2226461157225,
          332.20642176427646,
          356.55691753445996,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          364.06639483056625,
          332.20642176427646,
          368.0638945890037,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,207 ",
        "box": [
          382.92185904492186,
          332.20642176427646,
          402.9206081741406,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.4257678989256,
          332.20642176427646,
          414.42326765736306,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,791,944)",
        "box": [
          423.51560735351563,
          332.20642176427646,
          460.8303506897334,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.3398279858397,
          332.20642176427646,
          472.33732774427716,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "337,801 ",
        "box": [
          490.664042055664,
          332.20642176427646,
          518.654978351875,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          332.20642176427646,
          530.1576378350974,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,490,003)",
        "box": [
          539.285137529785,
          332.20642176427646,
          576.5998733660031,
          336.21502764085017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in OCI",
        "box": [
          45.996091833496095,
          343.4564212955156,
          97.95178405967434,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.66405543066406,
          343.4564212955156,
          173.66155518910156,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          343.4564212955156,
          214.70577601642563,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.21092824121092,
          343.4564212955156,
          226.20842799964845,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          237.72655259472657,
          343.4564212955156,
          261.060824013464,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.5703013095703,
          343.4564212955156,
          272.56780106800784,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          343.4564212955156,
          306.065147209785,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.5702994345703,
          343.4564212955156,
          317.56779919300783,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          343.4564212955156,
          356.56123510578124,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          364.06639483056625,
          343.4564212955156,
          368.0638945890037,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          343.4564212955156,
          402.9206081741406,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.4257678989256,
          343.4564212955156,
          414.42326765736306,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          343.4564212955156,
          460.83466826105473,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.3398279858397,
          343.4564212955156,
          472.33732774427716,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          343.4564212955156,
          518.654978351875,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          343.4564212955156,
          530.1576378350974,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,863)",
        "box": [
          553.2656019472655,
          343.4564212955156,
          576.5998733660031,
          347.4650271721039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2025",
        "box": [
          34.74609230224609,
          386.8668735436513,
          132.34529039811267,
          390.3753438184358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans at",
        "box": [
          179.50780502050782,
          380.1168738248962,
          205.36570554359463,
          383.62534409968066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          176.8476526313475,
          386.8668735436513,
          208.01858840011985,
          390.3753438184358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          231.77342784277343,
          386.8668735436513,
          251.99030593284206,
          390.3753438184358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          277.4531134394531,
          386.8668735436513,
          297.6699915295217,
          390.3753438184358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund",
        "box": [
          315.28123686328126,
          381.5273278230161,
          355.3505714537255,
          384.5356624960259
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments",
        "box": [
          319.81639667431625,
          387.5273275730142,
          350.8154188426903,
          390.53566224603856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Domestic",
        "box": [
          369.949207085449,
          372.61687413739855,
          397.53941260341855,
          376.12534441218304
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing",
        "box": [
          369.74998459375,
          380.1168738248962,
          397.73652626514405,
          383.62534409968066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rights",
        "box": [
          374.02733191552716,
          386.8668735436513,
          393.46859227088765,
          390.3753438184358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE Assets",
        "box": [
          419.6484200146484,
          386.8668735436513,
          452.1143152023156,
          390.3753438184358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE",
        "box": [
          487.52341718652343,
          380.1168738248962,
          499.9672066425327,
          383.62534409968066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          478.78123005078123,
          386.8668735436513,
          508.71870201879943,
          390.3753438184358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          544.0546648310547,
          386.8668735436513,
          559.3514168527776,
          390.3753438184358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 1, 2025 balance",
        "box": [
          34.74609230224609,
          397.4564190455276,
          117.36612708486734,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.66405543066406,
          397.4564190455276,
          173.66155518910156,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,516,008 ",
        "box": [
          180.72655496972655,
          397.4564190455276,
          214.70577601642563,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.21092824121092,
          397.4564190455276,
          226.20842799964845,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93,806 ",
        "box": [
          237.0703026220703,
          397.4564190455276,
          261.06514908478493,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.5703013095703,
          397.4564190455276,
          272.56780106800784,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,345 ",
        "box": [
          282.0703007470703,
          397.4564190455276,
          306.065147209785,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.5702994345703,
          397.4564190455276,
          317.56779919300783,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,073,533 ",
        "box": [
          322.58202155908185,
          397.4564190455276,
          356.56123510578124,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          364.06639483056625,
          397.4564190455276,
          368.0638945890037,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,390 ",
        "box": [
          378.92576921142563,
          397.4564190455276,
          402.9206081741406,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.4257678989256,
          397.4564190455276,
          414.42326765736306,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,937,576 ",
        "box": [
          422.8476423813475,
          397.4564190455276,
          460.83466826105473,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.3398279858397,
          397.4564190455276,
          472.33732774427716,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,514,152)",
        "box": [
          481.3359174443359,
          397.4564190455276,
          518.6506607805537,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          397.4564190455276,
          530.1576378350974,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,156,506 ",
        "box": [
          538.6171650576172,
          397.4564190455276,
          576.604198437324,
          401.4650249221013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total realized and unrealized gains",
        "box": [
          34.74609230224609,
          408.70641857676674,
          146.06302808486623,
          412.715024453355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(losses):",
        "box": [
          34.74609230224609,
          416.9564182330214,
          61.393433305115366,
          420.96502410960966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in earnings:",
        "box": [
          45.996091833496095,
          427.45641779551806,
          113.48890558447059,
          431.4650236721063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value / gain on sale",
        "box": [
          52.74609155224609,
          438.70641732677177,
          162.19697029191556,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,271 ",
        "box": [
          190.71092955371094,
          438.70641732677177,
          214.70577601642563,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          438.70641732677177,
          261.06514908478493,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79 ",
        "box": [
          296.0624876640625,
          438.70641732677177,
          306.065147209785,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,978)",
        "box": [
          329.22654878222653,
          438.70641732677177,
          356.55691753445996,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,116 ",
        "box": [
          383.22654653222656,
          438.70641732677177,
          402.9206081741406,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,070,045)",
        "box": [
          423.51560735351563,
          438.70641732677177,
          460.8303506897334,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "401,522 ",
        "box": [
          490.664042055664,
          438.70641732677177,
          518.654978351875,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,595,035)",
        "box": [
          539.285137529785,
          438.70641732677177,
          576.5998733660031,
          442.71502320336003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net accretion",
        "box": [
          52.74609155224609,
          449.9564168580255,
          95.58253709239412,
          453.9650227345992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          449.9564168580255,
          214.70577601642563,
          453.9650227345992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264 ",
        "box": [
          241.06639995556623,
          449.9564168580255,
          261.06514908478493,
          453.9650227345992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          449.9564168580255,
          306.065147209785,
          453.9650227345992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          449.9564168580255,
          356.56123510578124,
          453.9650227345992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          449.9564168580255,
          402.9206081741406,
          453.9650227345992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          449.9564168580255,
          460.83466826105473,
          453.9650227345992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          449.9564168580255,
          518.654978351875,
          453.9650227345992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264 ",
        "box": [
          556.6054493081052,
          449.9564168580255,
          576.604198437324,
          453.9650227345992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in OCI",
        "box": [
          45.996091833496095,
          460.45641642052215,
          97.95178405967434,
          464.4650222971104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          460.45641642052215,
          214.70577601642563,
          464.4650222971104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          243.72655234472657,
          460.45641642052215,
          261.060824013464,
          464.4650222971104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          460.45641642052215,
          306.065147209785,
          464.4650222971104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          460.45641642052215,
          356.56123510578124,
          464.4650222971104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          460.45641642052215,
          402.9206081741406,
          464.4650222971104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          460.45641642052215,
          460.83466826105473,
          464.4650222971104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          460.45641642052215,
          518.654978351875,
          464.4650222971104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          559.2656016972655,
          460.45641642052215,
          576.5998733660031,
          464.4650222971104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases / Originations",
        "box": [
          34.74609230224609,
          471.70641595177585,
          112.90800761632548,
          475.71502182834956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "756,095 ",
        "box": [
          186.71483972021468,
          471.70641595177585,
          214.70577601642563,
          475.71502182834956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          471.70641595177585,
          261.06514908478493,
          475.71502182834956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          471.70641595177585,
          306.065147209785,
          475.71502182834956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          471.70641595177585,
          356.56123510578124,
          475.71502182834956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          471.70641595177585,
          402.9206081741406,
          475.71502182834956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          471.70641595177585,
          460.83466826105473,
          475.71502182834956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          471.70641595177585,
          518.654978351875,
          475.71502182834956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "756,095 ",
        "box": [
          548.6132621411131,
          471.70641595177585,
          576.604198437324,
          475.71502182834956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales",
        "box": [
          34.74609230224609,
          482.956415483015,
          51.622243319899084,
          486.96502135960327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(743,164)",
        "box": [
          183.374992359375,
          482.956415483015,
          214.70145094510465,
          486.96502135960327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          482.956415483015,
          261.06514908478493,
          486.96502135960327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          482.956415483015,
          306.065147209785,
          486.96502135960327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          482.956415483015,
          356.56123510578124,
          486.96502135960327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          482.956415483015,
          402.9206081741406,
          486.96502135960327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          482.956415483015,
          460.83466826105473,
          486.96502135960327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          482.956415483015,
          518.654978351875,
          486.96502135960327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(743,164)",
        "box": [
          545.2734147802734,
          482.956415483015,
          576.5998733660031,
          486.96502135960327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash repayments / receipts",
        "box": [
          34.74609230224609,
          493.4564150455262,
          120.66488139312239,
          497.46502092209994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(114,209)",
        "box": [
          183.67967984667968,
          493.4564150455262,
          214.70145094510465,
          497.46502092209994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,898)",
        "box": [
          237.72655259472657,
          493.4564150455262,
          261.060824013464,
          497.46502092209994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(86)",
        "box": [
          292.72264780322246,
          493.4564150455262,
          306.060822138464,
          497.46502092209994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          493.4564150455262,
          356.56123510578124,
          497.46502092209994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          493.4564150455262,
          402.9206081741406,
          497.46502092209994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          493.4564150455262,
          460.83466826105473,
          497.46502092209994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(65,071)",
        "box": [
          491.3202920283203,
          493.4564150455262,
          518.6506607805537,
          497.46502092209994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(183,264)",
        "box": [
          545.2734147802734,
          493.4564150455262,
          576.5998733660031,
          497.46502092209994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfers into Level III",
        "box": [
          34.74609230224609,
          504.7064145767654,
          109.2735610629336,
          508.71502045335365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          504.7064145767654,
          214.70577601642563,
          508.71502045335365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          504.7064145767654,
          261.06514908478493,
          508.71502045335365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          504.7064145767654,
          306.065147209785,
          508.71502045335365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          504.7064145767654,
          356.56123510578124,
          508.71502045335365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          504.7064145767654,
          402.9206081741406,
          508.71502045335365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          504.7064145767654,
          460.83466826105473,
          508.71502045335365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(28,122)",
        "box": [
          491.3202920283203,
          504.7064145767654,
          518.6506607805537,
          508.71502045335365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(28,122)",
        "box": [
          549.2695121137693,
          504.7064145767654,
          576.5998733660031,
          508.71502045335365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfers out of Level III",
        "box": [
          34.74609230224609,
          515.9564141080191,
          115.71091969471033,
          519.9650199846074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,163)",
        "box": [
          191.36717952636718,
          515.9564141080191,
          214.70145094510465,
          519.9650199846074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          515.9564141080191,
          261.06514908478493,
          519.9650199846074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          515.9564141080191,
          306.065147209785,
          519.9650199846074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          515.9564141080191,
          356.56123510578124,
          519.9650199846074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          515.9564141080191,
          402.9206081741406,
          519.9650199846074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          515.9564141080191,
          460.83466826105473,
          519.9650199846074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,348,407 ",
        "box": [
          484.6757648051756,
          515.9564141080191,
          518.654978351875,
          519.9650199846074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,340,244 ",
        "box": [
          542.624977390625,
          515.9564141080191,
          576.604198437324,
          519.9650199846074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidation of VIEs",
        "box": [
          34.74609230224609,
          526.4564136705158,
          106.55261160613364,
          530.465019547104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          526.4564136705158,
          214.70577601642563,
          530.465019547104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          526.4564136705158,
          261.06514908478493,
          530.465019547104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          526.4564136705158,
          306.065147209785,
          530.465019547104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          526.4564136705158,
          356.56123510578124,
          530.465019547104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          526.4564136705158,
          402.9206081741406,
          530.465019547104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "717,180 ",
        "box": [
          432.84373196484376,
          526.4564136705158,
          460.83466826105473,
          530.465019547104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          526.4564136705158,
          518.654978351875,
          530.465019547104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "717,180 ",
        "box": [
          548.6132621411131,
          526.4564136705158,
          576.604198437324,
          530.465019547104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deconsolidation of VIEs",
        "box": [
          34.74609230224609,
          538.4564131705265,
          114.09086886703957,
          542.4650190471002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          537.7064132017695,
          214.70577601642563,
          541.7150190783577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          251.06248953906248,
          537.7064132017695,
          261.06514908478493,
          541.7150190783577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          537.7064132017695,
          306.065147209785,
          541.7150190783577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          537.7064132017695,
          356.56123510578124,
          541.7150190783577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          537.7064132017695,
          402.9206081741406,
          541.7150190783577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(62,461)",
        "box": [
          433.49998193749997,
          537.7064132017695,
          460.8303506897334,
          541.7150190783577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38 ",
        "box": [
          508.6523263061522,
          537.7064132017695,
          518.654978351875,
          541.7150190783577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(62,423)",
        "box": [
          549.2695121137693,
          537.7064132017695,
          576.5998733660031,
          541.7150190783577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025 balance",
        "box": [
          34.74609230224609,
          551.2064126392652,
          109.37114751799149,
          555.2150185158534
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.66405543066406,
          549.7064127017657,
          173.66155518910156,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,494,838 ",
        "box": [
          180.72655496972655,
          549.7064127017657,
          214.70577601642563,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.21092824121092,
          549.7064127017657,
          226.20842799964845,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,363 ",
        "box": [
          237.0703026220703,
          549.7064127017657,
          261.06514908478493,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.5703013095703,
          549.7064127017657,
          272.56780106800784,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,338 ",
        "box": [
          282.0703007470703,
          549.7064127017657,
          306.065147209785,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.5702994345703,
          549.7064127017657,
          317.56779919300783,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,055,555 ",
        "box": [
          322.58202155908185,
          549.7064127017657,
          356.56123510578124,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          364.06639483056625,
          549.7064127017657,
          368.0638945890037,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,506 ",
        "box": [
          378.92576921142563,
          549.7064127017657,
          402.9206081741406,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.4257678989256,
          549.7064127017657,
          414.42326765736306,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,522,250 ",
        "box": [
          422.8476423813475,
          549.7064127017657,
          460.83466826105473,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.3398279858397,
          549.7064127017657,
          472.33732774427716,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,857,378)",
        "box": [
          481.3359174443359,
          549.7064127017657,
          518.6506607805537,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          549.7064127017657,
          530.1576378350974,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,359,472 ",
        "box": [
          538.6171650576172,
          549.7064127017657,
          576.604198437324,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount of unrealized gains (losses)",
        "box": [
          34.74609230224609,
          561.7064122017764,
          150.20101915762277,
          565.7150180783501
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attributable to assets still held at",
        "box": [
          43.74609192724609,
          569.9564118580165,
          146.54881413197438,
          573.9650177346048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025:",
        "box": [
          43.74609192724609,
          578.2064115142712,
          90.60340076303333,
          582.2150173908594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in earnings",
        "box": [
          45.996091833496095,
          589.4564110455249,
          111.26764593467388,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.66405543066406,
          589.4564110455249,
          173.66155518910156,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,102 ",
        "box": [
          190.71092955371094,
          589.4564110455249,
          214.70577601642563,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.21092824121092,
          589.4564110455249,
          226.20842799964845,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264 ",
        "box": [
          241.06639995556623,
          589.4564110455249,
          261.06514908478493,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.5703013095703,
          589.4564110455249,
          272.56780106800784,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "137 ",
        "box": [
          292.06639783056625,
          589.4564110455249,
          306.065147209785,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.5702994345703,
          589.4564110455249,
          317.56779919300783,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,978)",
        "box": [
          329.22654878222653,
          589.4564110455249,
          356.55691753445996,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          364.06639483056625,
          589.4564110455249,
          368.0638945890037,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,116 ",
        "box": [
          383.22654653222656,
          589.4564110455249,
          402.9206081741406,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.4257678989256,
          589.4564110455249,
          414.42326765736306,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,070,045)",
        "box": [
          423.51560735351563,
          589.4564110455249,
          460.8303506897334,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.3398279858397,
          589.4564110455249,
          472.33732774427716,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "401,522 ",
        "box": [
          490.664042055664,
          589.4564110455249,
          518.654978351875,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          589.4564110455249,
          530.1576378350974,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,635,882)",
        "box": [
          539.285137529785,
          589.4564110455249,
          576.5998733660031,
          593.4650169220986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in OCI",
        "box": [
          45.996091833496095,
          599.9564106080215,
          97.95178405967434,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          169.66405543066406,
          599.9564106080215,
          173.66155518910156,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.70311647070312,
          599.9564106080215,
          214.70577601642563,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          222.21092824121092,
          599.9564106080215,
          226.20842799964845,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          243.72655234472657,
          599.9564106080215,
          261.060824013464,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.5703013095703,
          599.9564106080215,
          272.56780106800784,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          296.0624876640625,
          599.9564106080215,
          306.065147209785,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          313.5702994345703,
          599.9564106080215,
          317.56779919300783,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          346.5585830600584,
          599.9564106080215,
          356.56123510578124,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          364.06639483056625,
          599.9564106080215,
          368.0638945890037,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          392.9179561284178,
          599.9564106080215,
          402.9206081741406,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          410.4257678989256,
          599.9564106080215,
          414.42326765736306,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          450.83201621533186,
          599.9564106080215,
          460.83466826105473,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.3398279858397,
          599.9564106080215,
          472.33732774427716,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          508.6523263061522,
          599.9564106080215,
          518.654978351875,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.1601380766599,
          599.9564106080215,
          530.1576378350974,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(809)",
        "box": [
          559.2656016972655,
          599.9564106080215,
          576.5998733660031,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts were transferred from Level II to Level III due to a decrease in the observable relevant market activity and amounts",
        "box": [
          69.74999709375,
          628.6305353301577,
          571.0839177502486,
          633.6431729414617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were transferred from Level III to Level II due to an increase in the observable relevant market activity.",
        "box": [
          33.74999859375,
          640.6305348301539,
          447.8011439978681,
          645.6431724414579
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          300.99608495849594,
          683.3805330489122,
          310.9935794794336,
          688.3931706602161
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 96,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the fair values of our financial instruments not carried at fair value on the consolidated balance",
        "box": [
          69.74999709375,
          93.13055764266755,
          565.2796888942397,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheets (amounts in thousands):",
        "box": [
          33.74999859375,
          105.13055714266375,
          156.76107856737576,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          344.7421731357422,
          123.7064304517844,
          391.1622672515714,
          127.71503632835811
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          476.7773276342772,
          123.7064304517844,
          541.2369259734605,
          127.71503632835811
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          316.93358429443344,
          134.95642998302355,
          348.4646065056407,
          138.96503585961182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          323.07420903857405,
          143.2064296392782,
          342.327772086465,
          147.21503551586648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair",
        "box": [
          395.8827960048828,
          134.95642998302355,
          410.5337743945482,
          138.96503585961182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          393.58592110058595,
          143.2064296392782,
          412.83948414847686,
          147.21503551586648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          457.9570159184569,
          134.95642998302355,
          489.4880381296643,
          138.96503585961182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          464.0976406625975,
          143.2064296392782,
          483.35120371048856,
          147.21503551586648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair",
        "box": [
          536.9296651279296,
          134.95642998302355,
          551.580643517595,
          138.96503585961182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          534.6327902236328,
          143.2064296392782,
          553.8863532715238,
          147.21503551586648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial assets not carried at fair value:",
        "box": [
          34.74609230224609,
          155.38055504891963,
          196.30702831962782,
          160.39319266022358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans",
        "box": [
          45.996091833496095,
          168.88055448641535,
          70.42844083589449,
          173.8931920977193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          301.3476474438475,
          168.88055448641535,
          306.3463971980662,
          173.8931920977193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,589,447 ",
        "box": [
          316.0429593315428,
          168.88055448641535,
          363.5423323336522,
          173.8931920977193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          371.85935950585935,
          168.88055448641535,
          376.8581092600781,
          173.8931920977193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,696,648 ",
        "box": [
          386.55467139355466,
          168.88055448641535,
          434.05404439566405,
          173.8931920977193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.37107906787094,
          168.88055448641535,
          447.3698288220897,
          173.8931920977193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,862,712 ",
        "box": [
          457.06639095556625,
          168.88055448641535,
          504.56576395767564,
          173.8931920977193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.8827911298828,
          168.88055448641535,
          517.8815408841016,
          173.8931920977193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,996,541 ",
        "box": [
          527.5898255170896,
          168.88055448641535,
          575.089198519199,
          173.8931920977193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM debt securities",
        "box": [
          45.996091833496095,
          181.63055395516858,
          128.17759145467977,
          186.64319156647252
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "283,049 ",
        "box": [
          328.5468613105469,
          181.63055395516858,
          363.5423323336522,
          186.64319156647252
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,056 ",
        "box": [
          399.0585808725584,
          181.63055395516858,
          434.05404439566405,
          186.64319156647252
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "179,567 ",
        "box": [
          469.5702929345703,
          181.63055395516858,
          504.56576395767564,
          186.64319156647252
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "146,442 ",
        "box": [
          540.0937274960937,
          181.63055395516858,
          575.089198519199,
          186.64319156647252
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial liabilities not carried at fair value:",
        "box": [
          34.74609230224609,
          194.3805534239218,
          210.19023311616095,
          199.39319103522575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financing agreements",
        "box": [
          45.996091833496095,
          207.1305528926605,
          166.46876553421413,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          301.3476474438475,
          207.1305528926605,
          306.3463971980662,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,999,891 ",
        "box": [
          316.0429593315428,
          207.1305528926605,
          363.5423323336522,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          371.85935950585935,
          207.1305528926605,
          376.8581092600781,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,079,482 ",
        "box": [
          386.55467139355466,
          207.1305528926605,
          434.05404439566405,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.37107906787094,
          207.1305528926605,
          447.3698288220897,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,678,948 ",
        "box": [
          457.06639095556625,
          207.1305528926605,
          504.56576395767564,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          512.8827911298828,
          207.1305528926605,
          517.8815408841016,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,785,314 ",
        "box": [
          527.5898255170896,
          207.1305528926605,
          575.089198519199,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized financing",
        "box": [
          45.996091833496095,
          220.63055233017076,
          131.21881414504918,
          225.6431899414747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,811,511 ",
        "box": [
          321.785146592285,
          220.63055233017076,
          363.5423323336522,
          225.6431899414747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,824,687 ",
        "box": [
          391.5585811850584,
          220.63055233017076,
          434.05404439566405,
          225.6431899414747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,131,453 ",
        "box": [
          462.0702932470703,
          220.63055233017076,
          504.56576395767564,
          225.6431899414747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,154,262 ",
        "box": [
          532.5937278085937,
          220.63055233017076,
          575.089198519199,
          225.6431899414747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured senior notes",
        "box": [
          45.996091833496095,
          233.380551798924,
          139.27832569214917,
          238.39318941022793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,882,722 ",
        "box": [
          321.0468616230469,
          233.380551798924,
          363.5423323336522,
          238.39318941022793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,979,002 ",
        "box": [
          391.5585811850584,
          233.380551798924,
          434.05404439566405,
          238.39318941022793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,283,836 ",
        "box": [
          462.0702932470703,
          233.380551798924,
          504.56576395767564,
          238.39318941022793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,438,777 ",
        "box": [
          532.5937278085937,
          233.380551798924,
          575.089198519199,
          238.39318941022793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following is quantitative information about significant unobservable inputs in our Level III measurements for those assets",
        "box": [
          69.74999709375,
          262.630550580172,
          574.5009861578706,
          267.64318819147593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and liabilities measured at fair value on a recurring basis (dollars in thousands):",
        "box": [
          33.74999859375,
          274.6305500801682,
          351.9072793362836,
          279.6431876914721
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value at",
        "box": [
          102.94921446044921,
          299.86687716866436,
          156.59890757554464,
          303.37534744344885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          109.46483918896485,
          306.61687688740494,
          150.09331380861167,
          310.125347162204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation",
        "box": [
          192.99608945849593,
          299.86687716866436,
          221.90514401139046,
          303.37534744344885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Technique",
        "box": [
          192.02342949902345,
          306.61687688740494,
          222.87660843103566,
          310.125347162204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unobservable",
        "box": [
          289.01952295751937,
          299.86687716866436,
          330.228860758025,
          303.37534744344885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Input",
        "box": [
          301.2656124472656,
          306.61687688740494,
          317.99397755074983,
          310.125347162204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Range (Weighted Average) as of (1)",
        "box": [
          422.63670489013657,
          294.61687738740875,
          527.6434287153558,
          298.12534766219324
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          401.0507682895506,
          306.61687688740494,
          441.6792429091975,
          310.125347162204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          499.16013920166,
          306.61687688740494,
          555.5774086384405,
          310.125347162204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans under fair",
        "box": [
          34.74609230224609,
          317.2064223892812,
          87.5801414418261,
          321.2150282658695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value option",
        "box": [
          39.24609211474609,
          325.4564220455359,
          78.99069900872072,
          329.4650279221096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          98.69530838769532,
          325.4564220455359,
          102.69280814613282,
          329.4650279221096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,445,002 ",
        "box": [
          126.37499473437501,
          325.4564220455359,
          160.35421578107406,
          329.4650279221096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted cash flow,",
        "box": [
          168.6679654721678,
          317.2064223892812,
          239.42047016164665,
          321.2150282658695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market pricing",
        "box": [
          173.16796528466782,
          325.4564220455359,
          220.0096940829291,
          329.4650279221096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon (d)",
        "box": [
          254.03905191503907,
          325.4564220455359,
          290.68011235432687,
          329.4650279221096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8% - 10.8% (4.6%)",
        "box": [
          387.374983859375,
          325.4564220455359,
          455.33789264358586,
          329.4650279221096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8% - 10.8% (4.5%)",
        "box": [
          493.39451444189433,
          325.4564220455359,
          561.3574232261052,
          329.4650279221096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Remaining contractual term (d)",
        "box": [
          254.03905191503907,
          336.706421576775,
          354.60490694079346,
          340.7150274533633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8 - 36.0 years (24.9 years)",
        "box": [
          376.4999843125,
          336.706421576775,
          466.2091385906173,
          340.7150274533633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.3 - 36.5 years (25.5 years)",
        "box": [
          482.51951489501937,
          336.706421576775,
          572.2286691731366,
          340.7150274533633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FICO score (a)",
        "box": [
          254.03905191503907,
          347.20642113928625,
          301.99335188294185,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "590 - 829 (749)",
        "box": [
          396.3632684848631,
          347.20642113928625,
          446.3576912927609,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "585 - 829 (750)",
        "box": [
          502.3710765678709,
          347.20642113928625,
          552.3654993757686,
          351.21502701585996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTV (b)",
        "box": [
          254.03905191503907,
          358.4564206705254,
          280.0227792983825,
          362.46502654711367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1% - 99% (63%)",
        "box": [
          394.35935856835937,
          358.4564206705254,
          448.3535179346015,
          362.46502654711367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1% - 100% (63%)",
        "box": [
          498.37497923437496,
          358.4564206705254,
          556.365235934113,
          362.46502654711367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchase price (d)",
        "box": [
          254.03905191503907,
          369.7064202017791,
          312.1978879827528,
          373.7150260783674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79.4% - 113.4% (100.9%)",
        "box": [
          379.5234216865234,
          369.7064202017791,
          463.18945481643743,
          373.7150260783674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80.0% - 106.8% (101.3%)",
        "box": [
          485.3906047753906,
          369.7064202017791,
          569.3613253926093,
          373.7150260783674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS",
        "box": [
          34.74609230224609,
          380.2064197642758,
          56.9665427762711,
          384.21502564086404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,800 ",
        "box": [
          136.35936931835937,
          380.2064197642758,
          160.35421578107406,
          384.21502564086404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted cash flow",
        "box": [
          168.6679654721678,
          380.2064197642758,
          237.94093267261886,
          384.21502564086404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Constant prepayment rate (a)",
        "box": [
          254.03905191503907,
          380.2064197642758,
          347.0549423303753,
          384.21502564086404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4% - 9.0% (4.7%)",
        "box": [
          389.37889377587874,
          380.2064197642758,
          453.3457052265937,
          384.21502564086404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.2% - 11.0% (4.6%)",
        "box": [
          493.53513943603497,
          380.2064197642758,
          561.205075732453,
          384.21502564086404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Constant default rate (b)",
        "box": [
          254.03905191503907,
          391.4564192955295,
          331.96282945921337,
          395.46502517211775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.0% - 3.6% (1.8%)",
        "box": [
          389.37889377587874,
          391.4564192955295,
          453.3457052265937,
          395.46502517211775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.7% - 7.5% (1.5%)",
        "box": [
          495.38670185888657,
          391.4564192955295,
          559.3535133096015,
          395.46502517211775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss severity (b)",
        "box": [
          254.03905191503907,
          402.7064188267832,
          307.7709701172077,
          406.7150247033569
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0% - 69% (35%)",
        "box": [
          394.35935856835937,
          402.7064188267832,
          448.3535179346015,
          406.7150247033569
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0% - 81% (10%)",
        "box": [
          500.3788891508787,
          402.7064188267832,
          554.3730485171208,
          406.7150247033569
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Delinquency rate (c)",
        "box": [
          254.03905191503907,
          413.20641838927986,
          319.74004771849604,
          417.2150242658681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8% - 20% (13%)",
        "box": [
          394.35935856835937,
          413.20641838927986,
          448.3535179346015,
          417.2150242658681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7% - 24% (13%)",
        "box": [
          500.3788891508787,
          413.20641838927986,
          554.3730485171208,
          417.2150242658681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicer advances (a)",
        "box": [
          254.03905191503907,
          424.45641792053357,
          322.8435708391826,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28% - 71% (49%)",
        "box": [
          392.3671711513672,
          424.45641792053357,
          450.35742785110523,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31% - 70% (49%)",
        "box": [
          498.37497923437496,
          424.45641792053357,
          556.365235934113,
          428.4650237971073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS",
        "box": [
          34.74609230224609,
          435.7064174517873,
          56.9665427762711,
          439.715023328361
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,643 ",
        "box": [
          136.35936931835937,
          435.7064174517873,
          160.35421578107406,
          439.715023328361
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted cash flow",
        "box": [
          168.6679654721678,
          435.7064174517873,
          237.94093267261886,
          439.715023328361
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (b)",
        "box": [
          254.03905191503907,
          435.7064174517873,
          282.68124178761315,
          439.715023328361
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0% - 88.6% (26.5%)",
        "box": [
          388.3710813178709,
          435.7064174517873,
          454.3418026850896,
          439.715023328361
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0% - 63.9% (10.7%)",
        "box": [
          494.3906044003906,
          435.7064174517873,
          560.3613257676092,
          439.715023328361
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Duration (c)",
        "box": [
          254.03905191503907,
          446.20641701428394,
          293.33081564388084,
          450.21502289085765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0 - 5.9 years (1.3 years)",
        "box": [
          383.4960815209959,
          446.20641701428394,
          459.2247638816329,
          450.21502289085765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0 - 6.7 years (1.3 years)",
        "box": [
          489.50388960400375,
          446.20641701428394,
          565.2325719646407,
          450.21502289085765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund",
        "box": [
          34.74609230224609,
          457.45641654553765,
          83.62557889060074,
          461.46502242211136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments",
        "box": [
          39.24609211474609,
          465.70641620177776,
          77.44090306912153,
          469.715022078366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,368 ",
        "box": [
          126.37499473437501,
          465.70641620177776,
          160.35421578107406,
          469.715022078366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted cash flow",
        "box": [
          168.6679654721678,
          465.70641620177776,
          237.94093267261886,
          469.715022078366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate - properties (b)",
        "box": [
          254.03905191503907,
          465.70641620177776,
          346.8363030144853,
          469.715022078366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          414.4804552299803,
          465.70641620177776,
          428.2491787681083,
          469.715022078366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.0% - 7.8% (7.5%)",
        "box": [
          495.38670185888657,
          465.70641620177776,
          559.3535133096015,
          469.715022078366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate - debt (a)",
        "box": [
          254.03905191503907,
          476.2064157642744,
          328.1839561166665,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2% - 6.1% (5.2%)",
        "box": [
          389.37889377587874,
          476.2064157642744,
          453.3457052265937,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2% - 5.6% (4.9%)",
        "box": [
          495.38670185888657,
          476.2064157642744,
          559.3535133096015,
          480.2150216408627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Terminal capitalization rate (b)",
        "box": [
          254.03905191503907,
          488.20641526428517,
          353.14490412662684,
          492.2150211408589
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          414.4804552299803,
          488.95641523302766,
          428.2491787681083,
          492.9650211096159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.0% - 5.8% (5.5%)",
        "box": [
          495.38670185888657,
          488.95641523302766,
          559.3535133096015,
          492.9650211096159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Direct capitalization rate (b)",
        "box": [
          254.03905191503907,
          499.4564147955243,
          344.376956291958,
          503.4650206721126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.99% (4.99%)",
        "box": [
          397.0429559565428,
          499.4564147955243,
          445.6816430459296,
          503.4650206721126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 4.99% (4.99%) (Implied)",
        "box": [
          485.9531047519531,
          499.4564147955243,
          568.7864430665628,
          503.4650206721126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Domestic servicing",
        "box": [
          34.74609230224609,
          510.70641432677803,
          96.69164124618146,
          514.7150202033663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rights",
        "box": [
          39.24609211474609,
          518.9564139830327,
          57.45732235177077,
          522.9650198596064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,487 ",
        "box": [
          136.35936931835937,
          518.9564139830327,
          160.35421578107406,
          522.9650198596064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted cash flow",
        "box": [
          168.6679654721678,
          518.9564139830327,
          237.94093267261886,
          522.9650198596064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt yield (a)",
        "box": [
          254.03905191503907,
          518.9564139830327,
          298.43699753112327,
          522.9650198596064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.25% (9.25%)",
        "box": [
          397.0429559565428,
          518.9564139830327,
          445.6816430459296,
          522.9650198596064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.00% (9.00%)",
        "box": [
          503.0507640395506,
          518.9564139830327,
          551.6894511289373,
          522.9650198596064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate (b)",
        "box": [
          254.03905191503907,
          529.4564135455294,
          308.20820307398964,
          533.4650194221176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15% (15%)",
        "box": [
          403.0312332070312,
          529.4564135455294,
          439.69336579544114,
          533.4650194221176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15% (15%)",
        "box": [
          509.03904129003905,
          529.4564135455294,
          545.7011738784489,
          533.4650194221176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE assets",
        "box": [
          34.74609230224609,
          540.7064130767831,
          68.71699208261785,
          544.7150189533568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,868,147 ",
        "box": [
          122.36718240136719,
          540.7064130767831,
          160.35421578107406,
          544.7150189533568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted cash flow",
        "box": [
          168.6679654721678,
          540.7064130767831,
          237.94093267261886,
          544.7150189533568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (b)",
        "box": [
          254.03905191503907,
          540.7064130767831,
          282.68124178761315,
          544.7150189533568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0% - 240.8% (17.4%)",
        "box": [
          386.36717140136716,
          540.7064130767831,
          456.34570510159364,
          544.7150189533568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0% - 420.1% (22.1%)",
        "box": [
          492.38670198388655,
          540.7064130767831,
          562.3652356841129,
          544.7150189533568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Duration (c)",
        "box": [
          254.03905191503907,
          551.9564126080368,
          293.33081564388084,
          555.9650184846105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0 - 9.5 years (3.3 years)",
        "box": [
          383.4960815209959,
          551.9564126080368,
          459.2247638816329,
          555.9650184846105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0 - 8.0 years (3.3 years)",
        "box": [
          489.50388960400375,
          551.9564126080368,
          565.2325719646407,
          555.9650184846105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE liabilities",
        "box": [
          34.74609230224609,
          562.4564121705334,
          79.81940872001712,
          566.4650180471072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,445,257 ",
        "box": [
          126.37499473437501,
          562.4564121705334,
          160.35421578107406,
          566.4650180471072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted cash flow",
        "box": [
          168.6679654721678,
          562.4564121705334,
          237.94093267261886,
          566.4650180471072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (b)",
        "box": [
          254.03905191503907,
          562.4564121705334,
          282.68124178761315,
          566.4650180471072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0% - 240.8% (10.8%)",
        "box": [
          386.36717140136716,
          562.4564121705334,
          456.34570510159364,
          566.4650180471072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0% - 420.1% (12.1%)",
        "box": [
          492.38670198388655,
          562.4564121705334,
          562.3652356841129,
          566.4650180471072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Duration (c)",
        "box": [
          254.03905191503907,
          573.7064117017871,
          293.33081564388084,
          577.7150175783609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0 - 9.5 years (2.9 years)",
        "box": [
          383.4960815209959,
          573.7064117017871,
          459.2247638816329,
          577.7150175783609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0 - 8.0 years (2.9 years)",
        "box": [
          489.50388960400375,
          573.7064117017871,
          565.2325719646407,
          577.7150175783609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          590.5136472552695,
          210.74999121875,
          592.0178145917744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          599.3805365489243,
          45.40722371353168,
          604.3931741602282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unobservable inputs were weighted by the relative carrying value of the instruments as of June 30, 2026 and December 31,",
        "box": [
          69.74999709375,
          599.3805365489243,
          563.0879125442524,
          604.3931741602282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025.",
        "box": [
          69.74999709375,
          611.3805360489205,
          92.24435103773521,
          616.3931736602244
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Information about Uncertainty of Fair Value Measurements",
        "box": [
          33.74999859375,
          635.3805350489129,
          289.4132451115273,
          640.3931726602168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          33.74999859375,
          647.3805345489236,
          44.84584521192245,
          652.3931721602276
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value",
        "box": [
          69.74999709375,
          647.3805345489236,
          565.8556464952419,
          652.3931721602276
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurement.",
        "box": [
          69.74999709375,
          659.3805340489198,
          125.54655367514337,
          664.3931716602237
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          33.74999859375,
          674.380533423915,
          45.40722371353168,
          679.393171035219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value",
        "box": [
          69.74999709375,
          674.380533423915,
          565.8556464952419,
          679.393171035219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurement.",
        "box": [
          69.74999709375,
          686.3805329239112,
          125.54655367514337,
          691.3931705352152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          33.74999859375,
          701.380532298921,
          44.84584521192245,
          706.393169910225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher",
        "box": [
          69.74999709375,
          701.380532298921,
          554.7598546155044,
          706.393169910225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(higher or lower) fair value measurement depending on the structural features of the security in question.",
        "box": [
          69.74999709375,
          713.3805317989172,
          488.9414621336882,
          718.3931694102212
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          33.74999859375,
          728.3805311739125,
          45.40722371353168,
          733.3931687852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This unobservable input is not subject to variability as of the respective reporting dates.",
        "box": [
          69.74999709375,
          728.3805311739125,
          419.5741097739945,
          733.3931687852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 97,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "64",
        "box": [
          300.99608495849594,
          54.130559267665376,
          310.9935794794336,
          59.14319687896932
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 98,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21. Income Taxes",
        "box": [
          33.74999859375,
          93.130557642653,
          106.79695032053988,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain of our domestic subsidiaries have elected to be treated as taxable REIT subsidiaries ('TRSs'). TRSs permit us to",
        "box": [
          69.74999709375,
          114.13055676766089,
          552.1970141792898,
          119.14319437896484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are",
        "box": [
          33.74999859375,
          126.13055626765708,
          537.1488306163593,
          131.14319387896103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conducted within the parameters of certain limitations established by the Code and are conducted in entities which elect to be treated as",
        "box": [
          33.74999859375,
          138.13055576765328,
          575.371652121593,
          143.14319337895722
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable subsidiaries under the Code. To the extent these criteria are met, we will continue to maintain our qualification as a REIT.",
        "box": [
          33.74999859375,
          150.13055526766402,
          551.2712015616153,
          155.14319287896797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our TRSs engage in various real estate-related operations, including special servicing of commercial real estate, originating",
        "box": [
          69.74999709375,
          171.13055439265736,
          564.5474770396871,
          176.1431920039613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and securitizing mortgage loans, and investing in entities which engage in real estate-related operations. As of June 30, 2026 and",
        "box": [
          33.74999859375,
          183.13055389265355,
          548.4741137844109,
          188.1431915039575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, approximately $2.9 billion and $2.7 billion, respectively, of assets were owned by TRS entities. Our TRSs are not",
        "box": [
          33.74999859375,
          195.1305533926643,
          571.687372328779,
          200.14319100396824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision",
        "box": [
          33.74999859375,
          207.1305528926605,
          567.6342690110712,
          212.14319050396443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for current and deferred taxes is established for the portion of earnings recognized by us with respect to our interest in TRSs.",
        "box": [
          33.74999859375,
          219.13055239265668,
          532.1841966069076,
          224.14319000396063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate",
        "box": [
          69.74999709375,
          243.13055139266362,
          573.6320438962254,
          248.14318900396756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to our reported income tax provision for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):",
        "box": [
          33.74999859375,
          255.1305508926598,
          510.4806827790583,
          260.14318850396376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended June 30,",
        "box": [
          187.82811717382813,
          273.7064242017659,
          317.76227527240445,
          277.7150300783542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended June 30,",
        "box": [
          411.01170537451156,
          273.7064242017659,
          531.4752141926989,
          277.7150300783542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          189.79686709179688,
          284.9564237330196,
          205.78683620054815,
          288.9650296096079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          299.0859250380859,
          284.9564237330196,
          315.0758941468372,
          288.9650296096079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          408.46873298046876,
          284.9564237330196,
          424.4587020892199,
          288.9650296096079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          517.9452909189453,
          284.9564237330196,
          533.9352600276965,
          288.9650296096079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Federal statutory tax rate",
        "box": [
          34.74609230224609,
          297.8805491114035,
          134.4036429724094,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          147.28124386328125,
          297.8805491114035,
          152.2799936175,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,458 ",
        "box": [
          165.92577808642562,
          297.8805491114035,
          190.925152026035,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21.0 %",
        "box": [
          219.9726508344725,
          297.8805491114035,
          248.30454767197617,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          255.86717683886718,
          297.8805491114035,
          260.86592659308593,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,427 ",
        "box": [
          270.6210862241209,
          297.8805491114035,
          300.6243624552344,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21.0 %",
        "box": [
          329.9765487509766,
          297.8805491114035,
          358.3084530884799,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.24998478124996,
          297.8805491114035,
          370.2487345354687,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,688 ",
        "box": [
          380.00389416650376,
          297.8805491114035,
          410.0071703976172,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21.0 %",
        "box": [
          439.35935669335936,
          297.8805491114035,
          467.69126103086273,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          474.6327927236328,
          297.8805491114035,
          479.63154247785155,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,599 ",
        "box": [
          489.38670210888654,
          297.8805491114035,
          519.38997834,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21.0 %",
        "box": [
          548.7656021347656,
          297.8805491114035,
          577.2498464659215,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REIT and other non-",
        "box": [
          34.74609230224609,
          310.63054858015676,
          117.57682210646496,
          315.6431861914607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable income",
        "box": [
          43.74609192724609,
          321.1305481426534,
          104.5364988418738,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "589 ",
        "box": [
          173.4257777739256,
          321.1305481426534,
          190.925152026035,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7 %",
        "box": [
          224.96483812646468,
          321.1305481426534,
          248.30454767197617,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,911)",
        "box": [
          266.82421138232405,
          321.1305481426534,
          300.62220552957365,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20.6)%",
        "box": [
          325.80467392480466,
          321.1305481426534,
          358.3084530884799,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,920)",
        "box": [
          380.8359216318359,
          321.1305481426534,
          410.00501347195643,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10.5)%",
        "box": [
          435.1874818671875,
          321.1305481426534,
          467.69126103086273,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(50,114)",
        "box": [
          485.5898272670897,
          321.1305481426534,
          519.3878214143392,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19.6)%",
        "box": [
          544.5937273085937,
          321.1305481426534,
          577.2498464659215,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "State and local income",
        "box": [
          34.74609230224609,
          333.88054761140666,
          125.52406956739162,
          338.8931852227106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxes, net of federal",
        "box": [
          43.74609192724609,
          343.63054720516084,
          122.57392696684039,
          348.6431848164648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effect",
        "box": [
          43.74609192724609,
          354.1305467676575,
          66.31366406101814,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,288 ",
        "box": [
          165.92577808642562,
          354.1305467676575,
          190.925152026035,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.1 %",
        "box": [
          224.96483812646468,
          354.1305467676575,
          248.30454767197617,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134 ",
        "box": [
          283.124988203125,
          354.1305467676575,
          300.6243624552344,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.1 %",
        "box": [
          334.96873604296877,
          354.1305467676575,
          358.3084530884799,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,030 ",
        "box": [
          385.0077964580078,
          354.1305467676575,
          410.0071703976172,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7 %",
        "box": [
          444.35154398535155,
          354.1305467676575,
          467.69126103086273,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "905 ",
        "box": [
          501.8906040878906,
          354.1305467676575,
          519.38997834,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.3 %",
        "box": [
          553.7577894267578,
          354.1305467676575,
          577.2498464659215,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intra-entity transfers",
        "box": [
          34.74609230224609,
          366.88054623641074,
          116.63465746063537,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          178.4179650659178,
          366.88054623641074,
          190.925152026035,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- %",
        "box": [
          227.46092802246093,
          366.88054623641074,
          248.30454767197617,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          288.1171754951172,
          366.88054623641074,
          300.6243624552344,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- %",
        "box": [
          337.46483343896466,
          366.88054623641074,
          358.3084530884799,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,522)",
        "box": [
          380.8359216318359,
          366.88054623641074,
          410.00501347195643,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10.1)%",
        "box": [
          435.1874818671875,
          366.88054623641074,
          467.69126103086273,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.8827913798828,
          366.88054623641074,
          519.38997834,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- %",
        "box": [
          556.2538868227537,
          366.88054623641074,
          577.2498464659215,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          34.74609230224609,
          380.38054567390645,
          57.50893828429355,
          385.3931832852104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(111)",
        "box": [
          169.9921804169922,
          379.63054570516397,
          190.9229876003746,
          384.6431833164679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.5)%",
        "box": [
          220.7929633002928,
          379.63054570516397,
          248.30454767197617,
          384.6431833164679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21 ",
        "box": [
          288.1171754951172,
          379.63054570516397,
          300.6243624552344,
          384.6431833164679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- %",
        "box": [
          337.46483343896466,
          379.63054570516397,
          358.3084530884799,
          384.6431833164679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 ",
        "box": [
          402.5038932290037,
          379.63054570516397,
          410.0071703976172,
          384.6431833164679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- %",
        "box": [
          446.8476413813475,
          379.63054570516397,
          467.69126103086273,
          384.6431833164679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47 ",
        "box": [
          506.8827913798828,
          379.63054570516397,
          519.38997834,
          384.6431833164679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- %",
        "box": [
          556.2538868227537,
          379.63054570516397,
          577.2498464659215,
          384.6431833164679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effective tax rate",
        "box": [
          34.74609230224609,
          395.3805450489017,
          103.39093373960566,
          400.39318266020564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          147.28124386328125,
          393.88054511140217,
          152.2799936175,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,224 ",
        "box": [
          165.92577808642562,
          393.88054511140217,
          190.925152026035,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29.3 %",
        "box": [
          219.9726508344725,
          393.88054511140217,
          248.30454767197617,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          255.86717683886718,
          393.88054511140217,
          260.86592659308593,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "671 ",
        "box": [
          283.124988203125,
          393.88054511140217,
          300.6243624552344,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.5 %",
        "box": [
          334.96873604296877,
          393.88054511140217,
          358.3084530884799,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.24998478124996,
          393.88054511140217,
          370.2487345354687,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,279 ",
        "box": [
          385.0077964580078,
          393.88054511140217,
          410.0071703976172,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1 %",
        "box": [
          444.35154398535155,
          393.88054511140217,
          467.69126103086273,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          474.6327927236328,
          393.88054511140217,
          479.63154247785155,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,437 ",
        "box": [
          494.3906044003906,
          393.88054511140217,
          519.38997834,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.7 %",
        "box": [
          553.7577894267578,
          393.88054511140217,
          577.2498464659215,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three and six months ended June 30, 2026 and 2025, we have utilized the discrete effective tax rate method, as allowed",
        "box": [
          69.74999709375,
          427.6305437051633,
          576.2291023029527,
          432.64318131646723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by ASC 740-270-30-18, 'Income Taxes-Interim Reporting,' to calculate our interim income tax provision. The discrete method is",
        "box": [
          33.74999859375,
          439.6305432051595,
          559.3697916133372,
          444.6431808164634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the",
        "box": [
          33.74999859375,
          451.6305427051557,
          566.3016458266584,
          456.6431803164596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "annual effective tax rate. The discrete method treats the year to date period as if it was the annual period and determines the income tax",
        "box": [
          33.74999859375,
          463.63054220515187,
          574.4197452283425,
          468.6431798164558
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense or benefit on that basis. We believe that due to market dislocation and volatility, particularly with respect to the Company's",
        "box": [
          33.74999859375,
          475.6305417051626,
          560.1703738299796,
          480.64317931646656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential assets that are housed in TRSs, the use of the discrete method is more appropriate at this time than the annual effective tax",
        "box": [
          33.74999859375,
          487.6305412051588,
          566.4236672865128,
          492.64317881646275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate method due to the high degree of uncertainty in estimating annual pretax earnings.",
        "box": [
          33.74999859375,
          499.630540705155,
          380.7672417909475,
          504.64317831645894
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22. Commitments and Contingencies",
        "box": [
          33.74999859375,
          523.6305397051619,
          190.3794433629359,
          528.6431773164659
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 99,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "As of June 30, 2026, our Commercial and Residential Lending Segment had future commercial loan funding commitments",
        "box": [
          69.74999709375,
          38.380559923898545,
          561.1840920877412,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "totaling $2.5 billion, of which we expect to fund $2.3 billion. These future funding commitments primarily relate to construction",
        "box": [
          33.74999859375,
          50.38055942390929,
          547.8032655873626,
          55.393197035213234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "projects, capital improvements, tenant improvements and leasing commissions.",
        "box": [
          33.74999859375,
          62.38055892390548,
          350.8236625385968,
          67.39319653520943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $562.4",
        "box": [
          69.74999709375,
          83.38055804889882,
          571.4591753267,
          88.39319566020276
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, including $291.7 million under revolvers and letters of credit ('LCs') and $270.7 million under delayed draw term loans.",
        "box": [
          33.74999859375,
          95.38055754890956,
          552.9657175910106,
          100.39319516021351
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additionally, as of June 30, 2026, our Infrastructure Lending Segment had outstanding loan purchase commitments of $849.0 million.",
        "box": [
          33.74999859375,
          107.38055704890576,
          570.0979038771696,
          112.3931946602097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Infrastructure Lending Segment also entered into a credit default swap that may require future additional collateral postings or",
        "box": [
          33.74999859375,
          119.38055654890195,
          556.7727790066324,
          124.3931941602059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payments upon specified credit events. See Note 13 for additional information regarding this instrument.",
        "box": [
          33.74999859375,
          131.38055604889814,
          452.1506306666397,
          136.3931936602021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, our Property Segment had future construction funding commitments of $68.6 million related to",
        "box": [
          69.74999709375,
          152.38055517390603,
          535.6744133927319,
          157.39319278520998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "development projects which have estimated rental revenue commencement dates between July 2026 and September 2027.",
        "box": [
          33.74999859375,
          164.38055467390222,
          521.5181206513271,
          169.39319228520617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw",
        "box": [
          69.74999709375,
          185.3805537989101,
          552.7438678199164,
          190.39319141021406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certifications, minimum debt service coverage ratios or executions of new leases before advances are made to the borrower.",
        "box": [
          33.74999859375,
          197.3805532989063,
          528.1472248001146,
          202.39319091021025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred",
        "box": [
          69.74999709375,
          218.38055242389964,
          573.3538427977554,
          223.3931900352036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the normal course of business that would have a material adverse effect on our consolidated financial statements.",
        "box": [
          33.74999859375,
          230.3805519239104,
          495.5187020596363,
          235.39318953521433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65",
        "box": [
          300.99608495849594,
          285.1305496426503,
          310.9935794794336,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 100,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23. Segment Data",
        "box": [
          33.74999859375,
          90.1305577676685,
          108.44691504387833,
          95.14319537897245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive",
        "box": [
          69.74999709375,
          108.1305570176628,
          546.8809769108532,
          113.14319462896674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Officer, reviews certain financial information to assess the performance of the business segments identified in Note 1, including",
        "box": [
          33.74999859375,
          120.13055651765899,
          544.8275224363524,
          125.14319412896293
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC",
        "box": [
          33.74999859375,
          132.13055601766973,
          563.0309921598747,
          137.14319362897368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "810. The segment information within this Note is reported on that basis.",
        "box": [
          33.74999859375,
          144.13055551766593,
          321.5047933602163,
          149.14319312896987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " T",
        "box": [
          321.5156116035156,
          144.79100954704336,
          329.1005721724756,
          149.30351155655808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "he financial condition and operating results of Fundamental",
        "box": [
          329.1093612871094,
          144.13055551766593,
          567.5943435743219,
          149.14319312896987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have been aggregated into the Property Segment, which is characterized by owning and leasing commercial properties, given its similar",
        "box": [
          33.74999859375,
          156.13055501766212,
          576.2161986464899,
          161.14319262896606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic characteristics.",
        "box": [
          33.74999859375,
          168.1305545176583,
          134.78420106524138,
          173.14319212896226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents our results of operations for the three months ended June 30, 2026 by business segment (amounts in",
        "box": [
          69.74999709375,
          189.1305536426662,
          571.4646979514698,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          201.1305531426624,
          79.84681717213674,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          189.57421460107406,
          219.61688051240344,
          226.36230632732443,
          223.12535078718793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and",
        "box": [
          202.33592906933595,
          226.36688023115858,
          213.61801590668753,
          229.87535050594306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          191.26171453076157,
          233.1168799499137,
          224.69453597181482,
          236.6253502246982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          195.52733935302717,
          240.61687963741133,
          220.41830010340377,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          195.14061686914062,
          247.3668793561519,
          220.79353070076857,
          250.87534963095095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          236.64842763964845,
          233.1168799499137,
          279.6617891899865,
          236.6253502246982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          245.70702476220686,
          240.61687963741133,
          270.5979855125835,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          245.3203022783203,
          247.3668793561519,
          270.9732161099483,
          250.87534963095095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          294.14061274414064,
          240.61687963741133,
          320.8253776697754,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          294.6562377226563,
          247.3668793561519,
          320.30915155428426,
          250.87534963095095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing",
        "box": [
          342.76170821826156,
          233.1168799499137,
          370.3689813554585,
          236.6253502246982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Servicing",
        "box": [
          336.0468609980469,
          240.61687963741133,
          377.06484660146407,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          343.73436067773434,
          247.3668793561519,
          369.3872745093623,
          250.87534963095095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          390.43358123193343,
          247.3668793561519,
          421.5225315041219,
          250.87534963095095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          441.2695166137693,
          247.3668793561519,
          466.5465575946468,
          250.87534963095095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization",
        "box": [
          483.02341737402344,
          240.61687963741133,
          524.6119986236044,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs",
        "box": [
          496.2304518237303,
          247.3668793561519,
          511.39737843218785,
          250.87534963095095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          546.1288872446287,
          247.3668793561519,
          561.4256392663516,
          250.87534963095095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues:",
        "box": [
          34.74609230224609,
          257.86687891866313,
          65.45237354831707,
          261.3753491934476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from loans",
        "box": [
          45.996091833496095,
          267.61687851240276,
          121.19516244061435,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          186.79686721679687,
          267.61687851240276,
          190.29561703351564,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "327,151 ",
        "box": [
          204.035151498535,
          267.61687851240276,
          228.53061545914065,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          235.94530266894532,
          267.61687851240276,
          239.44405248566406,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,991 ",
        "box": [
          258.6210867241209,
          267.61687851240276,
          279.62436333023436,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          287.15623803515626,
          267.61687851240276,
          290.654987851875,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.51561172851564,
          267.61687851240276,
          327.2727988448828,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          334.6171735576172,
          267.61687851240276,
          338.1159233743359,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,273 ",
        "box": [
          360.2929574877928,
          267.61687851240276,
          377.7923317399022,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.3007689458006,
          267.61687851240276,
          388.79951876251937,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          267.61687851240276,
          426.1556072247656,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.4531069394531,
          267.61687851240276,
          436.9518567561719,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "398,415 ",
        "box": [
          449.3671687763672,
          267.61687851240276,
          473.8626402369725,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          481.16013995165997,
          267.61687851240276,
          484.65888976837874,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          267.61687851240276,
          525.7532630748631,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          533.2734152802734,
          267.61687851240276,
          536.7721650969921,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "398,415 ",
        "box": [
          549.1874771171874,
          267.61687851240276,
          573.6829485777928,
          271.12534878718725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from investment securities",
        "box": [
          45.996091833496095,
          277.36687810615695,
          165.30530240269175,
          280.87534838094143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,344 ",
        "box": [
          207.52733885302717,
          277.36687810615695,
          228.53061545914065,
          280.87534838094143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "481 ",
        "box": [
          267.374988859375,
          277.36687810615695,
          279.62436333023436,
          280.87534838094143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.51561172851564,
          277.36687810615695,
          327.2727988448828,
          280.87534838094143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,170 ",
        "box": [
          356.78904763378904,
          277.36687810615695,
          377.7923317399022,
          280.87534838094143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          277.36687810615695,
          426.1556072247656,
          280.87534838094143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,995 ",
        "box": [
          452.85935613085934,
          277.36687810615695,
          473.8626402369725,
          280.87534838094143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(33,245)",
        "box": [
          501.84372908984375,
          277.36687810615695,
          525.7598877188365,
          280.87534838094143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,750 ",
        "box": [
          556.1835743256834,
          277.36687810615695,
          573.6829485777928,
          280.87534838094143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing fees",
        "box": [
          45.996091833496095,
          287.8668776686536,
          85.82846841422665,
          291.3753479434381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111 ",
        "box": [
          216.79686596679687,
          287.8668776686536,
          228.53061545914065,
          291.3753479434381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          287.8668776686536,
          279.62436333023436,
          291.3753479434381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.51561172851564,
          287.8668776686536,
          327.2727988448828,
          291.3753479434381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,476 ",
        "box": [
          356.78904763378904,
          287.8668776686536,
          377.7923317399022,
          291.3753479434381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          287.8668776686536,
          426.1556072247656,
          291.3753479434381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,587 ",
        "box": [
          452.85935613085934,
          287.8668776686536,
          473.8626402369725,
          291.3753479434381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,920)",
        "box": [
          505.34763894384747,
          287.8668776686536,
          525.7598877188365,
          291.3753479434381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,667 ",
        "box": [
          552.6796644716796,
          287.8668776686536,
          573.6829485777928,
          291.3753479434381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income",
        "box": [
          45.996091833496095,
          297.6168772624078,
          86.60749883391549,
          301.1253475371923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,808 ",
        "box": [
          207.52733885302717,
          297.6168772624078,
          228.53061545914065,
          301.1253475371923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          297.6168772624078,
          279.62436333023436,
          301.1253475371923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,827 ",
        "box": [
          306.26952223876935,
          297.6168772624078,
          327.2727988448828,
          301.1253475371923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,219 ",
        "box": [
          360.2929574877928,
          297.6168772624078,
          377.7923317399022,
          301.1253475371923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          297.6168772624078,
          426.1556072247656,
          301.1253475371923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,854 ",
        "box": [
          452.85935613085934,
          297.6168772624078,
          473.8626402369725,
          301.1253475371923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          297.6168772624078,
          525.7532630748631,
          301.1253475371923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,854 ",
        "box": [
          552.6796644716796,
          297.6168772624078,
          573.6829485777928,
          301.1253475371923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other revenues",
        "box": [
          45.996091833496095,
          308.11687682490447,
          88.54479220104649,
          311.62534709968895
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,800 ",
        "box": [
          211.03124120703126,
          307.366876856162,
          228.53061545914065,
          310.87534713094647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,474 ",
        "box": [
          262.124989078125,
          307.366876856162,
          279.62436333023436,
          310.87534713094647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "362 ",
        "box": [
          315.0234243740234,
          307.366876856162,
          327.2727988448828,
          310.87534713094647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,524 ",
        "box": [
          360.2929574877928,
          307.366876856162,
          377.7923317399022,
          310.87534713094647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "822 ",
        "box": [
          413.90623275390624,
          307.366876856162,
          426.1556072247656,
          310.87534713094647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,982 ",
        "box": [
          456.3632659848631,
          307.366876856162,
          473.8626402369725,
          310.87534713094647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          307.366876856162,
          525.7532630748631,
          310.87534713094647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,982 ",
        "box": [
          556.1835743256834,
          307.366876856162,
          573.6829485777928,
          310.87534713094647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total revenues",
        "box": [
          52.74609155224609,
          318.61687638740113,
          96.09429893648371,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,214",
        "box": [
          204.035151498535,
          318.61687638740113,
          226.7769921384582,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          226.78124055078123,
          318.61687638740113,
          228.53061545914065,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,946",
        "box": [
          258.6210867241209,
          318.61687638740113,
          277.8641825348252,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.874988421875,
          318.61687638740113,
          279.62436333023436,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,189",
        "box": [
          306.26952223876935,
          318.61687638740113,
          325.51261804947364,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.52342393652344,
          318.61687638740113,
          327.2727988448828,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,662",
        "box": [
          356.78904763378904,
          318.61687638740113,
          376.03214344449333,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.04295683154277,
          318.61687638740113,
          377.7923317399022,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "822",
        "box": [
          413.90623275390624,
          318.61687638740113,
          424.40247222906294,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.40623231640626,
          318.61687638740113,
          426.1556072247656,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "550,833",
        "box": [
          449.3671687763672,
          318.61687638740113,
          472.10900941629046,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.1132653286131,
          318.61687638740113,
          473.8626402369725,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,165)",
        "box": [
          501.84372908984375,
          318.61687638740113,
          525.7598877188365,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "513,668",
        "box": [
          549.1874771171874,
          318.61687638740113,
          571.9293177571107,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9335736694334,
          318.61687638740113,
          573.6829485777928,
          322.1253466622002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses:",
        "box": [
          34.74609230224609,
          329.11687594991236,
          94.23157387418368,
          332.62534622469684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees",
        "box": [
          45.996091833496095,
          338.866875543652,
          95.53888285962603,
          342.375345818451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "165 ",
        "box": [
          216.28124098828124,
          338.866875543652,
          228.53061545914065,
          342.375345818451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          338.866875543652,
          279.62436333023436,
          342.375345818451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.51561172851564,
          338.866875543652,
          327.2727988448828,
          342.375345818451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.03514462353496,
          338.866875543652,
          377.7923317399022,
          342.375345818451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,392 ",
        "box": [
          405.1523306186522,
          338.866875543652,
          426.1556072247656,
          342.375345818451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,557 ",
        "box": [
          452.85935613085934,
          338.866875543652,
          473.8626402369725,
          342.375345818451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          338.866875543652,
          525.7532630748631,
          342.375345818451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,557 ",
        "box": [
          552.6796644716796,
          338.866875543652,
          573.6829485777928,
          342.375345818451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          45.996091833496095,
          348.61687513740617,
          91.26451166487328,
          352.12534541219065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160,750 ",
        "box": [
          204.035151498535,
          348.61687513740617,
          228.53061545914065,
          352.12534541219065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,625 ",
        "box": [
          258.6210867241209,
          348.61687513740617,
          279.62436333023436,
          352.12534541219065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,775 ",
        "box": [
          306.26952223876935,
          348.61687513740617,
          327.2727988448828,
          352.12534541219065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,117 ",
        "box": [
          360.5507699770506,
          348.61687513740617,
          377.7923317399022,
          352.12534541219065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "107,564 ",
        "box": [
          401.66014326415996,
          348.61687513740617,
          426.1556072247656,
          352.12534541219065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,831 ",
        "box": [
          449.3671687763672,
          348.61687513740617,
          473.8626402369725,
          352.12534541219065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(254)",
        "box": [
          510.59763872509745,
          348.61687513740617,
          525.7598877188365,
          352.12534541219065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,577 ",
        "box": [
          549.1874771171874,
          348.61687513740617,
          573.6829485777928,
          352.12534541219065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative",
        "box": [
          45.996091833496095,
          359.11687469990284,
          121.77260516870268,
          362.6253449746873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,979 ",
        "box": [
          207.52733885302717,
          359.11687469990284,
          228.53061545914065,
          362.6253449746873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,015 ",
        "box": [
          262.124989078125,
          359.11687469990284,
          279.62436333023436,
          362.6253449746873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,925 ",
        "box": [
          309.77342459277344,
          359.11687469990284,
          327.2727988448828,
          362.6253449746873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,661 ",
        "box": [
          356.78904763378904,
          359.11687469990284,
          377.7923317399022,
          362.6253449746873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,114 ",
        "box": [
          408.91404546191404,
          359.11687469990284,
          426.1556072247656,
          362.6253449746873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,694 ",
        "box": [
          452.85935613085934,
          359.11687469990284,
          473.8626402369725,
          362.6253449746873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          359.11687469990284,
          525.7532630748631,
          362.6253449746873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,694 ",
        "box": [
          552.6796644716796,
          359.11687469990284,
          573.6829485777928,
          362.6253449746873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs of rental operations",
        "box": [
          45.996091833496095,
          368.866874293657,
          117.70664873596908,
          372.3753445684415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,161 ",
        "box": [
          207.52733885302717,
          368.866874293657,
          228.53061545914065,
          372.3753445684415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          368.866874293657,
          279.62436333023436,
          372.3753445684415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,254 ",
        "box": [
          309.77342459277344,
          368.866874293657,
          327.2727988448828,
          372.3753445684415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,898 ",
        "box": [
          360.2929574877928,
          368.866874293657,
          377.7923317399022,
          372.3753445684415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          368.866874293657,
          426.1556072247656,
          372.3753445684415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,313 ",
        "box": [
          452.85935613085934,
          368.866874293657,
          473.8626402369725,
          372.3753445684415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          368.866874293657,
          525.7532630748631,
          372.3753445684415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,313 ",
        "box": [
          552.6796644716796,
          368.866874293657,
          573.6829485777928,
          372.3753445684415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          45.996091833496095,
          378.6168738874112,
          131.09690052512892,
          382.1253441621957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,780 ",
        "box": [
          211.03124120703126,
          378.6168738874112,
          228.53061545914065,
          382.1253441621957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9 ",
        "box": [
          274.3710860678709,
          378.6168738874112,
          279.62436333023436,
          382.1253441621957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,137 ",
        "box": [
          306.26952223876935,
          378.6168738874112,
          327.2727988448828,
          382.1253441621957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,082 ",
        "box": [
          360.2929574877928,
          378.6168738874112,
          377.7923317399022,
          382.1253441621957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "252 ",
        "box": [
          413.90623275390624,
          378.6168738874112,
          426.1556072247656,
          382.1253441621957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,260 ",
        "box": [
          452.85935613085934,
          378.6168738874112,
          473.8626402369725,
          382.1253441621957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          378.6168738874112,
          525.7532630748631,
          382.1253441621957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,260 ",
        "box": [
          552.6796644716796,
          378.6168738874112,
          573.6829485777928,
          382.1253441621957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss provision, net",
        "box": [
          45.996091833496095,
          389.11687344990787,
          116.35702781087792,
          392.62534372469236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,816 ",
        "box": [
          207.52733885302717,
          389.11687344990787,
          228.53061545914065,
          392.62534372469236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "348 ",
        "box": [
          267.374988859375,
          389.11687344990787,
          279.62436333023436,
          392.62534372469236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.51561172851564,
          389.11687344990787,
          327.2727988448828,
          392.62534372469236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.03514462353496,
          389.11687344990787,
          377.7923317399022,
          392.62534372469236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          389.11687344990787,
          426.1556072247656,
          392.62534372469236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,164 ",
        "box": [
          452.85935613085934,
          389.11687344990787,
          473.8626402369725,
          392.62534372469236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          389.11687344990787,
          525.7532630748631,
          392.62534372469236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,164 ",
        "box": [
          552.6796644716796,
          389.11687344990787,
          573.6829485777928,
          392.62534372469236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other expense",
        "box": [
          45.996091833496095,
          398.86687304366205,
          86.21457745028722,
          402.37534331844654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88 ",
        "box": [
          219.77342834277343,
          398.86687304366205,
          228.53061545914065,
          402.37534331844654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "787 ",
        "box": [
          267.374988859375,
          398.86687304366205,
          279.62436333023436,
          402.37534331844654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227 ",
        "box": [
          315.0234243740234,
          398.86687304366205,
          327.2727988448828,
          402.37534331844654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101 ",
        "box": [
          365.5429572690428,
          398.86687304366205,
          377.7923317399022,
          402.37534331844654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          398.86687304366205,
          426.1556072247656,
          402.37534331844654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,203 ",
        "box": [
          456.3632659848631,
          398.86687304366205,
          473.8626402369725,
          402.37534331844654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          398.86687304366205,
          525.7532630748631,
          402.37534331844654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,203 ",
        "box": [
          556.1835743256834,
          398.86687304366205,
          573.6829485777928,
          402.37534331844654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total costs and expenses",
        "box": [
          52.74609155224609,
          410.1168725749012,
          124.99992210708271,
          413.62534284970025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "226,739",
        "box": [
          204.035151498535,
          409.3668726061587,
          226.7769921384582,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          226.78124055078123,
          409.3668726061587,
          228.53061545914065,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,784",
        "box": [
          258.6210867241209,
          409.3668726061587,
          277.8641825348252,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.874988421875,
          409.3668726061587,
          279.62436333023436,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,318",
        "box": [
          306.26952223876935,
          409.3668726061587,
          325.51261804947364,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.52342393652344,
          409.3668726061587,
          327.2727988448828,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,859",
        "box": [
          356.78904763378904,
          409.3668726061587,
          376.03214344449333,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.04295683154277,
          409.3668726061587,
          377.7923317399022,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "142,322",
        "box": [
          401.66014326415996,
          409.3668726061587,
          424.40198390408324,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.40623231640626,
          409.3668726061587,
          426.1556072247656,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "525,022",
        "box": [
          449.3671687763672,
          409.3668726061587,
          472.10900941629046,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.1132653286131,
          409.3668726061587,
          473.8626402369725,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(254)",
        "box": [
          510.59763872509745,
          409.3668726061587,
          525.7598877188365,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "524,768",
        "box": [
          549.1874771171874,
          409.3668726061587,
          571.9293177571107,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9335736694334,
          409.3668726061587,
          573.6829485777928,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income (loss):",
        "box": [
          34.74609230224609,
          419.8668721686554,
          95.24975478175949,
          423.3753424434399
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets related to consolidated VIEs",
        "box": [
          34.74609230224609,
          429.6168717624096,
          172.78245971614345,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          219.77342834277343,
          429.6168717624096,
          228.53061545914065,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          429.6168717624096,
          279.62436333023436,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.51561172851564,
          429.6168717624096,
          327.2727988448828,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.03514462353496,
          429.6168717624096,
          377.7923317399022,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          429.6168717624096,
          426.1556072247656,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          465.1054531206053,
          429.6168717624096,
          473.8626402369725,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,087 ",
        "box": [
          504.74997896875,
          429.6168717624096,
          525.7532630748631,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,087 ",
        "box": [
          552.6796644716796,
          429.6168717624096,
          573.6829485777928,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of servicing rights",
        "box": [
          34.74609230224609,
          440.11687132490624,
          144.34146670118494,
          443.6253415996907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          219.77342834277343,
          440.11687132490624,
          228.53061545914065,
          443.6253415996907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          440.11687132490624,
          279.62436333023436,
          443.6253415996907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.51561172851564,
          440.11687132490624,
          327.2727988448828,
          443.6253415996907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,018 ",
        "box": [
          360.2929574877928,
          440.11687132490624,
          377.7923317399022,
          443.6253415996907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          440.11687132490624,
          426.1556072247656,
          443.6253415996907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,018 ",
        "box": [
          456.3632659848631,
          440.11687132490624,
          473.8626402369725,
          443.6253415996907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "726 ",
        "box": [
          513.5038886040037,
          440.11687132490624,
          525.7532630748631,
          443.6253415996907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,744 ",
        "box": [
          556.1835743256834,
          440.11687132490624,
          573.6829485777928,
          443.6253415996907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of investment securities, net",
        "box": [
          34.74609230224609,
          449.8668709186604,
          171.93167524526748,
          453.3753411934449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,587)",
        "box": [
          208.124991328125,
          449.8668709186604,
          228.53724760311368,
          453.3753411934449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          449.8668709186604,
          279.62436333023436,
          453.3753411934449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.51561172851564,
          449.8668709186604,
          327.2727988448828,
          453.3753411934449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,717)",
        "box": [
          357.3867076088865,
          449.8668709186604,
          377.7989563838756,
          453.3753411934449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          449.8668709186604,
          426.1556072247656,
          453.3753411934449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,304)",
        "box": [
          453.4570161059569,
          449.8668709186604,
          473.8692648809459,
          453.3753411934449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,252 ",
        "box": [
          508.2538888227537,
          449.8668709186604,
          525.7532630748631,
          453.3753411934449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(52)",
        "box": [
          562.0195115825193,
          449.8668709186604,
          573.6895732217661,
          453.3753411934449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of mortgage loans, net",
        "box": [
          34.74609230224609,
          459.6168705124146,
          155.9959954842542,
          463.1253407871991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,711)",
        "box": [
          204.89061646289062,
          459.6168705124146,
          228.53724760311368,
          463.1253407871991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          459.6168705124146,
          279.62436333023436,
          463.1253407871991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.51561172851564,
          459.6168705124146,
          327.2727988448828,
          463.1253407871991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,650 ",
        "box": [
          356.78904763378904,
          459.6168705124146,
          377.7923317399022,
          463.1253407871991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          459.6168705124146,
          426.1556072247656,
          463.1253407871991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61)",
        "box": [
          462.199203241699,
          459.6168705124146,
          473.8692648809459,
          463.1253407871991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          459.6168705124146,
          525.7532630748631,
          463.1253407871991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61)",
        "box": [
          562.0195115825193,
          459.6168705124146,
          573.6895732217661,
          463.1253407871991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from affordable housing fund investments",
        "box": [
          34.74609230224609,
          470.1168700749113,
          175.11609309390877,
          473.62534034969576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          219.77342834277343,
          470.1168700749113,
          228.53061545914065,
          473.62534034969576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          470.1168700749113,
          279.62436333023436,
          473.62534034969576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,929 ",
        "box": [
          309.77342459277344,
          470.1168700749113,
          327.2727988448828,
          473.62534034969576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.03514462353496,
          470.1168700749113,
          377.7923317399022,
          473.62534034969576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          470.1168700749113,
          426.1556072247656,
          473.62534034969576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,929 ",
        "box": [
          456.3632659848631,
          470.1168700749113,
          473.8626402369725,
          473.62534034969576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          470.1168700749113,
          525.7532630748631,
          473.62534034969576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,929 ",
        "box": [
          556.1835743256834,
          470.1168700749113,
          573.6829485777928,
          473.62534034969576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities",
        "box": [
          34.74609230224609,
          479.8668696686509,
          141.04434383856506,
          483.37533994344994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          219.77342834277343,
          479.8668696686509,
          228.53061545914065,
          483.37533994344994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,677 ",
        "box": [
          262.124989078125,
          479.8668696686509,
          279.62436333023436,
          483.37533994344994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.51561172851564,
          479.8668696686509,
          327.2727988448828,
          483.37533994344994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "193 ",
        "box": [
          365.5429572690428,
          479.8668696686509,
          377.7923317399022,
          483.37533994344994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          479.8668696686509,
          426.1556072247656,
          483.37533994344994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,870 ",
        "box": [
          456.3632659848631,
          479.8668696686509,
          473.8626402369725,
          483.37533994344994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(154)",
        "box": [
          510.59763872509745,
          479.8668696686509,
          525.7598877188365,
          483.37533994344994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,716 ",
        "box": [
          556.1835743256834,
          479.8668696686509,
          573.6829485777928,
          483.37533994344994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sale of investments and other assets, net",
        "box": [
          34.74609230224609,
          489.6168692624051,
          170.5820849515004,
          493.1253395371896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88 ",
        "box": [
          219.77342834277343,
          489.6168692624051,
          228.53061545914065,
          493.1253395371896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          489.6168692624051,
          279.62436333023436,
          493.1253395371896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27 ",
        "box": [
          318.51561172851564,
          489.6168692624051,
          327.2727988448828,
          493.1253395371896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264 ",
        "box": [
          360.2929574877928,
          489.6168692624051,
          377.7923317399022,
          493.1253395371896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          489.6168692624051,
          426.1556072247656,
          493.1253395371896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,379 ",
        "box": [
          456.3632659848631,
          489.6168692624051,
          473.8626402369725,
          493.1253395371896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          489.6168692624051,
          525.7532630748631,
          493.1253395371896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,379 ",
        "box": [
          556.1835743256834,
          489.6168692624051,
          573.6829485777928,
          493.1253395371896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on derivative financial instruments, net",
        "box": [
          34.74609230224609,
          500.11686882490176,
          176.79710789254108,
          503.6253390997008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,529 ",
        "box": [
          207.52733885302717,
          500.11686882490176,
          228.53061545914065,
          503.6253390997008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "350 ",
        "box": [
          267.374988859375,
          500.11686882490176,
          279.62436333023436,
          503.6253390997008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,354 ",
        "box": [
          309.77342459277344,
          500.11686882490176,
          327.2727988448828,
          503.6253390997008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "983 ",
        "box": [
          365.5429572690428,
          500.11686882490176,
          377.7923317399022,
          503.6253390997008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,240)",
        "box": [
          402.24608073974593,
          500.11686882490176,
          426.16223936873865,
          503.6253390997008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,024)",
        "box": [
          453.4570161059569,
          500.11686882490176,
          473.8692648809459,
          503.6253390997008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          500.11686882490176,
          525.7532630748631,
          503.6253390997008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,024)",
        "box": [
          553.2773244467771,
          500.11686882490176,
          573.6895732217661,
          503.6253390997008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency (loss) gain, net",
        "box": [
          34.74609230224609,
          509.86686841865594,
          125.88082343905307,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,719)",
        "box": [
          208.124991328125,
          509.86686841865594,
          228.53724760311368,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          509.86686841865594,
          279.62436333023436,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13 ",
        "box": [
          318.51561172851564,
          509.86686841865594,
          327.2727988448828,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.03514462353496,
          509.86686841865594,
          377.7923317399022,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          509.86686841865594,
          426.1556072247656,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,706)",
        "box": [
          453.4570161059569,
          509.86686841865594,
          473.8692648809459,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          509.86686841865594,
          525.7532630748631,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,706)",
        "box": [
          553.2773244467771,
          509.86686841865594,
          573.6895732217661,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other (loss) income, net",
        "box": [
          34.74609230224609,
          520.3668679811526,
          102.37024239366065,
          523.8753382559371
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,597)",
        "box": [
          208.124991328125,
          519.6168680124101,
          228.53724760311368,
          523.1253382871946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          519.6168680124101,
          279.62436333023436,
          523.1253382871946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,092)",
        "box": [
          306.8671747138672,
          519.6168680124101,
          327.27943098885584,
          523.1253382871946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6 ",
        "box": [
          372.53904697753904,
          519.6168680124101,
          377.7923317399022,
          523.1253382871946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          519.6168680124101,
          426.1556072247656,
          523.1253382871946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,683)",
        "box": [
          453.4570161059569,
          519.6168680124101,
          473.8692648809459,
          523.1253382871946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          519.6168680124101,
          525.7532630748631,
          523.1253382871946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,683)",
        "box": [
          553.2773244467771,
          519.6168680124101,
          573.6895732217661,
          523.1253382871946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other (loss) income",
        "box": [
          52.74609155224609,
          530.8668675436638,
          126.02151024166497,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(997)",
        "box": [
          213.374991109375,
          530.8668675436638,
          228.53724760311368,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,027",
        "box": [
          262.124989078125,
          530.8668675436638,
          277.8693400596103,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.874988421875,
          530.8668675436638,
          279.62436333023436,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,231",
        "box": [
          306.26952223876935,
          530.8668675436638,
          325.51261804947364,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.52342393652344,
          530.8668675436638,
          327.2727988448828,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,397",
        "box": [
          356.78904763378904,
          530.8668675436638,
          376.03214344449333,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.04295683154277,
          530.8668675436638,
          377.7923317399022,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,240)",
        "box": [
          402.24608073974593,
          530.8668675436638,
          426.16223936873865,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,582)",
        "box": [
          453.4570161059569,
          530.8668675436638,
          473.8692648809459,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,911",
        "box": [
          505.13670145263654,
          530.8668675436638,
          523.9937079294278,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          524.0038881665037,
          530.8668675436638,
          525.7532630748631,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,329",
        "box": [
          552.6796644716796,
          530.8668675436638,
          571.9227602823839,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9335736694334,
          530.8668675436638,
          573.6829485777928,
          534.3753378184483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes",
        "box": [
          34.74609230224609,
          541.3668671061605,
          134.8907985449628,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136,478",
        "box": [
          204.035151498535,
          541.3668671061605,
          226.7769921384582,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          226.78124055078123,
          541.3668671061605,
          228.53061545914065,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,189",
        "box": [
          258.6210867241209,
          541.3668671061605,
          277.8641825348252,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.874988421875,
          541.3668671061605,
          279.62436333023436,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,102",
        "box": [
          309.77342459277344,
          541.3668671061605,
          325.51777557425874,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.52342393652344,
          541.3668671061605,
          327.2727988448828,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,200",
        "box": [
          356.78904763378904,
          541.3668671061605,
          376.03214344449333,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.04295683154277,
          541.3668671061605,
          377.7923317399022,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(175,740)",
        "box": [
          398.7538933852537,
          541.3668671061605,
          426.16223936873865,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,229",
        "box": [
          452.85935613085934,
          541.3668671061605,
          472.1024519415637,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.1132653286131,
          541.3668671061605,
          473.8626402369725,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          516.9960759584959,
          541.3668671061605,
          523.9935755919333,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          524.0038881665037,
          541.3668671061605,
          525.7532630748631,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,229",
        "box": [
          552.6796644716796,
          541.3668671061605,
          571.9227602823839,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9335736694334,
          541.3668671061605,
          573.6829485777928,
          544.875337380945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax (provision) benefit",
        "box": [
          34.74609230224609,
          551.8668666686572,
          120.04845678206837,
          555.3753369434417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,536)",
        "box": [
          208.124991328125,
          551.1168666999147,
          228.53724760311368,
          554.6253369746992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(95)",
        "box": [
          267.9609263349609,
          551.1168666999147,
          279.6309954742074,
          554.6253369746992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8 ",
        "box": [
          322.01952158251936,
          551.1168666999147,
          327.2727988448828,
          554.6253369746992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,601)",
        "box": [
          357.3867076088865,
          551.1168666999147,
          377.7989563838756,
          554.6253369746992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          551.1168666999147,
          426.1556072247656,
          554.6253369746992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,224)",
        "box": [
          453.4570161059569,
          551.1168666999147,
          473.8692648809459,
          554.6253369746992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          551.1168666999147,
          525.7532630748631,
          554.6253369746992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,224)",
        "box": [
          553.2773244467771,
          551.1168666999147,
          573.6895732217661,
          554.6253369746992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss)",
        "box": [
          34.74609230224609,
          562.3668662311538,
          85.65896540637571,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,942",
        "box": [
          204.035151498535,
          562.3668662311538,
          226.7769921384582,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          226.78124055078123,
          562.3668662311538,
          228.53061545914065,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,094",
        "box": [
          258.6210867241209,
          562.3668662311538,
          277.8641825348252,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.874988421875,
          562.3668662311538,
          279.62436333023436,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,110",
        "box": [
          310.16014707666,
          562.3668662311538,
          325.51840872423236,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.52342393652344,
          562.3668662311538,
          327.2727988448828,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,599",
        "box": [
          356.78904763378904,
          562.3668662311538,
          376.03214344449333,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.04295683154277,
          562.3668662311538,
          377.7923317399022,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(175,740)",
        "box": [
          398.7538933852537,
          562.3668662311538,
          426.16223936873865,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,005",
        "box": [
          452.85935613085934,
          562.3668662311538,
          472.1024519415637,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.1132653286131,
          562.3668662311538,
          473.8626402369725,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          516.9960759584959,
          562.3668662311538,
          523.9935755919333,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          524.0038881665037,
          562.3668662311538,
          525.7532630748631,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,005",
        "box": [
          552.6796644716796,
          562.3668662311538,
          571.9227602823839,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9335736694334,
          562.3668662311538,
          573.6829485777928,
          565.8753365059383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to non-controlling",
        "box": [
          45.996091833496095,
          572.116865824908,
          164.53310228195372,
          575.6253360996925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          45.996091833496095,
          578.8668655436632,
          69.3153542272731,
          582.3753358184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          220.3710883178709,
          578.8668655436632,
          228.53724760311368,
          582.3753358184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8671762138672,
          578.8668655436632,
          279.62436333023436,
          582.3753358184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,325)",
        "box": [
          306.8671747138672,
          578.8668655436632,
          327.27943098885584,
          582.3753358184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,119)",
        "box": [
          357.64452009814437,
          578.8668655436632,
          377.7989563838756,
          582.3753358184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.39842010839845,
          578.8668655436632,
          426.1556072247656,
          582.3753358184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,448)",
        "box": [
          453.4570161059569,
          578.8668655436632,
          473.8692648809459,
          582.3753358184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.9960759584959,
          578.8668655436632,
          525.7532630748631,
          582.3753358184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,448)",
        "box": [
          553.2773244467771,
          578.8668655436632,
          573.6895732217661,
          582.3753358184476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Starwood",
        "box": [
          45.996091833496095,
          589.3668651061598,
          172.51800404418807,
          592.8753353809443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Trust, Inc",
        "box": [
          57.24609136474609,
          596.1168648249004,
          114.97193095206413,
          599.6253350996994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".",
        "box": [
          114.97265145947264,
          596.1168648249004,
          116.72202636783203,
          599.6253350996994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          186.79686721679687,
          594.6168648874009,
          190.29561703351564,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,938",
        "box": [
          204.035151498535,
          594.6168648874009,
          226.7769921384582,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          226.78124055078123,
          594.6168648874009,
          228.53061545914065,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          235.94530266894532,
          594.6168648874009,
          239.44405248566406,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,094",
        "box": [
          258.6210867241209,
          594.6168648874009,
          277.8641825348252,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.874988421875,
          594.6168648874009,
          279.62436333023436,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          287.15623803515626,
          594.6168648874009,
          290.654987851875,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,215)",
        "box": [
          306.8671747138672,
          594.6168648874009,
          327.27943098885584,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          334.6171735576172,
          594.6168648874009,
          338.1159233743359,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,480",
        "box": [
          356.78904763378904,
          594.6168648874009,
          376.03214344449333,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.04295683154277,
          594.6168648874009,
          377.7923317399022,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.3007689458006,
          594.6168648874009,
          388.79951876251937,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(175,740)",
        "box": [
          398.7538933852537,
          594.6168648874009,
          426.16223936873865,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.4531069394531,
          594.6168648874009,
          436.9518567561719,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557",
        "box": [
          456.3632659848631,
          594.6168648874009,
          472.1076169663485,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.1132653286131,
          594.6168648874009,
          473.8626402369725,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          481.16013995165997,
          594.6168648874009,
          484.65888976837874,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          516.9960759584959,
          594.6168648874009,
          523.9935755919333,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          524.0038881665037,
          594.6168648874009,
          525.7532630748631,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          533.2734152802734,
          594.6168648874009,
          536.7721650969921,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557",
        "box": [
          556.1835743256834,
          594.6168648874009,
          571.9279253071687,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9335736694334,
          594.6168648874009,
          573.6829485777928,
          598.1253351621999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66",
        "box": [
          300.99608495849594,
          643.6305347051675,
          310.9935794794336,
          648.6431723164715
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 101,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents our results of operations for the three months ended June 30, 2025 by business segment (amounts in",
        "box": [
          69.74999709375,
          93.130557642653,
          571.4646979514698,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          105.13055714266375,
          79.84681717213674,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          191.57811701757814,
          130.36688423115993,
          228.3662087438285,
          133.87535450594441
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and",
        "box": [
          204.3398389858397,
          137.1168839499005,
          215.62192582319128,
          140.625354224685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          193.2656169472656,
          144.61688363739813,
          226.6984383883189,
          148.12535391218262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          197.53124176953125,
          151.36688335615327,
          222.42220251990784,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          197.14452678564436,
          158.1168830749084,
          222.79744061727231,
          161.6253533496929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          244.48827481298812,
          144.61688363739813,
          287.50163636332616,
          148.12535391218262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          253.54686443554687,
          151.36688335615327,
          278.4378251859235,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          253.16014945165998,
          158.1168830749084,
          278.81306328328793,
          161.6253533496929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          302.8710848803709,
          151.36688335615327,
          329.55584980600565,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          303.38670985888655,
          158.1168830749084,
          329.03962369051453,
          161.6253533496929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing",
        "box": [
          352.3945203168944,
          144.61688363739813,
          380.0017934540913,
          148.12535391218262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Servicing",
        "box": [
          345.6913955961912,
          151.36688335615327,
          386.70938119960846,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          353.36717277636717,
          158.1168830749084,
          379.02008660799515,
          161.6253533496929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          400.9570182934569,
          158.1168830749084,
          432.04596856564535,
          161.6253533496929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          447.83201634033185,
          158.1168830749084,
          473.1090573212093,
          161.6253533496929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization",
        "box": [
          486.2460772397459,
          151.36688335615327,
          527.8346584893269,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs",
        "box": [
          499.4531041894531,
          158.1168830749084,
          514.6200307979107,
          161.6253533496929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          548.5312271445312,
          158.1168830749084,
          563.8279791662541,
          161.6253533496929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues:",
        "box": [
          34.74609230224609,
          168.61688263740507,
          65.45237354831707,
          172.12535291218956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from loans",
        "box": [
          45.996091833496095,
          178.36688223115925,
          121.19516244061435,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          185.82421475732406,
          178.36688223115925,
          189.3229645740428,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "313,595 ",
        "box": [
          209.03905379003905,
          178.36688223115925,
          233.53452525064438,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          240.92577496142562,
          178.36688223115925,
          244.42452477814436,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,949 ",
        "box": [
          269.3554612768553,
          178.36688223115925,
          290.35873788296874,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          297.8554600893553,
          178.36688223115925,
          301.35420990607406,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          178.36688223115925,
          334.0345210631444,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          341.37889577587873,
          178.36688223115925,
          344.87764559259745,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,675 ",
        "box": [
          372.84373446484375,
          178.36688223115925,
          390.3431087169531,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          397.81639342431623,
          178.36688223115925,
          401.31514324103495,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          178.36688223115925,
          434.63998187125003,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          441.9843565839844,
          178.36688223115925,
          445.48310640070315,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "385,219 ",
        "box": [
          453.949203585449,
          178.36688223115925,
          478.4446675460547,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.7421672607422,
          178.36688223115925,
          489.24091707746095,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          178.36688223115925,
          527.5931029982031,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          535.124977703125,
          178.36688223115925,
          538.6237275198438,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "385,219 ",
        "box": [
          552.1171644951171,
          178.36688223115925,
          576.6126359557225,
          181.87535250594374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from investment securities",
        "box": [
          45.996091833496095,
          188.86688179365592,
          165.30530240269175,
          192.3753520684404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,335 ",
        "box": [
          212.53124114453124,
          188.86688179365592,
          233.53452525064438,
          192.3753520684404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "148 ",
        "box": [
          278.10936341210936,
          188.86688179365592,
          290.35873788296874,
          192.3753520684404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          188.86688179365592,
          334.0345210631444,
          192.3753520684404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,778 ",
        "box": [
          369.33983211083967,
          188.86688179365592,
          390.3431087169531,
          192.3753520684404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          188.86688179365592,
          434.63998187125003,
          192.3753520684404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,261 ",
        "box": [
          457.44139093994124,
          188.86688179365592,
          478.4446675460547,
          192.3753520684404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,948)",
        "box": [
          503.6835765131834,
          188.86688179365592,
          527.5997351421761,
          192.3753520684404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,313 ",
        "box": [
          555.6093518496093,
          188.86688179365592,
          576.6126359557225,
          192.3753520684404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing fees",
        "box": [
          45.996091833496095,
          198.6168813874101,
          85.82846841422665,
          202.1253516621946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111 ",
        "box": [
          221.8007757583006,
          198.6168813874101,
          233.53452525064438,
          202.1253516621946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          198.6168813874101,
          290.35873788296874,
          202.1253516621946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          198.6168813874101,
          334.0345210631444,
          202.1253516621946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,627 ",
        "box": [
          369.33983211083967,
          198.6168813874101,
          390.3431087169531,
          202.1253516621946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          198.6168813874101,
          434.63998187125003,
          202.1253516621946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,738 ",
        "box": [
          457.44139093994124,
          198.6168813874101,
          478.4446675460547,
          202.1253516621946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,658)",
        "box": [
          507.1874788671875,
          198.6168813874101,
          527.5997351421761,
          202.1253516621946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,080 ",
        "box": [
          555.6093518496093,
          198.6168813874101,
          576.6126359557225,
          202.1253516621946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income",
        "box": [
          45.996091833496095,
          208.36688098114973,
          86.60749883391549,
          211.87535125593422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,532 ",
        "box": [
          216.035150998535,
          208.36688098114973,
          233.53452525064438,
          211.87535125593422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          208.36688098114973,
          290.35873788296874,
          211.87535125593422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,237 ",
        "box": [
          313.03123695703124,
          208.36688098114973,
          334.0345210631444,
          211.87535125593422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,474 ",
        "box": [
          372.84373446484375,
          208.36688098114973,
          390.3431087169531,
          211.87535125593422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          208.36688098114973,
          434.63998187125003,
          211.87535125593422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,243 ",
        "box": [
          457.44139093994124,
          208.36688098114973,
          478.4446675460547,
          211.87535125593422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          208.36688098114973,
          527.5931029982031,
          211.87535125593422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,243 ",
        "box": [
          555.6093518496093,
          208.36688098114973,
          576.6126359557225,
          211.87535125593422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other revenues",
        "box": [
          45.996091833496095,
          218.8668805436464,
          88.54479220104649,
          222.37535081844544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,334 ",
        "box": [
          216.035150998535,
          218.8668805436464,
          233.53452525064438,
          222.37535081844544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,087 ",
        "box": [
          272.8593636308594,
          218.8668805436464,
          290.35873788296874,
          222.37535081844544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "240 ",
        "box": [
          321.785146592285,
          218.8668805436464,
          334.0345210631444,
          222.37535081844544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,231 ",
        "box": [
          372.84373446484375,
          218.8668805436464,
          390.3431087169531,
          222.37535081844544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "536 ",
        "box": [
          422.3906074003906,
          218.8668805436464,
          434.63998187125003,
          222.37535081844544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,428 ",
        "box": [
          460.9452932939453,
          218.8668805436464,
          478.4446675460547,
          222.37535081844544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          218.8668805436464,
          527.5931029982031,
          222.37535081844544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,428 ",
        "box": [
          559.113261703613,
          218.8668805436464,
          576.6126359557225,
          222.37535081844544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total revenues",
        "box": [
          52.74609155224609,
          230.1168800749001,
          96.09429893648371,
          233.6253503496846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "343,907",
        "box": [
          209.03905379003905,
          229.36688010615762,
          231.7808944299623,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          231.785150342285,
          229.36688010615762,
          233.53452525064438,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,184",
        "box": [
          269.3554612768553,
          229.36688010615762,
          288.5985570875596,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          288.6093629746094,
          229.36688010615762,
          290.35873788296874,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,477",
        "box": [
          313.03123695703124,
          229.36688010615762,
          332.27433276773553,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          332.28514615478497,
          229.36688010615762,
          334.0345210631444,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,785",
        "box": [
          369.33983211083967,
          229.36688010615762,
          388.58292792154396,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          388.59373380859375,
          229.36688010615762,
          390.3431087169531,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "536",
        "box": [
          422.3906074003906,
          229.36688010615762,
          432.8868468755473,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.8906069628906,
          229.36688010615762,
          434.63998187125003,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "481,889",
        "box": [
          453.949203585449,
          229.36688010615762,
          476.6910442253723,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.6952926376953,
          229.36688010615762,
          478.4446675460547,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,606)",
        "box": [
          503.6835765131834,
          229.36688010615762,
          527.5997351421761,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "444,283",
        "box": [
          552.1171644951171,
          229.36688010615762,
          574.8590051350404,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.863261047363,
          229.36688010615762,
          576.6126359557225,
          232.8753503809421
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses:",
        "box": [
          34.74609230224609,
          239.8668796686543,
          94.23157387418368,
          243.37534994343878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees",
        "box": [
          45.996091833496095,
          249.61687926240847,
          95.53888285962603,
          253.12534953719296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "177 ",
        "box": [
          221.285150779785,
          249.61687926240847,
          233.53452525064438,
          253.12534953719296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          249.61687926240847,
          290.35873788296874,
          253.12534953719296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          249.61687926240847,
          334.0345210631444,
          253.12534953719296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          381.58592160058595,
          249.61687926240847,
          390.3431087169531,
          253.12534953719296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,656 ",
        "box": [
          413.6367052651365,
          249.61687926240847,
          434.63998187125003,
          253.12534953719296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,833 ",
        "box": [
          457.44139093994124,
          249.61687926240847,
          478.4446675460547,
          253.12534953719296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          249.61687926240847,
          527.5931029982031,
          253.12534953719296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,833 ",
        "box": [
          555.6093518496093,
          249.61687926240847,
          576.6126359557225,
          253.12534953719296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          45.996091833496095,
          260.11687882490514,
          91.26451166487328,
          263.62534909968963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,494 ",
        "box": [
          209.03905379003905,
          260.11687882490514,
          233.53452525064438,
          263.62534909968963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,106 ",
        "box": [
          269.3554612768553,
          260.11687882490514,
          290.35873788296874,
          263.62534909968963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,067 ",
        "box": [
          316.53514681103496,
          260.11687882490514,
          334.0345210631444,
          263.62534909968963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,794 ",
        "box": [
          372.84373446484375,
          260.11687882490514,
          390.3431087169531,
          263.62534909968963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,881 ",
        "box": [
          413.6367052651365,
          260.11687882490514,
          434.63998187125003,
          263.62534909968963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "316,342 ",
        "box": [
          453.949203585449,
          260.11687882490514,
          478.4446675460547,
          263.62534909968963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(210)",
        "box": [
          512.4374786484375,
          260.11687882490514,
          527.5997351421761,
          263.62534909968963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "316,132 ",
        "box": [
          552.1171644951171,
          260.11687882490514,
          576.6126359557225,
          263.62534909968963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative",
        "box": [
          45.996091833496095,
          269.8668784186593,
          121.77260516870268,
          273.3753486934438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,535 ",
        "box": [
          212.53124114453124,
          269.8668784186593,
          233.53452525064438,
          273.3753486934438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,523 ",
        "box": [
          272.8593636308594,
          269.8668784186593,
          290.35873788296874,
          273.3753486934438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,237 ",
        "box": [
          316.53514681103496,
          269.8668784186593,
          334.0345210631444,
          273.3753486934438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,361 ",
        "box": [
          369.33983211083967,
          269.8668784186593,
          390.3431087169531,
          273.3753486934438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,416 ",
        "box": [
          417.1406076191406,
          269.8668784186593,
          434.63998187125003,
          273.3753486934438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,072 ",
        "box": [
          457.44139093994124,
          269.8668784186593,
          478.4446675460547,
          273.3753486934438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          269.8668784186593,
          527.5931029982031,
          273.3753486934438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,072 ",
        "box": [
          555.6093518496093,
          269.8668784186593,
          576.6126359557225,
          273.3753486934438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs of rental operations",
        "box": [
          45.996091833496095,
          279.61687801239896,
          117.70664873596908,
          283.12534828718344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,950 ",
        "box": [
          216.035150998535,
          279.61687801239896,
          233.53452525064438,
          283.12534828718344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          279.61687801239896,
          290.35873788296874,
          283.12534828718344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,930 ",
        "box": [
          316.53514681103496,
          279.61687801239896,
          334.0345210631444,
          283.12534828718344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,632 ",
        "box": [
          372.84373446484375,
          279.61687801239896,
          390.3431087169531,
          283.12534828718344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          279.61687801239896,
          434.63998187125003,
          283.12534828718344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,512 ",
        "box": [
          457.44139093994124,
          279.61687801239896,
          478.4446675460547,
          283.12534828718344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          279.61687801239896,
          527.5931029982031,
          283.12534828718344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,512 ",
        "box": [
          555.6093518496093,
          279.61687801239896,
          576.6126359557225,
          283.12534828718344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          45.996091833496095,
          290.1168775749102,
          131.09690052512892,
          293.62534784969466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,491 ",
        "box": [
          216.035150998535,
          290.1168775749102,
          233.53452525064438,
          293.62534784969466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9 ",
        "box": [
          285.1054606206053,
          290.1168775749102,
          290.35873788296874,
          293.62534784969466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,875 ",
        "box": [
          316.53514681103496,
          290.1168775749102,
          334.0345210631444,
          293.62534784969466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,744 ",
        "box": [
          372.84373446484375,
          290.1168775749102,
          390.3431087169531,
          293.62534784969466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "252 ",
        "box": [
          422.3906074003906,
          290.1168775749102,
          434.63998187125003,
          293.62534784969466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,371 ",
        "box": [
          457.44139093994124,
          290.1168775749102,
          478.4446675460547,
          293.62534784969466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          290.1168775749102,
          527.5931029982031,
          293.62534784969466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,371 ",
        "box": [
          555.6093518496093,
          290.1168775749102,
          576.6126359557225,
          293.62534784969466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss provision, net",
        "box": [
          45.996091833496095,
          299.8668771686498,
          116.35702781087792,
          303.3753474434343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,663 ",
        "box": [
          216.035150998535,
          299.8668771686498,
          233.53452525064438,
          303.3753474434343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,003 ",
        "box": [
          272.8593636308594,
          299.8668771686498,
          290.35873788296874,
          303.3753474434343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          299.8668771686498,
          334.0345210631444,
          303.3753474434343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          381.58592160058595,
          299.8668771686498,
          390.3431087169531,
          303.3753474434343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          299.8668771686498,
          434.63998187125003,
          303.3753474434343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,666 ",
        "box": [
          460.9452932939453,
          299.8668771686498,
          478.4446675460547,
          303.3753474434343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          299.8668771686498,
          527.5931029982031,
          303.3753474434343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,666 ",
        "box": [
          559.113261703613,
          299.8668771686498,
          576.6126359557225,
          303.3753474434343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other expense",
        "box": [
          45.996091833496095,
          310.3668767311465,
          86.21457745028722,
          313.8753470059455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          224.7773381342772,
          309.616876762404,
          233.53452525064438,
          313.1253470371885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,693 ",
        "box": [
          272.8593636308594,
          309.616876762404,
          290.35873788296874,
          313.1253470371885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6 ",
        "box": [
          328.78123630078125,
          309.616876762404,
          334.0345210631444,
          313.1253470371885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "194 ",
        "box": [
          378.09373424609373,
          309.616876762404,
          390.3431087169531,
          313.1253470371885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          309.616876762404,
          434.63998187125003,
          313.1253470371885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,893 ",
        "box": [
          460.9452932939453,
          309.616876762404,
          478.4446675460547,
          313.1253470371885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          309.616876762404,
          527.5931029982031,
          313.1253470371885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,893 ",
        "box": [
          559.113261703613,
          309.616876762404,
          576.6126359557225,
          313.1253470371885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total costs and expenses",
        "box": [
          52.74609155224609,
          320.8668762936577,
          124.99992210708271,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "207,310",
        "box": [
          209.03905379003905,
          320.8668762936577,
          231.7808944299623,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          231.785150342285,
          320.8668762936577,
          233.53452525064438,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,334",
        "box": [
          269.3554612768553,
          320.8668762936577,
          288.5985570875596,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          288.6093629746094,
          320.8668762936577,
          290.35873788296874,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,115",
        "box": [
          313.4179594409178,
          320.8668762936577,
          332.27496591770915,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          332.28514615478497,
          320.8668762936577,
          334.0345210631444,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,725",
        "box": [
          369.33983211083967,
          320.8668762936577,
          388.58292792154396,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          388.59373380859375,
          320.8668762936577,
          390.3431087169531,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115,205",
        "box": [
          410.53123289453123,
          320.8668762936577,
          432.8869842005415,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.8906069628906,
          320.8668762936577,
          434.63998187125003,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "430,689",
        "box": [
          453.949203585449,
          320.8668762936577,
          476.6910442253723,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.6952926376953,
          320.8668762936577,
          478.4446675460547,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(210)",
        "box": [
          512.4374786484375,
          320.8668762936577,
          527.5997351421761,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "430,479",
        "box": [
          552.1171644951171,
          320.8668762936577,
          574.8590051350404,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.863261047363,
          320.8668762936577,
          576.6126359557225,
          324.3753465684422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income (loss):",
        "box": [
          34.74609230224609,
          330.6168758873973,
          95.24975478175949,
          334.12534616219637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets related to consolidated VIEs",
        "box": [
          34.74609230224609,
          341.11687544990855,
          172.78245971614345,
          344.62534572469303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          224.7773381342772,
          341.11687544990855,
          233.53452525064438,
          344.62534572469303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          341.11687544990855,
          290.35873788296874,
          344.62534572469303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          341.11687544990855,
          334.0345210631444,
          344.62534572469303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          381.58592160058595,
          341.11687544990855,
          390.3431087169531,
          344.62534572469303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          341.11687544990855,
          434.63998187125003,
          344.62534572469303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          469.68748042968747,
          341.11687544990855,
          478.4446675460547,
          344.62534572469303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,280 ",
        "box": [
          506.58982639208966,
          341.11687544990855,
          527.5931029982031,
          344.62534572469303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,280 ",
        "box": [
          555.6093518496093,
          341.11687544990855,
          576.6126359557225,
          344.62534572469303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of servicing rights",
        "box": [
          34.74609230224609,
          350.8668750436482,
          144.34146670118494,
          354.37534531843266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          224.7773381342772,
          350.8668750436482,
          233.53452525064438,
          354.37534531843266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          350.8668750436482,
          290.35873788296874,
          354.37534531843266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          350.8668750436482,
          334.0345210631444,
          354.37534531843266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,568 ",
        "box": [
          372.84373446484375,
          350.8668750436482,
          390.3431087169531,
          354.37534531843266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          350.8668750436482,
          434.63998187125003,
          354.37534531843266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,568 ",
        "box": [
          460.9452932939453,
          350.8668750436482,
          478.4446675460547,
          354.37534531843266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,205)",
        "box": [
          507.1874788671875,
          350.8668750436482,
          527.5997351421761,
          354.37534531843266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,363 ",
        "box": [
          559.113261703613,
          350.8668750436482,
          576.6126359557225,
          354.37534531843266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of investment securities, net",
        "box": [
          34.74609230224609,
          360.61687463740236,
          171.93167524526748,
          364.12534491218685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,058)",
        "box": [
          213.12890111962875,
          360.61687463740236,
          233.54114989461775,
          364.12534491218685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          360.61687463740236,
          290.35873788296874,
          364.12534491218685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          360.61687463740236,
          334.0345210631444,
          364.12534491218685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,728 ",
        "box": [
          372.84373446484375,
          360.61687463740236,
          390.3431087169531,
          364.12534491218685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          360.61687463740236,
          434.63998187125003,
          364.12534491218685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,670 ",
        "box": [
          460.9452932939453,
          360.61687463740236,
          478.4446675460547,
          364.12534491218685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,325)",
        "box": [
          507.1874788671875,
          360.61687463740236,
          527.5997351421761,
          364.12534491218685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "345 ",
        "box": [
          564.3632614848631,
          360.61687463740236,
          576.6126359557225,
          364.12534491218685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of mortgage loans, net",
        "box": [
          34.74609230224609,
          371.11687419989903,
          155.9959954842542,
          374.6253444746835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,425 ",
        "box": [
          216.035150998535,
          371.11687419989903,
          233.53452525064438,
          374.6253444746835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          371.11687419989903,
          290.35873788296874,
          374.6253444746835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          371.11687419989903,
          334.0345210631444,
          374.6253444746835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,442 ",
        "box": [
          369.33983211083967,
          371.11687419989903,
          390.3431087169531,
          374.6253444746835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          371.11687419989903,
          434.63998187125003,
          374.6253444746835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,867 ",
        "box": [
          457.44139093994124,
          371.11687419989903,
          478.4446675460547,
          374.6253444746835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          371.11687419989903,
          527.5931029982031,
          374.6253444746835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,867 ",
        "box": [
          555.6093518496093,
          371.11687419989903,
          576.6126359557225,
          374.6253444746835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from affordable housing fund investments",
        "box": [
          34.74609230224609,
          380.8668737936532,
          175.11609309390877,
          384.3753440684377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          224.7773381342772,
          380.8668737936532,
          233.53452525064438,
          384.3753440684377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          380.8668737936532,
          290.35873788296874,
          384.3753440684377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,115 ",
        "box": [
          316.7929593002928,
          380.8668737936532,
          334.0345210631444,
          384.3753440684377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          381.58592160058595,
          380.8668737936532,
          390.3431087169531,
          384.3753440684377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          380.8668737936532,
          434.63998187125003,
          384.3753440684377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,115 ",
        "box": [
          461.2031057832031,
          380.8668737936532,
          478.4446675460547,
          384.3753440684377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          380.8668737936532,
          527.5931029982031,
          384.3753440684377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,115 ",
        "box": [
          559.3710741928709,
          380.8668737936532,
          576.6126359557225,
          384.3753440684377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities",
        "box": [
          34.74609230224609,
          390.6168733874074,
          141.04434383856506,
          394.1253436621919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,412 ",
        "box": [
          216.035150998535,
          390.6168733874074,
          233.53452525064438,
          394.1253436621919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,167 ",
        "box": [
          272.8593636308594,
          390.6168733874074,
          290.35873788296874,
          394.1253436621919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          390.6168733874074,
          334.0345210631444,
          394.1253436621919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,647 ",
        "box": [
          372.84373446484375,
          390.6168733874074,
          390.3431087169531,
          394.1253436621919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          390.6168733874074,
          434.63998187125003,
          394.1253436621919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,226 ",
        "box": [
          460.9452932939453,
          390.6168733874074,
          478.4446675460547,
          394.1253436621919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(354)",
        "box": [
          512.4374786484375,
          390.6168733874074,
          527.5997351421761,
          394.1253436621919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,872 ",
        "box": [
          559.113261703613,
          390.6168733874074,
          576.6126359557225,
          394.1253436621919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sale of investments and other assets, net",
        "box": [
          34.74609230224609,
          401.11687294990406,
          170.5820849515004,
          404.62534322468855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          212.53124114453124,
          401.11687294990406,
          233.53452525064438,
          404.62534322468855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          401.11687294990406,
          290.35873788296874,
          404.62534322468855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          401.11687294990406,
          334.0345210631444,
          404.62534322468855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          381.58592160058595,
          401.11687294990406,
          390.3431087169531,
          404.62534322468855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          401.11687294990406,
          434.63998187125003,
          404.62534322468855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          457.44139093994124,
          401.11687294990406,
          478.4446675460547,
          404.62534322468855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          401.11687294990406,
          527.5931029982031,
          404.62534322468855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          555.6093518496093,
          401.11687294990406,
          576.6126359557225,
          404.62534322468855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss) gain on derivative financial instruments, net",
        "box": [
          34.74609230224609,
          410.86687254365825,
          177.5727082852244,
          414.37534281844273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(116,140)",
        "box": [
          206.39061640039063,
          410.86687254365825,
          233.54114989461775,
          414.37534281844273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          410.86687254365825,
          290.35873788296874,
          414.37534281844273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13)",
        "box": [
          322.3710840678709,
          410.86687254365825,
          334.0411457071177,
          414.37534281844273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,304)",
        "box": [
          369.9374845859375,
          410.86687254365825,
          390.34974086092615,
          414.37534281844273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,161 ",
        "box": [
          413.6367052651365,
          410.86687254365825,
          434.63998187125003,
          414.37534281844273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(101,296)",
        "box": [
          451.0429537065428,
          410.86687254365825,
          478.4512996900277,
          414.37534281844273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          410.86687254365825,
          527.5931029982031,
          414.37534281844273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(101,296)",
        "box": [
          549.2109146162109,
          410.86687254365825,
          576.6192605996958,
          414.37534281844273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency gain (loss), net",
        "box": [
          34.74609230224609,
          420.6168721373979,
          125.88082343905307,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,257 ",
        "box": [
          212.53124114453124,
          420.6168721373979,
          233.53452525064438,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "630 ",
        "box": [
          278.10936341210936,
          420.6168721373979,
          290.35873788296874,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(126)",
        "box": [
          318.8788967133787,
          420.6168721373979,
          334.0411457071177,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          381.58592160058595,
          420.6168721373979,
          390.3431087169531,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          420.6168721373979,
          434.63998187125003,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,761 ",
        "box": [
          457.44139093994124,
          420.6168721373979,
          478.4446675460547,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          420.6168721373979,
          527.5931029982031,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,761 ",
        "box": [
          555.6093518496093,
          420.6168721373979,
          576.6126359557225,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on extinguishment of debt",
        "box": [
          34.74609230224609,
          431.1168716999091,
          140.6650788730424,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,773 ",
        "box": [
          212.53124114453124,
          431.1168716999091,
          233.53452525064438,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(783)",
        "box": [
          275.2031135332031,
          431.1168716999091,
          290.3653700269418,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          431.1168716999091,
          334.0345210631444,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          381.58592160058595,
          431.1168716999091,
          390.3431087169531,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          431.1168716999091,
          434.63998187125003,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,990 ",
        "box": [
          457.44139093994124,
          431.1168716999091,
          478.4446675460547,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          431.1168716999091,
          527.5931029982031,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,990 ",
        "box": [
          555.6093518496093,
          431.1168716999091,
          576.6126359557225,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other (loss) income, net",
        "box": [
          34.74609230224609,
          441.61687126240577,
          102.37024239366065,
          445.12534153719025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(737)",
        "box": [
          218.37890090087873,
          440.8668712936487,
          233.54114989461775,
          444.3753415684332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          440.8668712936487,
          290.35873788296874,
          444.3753415684332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(636)",
        "box": [
          318.8788967133787,
          440.8668712936487,
          334.0411457071177,
          444.3753415684332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,977 ",
        "box": [
          372.84373446484375,
          440.8668712936487,
          390.3431087169531,
          444.3753415684332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          440.8668712936487,
          434.63998187125003,
          444.3753415684332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,604 ",
        "box": [
          460.9452932939453,
          440.8668712936487,
          478.4446675460547,
          444.3753415684332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          440.8668712936487,
          527.5931029982031,
          444.3753415684332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,604 ",
        "box": [
          559.113261703613,
          440.8668712936487,
          576.6126359557225,
          444.3753415684332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other income (loss)",
        "box": [
          52.74609155224609,
          452.11687082490243,
          126.02152022460251,
          455.6253410996869
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,594",
        "box": [
          212.53124114453124,
          451.36687085615995,
          231.77433695523553,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          231.785150342285,
          451.36687085615995,
          233.53452525064438,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,014",
        "box": [
          272.8593636308594,
          451.36687085615995,
          288.6037146123447,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          288.6093629746094,
          451.36687085615995,
          290.35873788296874,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,340",
        "box": [
          316.53514681103496,
          451.36687085615995,
          332.2794977925203,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          332.28514615478497,
          451.36687085615995,
          334.0345210631444,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,058",
        "box": [
          369.33983211083967,
          451.36687085615995,
          388.58292792154396,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          388.59373380859375,
          451.36687085615995,
          390.3431087169531,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,161",
        "box": [
          413.6367052651365,
          451.36687085615995,
          432.8798010758409,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.8906069628906,
          451.36687085615995,
          434.63998187125003,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,167",
        "box": [
          457.44139093994124,
          451.36687085615995,
          476.68448675064553,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.6952926376953,
          451.36687085615995,
          478.4446675460547,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,396",
        "box": [
          506.58982639208966,
          451.36687085615995,
          525.832922202794,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          525.8437280898437,
          451.36687085615995,
          527.5931029982031,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "121,563",
        "box": [
          552.1171644951171,
          451.36687085615995,
          574.8590051350404,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.863261047363,
          451.36687085615995,
          576.6126359557225,
          454.87534113094443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes",
        "box": [
          34.74609230224609,
          462.6168703873991,
          134.8907985449628,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,191",
        "box": [
          209.03905379003905,
          462.6168703873991,
          231.7808944299623,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          231.785150342285,
          462.6168703873991,
          233.53452525064438,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,864",
        "box": [
          269.3554612768553,
          462.6168703873991,
          288.5985570875596,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          288.6093629746094,
          462.6168703873991,
          290.35873788296874,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,298)",
        "box": [
          313.6288969321287,
          462.6168703873991,
          334.0411457071177,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,118",
        "box": [
          369.7265470947265,
          462.6168703873991,
          388.5835535715179,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          388.59373380859375,
          462.6168703873991,
          390.3431087169531,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(98,508)",
        "box": [
          410.7304553862303,
          462.6168703873991,
          434.64661401522307,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135,367",
        "box": [
          453.949203585449,
          462.6168703873991,
          476.6910442253723,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.6952926376953,
          462.6168703873991,
          478.4446675460547,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          518.835915881836,
          462.6168703873991,
          525.8334155152734,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          525.8437280898437,
          462.6168703873991,
          527.5931029982031,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135,367",
        "box": [
          552.1171644951171,
          462.6168703873991,
          574.8590051350404,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.863261047363,
          462.6168703873991,
          576.6126359557225,
          466.1253406621836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax benefit (provision)",
        "box": [
          34.74609230224609,
          472.3668699811533,
          120.04845994848006,
          475.8753402559378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,495 ",
        "box": [
          216.035150998535,
          472.3668699811533,
          233.53452525064438,
          475.8753402559378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88 ",
        "box": [
          281.6015507666015,
          472.3668699811533,
          290.35873788296874,
          475.8753402559378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          325.27733394677716,
          472.3668699811533,
          334.0345210631444,
          475.8753402559378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,254)",
        "box": [
          369.9374845859375,
          472.3668699811533,
          390.34974086092615,
          475.8753402559378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          472.3668699811533,
          434.63998187125003,
          475.8753402559378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(671)",
        "box": [
          463.2890431962891,
          472.3668699811533,
          478.4512996900277,
          475.8753402559378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          472.3668699811533,
          527.5931029982031,
          475.8753402559378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(671)",
        "box": [
          561.4570116059568,
          472.3668699811533,
          576.6192605996958,
          475.8753402559378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss)",
        "box": [
          34.74609230224609,
          482.86686954364995,
          85.65896540637571,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,686",
        "box": [
          209.03905379003905,
          482.86686954364995,
          231.7808944299623,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          231.785150342285,
          482.86686954364995,
          233.53452525064438,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,952",
        "box": [
          269.3554612768553,
          482.86686954364995,
          288.5985570875596,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          288.6093629746094,
          482.86686954364995,
          290.35873788296874,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,298)",
        "box": [
          313.6288969321287,
          482.86686954364995,
          334.0411457071177,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,864",
        "box": [
          369.33983211083967,
          482.86686954364995,
          388.58292792154396,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          388.59373380859375,
          482.86686954364995,
          390.3431087169531,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(98,508)",
        "box": [
          410.7304553862303,
          482.86686954364995,
          434.64661401522307,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,696",
        "box": [
          453.949203585449,
          482.86686954364995,
          476.6910442253723,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.6952926376953,
          482.86686954364995,
          478.4446675460547,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          518.835915881836,
          482.86686954364995,
          525.8334155152734,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          525.8437280898437,
          482.86686954364995,
          527.5931029982031,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,696",
        "box": [
          552.1171644951171,
          482.86686954364995,
          574.8590051350404,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.863261047363,
          482.86686954364995,
          576.6126359557225,
          486.37533981843444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (income) loss attributable to non-controlling",
        "box": [
          45.996091833496095,
          493.3668691061466,
          181.8320480611643,
          496.87533938094566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          45.996091833496095,
          500.11686882490176,
          69.3153542272731,
          503.62533909968624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          225.374990609375,
          499.3668688561593,
          233.54114989461775,
          502.87533913094376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          281.6015507666015,
          499.3668688561593,
          290.35873788296874,
          502.87533913094376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,326)",
        "box": [
          313.6288969321287,
          499.3668688561593,
          334.0411457071177,
          502.87533913094376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "448 ",
        "box": [
          378.09373424609373,
          499.3668688561593,
          390.3431087169531,
          502.87533913094376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          425.8827947548828,
          499.3668688561593,
          434.63998187125003,
          502.87533913094376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,882)",
        "box": [
          458.03904341503903,
          499.3668688561593,
          478.4512996900277,
          502.87533913094376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.835915881836,
          499.3668688561593,
          527.5931029982031,
          502.87533913094376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,882)",
        "box": [
          556.2070118247068,
          499.3668688561593,
          576.6192605996958,
          502.87533913094376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Starwood",
        "box": [
          45.996091833496095,
          509.86686841865594,
          172.51800404418807,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Trust, Inc",
        "box": [
          57.24609136474609,
          517.3668681061536,
          114.97193095206413,
          520.875338380938
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".",
        "box": [
          114.97265145947264,
          517.3668681061536,
          116.72202636783203,
          520.875338380938
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          185.82421475732406,
          515.866868168654,
          189.3229645740428,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,682",
        "box": [
          209.03905379003905,
          515.866868168654,
          231.7808944299623,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          231.785150342285,
          515.866868168654,
          233.53452525064438,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          240.92577496142562,
          515.866868168654,
          244.42452477814436,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,952",
        "box": [
          269.3554612768553,
          515.866868168654,
          288.5985570875596,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          288.6093629746094,
          515.866868168654,
          290.35873788296874,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          297.8554600893553,
          515.866868168654,
          301.35420990607406,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,624)",
        "box": [
          313.6288969321287,
          515.866868168654,
          334.0411457071177,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          341.37889577587873,
          515.866868168654,
          344.87764559259745,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,312",
        "box": [
          369.33983211083967,
          515.866868168654,
          388.58292792154396,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          388.59373380859375,
          515.866868168654,
          390.3431087169531,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          397.81639342431623,
          515.866868168654,
          401.31514324103495,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(98,508)",
        "box": [
          410.7304553862303,
          515.866868168654,
          434.64661401522307,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          441.9843565839844,
          515.866868168654,
          445.48310640070315,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,814",
        "box": [
          453.949203585449,
          515.866868168654,
          476.6910442253723,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.6952926376953,
          515.866868168654,
          478.4446675460547,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.7421672607422,
          515.866868168654,
          489.24091707746095,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          518.835915881836,
          515.866868168654,
          525.8334155152734,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          525.8437280898437,
          515.866868168654,
          527.5931029982031,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          535.124977703125,
          515.866868168654,
          538.6237275198438,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,814",
        "box": [
          552.1171644951171,
          515.866868168654,
          574.8590051350404,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.863261047363,
          515.866868168654,
          576.6126359557225,
          519.3753384434385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          300.99608495849594,
          597.8805366114102,
          310.9935794794336,
          602.8931742227142
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 102,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923898545,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents our results of operations for the six months ended June 30, 2026 by business segment (amounts in",
        "box": [
          69.74999709375,
          93.130557642653,
          563.1513439228596,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          105.1305571426492,
          79.84681717213674,
          110.14319475395314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          189.50390210400374,
          123.6168845124048,
          226.2919938302541,
          127.12535478718928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and",
        "box": [
          202.26561657226563,
          130.36688423114538,
          213.5477034096172,
          133.87535450592986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          191.19140203369125,
          137.1168839499005,
          224.62422347474453,
          140.625354224685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          195.45702685595685,
          144.61688363739813,
          220.34798760633345,
          148.12535391218262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          195.07030437207032,
          151.36688335615327,
          220.72321820369825,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          236.36717765136717,
          137.1168839499005,
          279.38053920170523,
          140.625354224685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          245.4257747739256,
          144.61688363739813,
          270.3167355243022,
          148.12535391218262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          245.05077478955062,
          151.36688335615327,
          270.70368862117857,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          293.66014776416,
          144.61688363739813,
          320.34491268979474,
          148.12535391218262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          294.17577274267563,
          151.36688335615327,
          319.8286865743036,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing",
        "box": [
          342.2577982392578,
          137.1168839499005,
          369.86507137645475,
          140.625354224685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Servicing",
        "box": [
          335.5546735185547,
          144.61688363739813,
          376.5726591219719,
          148.12535391218262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          343.2304581987303,
          151.36688335615327,
          368.88337203035826,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          389.92967125292967,
          151.36688335615327,
          421.0186215251182,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          440.8827941298828,
          151.36688335615327,
          466.15983511076024,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization",
        "box": [
          482.7538898852537,
          144.61688363739813,
          524.3424711348347,
          148.12535391218262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs",
        "box": [
          495.9609168349609,
          151.36688335615327,
          511.1278434434185,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          545.9999772499999,
          151.36688335615327,
          561.2967292717228,
          154.87535363093775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues:",
        "box": [
          34.74609230224609,
          161.86688291864994,
          65.45237354831707,
          165.37535319343442
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from loans",
        "box": [
          45.996091833496095,
          171.61688251240412,
          121.19516244061435,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          186.72655471972655,
          171.61688251240412,
          190.22530453644532,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "637,465 ",
        "box": [
          203.96483900146467,
          171.61688251240412,
          228.46030296207033,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          235.874990171875,
          171.61688251240412,
          239.37373998859374,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128,429 ",
        "box": [
          254.6953018876953,
          171.61688251240412,
          279.19077334830064,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          286.6757730551756,
          171.61688251240412,
          290.17452287189434,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.035146748535,
          171.61688251240412,
          326.79233386490216,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          334.124986078125,
          171.61688251240412,
          337.6237358948437,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,332 ",
        "box": [
          359.78904750878905,
          171.61688251240412,
          377.2884217608984,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.7968589667969,
          171.61688251240412,
          388.2956087835156,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          171.61688251240412,
          425.63998224625,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          432.9374819609375,
          171.61688251240412,
          436.43623177765625,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "772,226 ",
        "box": [
          449.09764128759747,
          171.61688251240412,
          473.59310524820313,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          480.8906049628906,
          171.61688251240412,
          484.3893547796094,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          171.61688251240412,
          525.4837280860937,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          533.0038877915036,
          171.61688251240412,
          536.5026376082225,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "772,226 ",
        "box": [
          549.164039618164,
          171.61688251240412,
          573.6595110787694,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from investment securities",
        "box": [
          45.996091833496095,
          181.36688210614375,
          165.30530240269175,
          184.87535238092823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,981 ",
        "box": [
          207.45702635595686,
          181.36688210614375,
          228.46030296207033,
          184.87535238092823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "865 ",
        "box": [
          266.9413988774412,
          181.36688210614375,
          279.19077334830064,
          184.87535238092823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.035146748535,
          181.36688210614375,
          326.79233386490216,
          184.87535238092823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,103 ",
        "box": [
          356.28514515478497,
          181.36688210614375,
          377.2884217608984,
          184.87535238092823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          181.36688210614375,
          425.63998224625,
          184.87535238092823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77,949 ",
        "box": [
          452.5898286420897,
          181.36688210614375,
          473.59310524820313,
          184.87535238092823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(67,761)",
        "box": [
          501.57420160107404,
          181.36688210614375,
          525.4903602300668,
          184.87535238092823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,188 ",
        "box": [
          552.6562269726562,
          181.36688210614375,
          573.6595110787694,
          184.87535238092823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing fees",
        "box": [
          45.996091833496095,
          191.86688166865497,
          85.82846841422665,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "223 ",
        "box": [
          216.21092849121092,
          191.86688166865497,
          228.46030296207033,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          191.86688166865497,
          279.19077334830064,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.035146748535,
          191.86688166865497,
          326.79233386490216,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,095 ",
        "box": [
          356.28514515478497,
          191.86688166865497,
          377.2884217608984,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          191.86688166865497,
          425.63998224625,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,318 ",
        "box": [
          452.5898286420897,
          191.86688166865497,
          473.59310524820313,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,631)",
        "box": [
          505.0781039550781,
          191.86688166865497,
          525.4903602300668,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,687 ",
        "box": [
          552.6562269726562,
          191.86688166865497,
          573.6595110787694,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income",
        "box": [
          45.996091833496095,
          201.6168812623946,
          86.60749883391549,
          205.12535153717909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,113 ",
        "box": [
          207.72655384472657,
          201.6168812623946,
          228.46030296207033,
          205.12535153717909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          201.6168812623946,
          279.19077334830064,
          205.12535153717909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124,670 ",
        "box": [
          302.29686240429686,
          201.6168812623946,
          326.79233386490216,
          205.12535153717909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,042 ",
        "box": [
          359.78904750878905,
          201.6168812623946,
          377.2884217608984,
          205.12535153717909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          201.6168812623946,
          425.63998224625,
          205.12535153717909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,825 ",
        "box": [
          449.09764128759747,
          201.6168812623946,
          473.59310524820313,
          205.12535153717909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          201.6168812623946,
          525.4837280860937,
          205.12535153717909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,825 ",
        "box": [
          549.164039618164,
          201.6168812623946,
          573.6595110787694,
          205.12535153717909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other revenues",
        "box": [
          45.996091833496095,
          212.11688082490582,
          88.54479220104649,
          215.6253510996903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,013 ",
        "box": [
          210.96092870996094,
          211.36688085614878,
          228.46030296207033,
          214.87535113093327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,947 ",
        "box": [
          261.6913990961912,
          211.36688085614878,
          279.19077334830064,
          214.87535113093327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "819 ",
        "box": [
          314.5429593940428,
          211.36688085614878,
          326.79233386490216,
          214.87535113093327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,927 ",
        "box": [
          359.78904750878905,
          211.36688085614878,
          377.2884217608984,
          214.87535113093327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,492 ",
        "box": [
          408.1406079941406,
          211.36688085614878,
          425.63998224625,
          214.87535113093327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,198 ",
        "box": [
          452.85935613085934,
          211.36688085614878,
          473.59310524820313,
          214.87535113093327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          211.36688085614878,
          525.4837280860937,
          214.87535113093327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,198 ",
        "box": [
          552.9257619614256,
          211.36688085614878,
          573.6595110787694,
          214.87535113093327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total revenues",
        "box": [
          52.74609155224609,
          222.6168803874025,
          96.09429893648371,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "708,795",
        "box": [
          203.96483900146467,
          222.6168803874025,
          226.7066796413879,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          226.71092805371094,
          222.6168803874025,
          228.46030296207033,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132,241",
        "box": [
          254.6953018876953,
          222.6168803874025,
          277.4371425276185,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.4413984399412,
          222.6168803874025,
          279.19077334830064,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,489",
        "box": [
          302.29686240429686,
          222.6168803874025,
          325.0387030442201,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.0429589565428,
          222.6168803874025,
          326.79233386490216,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,499",
        "box": [
          352.7929578002928,
          222.6168803874025,
          375.53479844021604,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.53904685253906,
          222.6168803874025,
          377.2884217608984,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,492",
        "box": [
          408.1406079941406,
          222.6168803874025,
          423.884958975626,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          423.89060733789063,
          222.6168803874025,
          425.63998224625,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,101,516",
        "box": [
          443.8476415063475,
          222.6168803874025,
          471.8375936525994,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.8437303398437,
          222.6168803874025,
          473.59310524820313,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(75,392)",
        "box": [
          501.57420160107404,
          222.6168803874025,
          525.4903602300668,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,026,124",
        "box": [
          543.914039836914,
          222.6168803874025,
          571.903991983166,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9101361704099,
          222.6168803874025,
          573.6595110787694,
          226.12535066218697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses:",
        "box": [
          34.74609230224609,
          233.11687994989916,
          94.23157387418368,
          236.62535022468364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees",
        "box": [
          45.996091833496095,
          242.86687954365334,
          95.53888285962603,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "197 ",
        "box": [
          216.21092849121092,
          242.86687954365334,
          228.46030296207033,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          242.86687954365334,
          279.19077334830064,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.035146748535,
          242.86687954365334,
          326.79233386490216,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.53123464453125,
          242.86687954365334,
          377.2884217608984,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,542 ",
        "box": [
          404.63670564013654,
          242.86687954365334,
          425.63998224625,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,739 ",
        "box": [
          452.5898286420897,
          242.86687954365334,
          473.59310524820313,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          242.86687954365334,
          525.4837280860937,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,739 ",
        "box": [
          552.6562269726562,
          242.86687954365334,
          573.6595110787694,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          45.996091833496095,
          252.61687913739297,
          91.26451166487328,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "315,673 ",
        "box": [
          203.96483900146467,
          252.61687913739297,
          228.46030296207033,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,321 ",
        "box": [
          258.1874892421875,
          252.61687913739297,
          279.19077334830064,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,726 ",
        "box": [
          305.7890497587891,
          252.61687913739297,
          326.79233386490216,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,943 ",
        "box": [
          356.28514515478497,
          252.61687913739297,
          377.2884217608984,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "210,218 ",
        "box": [
          401.1445182856444,
          252.61687913739297,
          425.63998224625,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "673,881 ",
        "box": [
          449.09764128759747,
          252.61687913739297,
          473.59310524820313,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(398)",
        "box": [
          510.3281037363281,
          252.61687913739297,
          525.4903602300668,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "673,483 ",
        "box": [
          549.164039618164,
          252.61687913739297,
          573.6595110787694,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative",
        "box": [
          45.996091833496095,
          263.1168786999042,
          121.77260516870268,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,771 ",
        "box": [
          207.45702635595686,
          263.1168786999042,
          228.46030296207033,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,933 ",
        "box": [
          258.45702423095685,
          263.1168786999042,
          279.19077334830064,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,793 ",
        "box": [
          305.7890497587891,
          263.1168786999042,
          326.79233386490216,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,589 ",
        "box": [
          356.28514515478497,
          263.1168786999042,
          377.2884217608984,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,941 ",
        "box": [
          408.1406079941406,
          263.1168786999042,
          425.63998224625,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115,027 ",
        "box": [
          449.3554537768553,
          263.1168786999042,
          473.59310524820313,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          263.1168786999042,
          525.4837280860937,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115,027 ",
        "box": [
          549.4218521074218,
          263.1168786999042,
          573.6595110787694,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs of rental operations",
        "box": [
          45.996091833496095,
          272.8668782936438,
          117.70664873596908,
          276.3753485684283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,377 ",
        "box": [
          207.45702635595686,
          272.8668782936438,
          228.46030296207033,
          276.3753485684283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          272.8668782936438,
          279.19077334830064,
          276.3753485684283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,514 ",
        "box": [
          305.7890497587891,
          272.8668782936438,
          326.79233386490216,
          276.3753485684283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,556 ",
        "box": [
          359.78904750878905,
          272.8668782936438,
          377.2884217608984,
          276.3753485684283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          272.8668782936438,
          425.63998224625,
          276.3753485684283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,447 ",
        "box": [
          452.5898286420897,
          272.8668782936438,
          473.59310524820313,
          276.3753485684283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          272.8668782936438,
          525.4837280860937,
          276.3753485684283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,447 ",
        "box": [
          552.6562269726562,
          272.8668782936438,
          573.6595110787694,
          276.3753485684283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          45.996091833496095,
          282.616877887398,
          131.09690052512892,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,017 ",
        "box": [
          210.96092870996094,
          282.616877887398,
          228.46030296207033,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19 ",
        "box": [
          270.4335862319334,
          282.616877887398,
          279.19077334830064,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,215 ",
        "box": [
          305.7890497587891,
          282.616877887398,
          326.79233386490216,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,232 ",
        "box": [
          359.78904750878905,
          282.616877887398,
          377.2884217608984,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "503 ",
        "box": [
          413.3906077753906,
          282.616877887398,
          425.63998224625,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,986 ",
        "box": [
          452.5898286420897,
          282.616877887398,
          473.59310524820313,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          282.616877887398,
          525.4837280860937,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,986 ",
        "box": [
          552.6562269726562,
          282.616877887398,
          573.6595110787694,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss provision (reversal), net",
        "box": [
          45.996091833496095,
          293.1168774498947,
          144.91072242114058,
          296.62534772467916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,402 ",
        "box": [
          207.45702635595686,
          293.1168774498947,
          228.46030296207033,
          296.62534772467916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(615)",
        "box": [
          264.03514899853496,
          293.1168774498947,
          279.197397992274,
          296.62534772467916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.035146748535,
          293.1168774498947,
          326.79233386490216,
          296.62534772467916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.53123464453125,
          293.1168774498947,
          377.2884217608984,
          296.62534772467916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          293.1168774498947,
          425.63998224625,
          296.62534772467916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,787 ",
        "box": [
          452.5898286420897,
          293.1168774498947,
          473.59310524820313,
          296.62534772467916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          293.1168774498947,
          525.4837280860937,
          296.62534772467916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,787 ",
        "box": [
          552.6562269726562,
          293.1168774498947,
          573.6595110787694,
          296.62534772467916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other expense",
        "box": [
          45.996091833496095,
          302.86687704364886,
          86.21457745028722,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "165 ",
        "box": [
          216.21092849121092,
          302.86687704364886,
          228.46030296207033,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "899 ",
        "box": [
          266.9413988774412,
          302.86687704364886,
          279.19077334830064,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "299 ",
        "box": [
          314.5429593940428,
          302.86687704364886,
          326.79233386490216,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "241 ",
        "box": [
          365.03904729003904,
          302.86687704364886,
          377.2884217608984,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          302.86687704364886,
          425.63998224625,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,604 ",
        "box": [
          456.0937309960937,
          302.86687704364886,
          473.59310524820313,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          302.86687704364886,
          525.4837280860937,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,604 ",
        "box": [
          556.1601368266599,
          302.86687704364886,
          573.6595110787694,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total costs and expenses",
        "box": [
          52.74609155224609,
          314.11687657490256,
          124.99992210708271,
          317.62534684968705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "416,602",
        "box": [
          203.96483900146467,
          313.3668766061455,
          226.7066796413879,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          226.71092805371094,
          313.3668766061455,
          228.46030296207033,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,557",
        "box": [
          258.1874892421875,
          313.3668766061455,
          277.4305850528918,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.4413984399412,
          313.3668766061455,
          279.19077334830064,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145,547",
        "box": [
          302.29686240429686,
          313.3668766061455,
          325.0387030442201,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.0429589565428,
          313.3668766061455,
          326.79233386490216,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,561",
        "box": [
          356.28514515478497,
          313.3668766061455,
          375.52824096548926,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.53904685253906,
          313.3668766061455,
          377.2884217608984,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "286,204",
        "box": [
          401.1445182856444,
          313.3668766061455,
          423.8863589255676,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          423.89060733789063,
          313.3668766061455,
          425.63998224625,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,005,471",
        "box": [
          443.8476415063475,
          313.3668766061455,
          471.8375936525994,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.8437303398437,
          313.3668766061455,
          473.59310524820313,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(398)",
        "box": [
          510.3281037363281,
          313.3668766061455,
          525.4903602300668,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,005,073",
        "box": [
          543.914039836914,
          313.3668766061455,
          571.903991983166,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9101361704099,
          313.3668766061455,
          573.6595110787694,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income (loss):",
        "box": [
          34.74609230224609,
          323.8668761686422,
          95.24975478175949,
          327.37534644344123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets related to consolidated VIEs",
        "box": [
          34.74609230224609,
          333.6168757623964,
          172.78245971614345,
          337.12534603718086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          219.7031158457031,
          333.6168757623964,
          228.46030296207033,
          337.12534603718086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          333.6168757623964,
          279.19077334830064,
          337.12534603718086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.035146748535,
          333.6168757623964,
          326.79233386490216,
          337.12534603718086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.53123464453125,
          333.6168757623964,
          377.2884217608984,
          337.12534603718086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          333.6168757623964,
          425.63998224625,
          337.12534603718086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          464.8359181318359,
          333.6168757623964,
          473.59310524820313,
          337.12534603718086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,589 ",
        "box": [
          504.4804514799803,
          333.6168757623964,
          525.4837280860937,
          337.12534603718086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,589 ",
        "box": [
          552.6562269726562,
          333.6168757623964,
          573.6595110787694,
          337.12534603718086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of servicing rights",
        "box": [
          34.74609230224609,
          344.11687532489304,
          144.34146670118494,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          219.7031158457031,
          344.11687532489304,
          228.46030296207033,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          344.11687532489304,
          279.19077334830064,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.035146748535,
          344.11687532489304,
          326.79233386490216,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,022 ",
        "box": [
          359.78904750878905,
          344.11687532489304,
          377.2884217608984,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          344.11687532489304,
          425.63998224625,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,022 ",
        "box": [
          456.0937309960937,
          344.11687532489304,
          473.59310524820313,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(815)",
        "box": [
          510.3281037363281,
          344.11687532489304,
          525.4903602300668,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,207 ",
        "box": [
          556.1601368266599,
          344.11687532489304,
          573.6595110787694,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of investment securities, net",
        "box": [
          34.74609230224609,
          353.8668749186472,
          171.93167524526748,
          357.3753451934317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,136)",
        "box": [
          208.05467883105467,
          353.8668749186472,
          228.46693510604337,
          357.3753451934317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          353.8668749186472,
          279.19077334830064,
          357.3753451934317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.035146748535,
          353.8668749186472,
          326.79233386490216,
          357.3753451934317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,638)",
        "box": [
          356.8827976298828,
          353.8668749186472,
          377.2950539048715,
          357.3753451934317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          353.8668749186472,
          425.63998224625,
          357.3753451934317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,774)",
        "box": [
          449.6835787631834,
          353.8668749186472,
          473.59973739217617,
          357.3753451934317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,811 ",
        "box": [
          504.74997896875,
          353.8668749186472,
          525.4837280860937,
          357.3753451934317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37 ",
        "box": [
          564.9023239624021,
          353.8668749186472,
          573.6595110787694,
          357.3753451934317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of mortgage loans, net",
        "box": [
          34.74609230224609,
          363.6168745124014,
          155.9959954842542,
          367.1253447871859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(33,691)",
        "box": [
          204.55077647705062,
          363.6168745124014,
          228.46693510604337,
          367.1253447871859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          363.6168745124014,
          279.19077334830064,
          367.1253447871859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.035146748535,
          363.6168745124014,
          326.79233386490216,
          367.1253447871859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,962 ",
        "box": [
          356.28514515478497,
          363.6168745124014,
          377.2884217608984,
          367.1253447871859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          363.6168745124014,
          425.63998224625,
          367.1253447871859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,729)",
        "box": [
          449.6835787631834,
          363.6168745124014,
          473.59973739217617,
          367.1253447871859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          363.6168745124014,
          525.4837280860937,
          367.1253447871859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,729)",
        "box": [
          549.74997709375,
          363.6168745124014,
          573.6661357227426,
          367.1253447871859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from affordable housing fund investments",
        "box": [
          34.74609230224609,
          374.1168740748981,
          175.11609309390877,
          377.62534434968256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          219.7031158457031,
          374.1168740748981,
          228.46030296207033,
          377.62534434968256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          374.1168740748981,
          279.19077334830064,
          377.62534434968256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,393 ",
        "box": [
          305.7890497587891,
          374.1168740748981,
          326.79233386490216,
          377.62534434968256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.53123464453125,
          374.1168740748981,
          377.2884217608984,
          377.62534434968256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          374.1168740748981,
          425.63998224625,
          377.62534434968256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,393 ",
        "box": [
          452.5898286420897,
          374.1168740748981,
          473.59310524820313,
          377.62534434968256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          374.1168740748981,
          525.4837280860937,
          377.62534434968256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,393 ",
        "box": [
          552.6562269726562,
          374.1168740748981,
          573.6595110787694,
          377.62534434968256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities",
        "box": [
          34.74609230224609,
          383.86687366865226,
          141.04434383856506,
          387.37534394343675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          219.7031158457031,
          383.86687366865226,
          228.46030296207033,
          387.37534394343675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,520 ",
        "box": [
          261.6913990961912,
          383.86687366865226,
          279.19077334830064,
          387.37534394343675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          318.035146748535,
          383.86687366865226,
          326.79233386490216,
          387.37534394343675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "605 ",
        "box": [
          365.03904729003904,
          383.86687366865226,
          377.2884217608984,
          387.37534394343675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          383.86687366865226,
          425.63998224625,
          387.37534394343675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,125 ",
        "box": [
          456.0937309960937,
          383.86687366865226,
          473.59310524820313,
          387.37534394343675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(591)",
        "box": [
          510.3281037363281,
          383.86687366865226,
          525.4903602300668,
          387.37534394343675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,534 ",
        "box": [
          556.1601368266599,
          383.86687366865226,
          573.6595110787694,
          387.37534394343675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sale of investments and other assets, net",
        "box": [
          34.74609230224609,
          393.6168732623919,
          170.5820849515004,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "298 ",
        "box": [
          216.21092849121092,
          393.6168732623919,
          228.46030296207033,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          393.6168732623919,
          279.19077334830064,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496 ",
        "box": [
          314.5429593940428,
          393.6168732623919,
          326.79233386490216,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264 ",
        "box": [
          359.78904750878905,
          393.6168732623919,
          377.2884217608984,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          393.6168732623919,
          425.63998224625,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,058 ",
        "box": [
          456.0937309960937,
          393.6168732623919,
          473.59310524820313,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          393.6168732623919,
          525.4837280860937,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,058 ",
        "box": [
          556.1601368266599,
          393.6168732623919,
          573.6595110787694,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on derivative financial instruments, net",
        "box": [
          34.74609230224609,
          404.1168728249031,
          176.79710789254108,
          407.6253430996876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,892 ",
        "box": [
          207.45702635595686,
          404.1168728249031,
          228.46030296207033,
          407.6253430996876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "439 ",
        "box": [
          266.9413988774412,
          404.1168728249031,
          279.19077334830064,
          407.6253430996876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,630 ",
        "box": [
          305.7890497587891,
          404.1168728249031,
          326.79233386490216,
          407.6253430996876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,225 ",
        "box": [
          359.78904750878905,
          404.1168728249031,
          377.2884217608984,
          407.6253430996876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(55,673)",
        "box": [
          401.7304557612303,
          404.1168728249031,
          425.646614390223,
          407.6253430996876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,487)",
        "box": [
          453.1874811171875,
          404.1168728249031,
          473.59973739217617,
          407.6253430996876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          404.1168728249031,
          525.4837280860937,
          407.6253430996876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,487)",
        "box": [
          553.2538869477537,
          404.1168728249031,
          573.6661357227426,
          407.6253430996876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency (loss) gain, net",
        "box": [
          34.74609230224609,
          413.86687241864274,
          125.88082343905307,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,834)",
        "box": [
          204.8203039658203,
          413.86687241864274,
          228.46693510604337,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          413.86687241864274,
          279.19077334830064,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38 ",
        "box": [
          318.035146748535,
          413.86687241864274,
          326.79233386490216,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.53123464453125,
          413.86687241864274,
          377.2884217608984,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          413.86687241864274,
          425.63998224625,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,796)",
        "box": [
          449.9531062519531,
          413.86687241864274,
          473.59973739217617,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          413.86687241864274,
          525.4837280860937,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,796)",
        "box": [
          550.0195120825193,
          413.86687241864274,
          573.6661357227426,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on extinguishment of debt",
        "box": [
          34.74609230224609,
          423.6168720123969,
          122.98345415977681,
          427.1253422871814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          219.7031158457031,
          423.6168720123969,
          228.46030296207033,
          427.1253422871814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31)",
        "box": [
          267.5273363530272,
          423.6168720123969,
          279.197397992274,
          427.1253422871814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(304)",
        "box": [
          311.63670951513654,
          423.6168720123969,
          326.79895850887556,
          427.1253422871814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.53123464453125,
          423.6168720123969,
          377.2884217608984,
          427.1253422871814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          423.6168720123969,
          425.63998224625,
          427.1253422871814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(335)",
        "box": [
          458.4374808984375,
          423.6168720123969,
          473.59973739217617,
          427.1253422871814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          423.6168720123969,
          525.4837280860937,
          427.1253422871814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(335)",
        "box": [
          558.5038867290036,
          423.6168720123969,
          573.6661357227426,
          427.1253422871814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other (loss) income, net",
        "box": [
          34.74609230224609,
          434.1168715748936,
          102.37024239366065,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,472)",
        "box": [
          208.05467883105467,
          434.1168715748936,
          228.46693510604337,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51 ",
        "box": [
          270.4335862319334,
          434.1168715748936,
          279.19077334830064,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,401)",
        "box": [
          306.38670973388656,
          434.1168715748936,
          326.79895850887556,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6 ",
        "box": [
          372.035144498535,
          434.1168715748936,
          377.2884217608984,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          434.1168715748936,
          425.63998224625,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,816)",
        "box": [
          453.1874811171875,
          434.1168715748936,
          473.59973739217617,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          434.1168715748936,
          525.4837280860937,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,816)",
        "box": [
          553.2538869477537,
          434.1168715748936,
          573.6661357227426,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other (loss) income",
        "box": [
          52.74609155224609,
          444.6168711374048,
          126.02151024166497,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,943)",
        "box": [
          204.55077647705062,
          444.6168711374048,
          228.46693510604337,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,979",
        "box": [
          261.6913990961912,
          444.6168711374048,
          277.4357500776766,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.4413984399412,
          444.6168711374048,
          279.19077334830064,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,852",
        "box": [
          305.7890497587891,
          444.6168711374048,
          325.0321455694933,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.0429589565428,
          444.6168711374048,
          326.79233386490216,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,446",
        "box": [
          356.28514515478497,
          444.6168711374048,
          375.52824096548926,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.53904685253906,
          444.6168711374048,
          377.2884217608984,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(55,673)",
        "box": [
          401.7304557612303,
          444.6168711374048,
          425.646614390223,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,339)",
        "box": [
          449.6835787631834,
          444.6168711374048,
          473.59973739217617,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,994",
        "box": [
          504.4804514799803,
          444.6168711374048,
          523.7235472906846,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          523.7343531777343,
          444.6168711374048,
          525.4837280860937,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,655",
        "box": [
          552.6562269726562,
          444.6168711374048,
          571.8993227833605,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9101361704099,
          444.6168711374048,
          573.6595110787694,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes",
        "box": [
          34.74609230224609,
          455.1168706999015,
          134.8907985449628,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "278,250",
        "box": [
          203.96483900146467,
          455.1168706999015,
          226.7066796413879,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          226.71092805371094,
          455.1168706999015,
          228.46030296207033,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,663",
        "box": [
          258.1874892421875,
          455.1168706999015,
          277.4305850528918,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.4413984399412,
          455.1168706999015,
          279.19077334830064,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,794",
        "box": [
          309.2929596127928,
          455.1168706999015,
          325.0373105942781,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.0429589565428,
          455.1168706999015,
          326.79233386490216,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,384",
        "box": [
          356.28514515478497,
          455.1168706999015,
          375.52824096548926,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.53904685253906,
          455.1168706999015,
          377.2884217608984,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(340,385)",
        "box": [
          398.2382684067381,
          455.1168706999015,
          425.646614390223,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,706",
        "box": [
          452.5898286420897,
          455.1168706999015,
          471.832924452794,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.8437303398437,
          455.1168706999015,
          473.59310524820313,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          516.7265409697266,
          455.1168706999015,
          523.724040603164,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          523.7343531777343,
          455.1168706999015,
          525.4837280860937,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,706",
        "box": [
          552.6562269726562,
          455.1168706999015,
          571.8993227833605,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9101361704099,
          455.1168706999015,
          573.6595110787694,
          458.62534097468597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax benefit (provision)",
        "box": [
          34.74609230224609,
          465.61687026239815,
          120.04845994848006,
          469.12534053718264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,192 ",
        "box": [
          210.96092870996094,
          465.61687026239815,
          228.46030296207033,
          469.12534053718264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(145)",
        "box": [
          264.03514899853496,
          465.61687026239815,
          279.197397992274,
          469.12534053718264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25 ",
        "box": [
          318.035146748535,
          465.61687026239815,
          326.79233386490216,
          469.12534053718264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,351)",
        "box": [
          353.64842276464844,
          465.61687026239815,
          377.2950539048715,
          469.12534053718264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          465.61687026239815,
          425.63998224625,
          469.12534053718264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,279)",
        "box": [
          453.1874811171875,
          465.61687026239815,
          473.59973739217617,
          469.12534053718264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          465.61687026239815,
          525.4837280860937,
          469.12534053718264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,279)",
        "box": [
          553.2538869477537,
          465.61687026239815,
          573.6661357227426,
          469.12534053718264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss)",
        "box": [
          34.74609230224609,
          476.1168698248948,
          85.65896540637571,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "287,442",
        "box": [
          203.96483900146467,
          476.1168698248948,
          226.7066796413879,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          226.71092805371094,
          476.1168698248948,
          228.46030296207033,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,518",
        "box": [
          258.1874892421875,
          476.1168698248948,
          277.4305850528918,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.4413984399412,
          476.1168698248948,
          279.19077334830064,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,819",
        "box": [
          309.2929596127928,
          476.1168698248948,
          325.0373105942781,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.0429589565428,
          476.1168698248948,
          326.79233386490216,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70,033",
        "box": [
          356.28514515478497,
          476.1168698248948,
          375.52824096548926,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.53904685253906,
          476.1168698248948,
          377.2884217608984,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(340,385)",
        "box": [
          398.2382684067381,
          476.1168698248948,
          425.646614390223,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,427",
        "box": [
          452.5898286420897,
          476.1168698248948,
          471.832924452794,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.8437303398437,
          476.1168698248948,
          473.59310524820313,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          516.7265409697266,
          476.1168698248948,
          523.724040603164,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          523.7343531777343,
          476.1168698248948,
          525.4837280860937,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,427",
        "box": [
          552.6562269726562,
          476.1168698248948,
          571.8993227833605,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9101361704099,
          476.1168698248948,
          573.6595110787694,
          479.6253400996793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to non-controlling",
        "box": [
          45.996091833496095,
          485.866869418649,
          164.53310228195372,
          489.3753396934335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          45.996091833496095,
          493.3668691061466,
          69.3153542272731,
          496.8753393809311
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          220.30077582080062,
          492.61686913740414,
          228.46693510604337,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.4335862319334,
          492.61686913740414,
          279.19077334830064,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,152)",
        "box": [
          302.8827998798828,
          492.61686913740414,
          326.79895850887556,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,833)",
        "box": [
          356.8827976298828,
          492.61686913740414,
          377.2950539048715,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          416.8827951298828,
          492.61686913740414,
          425.63998224625,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,992)",
        "box": [
          449.6835787631834,
          492.61686913740414,
          473.59973739217617,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          516.7265409697266,
          492.61686913740414,
          525.4837280860937,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,992)",
        "box": [
          549.74997709375,
          492.61686913740414,
          573.6661357227426,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Starwood",
        "box": [
          45.996091833496095,
          503.1168686999008,
          172.51800404418807,
          506.6253389746853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Trust, Inc",
        "box": [
          57.24609136474609,
          509.8668684186414,
          114.97193095206413,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".",
        "box": [
          114.97265145947264,
          509.8668684186414,
          116.72202636783203,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          186.72655471972655,
          508.36686848114186,
          190.22530453644532,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "287,435",
        "box": [
          203.96483900146467,
          508.36686848114186,
          226.7066796413879,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          226.71092805371094,
          508.36686848114186,
          228.46030296207033,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          235.874990171875,
          508.36686848114186,
          239.37373998859374,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,518",
        "box": [
          258.1874892421875,
          508.36686848114186,
          277.4305850528918,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.4413984399412,
          508.36686848114186,
          279.19077334830064,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          286.6757730551756,
          508.36686848114186,
          290.17452287189434,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,333)",
        "box": [
          306.38670973388656,
          508.36686848114186,
          326.79895850887556,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          334.124986078125,
          508.36686848114186,
          337.6237358948437,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,200",
        "box": [
          356.28514515478497,
          508.36686848114186,
          375.52824096548926,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.53904685253906,
          508.36686848114186,
          377.2884217608984,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.7968589667969,
          508.36686848114186,
          388.2956087835156,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(340,385)",
        "box": [
          398.2382684067381,
          508.36686848114186,
          425.646614390223,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          432.9374819609375,
          508.36686848114186,
          436.43623177765625,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,435",
        "box": [
          452.5898286420897,
          508.36686848114186,
          471.832924452794,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.8437303398437,
          508.36686848114186,
          473.59310524820313,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          480.8906049628906,
          508.36686848114186,
          484.3893547796094,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          516.7265409697266,
          508.36686848114186,
          523.724040603164,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          523.7343531777343,
          508.36686848114186,
          525.4837280860937,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          533.0038877915036,
          508.36686848114186,
          536.5026376082225,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,435",
        "box": [
          552.6562269726562,
          508.36686848114186,
          571.8993227833605,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.9101361704099,
          508.36686848114186,
          573.6595110787694,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68",
        "box": [
          300.99608495849594,
          612.8805359864054,
          310.9935794794336,
          617.8931735977094
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 103,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents our results of operations for the six months ended June 30, 2025 by business segment (amounts in",
        "box": [
          69.74999709375,
          93.13055764266755,
          563.1513439228596,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          105.13055714266375,
          79.84681717213674,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          192.22265199072248,
          123.6168845124048,
          229.01074371697288,
          127.12535478718928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and",
        "box": [
          204.98436645898437,
          130.36688423115993,
          216.26645329633598,
          133.87535450594441
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          193.91015192041,
          137.11688394991506,
          227.34297336146327,
          140.62535422469955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          198.17577674267562,
          144.61688363741268,
          223.0667374930522,
          148.12535391219717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          197.78905425878906,
          151.36688335615327,
          223.441968090417,
          154.8753536309523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          241.21873994921876,
          137.11688394991506,
          284.2321014995568,
          140.62535422469955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          250.27733707177717,
          144.61688363741268,
          275.16829782215376,
          148.12535391219717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          249.8906145878906,
          151.36688335615327,
          275.54352841951857,
          154.8753536309523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          297.43358510693344,
          144.61688363741268,
          324.1183500325682,
          148.12535391219717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          297.94921008544907,
          151.36688335615327,
          323.60212391707705,
          154.8753536309523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing",
        "box": [
          344.47264564697247,
          137.11688394991506,
          372.0799187841694,
          140.62535422469955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Servicing",
        "box": [
          337.76952092626937,
          144.61688363741268,
          378.7875065296866,
          148.12535391219717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          345.4452981064453,
          151.36688335615327,
          371.0982119380733,
          154.8753536309523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          390.5390462275391,
          151.36688335615327,
          421.62799649972754,
          154.8753536309523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          437.19139178369124,
          151.36688335615327,
          462.46843276456866,
          154.8753536309523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization",
        "box": [
          474.98435520898437,
          144.61688363741268,
          516.5729364585653,
          148.12535391219717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs",
        "box": [
          488.1913896586912,
          151.36688335615327,
          503.35831626714884,
          154.8753536309523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          534.1171652451171,
          151.36688335615327,
          549.41391726684,
          154.8753536309523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues:",
        "box": [
          34.74609230224609,
          161.8668829186645,
          65.45237354831707,
          165.37535319344897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from loans",
        "box": [
          45.996091833496095,
          171.61688251240412,
          121.19516244061435,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          188.29686715429688,
          171.61688251240412,
          191.79561697101562,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "603,894 ",
        "box": [
          207.84374133984375,
          171.61688251240412,
          232.33921280044908,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          239.7656150097656,
          171.61688251240412,
          243.26436482648435,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,405 ",
        "box": [
          260.5078016455078,
          171.61688251240412,
          285.0032731061131,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          292.49998781249997,
          171.61688251240412,
          295.99873762921874,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          171.61688251240412,
          328.5618612911719,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          335.8827985048828,
          171.61688251240412,
          339.38154832160154,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,843 ",
        "box": [
          362.4726448969725,
          171.61688251240412,
          379.97201914908186,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          387.4921713544922,
          171.61688251240412,
          390.9909211712109,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          171.61688251240412,
          424.175142307285,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          431.4960795209959,
          171.61688251240412,
          434.9948293377147,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "739,142 ",
        "box": [
          443.1679540346678,
          171.61688251240412,
          467.66341799527345,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          474.98435520898437,
          171.61688251240412,
          478.48310502570314,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          171.61688251240412,
          515.8157634889255,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          523.3827906923827,
          171.61688251240412,
          526.8815405091016,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "739,142 ",
        "box": [
          535.0781027050781,
          171.61688251240412,
          559.5735741656833,
          175.1253527871886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from investment securities",
        "box": [
          45.996091833496095,
          181.3668821061583,
          165.30530240269175,
          184.8753523809428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,224 ",
        "box": [
          211.33592869433593,
          181.3668821061583,
          232.33921280044908,
          184.8753523809428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "302 ",
        "box": [
          272.75389863525373,
          181.3668821061583,
          285.0032731061131,
          184.8753523809428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          181.3668821061583,
          328.5618612911719,
          184.8753523809428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,952 ",
        "box": [
          358.9687350429687,
          181.3668821061583,
          379.97201914908186,
          184.8753523809428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          181.3668821061583,
          424.175142307285,
          184.8753523809428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95,478 ",
        "box": [
          446.66014138916,
          181.3668821061583,
          467.66341799527345,
          184.8753523809428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(72,944)",
        "box": [
          491.9062295039062,
          181.3668821061583,
          515.8223881328989,
          184.8753523809428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,534 ",
        "box": [
          538.5702900595703,
          181.3668821061583,
          559.5735741656833,
          184.8753523809428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing fees",
        "box": [
          45.996091833496095,
          191.86688166865497,
          85.82846841422665,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "176 ",
        "box": [
          220.08983832958967,
          191.86688166865497,
          232.33921280044908,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          191.86688166865497,
          285.0032731061131,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          191.86688166865497,
          328.5618612911719,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,456 ",
        "box": [
          358.9687350429687,
          191.86688166865497,
          379.97201914908186,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          191.86688166865497,
          424.175142307285,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,632 ",
        "box": [
          446.66014138916,
          191.86688166865497,
          467.66341799527345,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,092)",
        "box": [
          495.41013935791,
          191.86688166865497,
          515.8223881328989,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,540 ",
        "box": [
          538.5702900595703,
          191.86688166865497,
          559.5735741656833,
          195.37535194343945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income",
        "box": [
          45.996091833496095,
          201.61688126240915,
          86.60749883391549,
          205.12535153719364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,735 ",
        "box": [
          211.33592869433593,
          201.61688126240915,
          232.33921280044908,
          205.12535153719364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          201.61688126240915,
          285.0032731061131,
          205.12535153719364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,552 ",
        "box": [
          307.5585846850584,
          201.61688126240915,
          328.5618612911719,
          205.12535153719364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,139 ",
        "box": [
          358.9687350429687,
          201.61688126240915,
          379.97201914908186,
          205.12535153719364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          201.61688126240915,
          424.175142307285,
          205.12535153719364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,426 ",
        "box": [
          446.66014138916,
          201.61688126240915,
          467.66341799527345,
          205.12535153719364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          201.61688126240915,
          515.8157634889255,
          205.12535153719364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,426 ",
        "box": [
          538.5702900595703,
          201.61688126240915,
          559.5735741656833,
          205.12535153719364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other revenues",
        "box": [
          45.996091833496095,
          212.11688082490582,
          88.54479220104649,
          215.6253510996903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,344 ",
        "box": [
          214.83983854833969,
          211.36688085616333,
          232.33921280044908,
          214.87535113094782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,102 ",
        "box": [
          267.50389885400375,
          211.36688085616333,
          285.0032731061131,
          214.87535113094782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474 ",
        "box": [
          316.3124868203125,
          211.36688085616333,
          328.5618612911719,
          214.87535113094782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,270 ",
        "box": [
          362.4726448969725,
          211.36688085616333,
          379.97201914908186,
          214.87535113094782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "631 ",
        "box": [
          411.9257678364256,
          211.36688085616333,
          424.175142307285,
          214.87535113094782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,821 ",
        "box": [
          446.92966887792966,
          211.36688085616333,
          467.66341799527345,
          214.87535113094782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          211.36688085616333,
          515.8157634889255,
          214.87535113094782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,821 ",
        "box": [
          538.8398250483397,
          211.36688085616333,
          559.5735741656833,
          214.87535113094782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total revenues",
        "box": [
          52.74609155224609,
          222.6168803874025,
          96.09429893648371,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "669,373",
        "box": [
          207.84374133984375,
          222.6168803874025,
          230.58558197976697,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          230.58983789208966,
          222.6168803874025,
          232.33921280044908,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128,809",
        "box": [
          260.5078016455078,
          222.6168803874025,
          283.24964228543104,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          283.2538981977537,
          222.6168803874025,
          285.0032731061131,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,026",
        "box": [
          307.5585846850584,
          222.6168803874025,
          326.8016804957627,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.8124863828125,
          222.6168803874025,
          328.5618612911719,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112,660",
        "box": [
          355.8632701723631,
          222.6168803874025,
          378.2190214783734,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.2226442407225,
          222.6168803874025,
          379.97201914908186,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "631",
        "box": [
          411.9257678364256,
          222.6168803874025,
          422.4220073115823,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.4257673989256,
          222.6168803874025,
          424.175142307285,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "944,499",
        "box": [
          443.1679540346678,
          222.6168803874025,
          465.90979467459107,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          465.91404308691403,
          222.6168803874025,
          467.66341799527345,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82,036)",
        "box": [
          491.9062295039062,
          222.6168803874025,
          515.8223881328989,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "862,463",
        "box": [
          535.0781027050781,
          222.6168803874025,
          557.8199433450013,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          557.8241992573239,
          222.6168803874025,
          559.5735741656833,
          226.12535066220153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses:",
        "box": [
          34.74609230224609,
          233.1168799499137,
          94.23157387418368,
          236.6253502246982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees",
        "box": [
          45.996091833496095,
          242.86687954365334,
          95.53888285962603,
          246.37534981845238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "357 ",
        "box": [
          220.08983832958967,
          242.86687954365334,
          232.33921280044908,
          246.37534981845238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          242.86687954365334,
          285.0032731061131,
          246.37534981845238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          242.86687954365334,
          328.5618612911719,
          246.37534981845238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          371.2148320327147,
          242.86687954365334,
          379.97201914908186,
          246.37534981845238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,239 ",
        "box": [
          403.17185820117186,
          242.86687954365334,
          424.175142307285,
          246.37534981845238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,596 ",
        "box": [
          446.66014138916,
          242.86687954365334,
          467.66341799527345,
          246.37534981845238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          242.86687954365334,
          515.8157634889255,
          246.37534981845238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,596 ",
        "box": [
          538.5702900595703,
          242.86687954365334,
          559.5735741656833,
          246.37534981845238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          45.996091833496095,
          252.61687913740752,
          91.26451166487328,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "346,045 ",
        "box": [
          207.84374133984375,
          252.61687913740752,
          232.33921280044908,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,260 ",
        "box": [
          263.99998899999997,
          252.61687913740752,
          285.0032731061131,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,044 ",
        "box": [
          307.5585846850584,
          252.61687913740752,
          328.5618612911719,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,927 ",
        "box": [
          358.9687350429687,
          252.61687913740752,
          379.97201914908186,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "154,419 ",
        "box": [
          399.6796708466797,
          252.61687913740752,
          424.175142307285,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "608,695 ",
        "box": [
          443.1679540346678,
          252.61687913740752,
          467.66341799527345,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(405)",
        "box": [
          500.66013913916,
          252.61687913740752,
          515.8223881328989,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "608,290 ",
        "box": [
          535.0781027050781,
          252.61687913740752,
          559.5735741656833,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative",
        "box": [
          45.996091833496095,
          263.1168786999042,
          121.77260516870268,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,141 ",
        "box": [
          211.33592869433593,
          263.1168786999042,
          232.33921280044908,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,541 ",
        "box": [
          263.99998899999997,
          263.1168786999042,
          285.0032731061131,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,651 ",
        "box": [
          311.0624870390625,
          263.1168786999042,
          328.5618612911719,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,862 ",
        "box": [
          358.9687350429687,
          263.1168786999042,
          379.97201914908186,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,024 ",
        "box": [
          406.6757680551756,
          263.1168786999042,
          424.175142307285,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,219 ",
        "box": [
          446.66014138916,
          263.1168786999042,
          467.66341799527345,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          263.1168786999042,
          515.8157634889255,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,219 ",
        "box": [
          538.5702900595703,
          263.1168786999042,
          559.5735741656833,
          266.6253489746887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs of rental operations",
        "box": [
          45.996091833496095,
          272.8668782936584,
          117.70664873596908,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,468 ",
        "box": [
          211.33592869433593,
          272.8668782936584,
          232.33921280044908,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          272.8668782936584,
          285.0032731061131,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,948 ",
        "box": [
          307.8281121738281,
          272.8668782936584,
          328.5618612911719,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,916 ",
        "box": [
          362.4726448969725,
          272.8668782936584,
          379.97201914908186,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          272.8668782936584,
          424.175142307285,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,332 ",
        "box": [
          446.66014138916,
          272.8668782936584,
          467.66341799527345,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          272.8668782936584,
          515.8157634889255,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,332 ",
        "box": [
          538.5702900595703,
          272.8668782936584,
          559.5735741656833,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          45.996091833496095,
          282.61687788741256,
          131.09690052512892,
          286.12534816219704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,098 ",
        "box": [
          214.83983854833969,
          282.61687788741256,
          232.33921280044908,
          286.12534816219704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19 ",
        "box": [
          276.2460859897459,
          282.61687788741256,
          285.0032731061131,
          286.12534816219704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,740 ",
        "box": [
          307.8281121738281,
          282.61687788741256,
          328.5618612911719,
          286.12534816219704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,495 ",
        "box": [
          362.4726448969725,
          282.61687788741256,
          379.97201914908186,
          286.12534816219704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "503 ",
        "box": [
          411.9257678364256,
          282.61687788741256,
          424.175142307285,
          286.12534816219704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,855 ",
        "box": [
          446.66014138916,
          282.61687788741256,
          467.66341799527345,
          286.12534816219704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          282.61687788741256,
          515.8157634889255,
          286.12534816219704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,855 ",
        "box": [
          538.5702900595703,
          282.61687788741256,
          559.5735741656833,
          286.12534816219704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss (reversal) provision, net",
        "box": [
          45.996091833496095,
          293.1168774499092,
          144.91072242114058,
          296.6253477246937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,096)",
        "box": [
          208.4296788154297,
          293.1168774499092,
          232.34583744442244,
          296.6253477246937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,763 ",
        "box": [
          267.50389885400375,
          293.1168774499092,
          285.0032731061131,
          296.6253477246937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          293.1168774499092,
          328.5618612911719,
          296.6253477246937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          371.2148320327147,
          293.1168774499092,
          379.97201914908186,
          296.6253477246937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          293.1168774499092,
          424.175142307285,
          296.6253477246937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,333)",
        "box": [
          443.7538915102537,
          293.1168774499092,
          467.6700501392465,
          296.6253477246937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          293.1168774499092,
          515.8157634889255,
          296.6253477246937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,333)",
        "box": [
          535.6640401806641,
          293.1168774499092,
          559.5801988096567,
          296.6253477246937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other expense",
        "box": [
          45.996091833496095,
          302.8668770436634,
          86.21457745028722,
          306.3753473184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25)",
        "box": [
          220.67577580517562,
          302.8668770436634,
          232.34583744442244,
          306.3753473184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,616 ",
        "box": [
          267.50389885400375,
          302.8668770436634,
          285.0032731061131,
          306.3753473184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(76)",
        "box": [
          316.89842429589845,
          302.8668770436634,
          328.56849343514494,
          306.3753473184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229 ",
        "box": [
          367.7226446782225,
          302.8668770436634,
          379.97201914908186,
          306.3753473184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          302.8668770436634,
          424.175142307285,
          306.3753473184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,744 ",
        "box": [
          450.16404374316403,
          302.8668770436634,
          467.66341799527345,
          306.3753473184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          302.8668770436634,
          515.8157634889255,
          306.3753473184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,744 ",
        "box": [
          542.074199913574,
          302.8668770436634,
          559.5735741656833,
          306.3753473184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total costs and expenses",
        "box": [
          52.74609155224609,
          314.11687657490256,
          124.99992210708271,
          317.6253468497016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "370,988",
        "box": [
          207.84374133984375,
          313.3668766061601,
          230.58558197976697,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          230.58983789208966,
          313.3668766061601,
          232.33921280044908,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,199",
        "box": [
          263.99998899999997,
          313.3668766061601,
          283.24308481070426,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          283.2538981977537,
          313.3668766061601,
          285.0032731061131,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,307",
        "box": [
          307.5585846850584,
          313.3668766061601,
          326.8016804957627,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.8124863828125,
          313.3668766061601,
          328.5618612911719,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,429",
        "box": [
          358.9687350429687,
          313.3668766061601,
          378.211830853673,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.2226442407225,
          313.3668766061601,
          379.97201914908186,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,185",
        "box": [
          399.6796708466797,
          313.3668766061601,
          422.4215114866029,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.4257673989256,
          313.3668766061601,
          424.175142307285,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "815,108",
        "box": [
          443.1679540346678,
          313.3668766061601,
          465.90979467459107,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          465.91404308691403,
          313.3668766061601,
          467.66341799527345,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(405)",
        "box": [
          500.66013913916,
          313.3668766061601,
          515.8223881328989,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "814,703",
        "box": [
          535.0781027050781,
          313.3668766061601,
          557.8199433450013,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          557.8241992573239,
          313.3668766061601,
          559.5735741656833,
          316.87534688094456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income (loss):",
        "box": [
          34.74609230224609,
          323.86687616865674,
          95.24975478175949,
          327.37534644344123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets related to consolidated VIEs",
        "box": [
          34.74609230224609,
          333.6168757624109,
          172.78245971614345,
          337.1253460371954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          223.58202568408186,
          333.6168757624109,
          232.33921280044908,
          337.1253460371954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          333.6168757624109,
          285.0032731061131,
          337.1253460371954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          333.6168757624109,
          328.5618612911719,
          337.1253460371954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          371.2148320327147,
          333.6168757624109,
          379.97201914908186,
          337.1253460371954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          333.6168757624109,
          424.175142307285,
          337.1253460371954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          458.90623087890623,
          333.6168757624109,
          467.66341799527345,
          337.1253460371954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,971 ",
        "box": [
          494.8124793828125,
          333.6168757624109,
          515.8157634889255,
          337.1253460371954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,971 ",
        "box": [
          538.5702900595703,
          333.6168757624109,
          559.5735741656833,
          337.1253460371954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of servicing rights",
        "box": [
          34.74609230224609,
          344.1168753249076,
          144.34146670118494,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          223.58202568408186,
          344.1168753249076,
          232.33921280044908,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          344.1168753249076,
          285.0032731061131,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          344.1168753249076,
          328.5618612911719,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,454 ",
        "box": [
          362.4726448969725,
          344.1168753249076,
          379.97201914908186,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          344.1168753249076,
          424.175142307285,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,454 ",
        "box": [
          450.16404374316403,
          344.1168753249076,
          467.66341799527345,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(338)",
        "box": [
          500.66013913916,
          344.1168753249076,
          515.8223881328989,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,116 ",
        "box": [
          542.3320124028318,
          344.1168753249076,
          559.5735741656833,
          347.6253455996921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of investment securities, net",
        "box": [
          34.74609230224609,
          353.8668749186618,
          171.93167524526748,
          357.37534519344626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,339 ",
        "box": [
          214.83983854833969,
          353.8668749186618,
          232.33921280044908,
          357.37534519344626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          353.8668749186618,
          285.0032731061131,
          357.37534519344626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          353.8668749186618,
          328.5618612911719,
          357.37534519344626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,901)",
        "box": [
          356.0624851640625,
          353.8668749186618,
          379.97864379305526,
          357.37534519344626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          353.8668749186618,
          424.175142307285,
          357.37534519344626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,562)",
        "box": [
          443.7538915102537,
          353.8668749186618,
          467.6700501392465,
          357.37534519344626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,734 ",
        "box": [
          494.8124793828125,
          353.8668749186618,
          515.8157634889255,
          357.37534519344626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172 ",
        "box": [
          547.324199694824,
          353.8668749186618,
          559.5735741656833,
          357.37534519344626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in fair value of mortgage loans, net",
        "box": [
          34.74609230224609,
          363.61687451241596,
          155.9959954842542,
          367.12534478720045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,999 ",
        "box": [
          211.33592869433593,
          363.61687451241596,
          232.33921280044908,
          367.12534478720045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          363.61687451241596,
          285.0032731061131,
          367.12534478720045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          363.61687451241596,
          328.5618612911719,
          367.12534478720045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,272 ",
        "box": [
          358.9687350429687,
          363.61687451241596,
          379.97201914908186,
          367.12534478720045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          363.61687451241596,
          424.175142307285,
          367.12534478720045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,271 ",
        "box": [
          446.66014138916,
          363.61687451241596,
          467.66341799527345,
          367.12534478720045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          363.61687451241596,
          515.8157634889255,
          367.12534478720045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,271 ",
        "box": [
          538.5702900595703,
          363.61687451241596,
          559.5735741656833,
          367.12534478720045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from affordable housing fund investments",
        "box": [
          34.74609230224609,
          374.11687407491263,
          175.11609309390877,
          377.6253443496971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          223.58202568408186,
          374.11687407491263,
          232.33921280044908,
          377.6253443496971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          374.11687407491263,
          285.0032731061131,
          377.6253443496971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,025 ",
        "box": [
          311.0624870390625,
          374.11687407491263,
          328.5618612911719,
          377.6253443496971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          371.2148320327147,
          374.11687407491263,
          379.97201914908186,
          377.6253443496971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          374.11687407491263,
          424.175142307285,
          377.6253443496971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,025 ",
        "box": [
          450.16404374316403,
          374.11687407491263,
          467.66341799527345,
          377.6253443496971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          374.11687407491263,
          515.8157634889255,
          377.6253443496971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,025 ",
        "box": [
          542.074199913574,
          374.11687407491263,
          559.5735741656833,
          377.6253443496971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities",
        "box": [
          34.74609230224609,
          383.86687366865226,
          141.04434383856506,
          387.3753439434513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,708 ",
        "box": [
          214.83983854833969,
          383.86687366865226,
          232.33921280044908,
          387.3753439434513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "545 ",
        "box": [
          272.75389863525373,
          383.86687366865226,
          285.0032731061131,
          387.3753439434513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          383.86687366865226,
          328.5618612911719,
          387.3753439434513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,892 ",
        "box": [
          362.4726448969725,
          383.86687366865226,
          379.97201914908186,
          387.3753439434513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          383.86687366865226,
          424.175142307285,
          387.3753439434513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,145 ",
        "box": [
          450.16404374316403,
          383.86687366865226,
          467.66341799527345,
          387.3753439434513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(736)",
        "box": [
          500.66013913916,
          383.86687366865226,
          515.8223881328989,
          387.3753439434513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,409 ",
        "box": [
          542.074199913574,
          383.86687366865226,
          559.5735741656833,
          387.3753439434513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sale of investments and other assets, net",
        "box": [
          34.74609230224609,
          393.61687326240644,
          170.5820849515004,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          211.33592869433593,
          393.61687326240644,
          232.33921280044908,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          393.61687326240644,
          285.0032731061131,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          393.61687326240644,
          328.5618612911719,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          371.2148320327147,
          393.61687326240644,
          379.97201914908186,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          393.61687326240644,
          424.175142307285,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          446.66014138916,
          393.61687326240644,
          467.66341799527345,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          393.61687326240644,
          515.8157634889255,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          538.5702900595703,
          393.61687326240644,
          559.5735741656833,
          397.12534353719093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss) gain on derivative financial instruments, net",
        "box": [
          34.74609230224609,
          404.1168728249031,
          177.5727082852244,
          407.62534309970215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(181,978)",
        "box": [
          204.9374914609375,
          404.1168728249031,
          232.34583744442244,
          407.62534309970215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19)",
        "box": [
          273.33983611083966,
          404.1168728249031,
          285.0098977500865,
          407.62534309970215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(111)",
        "box": [
          313.92186191992187,
          404.1168728249031,
          328.56849343514494,
          407.62534309970215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,377)",
        "box": [
          359.56639501806626,
          404.1168728249031,
          379.97864379305526,
          407.62534309970215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,500 ",
        "box": [
          403.17185820117186,
          404.1168728249031,
          424.175142307285,
          407.62534309970215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(140,985)",
        "box": [
          440.26170415576155,
          404.1168728249031,
          467.6700501392465,
          407.62534309970215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          404.1168728249031,
          515.8157634889255,
          407.62534309970215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(140,985)",
        "box": [
          532.1718528261719,
          404.1168728249031,
          559.5801988096567,
          407.62534309970215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency gain (loss), net",
        "box": [
          34.74609230224609,
          413.8668724186573,
          125.88082343905307,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117,873 ",
        "box": [
          208.10155382910156,
          413.8668724186573,
          232.33921280044908,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "866 ",
        "box": [
          272.75389863525373,
          413.8668724186573,
          285.0032731061131,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(187)",
        "box": [
          313.40623694140623,
          413.8668724186573,
          328.56849343514494,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          371.2148320327147,
          413.8668724186573,
          379.97201914908186,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          413.8668724186573,
          424.175142307285,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118,552 ",
        "box": [
          443.42576652392563,
          413.8668724186573,
          467.66341799527345,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          413.8668724186573,
          515.8157634889255,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118,552 ",
        "box": [
          535.3359151943359,
          413.8668724186573,
          559.5735741656833,
          417.3753426934418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on extinguishment of debt",
        "box": [
          34.74609230224609,
          423.6168720124115,
          140.6650788730424,
          427.12534228719596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,773 ",
        "box": [
          211.33592869433593,
          423.6168720124115,
          232.33921280044908,
          427.12534228719596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(783)",
        "box": [
          269.8476487563475,
          423.6168720124115,
          285.0098977500865,
          427.12534228719596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          423.6168720124115,
          328.5618612911719,
          427.12534228719596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          371.2148320327147,
          423.6168720124115,
          379.97201914908186,
          427.12534228719596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          423.6168720124115,
          424.175142307285,
          427.12534228719596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,990 ",
        "box": [
          446.66014138916,
          423.6168720124115,
          467.66341799527345,
          427.12534228719596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          423.6168720124115,
          515.8157634889255,
          427.12534228719596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,990 ",
        "box": [
          538.5702900595703,
          423.6168720124115,
          559.5735741656833,
          427.12534228719596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other (loss) income, net",
        "box": [
          34.74609230224609,
          434.11687157490815,
          102.37024239366065,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,226)",
        "box": [
          211.93358866943342,
          434.11687157490815,
          232.34583744442244,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          434.11687157490815,
          285.0032731061131,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,464)",
        "box": [
          308.15623716015625,
          434.11687157490815,
          328.56849343514494,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,981 ",
        "box": [
          362.4726448969725,
          434.11687157490815,
          379.97201914908186,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          434.11687157490815,
          424.175142307285,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "291 ",
        "box": [
          455.41404352441407,
          434.11687157490815,
          467.66341799527345,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          434.11687157490815,
          515.8157634889255,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "291 ",
        "box": [
          547.324199694824,
          434.11687157490815,
          559.5735741656833,
          437.62534184969263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other income (loss)",
        "box": [
          52.74609155224609,
          444.6168711374048,
          126.02152022460251,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,150",
        "box": [
          211.33592869433593,
          444.6168711374048,
          230.57902450504022,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          230.58983789208966,
          444.6168711374048,
          232.33921280044908,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "609",
        "box": [
          272.75389863525373,
          444.6168711374048,
          283.2501381104104,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          283.2538981977537,
          444.6168711374048,
          285.0032731061131,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,263",
        "box": [
          311.0624870390625,
          444.6168711374048,
          326.80683802054784,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.8124863828125,
          444.6168711374048,
          328.5618612911719,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,321",
        "box": [
          358.9687350429687,
          444.6168711374048,
          378.211830853673,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.2226442407225,
          444.6168711374048,
          379.97201914908186,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,500",
        "box": [
          403.17185820117186,
          444.6168711374048,
          422.4149540118762,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.4257673989256,
          444.6168711374048,
          424.175142307285,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,843",
        "box": [
          443.1679540346678,
          444.6168711374048,
          465.90979467459107,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          465.91404308691403,
          444.6168711374048,
          467.66341799527345,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,631",
        "box": [
          494.8124793828125,
          444.6168711374048,
          514.0555751935168,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          514.0663885805662,
          444.6168711374048,
          515.8157634889255,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "207,474",
        "box": [
          535.0781027050781,
          444.6168711374048,
          557.8199433450013,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          557.8241992573239,
          444.6168711374048,
          559.5735741656833,
          448.1253414121893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes",
        "box": [
          34.74609230224609,
          455.1168706999015,
          134.8907985449628,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,535",
        "box": [
          207.84374133984375,
          455.1168706999015,
          230.58558197976697,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          230.58983789208966,
          455.1168706999015,
          232.33921280044908,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,219",
        "box": [
          263.99998899999997,
          455.1168706999015,
          283.24308481070426,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          283.2538981977537,
          455.1168706999015,
          285.0032731061131,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,018)",
        "box": [
          308.15623716015625,
          455.1168706999015,
          328.56849343514494,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,552",
        "box": [
          358.9687350429687,
          455.1168706999015,
          378.211830853673,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.2226442407225,
          455.1168706999015,
          379.97201914908186,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(191,054)",
        "box": [
          396.7734209677734,
          455.1168706999015,
          424.18176695125834,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "255,234",
        "box": [
          443.1679540346678,
          455.1168706999015,
          465.90979467459107,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          465.91404308691403,
          455.1168706999015,
          467.66341799527345,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          507.05857637255843,
          455.1168706999015,
          514.0560760059958,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          514.0663885805662,
          455.1168706999015,
          515.8157634889255,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "255,234",
        "box": [
          535.0781027050781,
          455.1168706999015,
          557.8199433450013,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          557.8241992573239,
          455.1168706999015,
          559.5735741656833,
          458.6253409747005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax benefit (provision)",
        "box": [
          34.74609230224609,
          465.6168702624127,
          120.04845994848006,
          469.1253405371972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,201 ",
        "box": [
          214.83983854833969,
          465.6168702624127,
          232.33921280044908,
          469.1253405371972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45)",
        "box": [
          273.33983611083966,
          465.6168702624127,
          285.0098977500865,
          469.1253405371972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.8046741748047,
          465.6168702624127,
          328.5618612911719,
          469.1253405371972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,593)",
        "box": [
          359.56639501806626,
          465.6168702624127,
          379.97864379305526,
          469.1253405371972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          465.6168702624127,
          424.175142307285,
          469.1253405371972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,437)",
        "box": [
          447.2577938642578,
          465.6168702624127,
          467.6700501392465,
          469.1253405371972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          465.6168702624127,
          515.8157634889255,
          469.1253405371972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,437)",
        "box": [
          539.1679500346678,
          465.6168702624127,
          559.5801988096567,
          469.1253405371972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss)",
        "box": [
          34.74609230224609,
          476.1168698249094,
          85.65896540637571,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "349,736",
        "box": [
          207.84374133984375,
          476.1168698249094,
          230.58558197976697,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          230.58983789208966,
          476.1168698249094,
          232.33921280044908,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,174",
        "box": [
          263.99998899999997,
          476.1168698249094,
          283.24308481070426,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          283.2538981977537,
          476.1168698249094,
          285.0032731061131,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,018)",
        "box": [
          308.15623716015625,
          476.1168698249094,
          328.56849343514494,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,959",
        "box": [
          358.9687350429687,
          476.1168698249094,
          378.211830853673,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.2226442407225,
          476.1168698249094,
          379.97201914908186,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(191,054)",
        "box": [
          396.7734209677734,
          476.1168698249094,
          424.18176695125834,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "250,797",
        "box": [
          443.1679540346678,
          476.1168698249094,
          465.90979467459107,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          465.91404308691403,
          476.1168698249094,
          467.66341799527345,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          507.05857637255843,
          476.1168698249094,
          514.0560760059958,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          514.0663885805662,
          476.1168698249094,
          515.8157634889255,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "250,797",
        "box": [
          535.0781027050781,
          476.1168698249094,
          557.8199433450013,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          557.8241992573239,
          476.1168698249094,
          559.5735741656833,
          479.62534009969386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (income) loss attributable to non-controlling",
        "box": [
          45.996091833496095,
          485.86686941866355,
          181.8320480611643,
          489.37533969344804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          45.996091833496095,
          493.3668691061612,
          69.3153542272731,
          496.87533938094566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          224.17967815917967,
          492.61686913740414,
          232.34583744442244,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          276.2460859897459,
          492.61686913740414,
          285.0032731061131,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,410)",
        "box": [
          304.65233480615217,
          492.61686913740414,
          328.56849343514494,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,689 ",
        "box": [
          362.4726448969725,
          492.61686913740414,
          379.97201914908186,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.4179551909178,
          492.61686913740414,
          424.175142307285,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,728)",
        "box": [
          447.2577938642578,
          492.61686913740414,
          467.6700501392465,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          507.05857637255843,
          492.61686913740414,
          515.8157634889255,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,728)",
        "box": [
          539.1679500346678,
          492.61686913740414,
          559.5801988096567,
          496.1253394121886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Starwood",
        "box": [
          45.996091833496095,
          503.11686869991536,
          172.51800404418807,
          506.62533897469984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Trust, Inc",
        "box": [
          57.24609136474609,
          509.86686841865594,
          114.97193095206413,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".",
        "box": [
          114.97265145947264,
          509.86686841865594,
          116.72202636783203,
          513.3753386934404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          188.29686715429688,
          508.3668684811564,
          191.79561697101562,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "349,729",
        "box": [
          207.84374133984375,
          508.3668684811564,
          230.58558197976697,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          230.58983789208966,
          508.3668684811564,
          232.33921280044908,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          239.7656150097656,
          508.3668684811564,
          243.26436482648435,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,174",
        "box": [
          263.99998899999997,
          508.3668684811564,
          283.24308481070426,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          283.2538981977537,
          508.3668684811564,
          285.0032731061131,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          292.49998781249997,
          508.3668684811564,
          295.99873762921874,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,428)",
        "box": [
          304.65233480615217,
          508.3668684811564,
          328.56849343514494,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          335.8827985048828,
          508.3668684811564,
          339.38154832160154,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,648",
        "box": [
          358.9687350429687,
          508.3668684811564,
          378.211830853673,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.2226442407225,
          508.3668684811564,
          379.97201914908186,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          387.4921713544922,
          508.3668684811564,
          390.9909211712109,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(191,054)",
        "box": [
          396.7734209677734,
          508.3668684811564,
          424.18176695125834,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          431.4960795209959,
          508.3668684811564,
          434.9948293377147,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,069",
        "box": [
          443.1679540346678,
          508.3668684811564,
          465.90979467459107,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          465.91404308691403,
          508.3668684811564,
          467.66341799527345,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          474.98435520898437,
          508.3668684811564,
          478.48310502570314,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          507.05857637255843,
          508.3668684811564,
          514.0560760059958,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          514.0663885805662,
          508.3668684811564,
          515.8157634889255,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          523.3827906923827,
          508.3668684811564,
          526.8815405091016,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,069",
        "box": [
          535.0781027050781,
          508.3668684811564,
          557.8199433450013,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          557.8241992573239,
          508.3668684811564,
          559.5735741656833,
          511.8753387559409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69",
        "box": [
          300.99608495849594,
          557.3805382989085,
          310.9935794794336,
          562.393175910227
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 104,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents our consolidated balance sheet as of June 30, 2026 by business segment (amounts in thousands):",
        "box": [
          69.74999709375,
          87.1305578926549,
          557.5766431917264,
          92.14319550395885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          190.59374205859376,
          105.6168852624105,
          227.38183378484413,
          109.12535553719499
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and",
        "box": [
          203.35546402685532,
          112.36688498115109,
          214.6375508642069,
          115.87535525593557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          192.28124198828124,
          119.11688469990622,
          225.71406342933452,
          122.62535497469071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          196.54686681054687,
          126.61688438740384,
          221.43782756092347,
          130.12535466218833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          196.16015182665998,
          133.36688410615898,
          221.81306565828794,
          136.87535438094346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          236.999990125,
          119.11688469990622,
          280.013351675338,
          122.62535497469071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          246.05858724755842,
          126.61688438740384,
          270.94954799793504,
          130.12535466218833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          245.68358726318343,
          133.36688410615898,
          271.3365010948114,
          136.87535438094346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          294.36327273486313,
          126.61688438740384,
          321.04803766049787,
          130.12535466218833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          294.87889771337876,
          133.36688410615898,
          320.53181154500675,
          136.87535438094346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing",
        "box": [
          342.83202071533185,
          119.11688469990622,
          370.4392938525288,
          122.62535497469071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Servicing",
        "box": [
          336.12889599462875,
          126.61688438740384,
          377.146881598046,
          130.12535466218833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          343.8046731748047,
          133.36688410615898,
          369.4575870064327,
          136.87535438094346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          390.28123373828123,
          133.36688410615898,
          421.37018401046976,
          136.87535438094346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          441.96091908496095,
          133.36688410615898,
          467.23796006583837,
          136.87535438094346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization",
        "box": [
          483.035139873535,
          126.61688438740384,
          524.623721123116,
          130.12535466218833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs",
        "box": [
          496.2421668232422,
          133.36688410615898,
          511.4090934316998,
          136.87535438094346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          545.5312272695312,
          133.36688410615898,
          560.8279792912541,
          136.87535438094346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets:",
        "box": [
          34.74609230224609,
          143.86688366865565,
          55.7351500032014,
          147.37535394344013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          52.74609155224609,
          153.61688326240983,
          126.39398417399676,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          187.95702716845688,
          153.61688326240983,
          191.45577698517562,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,616 ",
        "box": [
          208.52342881152344,
          153.61688326240983,
          229.52671291763656,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          236.81249013281248,
          153.61688326240983,
          240.31123994953123,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "206,331 ",
        "box": [
          255.08202437158187,
          153.61688326240983,
          279.5774883321875,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          286.9921755419922,
          153.61688326240983,
          290.4909253587109,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,912 ",
        "box": [
          306.9257722114256,
          153.61688326240983,
          327.92904881753907,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          335.2148335327147,
          153.61688326240983,
          338.7135833494334,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,281 ",
        "box": [
          359.9531100019531,
          153.61688326240983,
          377.4524842540625,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.84373396484375,
          153.61688326240983,
          388.34248378156246,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98,452 ",
        "box": [
          405.3046706123047,
          153.61688326240983,
          426.3079547184178,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.59373193359374,
          153.61688326240983,
          437.0924817503125,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367,592 ",
        "box": [
          450.5976412250975,
          153.61688326240983,
          475.0931051857031,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          482.37888990087873,
          153.61688326240983,
          485.8776397175975,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          153.61688326240983,
          524.7220131178318,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          532.0663878305662,
          153.61688326240983,
          535.5651376472849,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367,592 ",
        "box": [
          549.1406021191406,
          153.61688326240983,
          573.6360735797459,
          157.12535353719431
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          52.74609155224609,
          163.36688285614946,
          95.29820359174136,
          166.87535313093395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "177,912 ",
        "box": [
          205.03124145703126,
          163.36688285614946,
          229.52671291763656,
          166.87535313093395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,173 ",
        "box": [
          258.57421172607405,
          163.36688285614946,
          279.5774883321875,
          166.87535313093395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,802 ",
        "box": [
          310.4296745654297,
          163.36688285614946,
          327.92904881753907,
          166.87535313093395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189 ",
        "box": [
          365.2031097832031,
          163.36688285614946,
          377.4524842540625,
          166.87535313093395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,688 ",
        "box": [
          405.3046706123047,
          163.36688285614946,
          426.3079547184178,
          166.87535313093395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "272,764 ",
        "box": [
          450.5976412250975,
          163.36688285614946,
          475.0931051857031,
          166.87535313093395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          163.36688285614946,
          524.7220131178318,
          166.87535313093395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "272,764 ",
        "box": [
          549.1406021191406,
          163.36688285614946,
          573.6360735797459,
          166.87535313093395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-investment, net",
        "box": [
          52.74609155224609,
          173.86688241866068,
          139.07690211421644,
          177.37535269344517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,965,888 ",
        "box": [
          196.2773393217772,
          173.86688241866068,
          229.52671291763656,
          177.37535269344517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,851,080 ",
        "box": [
          249.83202459033186,
          173.86688241866068,
          279.5774883321875,
          177.37535269344517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          173.86688241866068,
          327.92904881753907,
          177.37535269344517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          173.86688241866068,
          377.4524842540625,
          177.37535269344517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          173.86688241866068,
          426.3079547184178,
          177.37535269344517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,816,968 ",
        "box": [
          441.84373158984374,
          173.86688241866068,
          475.0931051857031,
          177.37535269344517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          173.86688241866068,
          524.7220131178318,
          177.37535269344517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,816,968 ",
        "box": [
          540.3866999838865,
          173.86688241866068,
          573.6360735797459,
          177.37535269344517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale",
        "box": [
          52.74609155224609,
          183.6168820124003,
          107.2021140508065,
          187.1253522871848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,154,653 ",
        "box": [
          199.78124167578125,
          183.6168820124003,
          229.52671291763656,
          187.1253522871848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          183.6168820124003,
          279.5774883321875,
          187.1253522871848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          183.6168820124003,
          327.92904881753907,
          187.1253522871848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,828 ",
        "box": [
          356.44920764794904,
          183.6168820124003,
          377.4524842540625,
          187.1253522871848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          183.6168820124003,
          426.3079547184178,
          187.1253522871848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,217,481 ",
        "box": [
          445.34764144384746,
          183.6168820124003,
          475.0931051857031,
          187.1253522871848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          183.6168820124003,
          524.7220131178318,
          187.1253522871848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,217,481 ",
        "box": [
          543.8906023378905,
          183.6168820124003,
          573.6360735797459,
          187.1253522871848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment securities",
        "box": [
          52.74609155224609,
          193.3668816061545,
          112.01290419820845,
          196.87535188093898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "556,876 ",
        "box": [
          205.03124145703126,
          193.3668816061545,
          229.52671291763656,
          196.87535188093898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,934 ",
        "box": [
          255.08202437158187,
          193.3668816061545,
          279.5774883321875,
          196.87535188093898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          193.3668816061545,
          327.92904881753907,
          196.87535188093898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,262,903 ",
        "box": [
          347.70702051220684,
          193.3668816061545,
          377.4524842540625,
          196.87535188093898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          193.3668816061545,
          426.3079547184178,
          196.87535188093898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,943,713 ",
        "box": [
          445.34764144384746,
          193.3668816061545,
          475.0931051857031,
          196.87535188093898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,540,884)",
        "box": [
          492.0702919970703,
          193.3668816061545,
          524.7286377618052,
          196.87535188093898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "402,829 ",
        "box": [
          549.1406021191406,
          193.3668816061545,
          573.6360735797459,
          196.87535188093898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, net",
        "box": [
          52.74609155224609,
          203.86688116865116,
          93.16613732716505,
          207.37535144343565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,028,671 ",
        "box": [
          199.78124167578125,
          203.86688116865116,
          229.52671291763656,
          207.37535144343565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          203.86688116865116,
          279.5774883321875,
          207.37535144343565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,938,255 ",
        "box": [
          298.1835850756834,
          203.86688116865116,
          327.92904881753907,
          207.37535144343565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,743 ",
        "box": [
          356.44920764794904,
          203.86688116865116,
          377.4524842540625,
          207.37535144343565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          203.86688116865116,
          426.3079547184178,
          207.37535144343565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,998,669 ",
        "box": [
          445.34764144384746,
          203.86688116865116,
          475.0931051857031,
          207.37535144343565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          203.86688116865116,
          524.7220131178318,
          207.37535144343565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,998,669 ",
        "box": [
          543.8906023378905,
          203.86688116865116,
          573.6360735797459,
          207.37535144343565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments of consolidated affordable housing",
        "box": [
          52.74609155224609,
          213.61688076240534,
          185.53775920675966,
          217.12535103718983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fund",
        "box": [
          52.74609155224609,
          220.36688048116048,
          65.57254260531062,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.76952580126937,
          220.36688048116048,
          229.52671291763656,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          220.36688048116048,
          279.5774883321875,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,368 ",
        "box": [
          298.1835850756834,
          220.36688048116048,
          327.92904881753907,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          220.36688048116048,
          377.4524842540625,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          220.36688048116048,
          426.3079547184178,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,368 ",
        "box": [
          445.34764144384746,
          220.36688048116048,
          475.0931051857031,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          220.36688048116048,
          524.7220131178318,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,368 ",
        "box": [
          543.8906023378905,
          220.36688048116048,
          573.6360735797459,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities",
        "box": [
          52.74609155224609,
          230.86688004365715,
          159.8267870059632,
          234.37535031844163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,514 ",
        "box": [
          212.02733866552717,
          230.86688004365715,
          229.52671291763656,
          234.37535031844163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,517 ",
        "box": [
          258.57421172607405,
          230.86688004365715,
          279.5774883321875,
          234.37535031844163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          230.86688004365715,
          327.92904881753907,
          234.37535031844163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,200 ",
        "box": [
          356.44920764794904,
          230.86688004365715,
          377.4524842540625,
          234.37535031844163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          230.86688004365715,
          426.3079547184178,
          234.37535031844163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103,231 ",
        "box": [
          450.5976412250975,
          230.86688004365715,
          475.0931051857031,
          234.37535031844163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,030)",
        "box": [
          500.8124791328125,
          230.86688004365715,
          524.7286377618052,
          234.37535031844163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,201 ",
        "box": [
          552.6327894736328,
          230.86688004365715,
          573.6360735797459,
          234.37535031844163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill",
        "box": [
          52.74609155224609,
          240.61687963741133,
          79.181434884861,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.76952580126937,
          240.61687963741133,
          229.52671291763656,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "119,409 ",
        "box": [
          255.33983686083968,
          240.61687963741133,
          279.5774883321875,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          240.61687963741133,
          327.92904881753907,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140,437 ",
        "box": [
          352.9570202934569,
          240.61687963741133,
          377.4524842540625,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          240.61687963741133,
          426.3079547184178,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "259,846 ",
        "box": [
          450.5976412250975,
          240.61687963741133,
          475.0931051857031,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          240.61687963741133,
          524.7220131178318,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "259,846 ",
        "box": [
          549.1406021191406,
          240.61687963741133,
          573.6360735797459,
          244.12534991219582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets, net",
        "box": [
          52.74609155224609,
          250.36687923115096,
          111.23729597420007,
          253.87534950593545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,522 ",
        "box": [
          212.02733866552717,
          250.36687923115096,
          229.52671291763656,
          253.87534950593545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          250.36687923115096,
          279.5774883321875,
          253.87534950593545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "405,459 ",
        "box": [
          303.4335848569334,
          250.36687923115096,
          327.92904881753907,
          253.87534950593545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,062 ",
        "box": [
          356.44920764794904,
          250.36687923115096,
          377.4524842540625,
          253.87534950593545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          250.36687923115096,
          426.3079547184178,
          253.87534950593545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "479,043 ",
        "box": [
          450.5976412250975,
          250.36687923115096,
          475.0931051857031,
          253.87534950593545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,069)",
        "box": [
          500.8124791328125,
          250.36687923115096,
          524.7286377618052,
          253.87534950593545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440,974 ",
        "box": [
          549.1406021191406,
          250.36687923115096,
          573.6360735797459,
          253.87534950593545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative assets",
        "box": [
          52.74609155224609,
          260.86687879364763,
          100.35156965909741,
          264.37534906844667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,233 ",
        "box": [
          208.52342881152344,
          260.86687879364763,
          229.52671291763656,
          264.37534906844667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          260.86687879364763,
          279.5774883321875,
          264.37534906844667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "931 ",
        "box": [
          315.6796743466797,
          260.86687879364763,
          327.92904881753907,
          264.37534906844667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242 ",
        "box": [
          365.2031097832031,
          260.86687879364763,
          377.4524842540625,
          264.37534906844667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          260.86687879364763,
          426.3079547184178,
          264.37534906844667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,406 ",
        "box": [
          454.08982857958966,
          260.86687879364763,
          475.0931051857031,
          264.37534906844667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          260.86687879364763,
          524.7220131178318,
          264.37534906844667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,406 ",
        "box": [
          552.6327894736328,
          260.86687879364763,
          573.6360735797459,
          264.37534906844667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          52.74609155224609,
          270.6168783874018,
          129.28454103070533,
          274.1253486621863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "195,044 ",
        "box": [
          205.03124145703126,
          270.6168783874018,
          229.52671291763656,
          274.1253486621863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,611 ",
        "box": [
          262.3359265693359,
          270.6168783874018,
          279.5774883321875,
          274.1253486621863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 ",
        "box": [
          322.67577155517563,
          270.6168783874018,
          327.92904881753907,
          274.1253486621863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "493 ",
        "box": [
          365.2031097832031,
          270.6168783874018,
          377.4524842540625,
          274.1253486621863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,664 ",
        "box": [
          408.8085804663084,
          270.6168783874018,
          426.3079547184178,
          274.1253486621863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200,816 ",
        "box": [
          450.5976412250975,
          270.6168783874018,
          475.0931051857031,
          274.1253486621863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          270.6168783874018,
          524.7220131178318,
          274.1253486621863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200,816 ",
        "box": [
          549.1406021191406,
          270.6168783874018,
          573.6360735797459,
          274.1253486621863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          52.74609155224609,
          280.366877981156,
          86.75293360070727,
          283.8753482559405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "195,215 ",
        "box": [
          205.03124145703126,
          280.366877981156,
          229.52671291763656,
          283.8753482559405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,947 ",
        "box": [
          258.57421172607405,
          280.366877981156,
          279.5774883321875,
          283.8753482559405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,988 ",
        "box": [
          303.94920983544904,
          280.366877981156,
          327.92904881753907,
          283.8753482559405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,670)",
        "box": [
          353.5429577690428,
          280.366877981156,
          377.4591163980355,
          283.8753482559405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,735 ",
        "box": [
          405.3046706123047,
          280.366877981156,
          426.3079547184178,
          283.8753482559405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "362,215 ",
        "box": [
          450.5976412250975,
          280.366877981156,
          475.0931051857031,
          283.8753482559405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          280.366877981156,
          524.7220131178318,
          283.8753482559405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "362,215 ",
        "box": [
          549.1406021191406,
          280.366877981156,
          573.6360735797459,
          283.8753482559405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE assets, at fair value",
        "box": [
          52.74609155224609,
          290.86687754365266,
          119.38962494299349,
          294.37534781843715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.76952580126937,
          290.86687754365266,
          229.52671291763656,
          294.37534781843715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          290.86687754365266,
          279.5774883321875,
          294.37534781843715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          290.86687754365266,
          327.92904881753907,
          294.37534781843715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          290.86687754365266,
          377.4524842540625,
          294.37534781843715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          290.86687754365266,
          426.3079547184178,
          294.37534781843715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          466.33591806933595,
          290.86687754365266,
          475.0931051857031,
          294.37534781843715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,868,147 ",
        "box": [
          491.4726395219725,
          290.86687754365266,
          524.7220131178318,
          294.37534781843715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,868,147 ",
        "box": [
          540.3866999838865,
          290.86687754365266,
          573.6360735797459,
          294.37534781843715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          34.74609230224609,
          302.86687704364886,
          70.0649536960398,
          306.3753473184479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          187.95702716845688,
          301.36687710614933,
          191.45577698517562,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,331,144",
        "box": [
          196.2773393217772,
          301.36687710614933,
          227.76603629724804,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          227.77733800927717,
          301.36687710614933,
          229.52671291763656,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          236.81249013281248,
          301.36687710614933,
          240.31123994953123,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,433,002",
        "box": [
          249.83202459033186,
          301.36687710614933,
          277.82197673658374,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.8281134238281,
          301.36687710614933,
          279.5774883321875,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          286.9921755419922,
          301.36687710614933,
          290.4909253587109,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,215,719",
        "box": [
          298.1835850756834,
          301.36687710614933,
          326.1735372219353,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.17967390917966,
          301.36687710614933,
          327.92904881753907,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          335.2148335327147,
          301.36687710614933,
          338.7135833494334,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,595,708",
        "box": [
          347.70702051220684,
          301.36687710614933,
          375.6969726584588,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.7031093457031,
          301.36687710614933,
          377.4524842540625,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.84373396484375,
          301.36687710614933,
          388.34248378156246,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "196,539",
        "box": [
          401.8124832578125,
          301.36687710614933,
          424.55432389773574,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.5585798100584,
          301.36687710614933,
          426.3079547184178,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.59373193359374,
          301.36687710614933,
          437.0924817503125,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,772,112",
        "box": [
          442.2304540737303,
          301.36687710614933,
          473.33306171528824,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          473.34373027734375,
          301.36687710614933,
          475.0931051857031,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          482.37888990087873,
          301.36687710614933,
          485.8776397175975,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,274,164",
        "box": [
          491.4726395219725,
          301.36687710614933,
          522.9613364974433,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          522.9726382094724,
          301.36687710614933,
          524.7220131178318,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          532.0663878305662,
          301.36687710614933,
          535.5651376472849,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,046,276",
        "box": [
          540.3866999838865,
          301.36687710614933,
          571.8753969593574,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.8866986713865,
          301.36687710614933,
          573.6360735797459,
          304.8753473809338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities and Equity",
        "box": [
          34.74609230224609,
          312.61687663740304,
          99.68805398383091,
          316.1253469121875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          45.996091833496095,
          323.1168761998997,
          78.26378218950836,
          326.6253464746842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable, accrued expenses and other",
        "box": [
          52.74609155224609,
          332.8668757936539,
          182.92059230380772,
          336.3753460684384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities",
        "box": [
          52.74609155224609,
          339.616875512409,
          78.78848690755923,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          187.95702716845688,
          339.616875512409,
          191.45577698517562,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "232,135 ",
        "box": [
          205.03124145703126,
          339.616875512409,
          229.52671291763656,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          236.81249013281248,
          339.616875512409,
          240.31123994953123,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,666 ",
        "box": [
          258.57421172607405,
          339.616875512409,
          279.5774883321875,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          286.9921755419922,
          339.616875512409,
          290.4909253587109,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,067 ",
        "box": [
          303.4335848569334,
          339.616875512409,
          327.92904881753907,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          335.2148335327147,
          339.616875512409,
          338.7135833494334,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,521 ",
        "box": [
          356.44920764794904,
          339.616875512409,
          377.4524842540625,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.84373396484375,
          339.616875512409,
          388.34248378156246,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "144,167 ",
        "box": [
          401.8124832578125,
          339.616875512409,
          426.3079547184178,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.59373193359374,
          339.616875512409,
          437.0924817503125,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "575,556 ",
        "box": [
          450.5976412250975,
          339.616875512409,
          475.0931051857031,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          482.37888990087873,
          339.616875512409,
          485.8776397175975,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          339.616875512409,
          524.7220131178318,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          532.0663878305662,
          339.616875512409,
          535.5651376472849,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "575,556 ",
        "box": [
          549.1406021191406,
          339.616875512409,
          573.6360735797459,
          343.1253457871935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Related-party payable",
        "box": [
          52.74609155224609,
          350.1168750749057,
          114.33287007869166,
          353.6253453496902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.76952580126937,
          350.1168750749057,
          229.52671291763656,
          353.6253453496902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          350.1168750749057,
          279.5774883321875,
          353.6253453496902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          350.1168750749057,
          327.92904881753907,
          353.6253453496902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          350.1168750749057,
          377.4524842540625,
          353.6253453496902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,033 ",
        "box": [
          405.3046706123047,
          350.1168750749057,
          426.3079547184178,
          353.6253453496902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,033 ",
        "box": [
          454.08982857958966,
          350.1168750749057,
          475.0931051857031,
          353.6253453496902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          350.1168750749057,
          524.7220131178318,
          353.6253453496902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,033 ",
        "box": [
          552.6327894736328,
          350.1168750749057,
          573.6360735797459,
          353.6253453496902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends payable",
        "box": [
          52.74609155224609,
          359.8668746686599,
          105.01884456677607,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.76952580126937,
          359.8668746686599,
          229.52671291763656,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          359.8668746686599,
          279.5774883321875,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          359.8668746686599,
          327.92904881753907,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          359.8668746686599,
          377.4524842540625,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,744 ",
        "box": [
          401.8124832578125,
          359.8668746686599,
          426.3079547184178,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,744 ",
        "box": [
          450.5976412250975,
          359.8668746686599,
          475.0931051857031,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          359.8668746686599,
          524.7220131178318,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,744 ",
        "box": [
          549.1406021191406,
          359.8668746686599,
          573.6360735797459,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative liabilities",
        "box": [
          52.74609155224609,
          369.6168742623995,
          110.06875907921446,
          373.125344537184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,972 ",
        "box": [
          208.52342881152344,
          369.6168742623995,
          229.52671291763656,
          373.125344537184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          369.6168742623995,
          279.5774883321875,
          373.125344537184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          369.6168742623995,
          327.92904881753907,
          373.125344537184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          369.6168742623995,
          377.4524842540625,
          373.125344537184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,601 ",
        "box": [
          405.3046706123047,
          369.6168742623995,
          426.3079547184178,
          373.125344537184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,573 ",
        "box": [
          454.08982857958966,
          369.6168742623995,
          475.0931051857031,
          373.125344537184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          369.6168742623995,
          524.7220131178318,
          373.125344537184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,573 ",
        "box": [
          552.6327894736328,
          369.6168742623995,
          573.6360735797459,
          373.125344537184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financing agreements, net",
        "box": [
          52.74609155224609,
          380.1168738249107,
          149.1153155459492,
          383.6253440996952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,496,528 ",
        "box": [
          199.78124167578125,
          380.1168738249107,
          229.52671291763656,
          383.6253440996952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "716,722 ",
        "box": [
          255.08202437158187,
          380.1168738249107,
          279.5774883321875,
          383.6253440996952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "731,638 ",
        "box": [
          303.4335848569334,
          380.1168738249107,
          327.92904881753907,
          383.6253440996952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "583,078 ",
        "box": [
          352.9570202934569,
          380.1168738249107,
          377.4524842540625,
          383.6253440996952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,491,581 ",
        "box": [
          396.5624834765625,
          380.1168738249107,
          426.3079547184178,
          383.6253440996952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,019,547 ",
        "box": [
          441.84373158984374,
          380.1168738249107,
          475.0931051857031,
          383.6253440996952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,656)",
        "box": [
          500.8124791328125,
          380.1168738249107,
          524.7286377618052,
          383.6253440996952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,999,891 ",
        "box": [
          540.3866999838865,
          380.1168738249107,
          573.6360735797459,
          383.6253440996952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized financing, net",
        "box": [
          52.74609155224609,
          389.86687341865036,
          124.44299909896242,
          393.37534369343484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,603,874 ",
        "box": [
          199.78124167578125,
          389.86687341865036,
          229.52671291763656,
          393.37534369343484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,810,038 ",
        "box": [
          249.83202459033186,
          389.86687341865036,
          279.5774883321875,
          393.37534369343484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,397,599 ",
        "box": [
          298.1835850756834,
          389.86687341865036,
          327.92904881753907,
          393.37534369343484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          389.86687341865036,
          377.4524842540625,
          393.37534369343484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          389.86687341865036,
          426.3079547184178,
          393.37534369343484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,811,511 ",
        "box": [
          445.8632664223631,
          389.86687341865036,
          475.0931051857031,
          393.37534369343484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          389.86687341865036,
          524.7220131178318,
          393.37534369343484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,811,511 ",
        "box": [
          544.4062273164062,
          389.86687341865036,
          573.6360735797459,
          393.37534369343484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured senior notes, net",
        "box": [
          52.74609155224609,
          399.61687301240454,
          130.0840550139184,
          403.125343287189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.76952580126937,
          399.61687301240454,
          229.52671291763656,
          403.125343287189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          399.61687301240454,
          279.5774883321875,
          403.125343287189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          399.61687301240454,
          327.92904881753907,
          403.125343287189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          399.61687301240454,
          377.4524842540625,
          403.125343287189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,882,722 ",
        "box": [
          396.5624834765625,
          399.61687301240454,
          426.3079547184178,
          403.125343287189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,882,722 ",
        "box": [
          445.34764144384746,
          399.61687301240454,
          475.0931051857031,
          403.125343287189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          399.61687301240454,
          524.7220131178318,
          403.125343287189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,882,722 ",
        "box": [
          543.8906023378905,
          399.61687301240454,
          573.6360735797459,
          403.125343287189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE liabilities, at fair value",
        "box": [
          52.74609155224609,
          410.1168725749012,
          129.10681436311057,
          413.6253428496857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.76952580126937,
          410.1168725749012,
          229.52671291763656,
          413.6253428496857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          410.1168725749012,
          279.5774883321875,
          413.6253428496857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          410.1168725749012,
          327.92904881753907,
          413.6253428496857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          410.1168725749012,
          377.4524842540625,
          413.6253428496857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          410.1168725749012,
          426.3079547184178,
          413.6253428496857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          466.33591806933595,
          410.1168725749012,
          475.0931051857031,
          413.6253428496857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,293,820 ",
        "box": [
          491.4726395219725,
          410.1168725749012,
          524.7220131178318,
          413.6253428496857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,293,820 ",
        "box": [
          540.3866999838865,
          410.1168725749012,
          573.6360735797459,
          413.6253428496857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          45.996091833496095,
          420.6168721373979,
          92.97967521625966,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,397,509",
        "box": [
          196.66405430566405,
          420.6168721373979,
          227.766661947222,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          227.77733800927717,
          420.6168721373979,
          229.52671291763656,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,565,426",
        "box": [
          249.83202459033186,
          420.6168721373979,
          277.82197673658374,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.8281134238281,
          420.6168721373979,
          279.5774883321875,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,252,304",
        "box": [
          298.1835850756834,
          420.6168721373979,
          326.1735372219353,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.17967390917966,
          420.6168721373979,
          327.92904881753907,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "620,599",
        "box": [
          352.9570202934569,
          420.6168721373979,
          375.6988609333801,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.7031093457031,
          420.6168721373979,
          377.4524842540625,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,752,848",
        "box": [
          396.5624834765625,
          420.6168721373979,
          424.5524356228144,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.5585798100584,
          420.6168721373979,
          426.3079547184178,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,588,686",
        "box": [
          441.84373158984374,
          420.6168721373979,
          473.3324285653146,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          473.34373027734375,
          420.6168721373979,
          475.0931051857031,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,274,164",
        "box": [
          491.4726395219725,
          420.6168721373979,
          522.9613364974433,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          522.9726382094724,
          420.6168721373979,
          524.7220131178318,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,862,850",
        "box": [
          540.3866999838865,
          420.6168721373979,
          571.8753969593574,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.8866986713865,
          420.6168721373979,
          573.6360735797459,
          424.1253424121969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Temporary Equity:",
        "box": [
          34.74609230224609,
          431.1168716999091,
          92.60861864180683,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Redeemable non-controlling",
        "box": [
          92.61327739111329,
          431.1168716999091,
          174.22558377810032,
          434.6253419746936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          34.74609230224609,
          437.8668714186497,
          58.06535469602311,
          441.37534169343417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.76952580126937,
          437.8668714186497,
          229.52671291763656,
          441.37534169343417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          437.8668714186497,
          279.5774883321875,
          441.37534169343417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "356,377 ",
        "box": [
          303.4335848569334,
          437.8668714186497,
          327.92904881753907,
          441.37534169343417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          437.8668714186497,
          377.4524842540625,
          441.37534169343417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          437.8668714186497,
          426.3079547184178,
          441.37534169343417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "356,377 ",
        "box": [
          450.5976412250975,
          437.8668714186497,
          475.0931051857031,
          441.37534169343417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          437.8668714186497,
          524.7220131178318,
          441.37534169343417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "356,377 ",
        "box": [
          549.1406021191406,
          437.8668714186497,
          573.6360735797459,
          441.37534169343417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Permanent Equity:",
        "box": [
          34.74609230224609,
          447.61687101240386,
          92.08243073873129,
          451.12534128718835
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc.",
        "box": [
          45.996091833496095,
          458.11687057490053,
          135.9896418150147,
          461.625340849685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' Equity:",
        "box": [
          45.996091833496095,
          464.86687029365567,
          110.98932837594387,
          468.37534056844015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock",
        "box": [
          45.996091833496095,
          474.61686988740985,
          88.56530132227896,
          478.12534016219433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.76952580126937,
          474.61686988740985,
          229.52671291763656,
          478.12534016219433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          474.61686988740985,
          279.5774883321875,
          478.12534016219433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          474.61686988740985,
          327.92904881753907,
          478.12534016219433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          474.61686988740985,
          377.4524842540625,
          478.12534016219433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,798 ",
        "box": [
          408.8085804663084,
          474.61686988740985,
          426.3079547184178,
          478.12534016219433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,798 ",
        "box": [
          457.59373093359375,
          474.61686988740985,
          475.0931051857031,
          478.12534016219433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          474.61686988740985,
          524.7220131178318,
          478.12534016219433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,798 ",
        "box": [
          556.1366993276365,
          474.61686988740985,
          573.6360735797459,
          478.12534016219433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          45.996091833496095,
          485.1168694499065,
          117.89458714681291,
          488.625339724691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,904,306 ",
        "box": [
          199.78124167578125,
          485.1168694499065,
          229.52671291763656,
          488.625339724691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "465,056 ",
        "box": [
          255.08202437158187,
          485.1168694499065,
          279.5774883321875,
          488.625339724691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "329,107 ",
        "box": [
          303.4335848569334,
          485.1168694499065,
          327.92904881753907,
          488.625339724691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(974,433)",
        "box": [
          350.0507704145506,
          485.1168694499065,
          377.4591163980355,
          488.625339724691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,267,303 ",
        "box": [
          396.5624834765625,
          485.1168694499065,
          426.3079547184178,
          488.625339724691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,991,339 ",
        "box": [
          445.34764144384746,
          485.1168694499065,
          475.0931051857031,
          488.625339724691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          485.1168694499065,
          524.7220131178318,
          488.625339724691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,991,339 ",
        "box": [
          543.8906023378905,
          485.1168694499065,
          573.6360735797459,
          488.625339724691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Treasury stock",
        "box": [
          45.996091833496095,
          494.8668690436607,
          87.13709025678774,
          498.3753393184452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          220.76952580126937,
          494.8668690436607,
          229.52671291763656,
          498.3753393184452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          494.8668690436607,
          279.5774883321875,
          498.3753393184452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          494.8668690436607,
          327.92904881753907,
          498.3753393184452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          494.8668690436607,
          377.4524842540625,
          498.3753393184452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(167,962)",
        "box": [
          398.9062333789062,
          494.8668690436607,
          426.31457936239116,
          498.3753393184452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(167,962)",
        "box": [
          447.6913913461912,
          494.8668690436607,
          475.09973732967615,
          498.3753393184452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          494.8668690436607,
          524.7220131178318,
          498.3753393184452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(167,962)",
        "box": [
          546.2343522402343,
          494.8668690436607,
          573.6426982237192,
          498.3753393184452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retained earnings (accumulated deficit)",
        "box": [
          45.996091833496095,
          504.61686863740033,
          157.70990007925332,
          508.1253389121848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,019,517 ",
        "box": [
          199.78124167578125,
          504.61686863740033,
          229.52671291763656,
          508.1253389121848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "402,520 ",
        "box": [
          255.08202437158187,
          504.61686863740033,
          279.5774883321875,
          508.1253389121848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,072,106 ",
        "box": [
          298.1835850756834,
          504.61686863740033,
          327.92904881753907,
          508.1253389121848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,827,396 ",
        "box": [
          347.70702051220684,
          504.61686863740033,
          377.4524842540625,
          508.1253389121848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,659,448)",
        "box": [
          390.42185873242187,
          504.61686863740033,
          426.31457936239116,
          508.1253389121848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(337,909)",
        "box": [
          447.6913913461912,
          504.61686863740033,
          475.09973732967615,
          508.1253389121848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          504.61686863740033,
          524.7220131178318,
          508.1253389121848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(337,909)",
        "box": [
          546.2343522402343,
          504.61686863740033,
          573.6426982237192,
          508.1253389121848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive income",
        "box": [
          45.996091833496095,
          515.1168681999116,
          165.87936900592075,
          518.625338474696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,697 ",
        "box": [
          212.02733866552717,
          515.1168681999116,
          229.52671291763656,
          518.625338474696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          515.1168681999116,
          279.5774883321875,
          518.625338474696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          319.17186170117185,
          515.1168681999116,
          327.92904881753907,
          518.625338474696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          368.6952971376953,
          515.1168681999116,
          377.4524842540625,
          518.625338474696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          515.1168681999116,
          426.3079547184178,
          518.625338474696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,697 ",
        "box": [
          457.59373093359375,
          515.1168681999116,
          475.0931051857031,
          518.625338474696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          515.1168681999116,
          524.7220131178318,
          518.625338474696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,697 ",
        "box": [
          556.1366993276365,
          515.1168681999116,
          573.6360735797459,
          518.625338474696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Starwood Property Trust, Inc.",
        "box": [
          52.74609155224609,
          525.6168677624082,
          159.78575294851,
          529.1253380371927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' Equity",
        "box": [
          52.74609155224609,
          532.3668674811488,
          115.40911105378683,
          535.8753377559478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,933,520 ",
        "box": [
          199.78124167578125,
          532.3668674811488,
          229.52671291763656,
          535.8753377559478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "867,576 ",
        "box": [
          255.08202437158187,
          532.3668674811488,
          279.5774883321875,
          535.8753377559478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,401,213 ",
        "box": [
          298.1835850756834,
          532.3668674811488,
          327.92904881753907,
          535.8753377559478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "852,963 ",
        "box": [
          352.9570202934569,
          532.3668674811488,
          377.4524842540625,
          535.8753377559478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,556,309)",
        "box": [
          393.65623359765624,
          532.3668674811488,
          426.31457936239116,
          535.8753377559478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,498,963 ",
        "box": [
          445.34764144384746,
          532.3668674811488,
          475.0931051857031,
          535.8753377559478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          532.3668674811488,
          524.7220131178318,
          535.8753377559478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,498,963 ",
        "box": [
          543.8906023378905,
          532.3668674811488,
          573.6360735797459,
          535.8753377559478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests in",
        "box": [
          45.996091833496095,
          542.116867074903,
          123.34427272315506,
          545.6253373496875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated subsidiaries",
        "box": [
          45.996091833496095,
          549.6168667624006,
          116.1520604257436,
          553.1253370371851
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115 ",
        "box": [
          217.535150936035,
          548.8668667936581,
          229.52671291763656,
          552.3753370684426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.8203012158203,
          548.8668667936581,
          279.5774883321875,
          552.3753370684426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "205,825 ",
        "box": [
          303.4335848569334,
          548.8668667936581,
          327.92904881753907,
          552.3753370684426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,146 ",
        "box": [
          352.9570202934569,
          548.8668667936581,
          377.4524842540625,
          552.3753370684426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          417.5507676020506,
          548.8668667936581,
          426.3079547184178,
          552.3753370684426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "328,086 ",
        "box": [
          450.5976412250975,
          548.8668667936581,
          475.0931051857031,
          552.3753370684426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          515.9648260014646,
          548.8668667936581,
          524.7220131178318,
          552.3753370684426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "328,086 ",
        "box": [
          549.1406021191406,
          548.8668667936581,
          573.6360735797459,
          552.3753370684426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Permanent Equity",
        "box": [
          45.996091833496095,
          560.1168663248973,
          118.0483246438196,
          563.6253365996963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,933,635",
        "box": [
          199.78124167578125,
          559.3668663561548,
          227.77119382203315,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          227.77733800927717,
          559.3668663561548,
          229.52671291763656,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "867,576",
        "box": [
          255.08202437158187,
          559.3668663561548,
          277.82386501150506,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.8281134238281,
          559.3668663561548,
          279.5774883321875,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,607,038",
        "box": [
          298.1835850756834,
          559.3668663561548,
          326.1735372219353,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.17967390917966,
          559.3668663561548,
          327.92904881753907,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "975,109",
        "box": [
          352.9570202934569,
          559.3668663561548,
          375.6988609333801,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.7031093457031,
          559.3668663561548,
          377.4524842540625,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,556,309)",
        "box": [
          393.65623359765624,
          559.3668663561548,
          426.31457936239116,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,827,049",
        "box": [
          445.34764144384746,
          559.3668663561548,
          473.3375935900994,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          473.34373027734375,
          559.3668663561548,
          475.0931051857031,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          515.9648260014646,
          559.3668663561548,
          522.9623256349021,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          522.9726382094724,
          559.3668663561548,
          524.7220131178318,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,827,049",
        "box": [
          543.8906023378905,
          559.3668663561548,
          571.8805544841425,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.8866986713865,
          559.3668663561548,
          573.6360735797459,
          562.8753366309393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities and Equity",
        "box": [
          34.74609230224609,
          572.116865824908,
          116.73416539857624,
          575.6253360996925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          187.95702716845688,
          570.6168658874085,
          191.45577698517562,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,331,144",
        "box": [
          196.2773393217772,
          570.6168658874085,
          227.76603629724804,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          227.77733800927717,
          570.6168658874085,
          229.52671291763656,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          236.81249013281248,
          570.6168658874085,
          240.31123994953123,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,433,002",
        "box": [
          249.83202459033186,
          570.6168658874085,
          277.82197673658374,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.8281134238281,
          570.6168658874085,
          279.5774883321875,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          286.9921755419922,
          570.6168658874085,
          290.4909253587109,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,215,719",
        "box": [
          298.1835850756834,
          570.6168658874085,
          326.1735372219353,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.17967390917966,
          570.6168658874085,
          327.92904881753907,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          335.2148335327147,
          570.6168658874085,
          338.7135833494334,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,595,708",
        "box": [
          347.70702051220684,
          570.6168658874085,
          375.6969726584588,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.7031093457031,
          570.6168658874085,
          377.4524842540625,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.84373396484375,
          570.6168658874085,
          388.34248378156246,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "196,539",
        "box": [
          401.8124832578125,
          570.6168658874085,
          424.55432389773574,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.5585798100584,
          570.6168658874085,
          426.3079547184178,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.59373193359374,
          570.6168658874085,
          437.0924817503125,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,772,112",
        "box": [
          442.2304540737303,
          570.6168658874085,
          473.33306171528824,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          473.34373027734375,
          570.6168658874085,
          475.0931051857031,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          482.37888990087873,
          570.6168658874085,
          485.8776397175975,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,274,164",
        "box": [
          491.4726395219725,
          570.6168658874085,
          522.9613364974433,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          522.9726382094724,
          570.6168658874085,
          524.7220131178318,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          532.0663878305662,
          570.6168658874085,
          535.5651376472849,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,046,276",
        "box": [
          540.3866999838865,
          570.6168658874085,
          571.8753969593574,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          571.8866986713865,
          570.6168658874085,
          573.6360735797459,
          574.125336162193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70",
        "box": [
          300.99608495849594,
          619.6305357051606,
          310.9935794794336,
          624.6431733164645
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 105,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents our consolidated balance sheet as of December 31, 2025 by business segment (amounts in",
        "box": [
          69.74999709375,
          87.1305578926549,
          531.7286616071381,
          92.14319550395885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          33.74999859375,
          99.1305573926511,
          79.84681717213674,
          104.14319500395504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          190.66405455566405,
          117.6168847624067,
          227.45214628191445,
          121.12535503719118
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and",
        "box": [
          203.41405402441407,
          124.36688448114728,
          214.69614086176566,
          127.87535475593177
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          192.3398394858397,
          131.11688419990242,
          225.77266092689294,
          134.6253544746869
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          196.6054643081053,
          138.61688388740004,
          221.4964250584819,
          142.12535416218452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          196.2304643237303,
          145.36688360615517,
          221.88337815535823,
          148.87535388093966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          237.57421260107404,
          131.11688419990242,
          280.58757415141207,
          134.6253544746869
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          246.6328022236328,
          138.61688388740004,
          271.5237629740094,
          142.12535416218452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          246.24608723974592,
          145.36688360615517,
          271.8990010713739,
          148.87535388093966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          295.4648351889647,
          138.61688388740004,
          322.1496001145994,
          142.12535416218452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          295.9804601674803,
          145.36688360615517,
          321.6333739991083,
          148.87535388093966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing",
        "box": [
          343.8281106738281,
          131.11688419990242,
          371.4353838110251,
          134.6253544746869
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Servicing",
        "box": [
          337.1132709536131,
          138.61688388740004,
          378.1312565570303,
          142.12535416218452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          344.8007706333006,
          145.36688360615517,
          370.4536844649286,
          148.87535388093966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          391.1835812006834,
          145.36688360615517,
          422.2725314728719,
          148.87535388093966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          443.4726415219725,
          145.36688360615517,
          468.74968250284996,
          148.87535388093966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization",
        "box": [
          485.1210772866209,
          138.61688388740004,
          526.7096585362019,
          142.12535416218452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs",
        "box": [
          498.3281042363281,
          145.36688360615517,
          513.4950308447857,
          148.87535388093966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          548.1679496596678,
          145.36688360615517,
          563.4647016813906,
          148.87535388093966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets:",
        "box": [
          34.74609230224609,
          155.86688316865184,
          55.7351500032014,
          159.37535344343632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          52.74609155224609,
          165.61688276240602,
          126.39398417399676,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          187.74608967724592,
          165.61688276240602,
          191.2448394939647,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,534 ",
        "box": [
          208.86327629736311,
          165.61688276240602,
          229.8665529034766,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          237.15233761865218,
          165.61688276240602,
          240.65108743537093,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198,031 ",
        "box": [
          255.8906143378906,
          165.61688276240602,
          280.3860857984959,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          287.78905050878905,
          165.61688276240602,
          291.2878003255078,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70,900 ",
        "box": [
          308.3202996533203,
          165.61688276240602,
          329.32358375943346,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          336.6093609746094,
          165.61688276240602,
          340.1081107913281,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,149 ",
        "box": [
          357.1406101191406,
          165.61688276240602,
          378.14389422525375,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.4296714404297,
          165.61688276240602,
          388.92842125714844,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130,866 ",
        "box": [
          403.01951820751935,
          165.61688276240602,
          427.514982168125,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          434.8007668833006,
          165.61688276240602,
          438.2995167000194,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "499,480 ",
        "box": [
          452.4257661489256,
          165.61688276240602,
          476.9212301095313,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          484.20701482470685,
          165.61688276240602,
          487.7057646414256,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          165.61688276240602,
          527.0423255211522,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          534.3984152333984,
          165.61688276240602,
          537.8971650501172,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "499,480 ",
        "box": [
          552.0351369985349,
          165.61688276240602,
          576.5306009591405,
          169.1253530371905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          52.74609155224609,
          175.36688235614565,
          95.29820359174136,
          178.87535263093014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,215 ",
        "box": [
          205.37108894287093,
          175.36688235614565,
          229.8665529034766,
          178.87535263093014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,794 ",
        "box": [
          259.38280169238277,
          175.36688235614565,
          280.3860857984959,
          178.87535263093014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,236 ",
        "box": [
          311.82420950732404,
          175.36688235614565,
          329.32358375943346,
          178.87535263093014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "454 ",
        "box": [
          365.89451975439437,
          175.36688235614565,
          378.14389422525375,
          178.87535263093014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,468 ",
        "box": [
          406.51170556201157,
          175.36688235614565,
          427.514982168125,
          178.87535263093014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "175,167 ",
        "box": [
          452.4257661489256,
          175.36688235614565,
          476.9212301095313,
          178.87535263093014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          175.36688235614565,
          527.0423255211522,
          178.87535263093014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "175,167 ",
        "box": [
          552.0351369985349,
          175.36688235614565,
          576.5306009591405,
          178.87535263093014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-investment, net",
        "box": [
          52.74609155224609,
          185.86688191865687,
          139.07690211421644,
          189.37535219344136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,038,333 ",
        "box": [
          196.6171793076172,
          185.86688191865687,
          229.8665529034766,
          189.37535219344136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,824,379 ",
        "box": [
          250.64061455664063,
          185.86688191865687,
          280.3860857984959,
          189.37535219344136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          185.86688191865687,
          329.32358375943346,
          189.37535219344136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          185.86688191865687,
          378.14389422525375,
          189.37535219344136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          185.86688191865687,
          427.514982168125,
          189.37535219344136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,862,712 ",
        "box": [
          443.67185651367186,
          185.86688191865687,
          476.9212301095313,
          189.37535219344136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          185.86688191865687,
          527.0423255211522,
          189.37535219344136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,862,712 ",
        "box": [
          543.2812273632812,
          185.86688191865687,
          576.5306009591405,
          189.37535219344136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale",
        "box": [
          52.74609155224609,
          195.6168815123965,
          107.2021140508065,
          199.125351787181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,278,067 ",
        "box": [
          200.12108916162092,
          195.6168815123965,
          229.8665529034766,
          199.125351787181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          195.6168815123965,
          280.3860857984959,
          199.125351787181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          195.6168815123965,
          329.32358375943346,
          199.125351787181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,476 ",
        "box": [
          357.1406101191406,
          195.6168815123965,
          378.14389422525375,
          199.125351787181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          195.6168815123965,
          427.514982168125,
          199.125351787181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,323,543 ",
        "box": [
          447.1757663676756,
          195.6168815123965,
          476.9212301095313,
          199.125351787181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          195.6168815123965,
          527.0423255211522,
          199.125351787181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,323,543 ",
        "box": [
          546.785137217285,
          195.6168815123965,
          576.5306009591405,
          199.125351787181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment securities",
        "box": [
          52.74609155224609,
          205.3668811061507,
          112.01290419820845,
          208.87535138093517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "641,893 ",
        "box": [
          205.37108894287093,
          205.3668811061507,
          229.8665529034766,
          208.87535138093517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,273 ",
        "box": [
          259.38280169238277,
          205.3668811061507,
          280.3860857984959,
          208.87535138093517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          205.3668811061507,
          329.32358375943346,
          208.87535138093517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,284,863 ",
        "box": [
          348.3984229833984,
          205.3668811061507,
          378.14389422525375,
          208.87535138093517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          205.3668811061507,
          427.514982168125,
          208.87535138093517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,958,029 ",
        "box": [
          447.1757663676756,
          205.3668811061507,
          476.9212301095313,
          208.87535138093517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,657,029)",
        "box": [
          494.3906044003906,
          205.3668811061507,
          527.0489501651256,
          208.87535138093517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "301,000 ",
        "box": [
          552.0351369985349,
          205.3668811061507,
          576.5306009591405,
          208.87535138093517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, net",
        "box": [
          52.74609155224609,
          215.86688066864735,
          93.16613732716505,
          219.37535094343184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "732,714 ",
        "box": [
          205.37108894287093,
          215.86688066864735,
          229.8665529034766,
          219.37535094343184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          215.86688066864735,
          280.3860857984959,
          219.37535094343184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,674,276 ",
        "box": [
          299.5781125175781,
          215.86688066864735,
          329.32358375943346,
          219.37535094343184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,662 ",
        "box": [
          357.1406101191406,
          215.86688066864735,
          378.14389422525375,
          219.37535094343184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          215.86688066864735,
          427.514982168125,
          219.37535094343184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,448,652 ",
        "box": [
          447.1757663676756,
          215.86688066864735,
          476.9212301095313,
          219.37535094343184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          215.86688066864735,
          527.0423255211522,
          219.37535094343184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,448,652 ",
        "box": [
          546.785137217285,
          215.86688066864735,
          576.5306009591405,
          219.37535094343184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments of consolidated affordable housing",
        "box": [
          52.74609155224609,
          225.61688026240154,
          185.53775920675966,
          229.12535053718602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fund",
        "box": [
          52.74609155224609,
          232.36687998115667,
          65.57254260531062,
          235.87535025594116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.10936578710937,
          232.36687998115667,
          229.8665529034766,
          235.87535025594116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          232.36687998115667,
          280.3860857984959,
          235.87535025594116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,727,499 ",
        "box": [
          299.5781125175781,
          232.36687998115667,
          329.32358375943346,
          235.87535025594116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          232.36687998115667,
          378.14389422525375,
          235.87535025594116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          232.36687998115667,
          427.514982168125,
          235.87535025594116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,727,499 ",
        "box": [
          447.1757663676756,
          232.36687998115667,
          476.9212301095313,
          235.87535025594116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          232.36687998115667,
          527.0423255211522,
          235.87535025594116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,727,499 ",
        "box": [
          546.785137217285,
          232.36687998115667,
          576.5306009591405,
          235.87535025594116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities",
        "box": [
          52.74609155224609,
          242.86687954365334,
          159.8267870059632,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,514 ",
        "box": [
          212.3671786513672,
          242.86687954365334,
          229.8665529034766,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,997 ",
        "box": [
          259.38280169238277,
          242.86687954365334,
          280.3860857984959,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          242.86687954365334,
          329.32358375943346,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,203 ",
        "box": [
          357.1406101191406,
          242.86687954365334,
          378.14389422525375,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          242.86687954365334,
          427.514982168125,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,714 ",
        "box": [
          455.9179535034178,
          242.86687954365334,
          476.9212301095313,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,962)",
        "box": [
          503.1327915361328,
          242.86687954365334,
          527.0489501651256,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,752 ",
        "box": [
          555.5273243530271,
          242.86687954365334,
          576.5306009591405,
          246.37534981843783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill",
        "box": [
          52.74609155224609,
          252.61687913739297,
          79.181434884861,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.10936578710937,
          252.61687913739297,
          229.8665529034766,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "119,409 ",
        "box": [
          256.1484268271484,
          252.61687913739297,
          280.3860857984959,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          252.61687913739297,
          329.32358375943346,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140,437 ",
        "box": [
          353.64842276464844,
          252.61687913739297,
          378.14389422525375,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          252.61687913739297,
          427.514982168125,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "259,846 ",
        "box": [
          452.4257661489256,
          252.61687913739297,
          476.9212301095313,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          252.61687913739297,
          527.0423255211522,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "259,846 ",
        "box": [
          552.0351369985349,
          252.61687913739297,
          576.5306009591405,
          256.125349412192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets, net",
        "box": [
          52.74609155224609,
          262.36687873114715,
          111.23729597420007,
          265.87534900593164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,817 ",
        "box": [
          212.3671786513672,
          262.36687873114715,
          229.8665529034766,
          265.87534900593164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          262.36687873114715,
          280.3860857984959,
          265.87534900593164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "401,268 ",
        "box": [
          304.8281122988281,
          262.36687873114715,
          329.32358375943346,
          265.87534900593164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,227 ",
        "box": [
          357.1406101191406,
          262.36687873114715,
          378.14389422525375,
          265.87534900593164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          262.36687873114715,
          427.514982168125,
          265.87534900593164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "473,312 ",
        "box": [
          452.4257661489256,
          262.36687873114715,
          476.9212301095313,
          265.87534900593164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,253)",
        "box": [
          503.1327915361328,
          262.36687873114715,
          527.0489501651256,
          265.87534900593164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "436,059 ",
        "box": [
          552.0351369985349,
          262.36687873114715,
          576.5306009591405,
          265.87534900593164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative assets",
        "box": [
          52.74609155224609,
          272.8668782936438,
          100.35156965909741,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,157 ",
        "box": [
          208.86327629736311,
          272.8668782936438,
          229.8665529034766,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          272.8668782936438,
          280.3860857984959,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          272.8668782936438,
          329.32358375943346,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "201 ",
        "box": [
          365.89451975439437,
          272.8668782936438,
          378.14389422525375,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,455 ",
        "box": [
          406.51170556201157,
          272.8668782936438,
          427.514982168125,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,813 ",
        "box": [
          455.9179535034178,
          272.8668782936438,
          476.9212301095313,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          272.8668782936438,
          527.0423255211522,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,813 ",
        "box": [
          555.5273243530271,
          272.8668782936438,
          576.5306009591405,
          276.37534856844286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          52.74609155224609,
          282.616877887398,
          129.28454103070533,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "157,116 ",
        "box": [
          205.62890143212874,
          282.616877887398,
          229.8665529034766,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,424 ",
        "box": [
          262.88671154638655,
          282.616877887398,
          280.3860857984959,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "442 ",
        "box": [
          317.074209288574,
          282.616877887398,
          329.32358375943346,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "562 ",
        "box": [
          365.89451975439437,
          282.616877887398,
          378.14389422525375,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135 ",
        "box": [
          415.26560769726564,
          282.616877887398,
          427.514982168125,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "162,679 ",
        "box": [
          452.4257661489256,
          282.616877887398,
          476.9212301095313,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          282.616877887398,
          527.0423255211522,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "162,679 ",
        "box": [
          552.0351369985349,
          282.616877887398,
          576.5306009591405,
          286.1253481621825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          52.74609155224609,
          292.3668774811522,
          86.75293360070727,
          295.8753477559367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "193,525 ",
        "box": [
          205.37108894287093,
          292.3668774811522,
          229.8665529034766,
          295.8753477559367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,623 ",
        "box": [
          262.88671154638655,
          292.3668774811522,
          280.3860857984959,
          295.8753477559367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "107,468 ",
        "box": [
          304.8281122988281,
          292.3668774811522,
          329.32358375943346,
          295.8753477559367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,454 ",
        "box": [
          360.6445199731444,
          292.3668774811522,
          378.14389422525375,
          295.8753477559367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,921 ",
        "box": [
          406.51170556201157,
          292.3668774811522,
          427.514982168125,
          295.8753477559367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "362,991 ",
        "box": [
          452.4257661489256,
          292.3668774811522,
          476.9212301095313,
          295.8753477559367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          292.3668774811522,
          527.0423255211522,
          295.8753477559367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "362,991 ",
        "box": [
          552.0351369985349,
          292.3668774811522,
          576.5306009591405,
          295.8753477559367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE assets, at fair value",
        "box": [
          52.74609155224609,
          302.86687704364886,
          119.38962494299349,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.10936578710937,
          302.86687704364886,
          229.8665529034766,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          302.86687704364886,
          280.3860857984959,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          302.86687704364886,
          329.32358375943346,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          302.86687704364886,
          378.14389422525375,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          302.86687704364886,
          427.514982168125,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.16404299316406,
          302.86687704364886,
          476.9212301095313,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,493,164 ",
        "box": [
          493.7929519252928,
          302.86687704364886,
          527.0423255211522,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,493,164 ",
        "box": [
          543.2812273632812,
          302.86687704364886,
          576.5306009591405,
          306.37534731843334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          34.74609230224609,
          314.86687654364505,
          70.0649536960398,
          318.37534681842953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          187.74608967724592,
          313.3668766061455,
          191.2448394939647,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,277,885",
        "box": [
          196.6171793076172,
          313.3668766061455,
          228.10587628308804,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.11717799511717,
          313.3668766061455,
          229.8665529034766,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          237.15233761865218,
          313.3668766061455,
          240.65108743537093,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,273,930",
        "box": [
          250.64061455664063,
          313.3668766061455,
          278.6305667028925,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          278.63671089013656,
          313.3668766061455,
          280.3860857984959,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          287.78905050878905,
          313.3668766061455,
          291.2878003255078,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,985,089",
        "box": [
          299.5781125175781,
          313.3668766061455,
          327.56806466383,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          327.57420885107405,
          313.3668766061455,
          329.32358375943346,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          336.6093609746094,
          313.3668766061455,
          340.1081107913281,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,646,688",
        "box": [
          348.3984229833984,
          313.3668766061455,
          376.38837512965034,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.39451931689433,
          313.3668766061455,
          378.14389422525375,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.4296714404297,
          313.3668766061455,
          388.92842125714844,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "215,845",
        "box": [
          403.01951820751935,
          313.3668766061455,
          425.76135884744264,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.7656072597656,
          313.3668766061455,
          427.514982168125,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          434.8007668833006,
          313.3668766061455,
          438.2995167000194,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,399,437",
        "box": [
          443.67185651367186,
          313.3668766061455,
          475.1605534891428,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.17185520117187,
          313.3668766061455,
          476.9212301095313,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          484.20701482470685,
          313.3668766061455,
          487.7057646414256,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,783,920",
        "box": [
          493.7929519252928,
          313.3668766061455,
          525.2816489007637,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          525.2929506127928,
          313.3668766061455,
          527.0423255211522,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          534.3984152333984,
          313.3668766061455,
          537.8971650501172,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,183,357",
        "box": [
          543.2812273632812,
          313.3668766061455,
          574.769924338752,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.7812260507811,
          313.3668766061455,
          576.5306009591405,
          316.87534688093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities and Equity",
        "box": [
          34.74609230224609,
          324.61687613739923,
          99.68805398383091,
          328.1253464121837
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          45.996091833496095,
          335.1168756998959,
          78.26378218950836,
          338.6253459746804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable, accrued expenses and other",
        "box": [
          52.74609155224609,
          344.8668752936501,
          182.92059230380772,
          348.37534556843457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities",
        "box": [
          52.74609155224609,
          351.6168750124052,
          78.78848690755923,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          187.74608967724592,
          351.6168750124052,
          191.2448394939647,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "165,317 ",
        "box": [
          205.37108894287093,
          351.6168750124052,
          229.8665529034766,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          237.15233761865218,
          351.6168750124052,
          240.65108743537093,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,732 ",
        "box": [
          259.38280169238277,
          351.6168750124052,
          280.3860857984959,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          287.78905050878905,
          351.6168750124052,
          291.2878003255078,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "113,707 ",
        "box": [
          305.08592478808595,
          351.6168750124052,
          329.32358375943346,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          336.6093609746094,
          351.6168750124052,
          340.1081107913281,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,423 ",
        "box": [
          357.1406101191406,
          351.6168750124052,
          378.14389422525375,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.4296714404297,
          351.6168750124052,
          388.92842125714844,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "127,571 ",
        "box": [
          403.01951820751935,
          351.6168750124052,
          427.514982168125,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          434.8007668833006,
          351.6168750124052,
          438.2995167000194,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "499,750 ",
        "box": [
          452.4257661489256,
          351.6168750124052,
          476.9212301095313,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          484.20701482470685,
          351.6168750124052,
          487.7057646414256,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          351.6168750124052,
          527.0423255211522,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          534.3984152333984,
          351.6168750124052,
          537.8971650501172,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "499,750 ",
        "box": [
          552.0351369985349,
          351.6168750124052,
          576.5306009591405,
          355.1253452871897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Related-party payable",
        "box": [
          52.74609155224609,
          362.1168745749019,
          114.33287007869166,
          365.62534484968637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.10936578710937,
          362.1168745749019,
          229.8665529034766,
          365.62534484968637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          362.1168745749019,
          280.3860857984959,
          365.62534484968637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          362.1168745749019,
          329.32358375943346,
          365.62534484968637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          362.1168745749019,
          378.14389422525375,
          365.62534484968637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          406.51170556201157,
          362.1168745749019,
          427.514982168125,
          365.62534484968637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          455.9179535034178,
          362.1168745749019,
          476.9212301095313,
          365.62534484968637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          362.1168745749019,
          527.0423255211522,
          365.62534484968637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,662 ",
        "box": [
          555.5273243530271,
          362.1168745749019,
          576.5306009591405,
          365.62534484968637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends payable",
        "box": [
          52.74609155224609,
          371.86687416865607,
          105.01884456677607,
          375.37534444344055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.10936578710937,
          371.86687416865607,
          229.8665529034766,
          375.37534444344055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          371.86687416865607,
          280.3860857984959,
          375.37534444344055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          371.86687416865607,
          329.32358375943346,
          375.37534444344055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          371.86687416865607,
          378.14389422525375,
          375.37534444344055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,413 ",
        "box": [
          403.01951820751935,
          371.86687416865607,
          427.514982168125,
          375.37534444344055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,413 ",
        "box": [
          452.4257661489256,
          371.86687416865607,
          476.9212301095313,
          375.37534444344055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          371.86687416865607,
          527.0423255211522,
          375.37534444344055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,413 ",
        "box": [
          552.0351369985349,
          371.86687416865607,
          576.5306009591405,
          375.37534444344055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative liabilities",
        "box": [
          52.74609155224609,
          381.6168737623957,
          110.06875907921446,
          385.1253440371802
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,351 ",
        "box": [
          208.86327629736311,
          381.6168737623957,
          229.8665529034766,
          385.1253440371802
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          381.6168737623957,
          280.3860857984959,
          385.1253440371802
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          381.6168737623957,
          329.32358375943346,
          385.1253440371802
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          381.6168737623957,
          378.14389422525375,
          385.1253440371802
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,632 ",
        "box": [
          406.7812330507812,
          381.6168737623957,
          427.514982168125,
          385.1253440371802
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,983 ",
        "box": [
          455.9179535034178,
          381.6168737623957,
          476.9212301095313,
          385.1253440371802
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          381.6168737623957,
          527.0423255211522,
          385.1253440371802
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,983 ",
        "box": [
          555.5273243530271,
          381.6168737623957,
          576.5306009591405,
          385.1253440371802
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financing agreements, net",
        "box": [
          52.74609155224609,
          392.1168733249069,
          149.1153155459492,
          395.6253435996914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,637,246 ",
        "box": [
          200.12108916162092,
          392.1168733249069,
          229.8665529034766,
          395.6253435996914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "719,942 ",
        "box": [
          255.8906143378906,
          392.1168733249069,
          280.3860857984959,
          395.6253435996914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "596,906 ",
        "box": [
          304.8281122988281,
          392.1168733249069,
          329.32358375943346,
          395.6253435996914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "517,897 ",
        "box": [
          353.64842276464844,
          392.1168733249069,
          378.14389422525375,
          395.6253435996914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,226,843 ",
        "box": [
          397.76951842626937,
          392.1168733249069,
          427.514982168125,
          395.6253435996914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,698,834 ",
        "box": [
          443.67185651367186,
          392.1168733249069,
          476.9212301095313,
          395.6253435996914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,886)",
        "box": [
          503.1327915361328,
          392.1168733249069,
          527.0489501651256,
          395.6253435996914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,678,948 ",
        "box": [
          543.2812273632812,
          392.1168733249069,
          576.5306009591405,
          395.6253435996914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized financing, net",
        "box": [
          52.74609155224609,
          401.86687291864655,
          124.44299909896242,
          405.37534319343104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,224,239 ",
        "box": [
          200.12108916162092,
          401.86687291864655,
          229.8665529034766,
          405.37534319343104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,645,536 ",
        "box": [
          250.64061455664063,
          401.86687291864655,
          280.3860857984959,
          405.37534319343104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,261,678 ",
        "box": [
          299.5781125175781,
          401.86687291864655,
          329.32358375943346,
          405.37534319343104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          401.86687291864655,
          378.14389422525375,
          405.37534319343104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          401.86687291864655,
          427.514982168125,
          405.37534319343104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,131,453 ",
        "box": [
          447.1757663676756,
          401.86687291864655,
          476.9212301095313,
          405.37534319343104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          401.86687291864655,
          527.0423255211522,
          405.37534319343104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,131,453 ",
        "box": [
          546.785137217285,
          401.86687291864655,
          576.5306009591405,
          405.37534319343104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured senior notes, net",
        "box": [
          52.74609155224609,
          411.61687251240073,
          130.0840550139184,
          415.1253427871852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.10936578710937,
          411.61687251240073,
          229.8665529034766,
          415.1253427871852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          411.61687251240073,
          280.3860857984959,
          415.1253427871852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          411.61687251240073,
          329.32358375943346,
          415.1253427871852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          411.61687251240073,
          378.14389422525375,
          415.1253427871852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,283,836 ",
        "box": [
          397.76951842626937,
          411.61687251240073,
          427.514982168125,
          415.1253427871852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,283,836 ",
        "box": [
          447.1757663676756,
          411.61687251240073,
          476.9212301095313,
          415.1253427871852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          411.61687251240073,
          527.0423255211522,
          415.1253427871852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,283,836 ",
        "box": [
          546.785137217285,
          411.61687251240073,
          576.5306009591405,
          415.1253427871852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE liabilities, at fair value",
        "box": [
          52.74609155224609,
          422.1168720748974,
          129.10681436311057,
          425.6253423496819
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.10936578710937,
          422.1168720748974,
          229.8665529034766,
          425.6253423496819
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          422.1168720748974,
          280.3860857984959,
          425.6253423496819
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          422.1168720748974,
          329.32358375943346,
          425.6253423496819
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          422.1168720748974,
          378.14389422525375,
          425.6253423496819
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          422.1168720748974,
          427.514982168125,
          425.6253423496819
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          468.16404299316406,
          422.1168720748974,
          476.9212301095313,
          425.6253423496819
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,803,806 ",
        "box": [
          493.7929519252928,
          422.1168720748974,
          527.0423255211522,
          425.6253423496819
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,803,806 ",
        "box": [
          543.2812273632812,
          422.1168720748974,
          576.5306009591405,
          425.6253423496819
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          45.996091833496095,
          432.61687163739407,
          92.97967521625966,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,099,153",
        "box": [
          197.00390179150375,
          432.61687163739407,
          228.1065094330617,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.11717799511717,
          432.61687163739407,
          229.8665529034766,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,398,210",
        "box": [
          250.64061455664063,
          432.61687163739407,
          278.6305667028925,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          278.63671089013656,
          432.61687163739407,
          280.3860857984959,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,972,291",
        "box": [
          299.5781125175781,
          432.61687163739407,
          327.56806466383,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          327.57420885107405,
          432.61687163739407,
          329.32358375943346,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "578,320",
        "box": [
          353.64842276464844,
          432.61687163739407,
          376.39026340457167,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.39451931689433,
          432.61687163739407,
          378.14389422525375,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,861,957",
        "box": [
          397.76951842626937,
          432.61687163739407,
          425.7594705725213,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.7656072597656,
          432.61687163739407,
          427.514982168125,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,909,931",
        "box": [
          443.67185651367186,
          432.61687163739407,
          475.1605534891428,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.17185520117187,
          432.61687163739407,
          476.9212301095313,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,783,920",
        "box": [
          493.7929519252928,
          432.61687163739407,
          525.2816489007637,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          525.2929506127928,
          432.61687163739407,
          527.0423255211522,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,693,851",
        "box": [
          543.2812273632812,
          432.61687163739407,
          574.769924338752,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.7812260507811,
          432.61687163739407,
          576.5306009591405,
          436.1253419121931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Temporary Equity: ",
        "box": [
          34.74609230224609,
          443.1168711999053,
          94.35798309966722,
          446.6253414746898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redeemable non-controlling",
        "box": [
          94.35937106835937,
          443.1168711999053,
          174.2223107782367,
          446.6253414746898
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          34.74609230224609,
          449.8668709186459,
          58.06535469602311,
          453.37534119343036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.10936578710937,
          449.8668709186459,
          229.8665529034766,
          453.37534119343036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          449.8668709186459,
          280.3860857984959,
          453.37534119343036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,118 ",
        "box": [
          305.08592478808595,
          449.8668709186459,
          329.32358375943346,
          453.37534119343036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          449.8668709186459,
          378.14389422525375,
          453.37534119343036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          449.8668709186459,
          427.514982168125,
          453.37534119343036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,118 ",
        "box": [
          452.6835786381834,
          449.8668709186459,
          476.9212301095313,
          453.37534119343036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          449.8668709186459,
          527.0423255211522,
          453.37534119343036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,118 ",
        "box": [
          552.2929494877927,
          449.8668709186459,
          576.5306009591405,
          453.37534119343036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Permanent Equity:",
        "box": [
          34.74609230224609,
          459.61687051240006,
          92.08243073873129,
          463.12534078718454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc.",
        "box": [
          45.996091833496095,
          470.1168700748967,
          135.9896418150147,
          473.6253403496812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' Equity:",
        "box": [
          45.996091833496095,
          476.86686979365186,
          110.98932837594387,
          480.37534006843634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock",
        "box": [
          45.996091833496095,
          486.61686938740604,
          88.56530132227896,
          490.1253396621905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.10936578710937,
          486.61686938740604,
          229.8665529034766,
          490.1253396621905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          486.61686938740604,
          280.3860857984959,
          490.1253396621905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          486.61686938740604,
          329.32358375943346,
          490.1253396621905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          486.61686938740604,
          378.14389422525375,
          490.1253396621905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,780 ",
        "box": [
          410.0156079160156,
          486.61686938740604,
          427.514982168125,
          490.1253396621905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,780 ",
        "box": [
          459.42185585742186,
          486.61686938740604,
          476.9212301095313,
          490.1253396621905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          486.61686938740604,
          527.0423255211522,
          490.1253396621905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,780 ",
        "box": [
          559.0312267070311,
          486.61686938740604,
          576.5306009591405,
          490.1253396621905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          45.996091833496095,
          497.1168689499027,
          117.89458714681291,
          500.6253392246872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,434,975 ",
        "box": [
          200.12108916162092,
          497.1168689499027,
          229.8665529034766,
          500.6253392246872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "521,717 ",
        "box": [
          255.8906143378906,
          497.1168689499027,
          280.3860857984959,
          500.6253392246872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "365,416 ",
        "box": [
          304.8281122988281,
          497.1168689499027,
          329.32358375943346,
          500.6253392246872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(814,760)",
        "box": [
          350.7421728857422,
          497.1168689499027,
          378.15051886922714,
          500.6253392246872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,449,868 ",
        "box": [
          397.76951842626937,
          497.1168689499027,
          427.514982168125,
          500.6253392246872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,957,216 ",
        "box": [
          447.1757663676756,
          497.1168689499027,
          476.9212301095313,
          500.6253392246872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          497.1168689499027,
          527.0423255211522,
          500.6253392246872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,957,216 ",
        "box": [
          546.785137217285,
          497.1168689499027,
          576.5306009591405,
          500.6253392246872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Treasury stock",
        "box": [
          45.996091833496095,
          506.8668685436569,
          87.13709025678774,
          510.3753388184414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          221.10936578710937,
          506.8668685436569,
          229.8665529034766,
          510.3753388184414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          506.8668685436569,
          280.3860857984959,
          510.3753388184414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          506.8668685436569,
          329.32358375943346,
          510.3753388184414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          506.8668685436569,
          378.14389422525375,
          510.3753388184414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(138,022)",
        "box": [
          400.1132683286131,
          506.8668685436569,
          427.52161431209805,
          510.3753388184414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(138,022)",
        "box": [
          449.5195162700194,
          506.8668685436569,
          476.9278622535043,
          510.3753388184414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          506.8668685436569,
          527.0423255211522,
          510.3753388184414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(138,022)",
        "box": [
          549.1288871196286,
          506.8668685436569,
          576.5372331031136,
          510.3753388184414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retained earnings (accumulated deficit)",
        "box": [
          45.996091833496095,
          516.6168681373965,
          157.70990007925332,
          520.125338412181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,732,082 ",
        "box": [
          200.12108916162092,
          516.6168681373965,
          229.8665529034766,
          520.125338412181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "354,003 ",
        "box": [
          255.8906143378906,
          516.6168681373965,
          280.3860857984959,
          520.125338412181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,077,439 ",
        "box": [
          299.5781125175781,
          516.6168681373965,
          329.32358375943346,
          520.125338412181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,759,196 ",
        "box": [
          348.3984229833984,
          516.6168681373965,
          378.14389422525375,
          520.125338412181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,961,738)",
        "box": [
          391.35935869335935,
          516.6168681373965,
          427.52161431209805,
          520.125338412181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39,018)",
        "box": [
          453.01170362451154,
          516.6168681373965,
          476.9278622535043,
          520.125338412181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          516.6168681373965,
          527.0423255211522,
          520.125338412181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39,018)",
        "box": [
          552.6210744741209,
          516.6168681373965,
          576.5372331031136,
          520.125338412181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive income",
        "box": [
          45.996091833496095,
          527.1168676998932,
          165.87936900592075,
          530.6253379746922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,560 ",
        "box": [
          209.1328037861328,
          527.1168676998932,
          229.8665529034766,
          530.6253379746922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          527.1168676998932,
          280.3860857984959,
          530.6253379746922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          320.56639664306624,
          527.1168676998932,
          329.32358375943346,
          530.6253379746922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          369.3867071088865,
          527.1168676998932,
          378.14389422525375,
          530.6253379746922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          527.1168676998932,
          427.514982168125,
          530.6253379746922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,560 ",
        "box": [
          456.1874809921875,
          527.1168676998932,
          476.9212301095313,
          530.6253379746922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          527.1168676998932,
          527.0423255211522,
          530.6253379746922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,560 ",
        "box": [
          555.7968518417968,
          527.1168676998932,
          576.5306009591405,
          530.6253379746922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Starwood Property Trust, Inc.",
        "box": [
          52.74609155224609,
          537.6168672624044,
          159.78575294851,
          541.1253375371889
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' Equity",
        "box": [
          52.74609155224609,
          544.366866981145,
          115.40911105378683,
          547.8753372559295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,178,617 ",
        "box": [
          200.12108916162092,
          544.366866981145,
          229.8665529034766,
          547.8753372559295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "875,720 ",
        "box": [
          255.8906143378906,
          544.366866981145,
          280.3860857984959,
          547.8753372559295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,442,855 ",
        "box": [
          299.5781125175781,
          544.366866981145,
          329.32358375943346,
          547.8753372559295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "944,436 ",
        "box": [
          353.64842276464844,
          544.366866981145,
          378.14389422525375,
          547.8753372559295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,646,112)",
        "box": [
          395.1210810366209,
          544.366866981145,
          427.52161431209805,
          547.8753372559295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,795,516 ",
        "box": [
          447.1757663676756,
          544.366866981145,
          476.9212301095313,
          547.8753372559295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          544.366866981145,
          527.0423255211522,
          547.8753372559295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,795,516 ",
        "box": [
          546.785137217285,
          544.366866981145,
          576.5306009591405,
          547.8753372559295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests in",
        "box": [
          45.996091833496095,
          554.1168665748992,
          123.34427272315506,
          557.6253368496837
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated subsidiaries",
        "box": [
          45.996091833496095,
          561.6168662623968,
          116.1520604257436,
          565.1253365371813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115 ",
        "box": [
          217.874990921875,
          560.8668662936543,
          229.8665529034766,
          564.3753365684388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          271.62889868212875,
          560.8668662936543,
          280.3860857984959,
          564.3753365684388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "205,825 ",
        "box": [
          304.8281122988281,
          560.8668662936543,
          329.32358375943346,
          564.3753365684388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,932 ",
        "box": [
          353.64842276464844,
          560.8668662936543,
          378.14389422525375,
          564.3753365684388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          418.7577950517578,
          560.8668662936543,
          427.514982168125,
          564.3753365684388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "329,872 ",
        "box": [
          452.4257661489256,
          560.8668662936543,
          476.9212301095313,
          564.3753365684388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          518.2851384047849,
          560.8668662936543,
          527.0423255211522,
          564.3753365684388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "329,872 ",
        "box": [
          552.0351369985349,
          560.8668662936543,
          576.5306009591405,
          564.3753365684388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Permanent Equity",
        "box": [
          45.996091833496095,
          572.1168658248935,
          118.0483246438196,
          575.6253360996925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,178,732",
        "box": [
          200.12108916162092,
          571.366865856151,
          228.11104130787282,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.11717799511717,
          571.366865856151,
          229.8665529034766,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "875,720",
        "box": [
          255.8906143378906,
          571.366865856151,
          278.63245497781384,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          278.63671089013656,
          571.366865856151,
          280.3860857984959,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,648,680",
        "box": [
          299.5781125175781,
          571.366865856151,
          327.56806466383,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          327.57420885107405,
          571.366865856151,
          329.32358375943346,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,068,368",
        "box": [
          348.3984229833984,
          571.366865856151,
          376.38837512965034,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.39451931689433,
          571.366865856151,
          378.14389422525375,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,646,112)",
        "box": [
          395.24998353125,
          571.366865856151,
          427.52161431209805,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,125,388",
        "box": [
          447.1757663676756,
          571.366865856151,
          475.1657185139276,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.17185520117187,
          571.366865856151,
          476.9212301095313,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          518.2851384047849,
          571.366865856151,
          525.2826380382224,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          525.2929506127928,
          571.366865856151,
          527.0423255211522,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,125,388",
        "box": [
          546.785137217285,
          571.366865856151,
          574.7750893635368,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.7812260507811,
          571.366865856151,
          576.5306009591405,
          574.8753361309355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities and Equity",
        "box": [
          34.74609230224609,
          584.1168653249042,
          116.73416539857624,
          587.6253355996887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          187.74608967724592,
          582.6168653874047,
          191.2448394939647,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,277,885",
        "box": [
          196.6171793076172,
          582.6168653874047,
          228.10587628308804,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.11717799511717,
          582.6168653874047,
          229.8665529034766,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          237.15233761865218,
          582.6168653874047,
          240.65108743537093,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,273,930",
        "box": [
          250.64061455664063,
          582.6168653874047,
          278.6305667028925,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          278.63671089013656,
          582.6168653874047,
          280.3860857984959,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          287.78905050878905,
          582.6168653874047,
          291.2878003255078,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,985,089",
        "box": [
          299.5781125175781,
          582.6168653874047,
          327.56806466383,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          327.57420885107405,
          582.6168653874047,
          329.32358375943346,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          336.6093609746094,
          582.6168653874047,
          340.1081107913281,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,646,688",
        "box": [
          348.3984229833984,
          582.6168653874047,
          376.38837512965034,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.39451931689433,
          582.6168653874047,
          378.14389422525375,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.4296714404297,
          582.6168653874047,
          388.92842125714844,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "215,845",
        "box": [
          403.01951820751935,
          582.6168653874047,
          425.76135884744264,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.7656072597656,
          582.6168653874047,
          427.514982168125,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          434.8007668833006,
          582.6168653874047,
          438.2995167000194,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,399,437",
        "box": [
          443.67185651367186,
          582.6168653874047,
          475.1605534891428,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.17185520117187,
          582.6168653874047,
          476.9212301095313,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          484.20701482470685,
          582.6168653874047,
          487.7057646414256,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,783,920",
        "box": [
          493.7929519252928,
          582.6168653874047,
          525.2816489007637,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          525.2929506127928,
          582.6168653874047,
          527.0423255211522,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          534.3984152333984,
          582.6168653874047,
          537.8971650501172,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,183,357",
        "box": [
          543.2812273632812,
          582.6168653874047,
          574.769924338752,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.7812260507811,
          582.6168653874047,
          576.5306009591405,
          586.1253356621892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          300.99608495849594,
          645.1305346426525,
          310.9935794794336,
          650.1431722539564
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 106,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents our additions to long-lived assets by business segment for the three and six months ended June 30,",
        "box": [
          69.74999709375,
          81.13055814267136,
          565.3627234244685,
          86.1431957539753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and 2025 (amounts in thousands) (1):",
        "box": [
          33.74999859375,
          93.13055764266755,
          205.90886181955136,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          285.5976481000975,
          106.4564311705326,
          388.73609576516174,
          110.4650370471063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          452.8007661333006,
          106.4564311705326,
          546.324128623994,
          110.4650370471063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          288.57421047607403,
          118.45643067052879,
          304.5641795848253,
          122.46503654711705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          369.7617070932615,
          118.45643067052879,
          385.7516762020128,
          122.46503654711705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          450.94920371044907,
          118.45643067052879,
          466.9391728192002,
          122.46503654711705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          532.1601378266599,
          118.45643067052879,
          548.1501069354111,
          122.46503654711705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          51.996091583496096,
          130.5410101407906,
          116.73632321598632,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          259.51171168701154,
          130.5410101407906,
          264.01171149951153,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "199,853 ",
        "box": [
          301.64061243164065,
          130.5410101407906,
          333.1406111191406,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          340.69920830419903,
          130.5410101407906,
          345.199208116699,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,979 ",
        "box": [
          391.8281086738281,
          130.5410101407906,
          414.3281077363281,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          421.8867049213865,
          130.5410101407906,
          426.3867047338865,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "345,961 ",
        "box": [
          464.01560566601563,
          130.5410101407906,
          495.5156043535156,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          503.074201538574,
          130.5410101407906,
          507.57420135107407,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,540 ",
        "box": [
          554.2148244077146,
          130.5410101407906,
          576.7148234702146,
          135.05351215030532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          51.996091583496096,
          142.54100964080135,
          220.45604570433105,
          147.05351165030152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,248 ",
        "box": [
          310.64061205664063,
          142.54100964080135,
          333.1406111191406,
          147.05351165030152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145,215 ",
        "box": [
          382.82810904882814,
          142.54100964080135,
          414.3281077363281,
          147.05351165030152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "356,453 ",
        "box": [
          464.01560566601563,
          142.54100964080135,
          495.5156043535156,
          147.05351165030152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200,303 ",
        "box": [
          545.2148247827146,
          142.54100964080135,
          576.7148234702146,
          147.05351165030152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          51.996091583496096,
          154.54100914079754,
          171.2241140156616,
          159.05351115031226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,356 ",
        "box": [
          310.64061205664063,
          154.54100914079754,
          333.1406111191406,
          159.05351115031226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,318 ",
        "box": [
          391.8281086738281,
          154.54100914079754,
          414.3281077363281,
          159.05351115031226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,535 ",
        "box": [
          473.0156052910156,
          154.54100914079754,
          495.5156043535156,
          159.05351115031226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,794 ",
        "box": [
          554.2148244077146,
          154.54100914079754,
          576.7148234702146,
          159.05351115031226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total additions to long-lived assets",
        "box": [
          59.49609127099609,
          168.7910085470503,
          191.1870036438745,
          173.30351055655046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          259.51171168701154,
          167.29100860955077,
          264.01171149951153,
          171.80351061905094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "206,457 ",
        "box": [
          301.64061243164065,
          167.29100860955077,
          333.1406111191406,
          171.80351061905094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          340.69920830419903,
          167.29100860955077,
          345.199208116699,
          171.80351061905094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,512 ",
        "box": [
          382.82810904882814,
          167.29100860955077,
          414.3281077363281,
          171.80351061905094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          421.8867049213865,
          167.29100860955077,
          426.3867047338865,
          171.80351061905094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "703,949 ",
        "box": [
          464.01560566601563,
          167.29100860955077,
          495.5156043535156,
          171.80351061905094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          503.074201538574,
          167.29100860955077,
          507.57420135107407,
          171.80351061905094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "209,637 ",
        "box": [
          545.2148247827146,
          167.29100860955077,
          576.7148234702146,
          171.80351061905094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "_____________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          184.7636641615245,
          209.24999128125,
          186.26783149801486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          192.8805534864223,
          45.40722371353168,
          197.89319109772623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes cash and non-cash acquisitions of properties and related lease intangibles (including through loan foreclosure), as",
        "box": [
          69.74999709375,
          192.8805534864223,
          559.4705909341372,
          197.89319109772623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussed in Notes 3, 4 and 6, and property capital improvements.",
        "box": [
          69.74999709375,
          204.88055298641848,
          333.23846599631315,
          209.89319059772242
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24. Subsequent Events",
        "box": [
          33.74999859375,
          228.88055198641086,
          129.58903687086953,
          233.8931895977148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our significant events subsequent to June 30, 2026 were as follows:",
        "box": [
          69.74999709375,
          252.8805509864178,
          341.5761949917455,
          257.89318859772175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Unsecured Senior Notes",
        "box": [
          33.74999859375,
          276.8805499864102,
          173.39752204551596,
          281.89318759771413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In July 2026, we issued $500.0 million of 5.875% Senior Notes due 2029 which mature on August 15, 2029. We used the",
        "box": [
          69.74999709375,
          300.8805489864171,
          554.7230680090989,
          305.89318659772107
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds to early redeem the entire $500.0 million principal balance of the 2027 Senior Notes due January 15, 2027. In connection with",
        "box": [
          33.74999859375,
          312.8805484864133,
          576.7929564794587,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the redemption, we unwound the related interest rate hedges and recognized a derivative loss of $6.3 million.",
        "box": [
          33.74999859375,
          324.88054798642406,
          469.90259555197446,
          329.893185597728
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In July 2026, we repaid the entire $400.0 million principal balance of the 2026 Senior Notes at maturity with proceeds",
        "box": [
          69.74999709375,
          348.88054698641645,
          543.1351161897817,
          353.8931845977204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received from the senior note issuance that occurred during the three months ended June 30, 2026.",
        "box": [
          33.74999859375,
          360.88054648641264,
          427.1374176338568,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Securitized Financing",
        "box": [
          33.74999859375,
          384.8805454864196,
          163.9467865813836,
          389.8931830977235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In July 2026, we refinanced a pool of our Fundamental net lease properties through an ABS, FI Series 2026-2, with $321.0",
        "box": [
          69.74999709375,
          408.88054448641196,
          560.6427657773837,
          413.8931820977159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million of third party financing at a weighted average fixed rate of 5.47% and weighted average maturity of 5.0 years.",
        "box": [
          33.74999859375,
          420.8805439864227,
          505.1428436336306,
          425.89318159772665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Lending Financings",
        "box": [
          33.74999859375,
          444.8805429864151,
          165.35756730551407,
          449.89318059771904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In July 2026, we redeemed at par the third party financing for our STWD 2021-FL2 and STWD 2022-FL3 CLOs issued in",
        "box": [
          69.74999709375,
          468.88054198642203,
          559.8074266121897,
          473.893179597726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2021 and February 2022 for $279.9 million and $299.2 million, respectively, plus accrued interest. In connection with the",
        "box": [
          33.74999859375,
          480.8805414864182,
          540.9331170086804,
          485.89317909772217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redemptions, we amended an existing commercial credit facility, increasing the maximum facility size by $1.2 billion to $3.0 billion.",
        "box": [
          33.74999859375,
          492.8805409864144,
          564.8007392228849,
          497.89317859771836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          300.99608495849594,
          535.6305392051727,
          310.9935794794336,
          540.6431768164766
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 107,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations",
        "box": [
          33.74999859375,
          81.13055814265681,
          445.2675778175964,
          86.14319575396075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This 'Management's Discussion and Analysis of Financial Condition and Results of Operations' should be read in conjunction",
        "box": [
          69.74999709375,
          105.13055714266375,
          577.8742134344066,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with the information included elsewhere in this Quarterly Report on Form 10-Q and in the Company's Annual Report on Form 10-K for",
        "box": [
          33.74999859375,
          117.13055664265994,
          577.6854829352701,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the fiscal year ended December 31, 2025 (our 'Form 10-K'). This discussion contains forward-looking statements that involve risks",
        "box": [
          33.74999859375,
          129.13055614265613,
          562.4695838591792,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements. See 'Special",
        "box": [
          33.74999859375,
          141.13055564266688,
          562.7380655766669,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note Regarding Forward-Looking Statements' at the beginning of this Quarterly Report on Form 10-Q.",
        "box": [
          33.74999859375,
          153.13055514266307,
          449.1191827679499,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Overview",
        "box": [
          33.74999859375,
          177.13055414265546,
          74.8334536578517,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood Property Trust, Inc. ('STWD' and, together with its subsidiaries, 'we' or the 'Company') is a Maryland",
        "box": [
          69.74999709375,
          201.1305531426624,
          530.0932094252818,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporation that commenced operations in August 2009, upon the completion of our initial public offering. We are focused primarily on",
        "box": [
          33.74999859375,
          213.13055264265859,
          575.9183720659,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originating, acquiring, financing and managing mortgage loans and other real estate investments in the United States ('U.S.'), Europe",
        "box": [
          33.74999859375,
          225.13055214266933,
          569.5723215153802,
          230.14318975397327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Australia. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and",
        "box": [
          33.74999859375,
          237.13055164266552,
          559.2868572588798,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit spreads as well as economic and credit conditions.",
        "box": [
          33.74999859375,
          249.13055114266172,
          260.56312994945245,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have four reportable business segments as of June 30, 2026 and we refer to the investments within these segments as our",
        "box": [
          69.74999709375,
          274.6305500801682,
          567.5838289061721,
          279.6431876914721
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "target assets:",
        "box": [
          33.74999859375,
          286.63054958016437,
          84.92854283539816,
          291.6431871914683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          310.63054858015676,
          55.250099027505115,
          315.6431861914607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate commercial and residential lending (the 'Commercial and Residential Lending Segment')-engages primarily in",
        "box": [
          69.74999709375,
          310.63054858015676,
          568.6236795448453,
          315.6431861914607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originating, acquiring, financing and managing commercial first mortgages, non-agency residential mortgages ('residential",
        "box": [
          69.74999709375,
          322.6305480801675,
          562.2385085224818,
          327.64318569147144
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans'), subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities ('CMBS'),",
        "box": [
          69.74999709375,
          334.6305475801637,
          551.8553995622736,
          339.64318519146764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential mortgage-backed securities ('RMBS') and other real estate and real estate-related debt investments in the U.S.,",
        "box": [
          69.74999709375,
          346.6305470801599,
          560.002722947802,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Europe and Australia (including distressed or non-performing loans). Our residential loans are secured by a first mortgage lien",
        "box": [
          69.74999709375,
          358.6305465801561,
          575.0282051279901,
          363.64318419146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on residential property and primarily consist of non-agency residential loans that are not guaranteed by any U.S. Government",
        "box": [
          69.74999709375,
          370.6305460801668,
          570.8642402380761,
          375.64318369147077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agency or federally chartered corporation.",
        "box": [
          69.74999709375,
          382.630545580163,
          237.6716516782641,
          387.64318319146696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          408.1305445176695,
          55.250099027505115,
          413.1431821289734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure lending (the 'Infrastructure Lending Segment')-engages primarily in originating, acquiring, financing and",
        "box": [
          69.74999709375,
          408.1305445176695,
          558.0695719846002,
          413.1431821289734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "managing infrastructure debt investments.",
        "box": [
          69.74999709375,
          420.13054401766567,
          237.99384881483923,
          425.1431816289696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          445.6305429551576,
          55.250099027505115,
          450.6431805664615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate property (the 'Property Segment')-engages primarily in acquiring and managing equity interests in stabilized and",
        "box": [
          69.74999709375,
          445.6305429551576,
          576.9662388722389,
          450.6431805664615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to be stabilized commercial real estate. This includes multifamily properties, multi-tenant medical office net lease properties",
        "box": [
          69.74999709375,
          457.6305424551683,
          566.5830935377829,
          462.64318006647227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and diversified single-tenant triple net lease properties, all of which are held for investment.",
        "box": [
          69.74999709375,
          469.6305419551645,
          437.03065169663864,
          474.64317956646846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          495.1305408926564,
          55.250099027505115,
          500.14317850396037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate investing and servicing (the 'Investing and Servicing Segment')-includes (i) a servicing business in the U.S. that",
        "box": [
          69.74999709375,
          495.1305408926564,
          574.222760648138,
          500.14317850396037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "manages and works out problem assets, (ii) an investment business that selectively acquires and manages unrated, investment",
        "box": [
          69.74999709375,
          507.13054039266717,
          571.7137124776813,
          512.1431780039711
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization",
        "box": [
          69.74999709375,
          519.1305398926634,
          532.0019465207512,
          524.1431775039673
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions, (iii) a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into",
        "box": [
          69.74999709375,
          531.1305393926596,
          567.5691292637852,
          536.1431770039635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitization transactions and (iv) an investment business that selectively acquires commercial real estate assets, including",
        "box": [
          69.74999709375,
          543.1305388926557,
          561.9651411222845,
          548.1431765039597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties acquired from CMBS trusts.",
        "box": [
          69.74999709375,
          555.1305383926665,
          225.5213571345264,
          560.1431760039704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our segments exclude the consolidation of securitization variable interest entities ('VIEs'), principally representing CMBS",
        "box": [
          69.74999709375,
          580.6305373301584,
          563.9275098804575,
          585.6431749414623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trust vehicles that we consolidate by virtue of our role as special servicer. However, they include securitized financing VIEs such as",
        "box": [
          33.74999859375,
          592.6305368301691,
          560.0825294086396,
          597.6431744414731
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateralized loan obligations ('CLOs'), single asset securitizations ('SASBs') and asset-backed securitizations ('ABSs').",
        "box": [
          33.74999859375,
          604.6305363301653,
          528.7573784246913,
          609.6431739414693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 1 of our condensed consolidated financial statements included herein (the 'Condensed Consolidated Financial",
        "box": [
          69.74999709375,
          628.6305353301577,
          566.9785594749793,
          633.6431729414617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statements') for further discussion of our business and organization.",
        "box": [
          33.74999859375,
          640.6305348301685,
          308.15851084131145,
          645.6431724414724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73",
        "box": [
          300.99608495849594,
          683.3805330489122,
          310.9935794794336,
          688.3931706602161
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 108,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Developments During the Second Quarter of 2026",
        "box": [
          33.74999859375,
          93.130557642653,
          246.2747096760534,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          33.74999859375,
          117.13055664265994,
          219.4162425317438,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          141.13055564265233,
          55.250099027505115,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Originated or acquired $1.4 billion of commercial loans during the quarter, including the following:",
        "box": [
          69.74999709375,
          141.13055564265233,
          468.31186148609225,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          165.13055464265926,
          91.29403183901994,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$598.7 million first mortgage loan, representing a 3% participation in the overall loan, for the construction of a data",
        "box": [
          105.74999559374999,
          165.13055464265926,
          568.5534771578319,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "center pre-leased to an investment grade tenant located in Texas, of which the Company funded $84.2 million.",
        "box": [
          105.74999559374999,
          177.13055414265546,
          546.5669474326262,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          201.1305531426624,
          91.29403183901994,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$625.1 million ($442.1 million) first mortgage loan, representing a 66% participation in the overall loan, secured by",
        "box": [
          105.74999559374999,
          201.1305531426624,
          576.6276317363474,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a hospitality asset located in Australia, of which the Company funded $366.8 million.",
        "box": [
          105.74999559374999,
          213.13055264265859,
          447.5488244333815,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          237.13055164265097,
          91.29403183901994,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$127.5 million first mortgage loan secured by a luxury resort located in Colorado, which the Company fully funded.",
        "box": [
          105.74999559374999,
          237.13055164265097,
          570.5305545591424,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          261.1305506426579,
          91.29403183901994,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$120.0 million first mortgage loan secured by a distribution and logistics portfolio located in Tennessee, of which the",
        "box": [
          105.74999559374999,
          261.1305506426579,
          574.3723397653794,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company funded $110.7 million.",
        "box": [
          105.74999559374999,
          273.1305501426541,
          238.3924353232314,
          278.14318775395805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          297.13054914266104,
          91.29403183901994,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac37.1 million and \u00a311.3 million ($57.6 million) first mortgage loan secured by a cold storage industrial portfolio",
        "box": [
          105.74999559374999,
          297.13054914266104,
          555.4659501680845,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "located across the Netherlands, United Kingdom and Ireland, of which the Company funded $47.5 million.",
        "box": [
          105.74999559374999,
          309.13054864265723,
          533.318306434653,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          333.13054764266417,
          55.250099027505115,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Funded $250.1 million of previously originated commercial loan commitments and investment securities.",
        "box": [
          69.74999709375,
          333.13054764266417,
          492.06084707871355,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          357.13054664265655,
          55.250099027505115,
          362.1431842539605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Received gross proceeds of $447.1 million ($379.2 million, net of debt repayments) from maturities and principal repayments",
        "box": [
          69.74999709375,
          357.13054664265655,
          573.1097506908387,
          362.1431842539605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our commercial loans and investment securities.",
        "box": [
          69.74999709375,
          369.13054614265275,
          274.91818650132495,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          393.1305451426597,
          55.250099027505115,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transferred $229.8 million of residential loans from VIE assets to loans held-for-investment upon redemption of a",
        "box": [
          69.74999709375,
          393.1305451426597,
          526.5638241824009,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated RMBS trust.",
        "box": [
          69.74999709375,
          405.1305446426559,
          173.3372277338652,
          410.1431822539598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          429.1305436426628,
          55.250099027505115,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sold two units in a residential conversion project in New York for $11.5 million.",
        "box": [
          69.74999709375,
          429.1305436426628,
          391.48545736935523,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          33.74999859375,
          453.1305426426552,
          161.11057708614663,
          458.14318025395914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          477.13054164266214,
          55.250099027505115,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Committed $440.8 million for new infrastructure loans and bonds, of which the Company funded $296.1 million, and also",
        "box": [
          69.74999709375,
          477.13054164266214,
          558.7188184575482,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funded $24.2 million of pre-existing infrastructure loan commitments.",
        "box": [
          69.74999709375,
          489.13054114265833,
          350.4508829291291,
          494.1431787539623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          513.1305401426653,
          55.250099027505115,
          518.1431777539692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Received proceeds of $447.3 million from principal repayments on our infrastructure loans and bonds.",
        "box": [
          69.74999709375,
          513.1305401426653,
          479.81292241404395,
          518.1431777539692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          33.74999859375,
          537.1305391426577,
          68.91694780102182,
          542.1431767539616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          561.1305381426646,
          55.250099027505115,
          566.1431757539685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired 16 additional net lease properties for $179.0 million and sold four properties subject to a single master lease for $2.3",
        "box": [
          69.74999709375,
          561.1305381426646,
          575.04285322738,
          566.1431757539685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, resulting in an immaterial gain.",
        "box": [
          69.74999709375,
          573.1305376426608,
          228.84572832101097,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          597.1305366426532,
          55.250099027505115,
          602.1431742539571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Entered into a new revolving warehouse credit facility in April 2026 to finance Fundamental's net lease property acquisitions.",
        "box": [
          69.74999709375,
          597.1305366426532,
          572.812002714082,
          602.1431742539571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The facility totals $1.0 billion, of which $500.0 million is committed and $500.0 million is uncommitted. It has a five-year",
        "box": [
          69.74999709375,
          609.1305361426639,
          560.1003088929854,
          614.1431737539679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term, an annual interest rate of SOFR + 1.55% and an advance rate of up to 70%.",
        "box": [
          69.74999709375,
          621.1305356426601,
          394.3754106489406,
          626.143173253964
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing",
        "box": [
          33.74999859375,
          645.1305346426525,
          128.14522884811527,
          650.1431722539564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          669.1305336426594,
          55.250099027505115,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Originated or acquired commercial conduit loans of $290.0 million.",
        "box": [
          69.74999709375,
          669.1305336426594,
          340.72191730950277,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          693.1305326426518,
          55.250099027505115,
          698.1431702539558
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Received proceeds of $341.8 million from sales of previously originated commercial conduit loans.",
        "box": [
          69.74999709375,
          693.1305326426518,
          467.8774676113546,
          698.1431702539558
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          717.1305316426588,
          55.250099027505115,
          722.1431692539627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired CMBS for a purchase price of $46.8 million, of which $1.4 million related to non-controlling interests, and sold",
        "box": [
          69.74999709375,
          717.1305316426588,
          556.7563853393162,
          722.1431692539627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS for total gross proceeds of $13.3 million.",
        "box": [
          69.74999709375,
          729.130531142655,
          263.29992768541916,
          734.1431687539589
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 109,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "74",
        "box": [
          300.99608495849594,
          51.880559361408814,
          310.9935794794336,
          56.89319697271276
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 110,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          93.13055764266755,
          55.250099027505115,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Obtained four new special servicing assignments for CMBS trusts with a total unpaid principal balance of $2.8 billion, while",
        "box": [
          69.74999709375,
          93.13055764266755,
          568.9701331154714,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.8 billion matured and $1.0 billion transferred, bringing our total named special servicing portfolio to $93.6 billion.",
        "box": [
          69.74999709375,
          105.13055714266375,
          539.8172685638629,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          129.13055614267068,
          55.250099027505115,
          134.14319375397463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sold a hospitality asset in New York City for gross proceeds of $13.1 million and recognized a gain of $2.3 million. The",
        "box": [
          69.74999709375,
          129.13055614267068,
          550.2102008971352,
          134.14319375397463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property had been acquired through foreclosure in June 2024 after the related loan was acquired as nonperforming in October",
        "box": [
          69.74999709375,
          141.13055564266688,
          571.6599395363342,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021.",
        "box": [
          69.74999709375,
          153.13055514266307,
          92.24435103773521,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          33.74999859375,
          177.13055414267,
          75.40945550550065,
          182.14319175397395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          201.1305531426624,
          55.250099027505115,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amended our $696.5 million term loan facility due September 2032 in May 2026, increasing the facility by $275.0 million to",
        "box": [
          69.74999709375,
          201.1305531426624,
          571.1961740376585,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$971.5 million, and reducing the spread by 25 bps from SOFR + 2.25% to SOFR + 2.00%.",
        "box": [
          69.74999709375,
          213.13055264265859,
          432.86667392013777,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          237.13055164266552,
          55.250099027505115,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issued $600.0 million of 6.125% Senior Notes due 2031 in May 2026 and swapped the notes to a floating rate of SOFR +",
        "box": [
          69.74999709375,
          237.13055164266552,
          555.7606051389097,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.22%.",
        "box": [
          69.74999709375,
          249.13055114266172,
          98.07296401987634,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          273.13055014266865,
          55.250099027505115,
          278.1431877539726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchased 581,795 shares of common stock with a weighted average repurchase price of $17.16 per share for a total cost of",
        "box": [
          69.74999709375,
          273.13055014266865,
          574.4473541701919,
          278.1431877539726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$10.0 million.",
        "box": [
          69.74999709375,
          285.13054964266485,
          126.12742152594055,
          290.1431872539688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Developments During the First Quarter of 2026",
        "box": [
          33.74999859375,
          309.13054864265723,
          236.26257181822584,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          33.74999859375,
          333.13054764266417,
          219.4162425317438,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          357.1305466426711,
          55.250099027505115,
          362.14318425397505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Originated or acquired $1.5 billion of commercial loans during the quarter, including the following:",
        "box": [
          69.74999709375,
          357.1305466426711,
          468.31186148609225,
          362.14318425397505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          381.1305456426635,
          91.29403183901994,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$727.2 million first mortgage loan for the construction of a data center pre-leased to an investment grade tenant",
        "box": [
          105.74999559374999,
          381.1305456426635,
          551.599806815761,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "located in Virginia, of which the Company funded $232.3 million.",
        "box": [
          105.74999559374999,
          393.1305451426597,
          370.2293853050248,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          417.1305441426666,
          91.29403183901994,
          422.14318175397057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$245.0 million first mortgage and mezzanine loan secured by a 666-unit high-rise multifamily property located in",
        "box": [
          105.74999559374999,
          417.1305441426666,
          559.9570693059544,
          422.14318175397057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "California, which the Company fully funded.",
        "box": [
          105.74999559374999,
          429.1305436426628,
          285.9439391919186,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          453.13054264266975,
          91.29403183901994,
          458.1431802539737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$191.9 million first mortgage and mezzanine loan secured by an industrial portfolio located in California, of which",
        "box": [
          105.74999559374999,
          453.13054264266975,
          565.5074075496904,
          458.1431802539737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company funded $174.0 million.",
        "box": [
          105.74999559374999,
          465.13054214266594,
          253.47653729472702,
          470.1431797539699
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          489.13054114265833,
          91.29403183901994,
          494.1431787539623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$160.0 million first mortgage loan for the construction of a data center pre-leased to an investment grade tenant",
        "box": [
          105.74999559374999,
          489.13054114265833,
          551.599806815761,
          494.1431787539623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "located in Virginia, of which the Company funded $30.7 million. Refer to Note 16 to the condensed consolidated",
        "box": [
          105.74999559374999,
          501.1305406426691,
          557.35028833957,
          506.143178253973
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements for further discussion.",
        "box": [
          105.74999559374999,
          513.1305401426653,
          275.9366877338875,
          518.1431777539692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          537.1305391426577,
          91.29403183901994,
          542.1431767539616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac133.2 million ($159.3 million) first mortgage loan secured by a retail property located in Germany, of which the",
        "box": [
          105.74999559374999,
          537.1305391426577,
          558.7561908160523,
          542.1431767539616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company funded $146.3 million.",
        "box": [
          105.74999559374999,
          549.1305386426684,
          238.7634413327728,
          554.1431762539723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25e6",
        "box": [
          87.74999634375,
          573.1305376426608,
          91.29403183901994,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$63.5 million first mortgage loan secured by a 374-unit multifamily property located in Texas, which the Company",
        "box": [
          105.74999559374999,
          573.1305376426608,
          565.761283664112,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fully funded.",
        "box": [
          105.74999559374999,
          585.130537142657,
          157.3922784232381,
          590.1431747539609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          609.1305361426639,
          55.250099027505115,
          614.1431737539679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Funded $278.1 million of previously originated commercial loan commitments and investment securities.",
        "box": [
          69.74999709375,
          609.1305361426639,
          492.06084707871355,
          614.1431737539679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          633.1305351426709,
          55.250099027505115,
          638.1431727539748
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Received gross proceeds of $835.0 million ($251.8 million, net of debt repayments) from maturities and principal repayments",
        "box": [
          69.74999709375,
          633.1305351426709,
          573.1097506908387,
          638.1431727539748
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our commercial loans and investment securities.",
        "box": [
          69.74999709375,
          645.130534642667,
          274.91818650132495,
          650.143172253971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          669.1305336426594,
          55.250099027505115,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sold a multifamily property in Conyers, Georgia, which had been acquired through foreclosure in February 2025, for gross",
        "box": [
          69.74999709375,
          669.1305336426594,
          561.5452672476924,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds of $40.0 million and recognized a net gain of $0.3 million. In connection therewith, we provided $32.0 million of",
        "box": [
          69.74999709375,
          681.1305331426702,
          561.174268048237,
          686.1431707539741
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three-year senior secured financing to the purchaser.",
        "box": [
          69.74999709375,
          693.1305326426664,
          278.76971819084446,
          698.1431702539703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          717.1305316426588,
          55.250099027505115,
          722.1431692539627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired the additional remaining $143.8 million senior mortgage loan interest secured by an industrial complex in Long",
        "box": [
          69.74999709375,
          717.1305316426588,
          555.8973008001113,
          722.1431692539627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Island City, New York, for which we have an existing $274.3 million first mortgage and mezzanine loan interest, in order to",
        "box": [
          69.74999709375,
          729.1305311426695,
          564.6987680833835,
          734.1431687539734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preserve our rights as the mezzanine lender.",
        "box": [
          69.74999709375,
          741.1305306426657,
          244.91105795162213,
          746.1431682539696
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 111,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          38.3805599239131,
          55.250099027505115,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amended several commercial credit facilities resulting in an aggregate net upsize of $250.0 million and extended the weighted",
        "box": [
          69.74999709375,
          38.3805599239131,
          576.6685091346444,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average maturity on amended facilities by 1.2 years to 1.9 years.",
        "box": [
          69.74999709375,
          50.38055942390929,
          327.6490342292064,
          55.393197035213234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75",
        "box": [
          300.99608495849594,
          93.130557642653,
          310.9935794794336,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 112,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923898545,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          33.74999859375,
          93.130557642653,
          161.11057708614663,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          117.13055664265994,
          55.250099027505115,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Committed $596.7 million for new infrastructure loans, of which the Company funded $566.7 million, and also funded $1.6",
        "box": [
          69.74999709375,
          117.13055664265994,
          565.6555858685163,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million of pre-existing infrastructure loan commitments.",
        "box": [
          69.74999709375,
          129.13055614265613,
          295.1962466064058,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          153.13055514264852,
          55.250099027505115,
          158.14319275395246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Received proceeds of $319.9 million from principal repayments on our infrastructure loans and bonds.",
        "box": [
          69.74999709375,
          153.13055514264852,
          479.81292241404395,
          158.14319275395246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          177.13055414265546,
          55.250099027505115,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refinanced a pool of our infrastructure loans held-for-investment in January 2026 through a CLO, Starwood 2026-SIF7. The",
        "box": [
          69.74999709375,
          177.13055414265546,
          569.1263220339636,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO has a contractual maturity of January 2038 and a weighted average cost of financing of SOFR + 1.91%, inclusive of the",
        "box": [
          69.74999709375,
          189.13055364265165,
          570.4053595306706,
          194.1431912539556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization of deferred issuance costs. On the closing date, the CLO issued $600.0 million of notes, of which $496.2 million",
        "box": [
          69.74999709375,
          201.13055314264784,
          572.8607854682998,
          206.14319075395179
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of notes were purchased by third party investors and $103.8 million of subordinated notes were retained by us. In connection",
        "box": [
          69.74999709375,
          213.13055264265859,
          569.2191384950346,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "therewith, we redeemed at par the third party financing for our STWD 2024-SIF3 CLO for $330.0 million and contributed",
        "box": [
          69.74999709375,
          225.13055214265478,
          558.9482495979887,
          230.14318975395872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain loans previously held in that CLO to Starwood 2026-SIF7.",
        "box": [
          69.74999709375,
          237.13055164265097,
          334.0926986357203,
          242.14318925395492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          33.74999859375,
          261.1305506426579,
          68.91694780102182,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          285.1305496426503,
          55.250099027505115,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired 32 additional net lease properties for $129.6 million and sold nine properties subject to two master leases for $22.4",
        "box": [
          69.74999709375,
          285.1305496426503,
          568.6674875680204,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, recognizing a total net gain of $0.5 million.",
        "box": [
          69.74999709375,
          297.13054914266104,
          277.15875643296795,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          321.1305481426534,
          55.250099027505115,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refinanced a pool of our Fundamental net lease properties in March 2026 through an ABS, FI Series 2026-1, with $466.4",
        "box": [
          69.74999709375,
          321.1305481426534,
          556.1999280375021,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million of third party financing at a weighted average fixed rate of 5.06% and weighted average maturity of 5.4 years. In",
        "box": [
          69.74999709375,
          333.1305476426496,
          551.9529344144597,
          338.14318525395356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "connection therewith, we redeemed at par the third party financing for our ABS, FI Series 2023-1, which had a weighted",
        "box": [
          69.74999709375,
          345.13054714266036,
          551.7089004746281,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average fixed rate of 6.65%, for $323.6 million plus accrued interest. This reduced the cost of funds on the aggregate ABS",
        "box": [
          69.74999709375,
          357.13054664265655,
          558.7432449714688,
          362.1431842539605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing on the master trust from 5.73% to 5.29%.",
        "box": [
          69.74999709375,
          369.13054614265275,
          275.48926962752995,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing",
        "box": [
          33.74999859375,
          393.1305451426597,
          128.14522884811527,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          417.13054414265207,
          55.250099027505115,
          422.143181753956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Originated or acquired commercial conduit loans of $234.7 million.",
        "box": [
          69.74999709375,
          417.13054414265207,
          340.72191730950277,
          422.143181753956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          441.130543142659,
          55.250099027505115,
          446.14318075396295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Received proceeds of $182.1 million from sales of previously originated or acquired commercial conduit loans, and priced",
        "box": [
          69.74999709375,
          441.130543142659,
          560.0320054778318,
          446.14318075396295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$11.0 million of previously originated commercial conduit loans in a securitization that settled subsequent to March 31, 2026.",
        "box": [
          69.74999709375,
          453.1305426426552,
          573.0316378799304,
          458.14318025395914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          477.13054164266214,
          55.250099027505115,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired CMBS for a purchase price of $6.5 million and sold CMBS for total gross proceeds of $3.9 million.",
        "box": [
          69.74999709375,
          477.13054164266214,
          508.1895080566863,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          501.1305406426545,
          55.250099027505115,
          506.14317825395847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Obtained one new special servicing assignment for CMBS trusts with a total unpaid principal balance of $250.0 million, while",
        "box": [
          69.74999709375,
          501.1305406426545,
          575.6335241878301,
          506.14317825395847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.8 billion matured and $351.8 million transferred, bringing our total named special servicing portfolio to $94.6 billion as of",
        "box": [
          69.74999709375,
          513.1305401426507,
          571.7477388826758,
          518.1431777539547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31. 2026.",
        "box": [
          69.74999709375,
          525.1305396426615,
          135.83202234658214,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          33.74999859375,
          549.1305386426538,
          75.40945550550065,
          554.1431762539578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          51.749997843749995,
          573.1305376426608,
          55.250099027505115,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchased 1,126,543 shares of common stock with a weighted average repurchase price of $17.67 per share for a total cost",
        "box": [
          69.74999709375,
          573.1305376426608,
          571.1181161274982,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of $19.9 million",
        "box": [
          69.74999709375,
          585.130537142657,
          134.45539798519152,
          590.1431747539609
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subsequent Events",
        "box": [
          33.74999859375,
          609.1305361426494,
          114.58903749586955,
          614.1431737539533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 24 to the Consolidated Financial Statements for disclosure regarding significant transactions that occurred",
        "box": [
          69.74999709375,
          633.1305351426563,
          550.8838732840039,
          638.1431727539602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsequent to June 30, 2026.",
        "box": [
          33.74999859375,
          645.1305346426525,
          149.26784331175625,
          650.1431722539564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76",
        "box": [
          300.99608495849594,
          687.8805328614108,
          310.9935794794336,
          692.8931704727147
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 113,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Results of Operations",
        "box": [
          33.74999859375,
          93.13055764266755,
          125.9484998975586,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The discussion below is based on accounting principles generally accepted in the United States of America ('GAAP') and",
        "box": [
          69.74999709375,
          117.13055664265994,
          559.2022172124064,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "therefore reflects the elimination of certain key financial statement line items related to the consolidation of securitization variable",
        "box": [
          33.74999859375,
          129.13055614267068,
          554.8006087058681,
          134.14319375397463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest entities ('VIEs'), particularly within revenues and other income, as discussed in Note 2 to the Condensed Consolidated",
        "box": [
          33.74999859375,
          141.13055564266688,
          543.211754303676,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Statements. For a discussion of our results of operations excluding the impact of Accounting Standards Codification ('ASC')",
        "box": [
          33.74999859375,
          153.13055514266307,
          575.1763427398174,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Topic 810 as it relates to the consolidation of securitization VIEs, refer to the section captioned 'Non-GAAP Financial Measures.'",
        "box": [
          33.74999859375,
          165.13055464265926,
          555.5474960997477,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table compares our summarized results of operations for the three months ended June 30, 2026 and March 31,",
        "box": [
          69.74999709375,
          189.1305536426662,
          568.657797812174,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and for the six months ended June 30, 2026 and 2025 by business segment (amounts in thousands):",
        "box": [
          33.74999859375,
          201.1305531426624,
          453.0440247472522,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          34.74609230224609,
          226.81053746955877,
          37.74609217724609,
          232.10350596901844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          219.14061586914062,
          239.9564256080339,
          318.64465164801584,
          243.9650314846076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended",
        "box": [
          412.76951780126933,
          239.9564256080339,
          502.8029042997556,
          243.9650314846076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues:",
        "box": [
          34.74609230224609,
          251.9564251080301,
          69.82957740643297,
          255.9650309846038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          212.14452616064438,
          251.9564251080301,
          258.56462027647365,
          255.9650309846038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          275.9648360014647,
          251.9564251080301,
          328.8886758963045,
          255.9650309846038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ Change",
        "box": [
          347.3906105253906,
          251.9564251080301,
          379.5969737835816,
          255.9650309846038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          401.03904579003904,
          251.9564251080301,
          447.45913990586826,
          255.9650309846038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025",
        "box": [
          467.78904300878906,
          251.9564251080301,
          514.2091371246183,
          255.9650309846038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ Change",
        "box": [
          536.5429501440427,
          251.9564251080301,
          568.7493134022338,
          255.9650309846038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          43.74609192724609,
          263.2064246392838,
          193.39446955507202,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          205.3476514438475,
          263.2064246392838,
          209.345151202285,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,214 ",
        "box": [
          236.89452512939437,
          263.2064246392838,
          264.8769586009595,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          272.41405114941404,
          263.2064246392838,
          276.41155090785156,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,581 ",
        "box": [
          303.9609248349609,
          263.2064246392838,
          331.9433583065261,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          339.48045835498027,
          263.2064246392838,
          343.4779581134178,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,633 ",
        "box": [
          363.0234223740234,
          263.2064246392838,
          387.0083660621506,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          394.54685856054687,
          263.2064246392838,
          398.5443583189844,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "708,795 ",
        "box": [
          425.47264227197246,
          263.2064246392838,
          453.45507574353763,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          460.9921682919922,
          263.2064246392838,
          464.98966805042966,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "669,373 ",
        "box": [
          492.53904197753906,
          263.2064246392838,
          520.5214754491042,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          528.0585754975584,
          263.2064246392838,
          532.0560752559959,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,422 ",
        "box": [
          552.6210744741209,
          263.2064246392838,
          576.6060181622481,
          267.2150305158575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          43.74609192724609,
          274.45642417052295,
          145.8695386352775,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,946 ",
        "box": [
          240.89061496289062,
          274.45642417052295,
          264.87555865101785,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,295 ",
        "box": [
          307.9570221684569,
          274.45642417052295,
          331.9419658565841,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,651 ",
        "box": [
          367.01951970751935,
          274.45642417052295,
          387.0069736122087,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132,241 ",
        "box": [
          425.47264227197246,
          274.45642417052295,
          453.45507574353763,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128,809 ",
        "box": [
          492.53904197753906,
          274.45642417052295,
          520.5214754491042,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,432 ",
        "box": [
          556.6171643076171,
          274.45642417052295,
          576.6046182123065,
          278.4650300471112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          43.74609192724609,
          285.70642370177666,
          101.25689989413749,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,189 ",
        "box": [
          240.89061496289062,
          285.70642370177666,
          264.87555865101785,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,300 ",
        "box": [
          307.9570221684569,
          285.70642370177666,
          331.9419658565841,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,889 ",
        "box": [
          367.01951970751935,
          285.70642370177666,
          387.0069736122087,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,489 ",
        "box": [
          425.47264227197246,
          285.70642370177666,
          453.45507574353763,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,026 ",
        "box": [
          496.535139311035,
          285.70642370177666,
          520.5200829991622,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,463 ",
        "box": [
          552.6210744741209,
          285.70642370177666,
          576.6060181622481,
          289.7150295783649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          43.74609192724609,
          296.2064232642733,
          149.66013065233616,
          300.2150291408616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,662 ",
        "box": [
          240.89061496289062,
          296.2064232642733,
          264.87555865101785,
          300.2150291408616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,837 ",
        "box": [
          307.9570221684569,
          296.2064232642733,
          331.9419658565841,
          300.2150291408616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(28,175)",
        "box": [
          359.6952975126953,
          296.2064232642733,
          387.00627636573654,
          300.2150291408616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,499 ",
        "box": [
          425.47264227197246,
          296.2064232642733,
          453.45507574353763,
          300.2150291408616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112,660 ",
        "box": [
          492.83201446533184,
          296.2064232642733,
          520.517759874259,
          300.2150291408616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,839 ",
        "box": [
          552.6210744741209,
          296.2064232642733,
          576.6060181622481,
          300.2150291408616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          43.74609192724609,
          307.45642279552703,
          75.71431519535957,
          311.4650286721153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "822 ",
        "box": [
          250.88671204638655,
          307.45642279552703,
          264.87793127591897,
          311.4650286721153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "670 ",
        "box": [
          317.95311175195314,
          307.45642279552703,
          331.94433098148556,
          311.4650286721153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "152 ",
        "box": [
          373.0195194575194,
          307.45642279552703,
          387.0107386870518,
          311.4650286721153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,492 ",
        "box": [
          433.46482943896467,
          307.45642279552703,
          453.452283343654,
          311.4650286721153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "631 ",
        "box": [
          506.53122889453124,
          307.45642279552703,
          520.5224481240637,
          311.4650286721153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "861 ",
        "box": [
          562.6171640576171,
          307.45642279552703,
          576.6083832871496,
          311.4650286721153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization VIE eliminations",
        "box": [
          43.74609192724609,
          318.70642232678074,
          144.84678426054307,
          322.71502820335445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,165)",
        "box": [
          237.5624901015625,
          318.70642232678074,
          264.8734689546037,
          322.71502820335445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,227)",
        "box": [
          304.62889730712874,
          318.70642232678074,
          331.93987616017,
          322.71502820335445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,062 ",
        "box": [
          367.01951970751935,
          318.70642232678074,
          387.0069736122087,
          322.71502820335445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(75,392)",
        "box": [
          426.1406072441406,
          318.70642232678074,
          453.4515860971819,
          322.71502820335445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82,036)",
        "box": [
          493.20701444970683,
          318.70642232678074,
          520.5179933027481,
          322.71502820335445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,644 ",
        "box": [
          556.6171643076171,
          318.70642232678074,
          576.6046182123065,
          322.71502820335445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "513,668",
        "box": [
          236.8828026298828,
          329.95642185803445,
          262.8664961972288,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          262.874989046875,
          329.95642185803445,
          264.8737389260937,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "512,456",
        "box": [
          303.94920983544904,
          329.95642185803445,
          329.93290340279503,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          329.9413962524412,
          329.95642185803445,
          331.94014613165996,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,212",
        "box": [
          367.0077972080078,
          329.95642185803445,
          384.996511208478,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.0077964580078,
          329.95642185803445,
          387.00654633722655,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,026,124",
        "box": [
          419.4726425219725,
          329.95642185803445,
          451.4525707644753,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          451.45310618945314,
          329.95642185803445,
          453.4518560686719,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "862,463",
        "box": [
          492.5273269780272,
          329.95642185803445,
          518.5110205453731,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          518.5195133950193,
          329.95642185803445,
          520.518263274238,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,661",
        "box": [
          548.6132621411131,
          329.95642185803445,
          574.596955708459,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.6054485581052,
          329.95642185803445,
          576.604198437324,
          333.96502773460816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses:",
        "box": [
          34.74609230224609,
          341.95642135803064,
          102.71127853636204,
          345.96502723460435
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          43.74609192724609,
          352.4564209205273,
          193.39446955507202,
          356.46502679711557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "226,739 ",
        "box": [
          236.89452512939437,
          352.4564209205273,
          264.8769586009595,
          356.46502679711557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189,863 ",
        "box": [
          303.9609248349609,
          352.4564209205273,
          331.9433583065261,
          356.46502679711557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,876 ",
        "box": [
          363.0234223740234,
          352.4564209205273,
          387.0083660621506,
          356.46502679711557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "416,602 ",
        "box": [
          425.47264227197246,
          352.4564209205273,
          453.45507574353763,
          356.46502679711557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "370,988 ",
        "box": [
          492.53904197753906,
          352.4564209205273,
          520.5214754491042,
          356.46502679711557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,614 ",
        "box": [
          552.6210744741209,
          352.4564209205273,
          576.6060181622481,
          356.46502679711557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          43.74609192724609,
          363.706420451781,
          145.8695386352775,
          367.7150263283547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,784 ",
        "box": [
          240.89061496289062,
          363.706420451781,
          264.87555865101785,
          367.7150263283547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,773 ",
        "box": [
          307.9570221684569,
          363.706420451781,
          331.9419658565841,
          367.7150263283547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,011 ",
        "box": [
          367.3124846953125,
          363.706420451781,
          387.0032505373638,
          367.7150263283547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,557 ",
        "box": [
          429.46873210546875,
          363.706420451781,
          453.453675793596,
          367.7150263283547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,199 ",
        "box": [
          496.535139311035,
          363.706420451781,
          520.5200829991622,
          367.7150263283547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,642)",
        "box": [
          553.2890394462889,
          363.706420451781,
          576.6025285158923,
          367.7150263283547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          43.74609192724609,
          374.9564199830347,
          101.25689989413749,
          378.96502585960843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,318 ",
        "box": [
          240.89061496289062,
          374.9564199830347,
          264.87555865101785,
          378.96502585960843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,229 ",
        "box": [
          307.9570221684569,
          374.9564199830347,
          331.9419658565841,
          378.96502585960843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,089 ",
        "box": [
          367.01951970751935,
          374.9564199830347,
          387.0069736122087,
          378.96502585960843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145,547 ",
        "box": [
          425.47264227197246,
          374.9564199830347,
          453.45507574353763,
          378.96502585960843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,307 ",
        "box": [
          496.535139311035,
          374.9564199830347,
          520.5200829991622,
          378.96502585960843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101,240 ",
        "box": [
          548.6249771406249,
          374.9564199830347,
          576.60741061219,
          378.96502585960843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          43.74609192724609,
          385.4564195455314,
          149.66013065233616,
          389.4650254221051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,859 ",
        "box": [
          240.89061496289062,
          385.4564195455314,
          264.87555865101785,
          389.4650254221051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,702 ",
        "box": [
          307.9570221684569,
          385.4564195455314,
          331.9419658565841,
          389.4650254221051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,157 ",
        "box": [
          367.01951970751935,
          385.4564195455314,
          387.0069736122087,
          389.4650254221051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,561 ",
        "box": [
          429.46873210546875,
          385.4564195455314,
          453.453675793596,
          389.4650254221051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,429 ",
        "box": [
          496.535139311035,
          385.4564195455314,
          520.5200829991622,
          389.4650254221051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,868)",
        "box": [
          553.2890394462889,
          385.4564195455314,
          576.6025285158923,
          389.4650254221051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          43.74609192724609,
          396.7064190767851,
          75.71431519535957,
          400.7150249533588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "142,322 ",
        "box": [
          236.89452512939437,
          396.7064190767851,
          264.8769586009595,
          400.7150249533588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143,882 ",
        "box": [
          303.9609248349609,
          396.7064190767851,
          331.9433583065261,
          400.7150249533588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,560)",
        "box": [
          363.69139484619126,
          396.7064190767851,
          387.00488391579455,
          400.7150249533588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "286,204 ",
        "box": [
          425.47264227197246,
          396.7064190767851,
          453.45507574353763,
          400.7150249533588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,185 ",
        "box": [
          492.53904197753906,
          396.7064190767851,
          520.5214754491042,
          400.7150249533588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,019 ",
        "box": [
          552.6210744741209,
          396.7064190767851,
          576.6060181622481,
          400.7150249533588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization VIE eliminations",
        "box": [
          43.74609192724609,
          407.95641860802425,
          144.84678426054307,
          411.9650244846125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(254)",
        "box": [
          247.55858718505843,
          407.95641860802425,
          264.8758415795049,
          411.9650244846125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(144)",
        "box": [
          314.624986890625,
          407.95641860802425,
          331.9422412850715,
          411.9650244846125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(110)",
        "box": [
          369.98435958398437,
          407.95641860802425,
          387.00492591579285,
          411.9650244846125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(398)",
        "box": [
          436.13670432763655,
          407.95641860802425,
          453.4539587220831,
          411.9650244846125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(405)",
        "box": [
          503.2031040332031,
          407.95641860802425,
          520.5203584276496,
          411.9650244846125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7 ",
        "box": [
          570.6093512246093,
          407.95641860802425,
          576.605590887266,
          411.9650244846125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "524,768",
        "box": [
          236.8828026298828,
          419.20641813927796,
          262.8664961972288,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          262.874989046875,
          419.20641813927796,
          264.8737389260937,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "480,305",
        "box": [
          303.94920983544904,
          419.20641813927796,
          329.93290340279503,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          329.9413962524412,
          419.20641813927796,
          331.94014613165996,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,463",
        "box": [
          363.01170737451156,
          419.20641813927796,
          384.99791115841964,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.0077964580078,
          419.20641813927796,
          387.00654633722655,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,005,073",
        "box": [
          419.4726425219725,
          419.20641813927796,
          451.4525707644753,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          451.45310618945314,
          419.20641813927796,
          453.4518560686719,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "814,703",
        "box": [
          492.5273269780272,
          419.20641813927796,
          518.5110205453731,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          518.5195133950193,
          419.20641813927796,
          520.518263274238,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "190,370",
        "box": [
          548.6132621411131,
          419.20641813927796,
          574.596955708459,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.6054485581052,
          419.20641813927796,
          576.604198437324,
          423.2150240158662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income (loss):",
        "box": [
          34.74609230224609,
          430.45641767053166,
          103.87462771288915,
          434.4650235471054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          43.74609192724609,
          441.70641720178537,
          193.39446955507202,
          445.7150230783591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(997)",
        "box": [
          247.55858718505843,
          441.70641720178537,
          264.8758415795049,
          445.7150230783591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,946)",
        "box": [
          304.62889730712874,
          441.70641720178537,
          331.93987616017,
          445.7150230783591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,949 ",
        "box": [
          363.3163948618162,
          441.70641720178537,
          387.00465048730547,
          445.7150230783591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,943)",
        "box": [
          426.1406072441406,
          441.70641720178537,
          453.4515860971819,
          445.7150230783591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,150 ",
        "box": [
          496.535139311035,
          441.70641720178537,
          520.5200829991622,
          445.7150230783591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(60,093)",
        "box": [
          549.2929496127928,
          441.70641720178537,
          576.603928465834,
          445.7150230783591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          43.74609192724609,
          452.9564167330245,
          145.8695386352775,
          456.9650226096128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,027 ",
        "box": [
          244.88671229638655,
          452.9564167330245,
          264.87416620107587,
          456.9650226096128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "952 ",
        "box": [
          317.95311175195314,
          452.9564167330245,
          331.94433098148556,
          456.9650226096128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,075 ",
        "box": [
          367.01951970751935,
          452.9564167330245,
          387.0069736122087,
          456.9650226096128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,979 ",
        "box": [
          433.46482943896467,
          452.9564167330245,
          453.452283343654,
          456.9650226096128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "609 ",
        "box": [
          506.53122889453124,
          452.9564167330245,
          520.5224481240637,
          456.9650226096128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,370 ",
        "box": [
          556.6171643076171,
          452.9564167330245,
          576.6046182123065,
          456.9650226096128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          43.74609192724609,
          463.4564162955212,
          101.25689989413749,
          467.46502217210946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,231 ",
        "box": [
          240.89061496289062,
          463.4564162955212,
          264.87555865101785,
          467.46502217210946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,621 ",
        "box": [
          307.9570221684569,
          463.4564162955212,
          331.9419658565841,
          467.46502217210946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,390)",
        "box": [
          363.69139484619126,
          463.4564162955212,
          387.00488391579455,
          467.46502217210946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,852 ",
        "box": [
          429.46873210546875,
          463.4564162955212,
          453.453675793596,
          467.46502217210946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,263 ",
        "box": [
          500.5312291445312,
          463.4564162955212,
          520.5186830492206,
          467.46502217210946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,589 ",
        "box": [
          552.6210744741209,
          463.4564162955212,
          576.6060181622481,
          467.46502217210946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          43.74609192724609,
          474.7064158267749,
          149.66013065233616,
          478.71502170336316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,397 ",
        "box": [
          240.89061496289062,
          474.7064158267749,
          264.87555865101785,
          478.71502170336316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,049 ",
        "box": [
          311.9531120019531,
          474.7064158267749,
          331.94056590664246,
          478.71502170336316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,348 ",
        "box": [
          363.0234223740234,
          474.7064158267749,
          387.0083660621506,
          478.71502170336316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,446 ",
        "box": [
          429.46873210546875,
          474.7064158267749,
          453.453675793596,
          478.71502170336316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,321 ",
        "box": [
          496.535139311035,
          474.7064158267749,
          520.5200829991622,
          478.71502170336316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,875)",
        "box": [
          549.2929496127928,
          474.7064158267749,
          576.603928465834,
          478.71502170336316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          43.74609192724609,
          485.9564153580286,
          75.71431519535957,
          489.96502123461687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,240)",
        "box": [
          237.5624901015625,
          485.9564153580286,
          264.8734689546037,
          489.96502123461687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,433)",
        "box": [
          304.62889730712874,
          485.9564153580286,
          331.93987616017,
          489.96502123461687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,807)",
        "box": [
          359.6952975126953,
          485.9564153580286,
          387.00627636573654,
          489.96502123461687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(55,673)",
        "box": [
          426.1406072441406,
          485.9564153580286,
          453.4515860971819,
          489.96502123461687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,500 ",
        "box": [
          496.535139311035,
          485.9564153580286,
          520.5200829991622,
          489.96502123461687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(99,173)",
        "box": [
          549.2929496127928,
          485.9564153580286,
          576.603928465834,
          489.96502123461687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization VIE eliminations",
        "box": [
          43.74609192724609,
          497.2064148892823,
          144.84678426054307,
          501.215020765856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,911 ",
        "box": [
          241.18358745068343,
          496.4564149205253,
          264.87184307617264,
          500.46502079711354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,083 ",
        "box": [
          307.9570221684569,
          496.4564149205253,
          331.9419658565841,
          500.46502079711354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,172)",
        "box": [
          363.69139484619126,
          496.4564149205253,
          387.00488391579455,
          500.46502079711354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,994 ",
        "box": [
          429.46873210546875,
          496.4564149205253,
          453.453675793596,
          500.46502079711354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,631 ",
        "box": [
          496.535139311035,
          496.4564149205253,
          520.5200829991622,
          500.46502079711354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,637)",
        "box": [
          553.2890394462889,
          496.4564149205253,
          576.6025285158923,
          500.46502079711354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,329",
        "box": [
          240.87889996337873,
          508.45641442052147,
          262.8651037472868,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          262.874989046875,
          508.45641442052147,
          264.8737389260937,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,326",
        "box": [
          307.9452996689453,
          508.45641442052147,
          329.9315034528534,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          329.9413962524412,
          508.45641442052147,
          331.94014613165996,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,003",
        "box": [
          363.45701985595684,
          508.45641442052147,
          385.0020882082456,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.0077964580078,
          508.45641442052147,
          387.00654633722655,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,655",
        "box": [
          429.4570171059569,
          508.45641442052147,
          451.4432208898649,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          451.45310618945314,
          508.45641442052147,
          453.4518560686719,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "207,474",
        "box": [
          492.5273269780272,
          508.45641442052147,
          518.5110205453731,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          518.5195133950193,
          508.45641442052147,
          520.518263274238,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(153,819)",
        "box": [
          545.2968522792968,
          508.45641442052147,
          576.605320915776,
          512.4650202971097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes:",
        "box": [
          34.74609230224609,
          519.7064139517752,
          151.82891816479366,
          523.7150198283634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          43.74609192724609,
          530.9564134830289,
          193.39446955507202,
          534.9650193596171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136,478 ",
        "box": [
          236.89452512939437,
          530.9564134830289,
          264.8769586009595,
          534.9650193596171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "141,772 ",
        "box": [
          303.9609248349609,
          530.9564134830289,
          331.9433583065261,
          534.9650193596171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,294)",
        "box": [
          363.69139484619126,
          530.9564134830289,
          387.00488391579455,
          534.9650193596171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "278,250 ",
        "box": [
          425.47264227197246,
          530.9564134830289,
          453.45507574353763,
          534.9650193596171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,535 ",
        "box": [
          492.53904197753906,
          530.9564134830289,
          520.5214754491042,
          534.9650193596171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(66,285)",
        "box": [
          549.2929496127928,
          530.9564134830289,
          576.603928465834,
          534.9650193596171
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          43.74609192724609,
          542.2064130142826,
          145.8695386352775,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,189 ",
        "box": [
          240.89061496289062,
          542.2064130142826,
          264.87555865101785,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,474 ",
        "box": [
          307.9570221684569,
          542.2064130142826,
          331.9419658565841,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,715 ",
        "box": [
          367.01951970751935,
          542.2064130142826,
          387.0069736122087,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,663 ",
        "box": [
          429.46873210546875,
          542.2064130142826,
          453.453675793596,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,219 ",
        "box": [
          496.535139311035,
          542.2064130142826,
          520.5200829991622,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,444 ",
        "box": [
          552.6210744741209,
          542.2064130142826,
          576.6060181622481,
          546.2150188908563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          43.74609192724609,
          552.7064125767793,
          101.25689989413749,
          556.7150184533675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,102 ",
        "box": [
          244.88671229638655,
          552.7064125767793,
          264.87416620107587,
          556.7150184533675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,692 ",
        "box": [
          311.9531120019531,
          552.7064125767793,
          331.94056590664246,
          556.7150184533675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(590)",
        "box": [
          369.69139459619123,
          552.7064125767793,
          387.0086489906377,
          556.7150184533675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,794 ",
        "box": [
          433.46482943896467,
          552.7064125767793,
          453.452283343654,
          556.7150184533675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,018)",
        "box": [
          497.2031042832031,
          552.7064125767793,
          520.5165933528065,
          556.7150184533675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,812 ",
        "box": [
          552.6210744741209,
          552.7064125767793,
          576.6060181622481,
          556.7150184533675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          43.74609192724609,
          563.956412108033,
          149.66013065233616,
          567.9650179846067
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,200 ",
        "box": [
          240.89061496289062,
          563.956412108033,
          264.87555865101785,
          567.9650179846067
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,184 ",
        "box": [
          307.9570221684569,
          563.956412108033,
          331.9419658565841,
          567.9650179846067
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,984)",
        "box": [
          359.6952975126953,
          563.956412108033,
          387.00627636573654,
          567.9650179846067
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,384 ",
        "box": [
          429.46873210546875,
          563.956412108033,
          453.453675793596,
          567.9650179846067
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,552 ",
        "box": [
          496.535139311035,
          563.956412108033,
          520.5200829991622,
          567.9650179846067
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,832 ",
        "box": [
          552.6210744741209,
          563.956412108033,
          576.6060181622481,
          567.9650179846067
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          43.74609192724609,
          575.2064116392721,
          75.71431519535957,
          579.2150175158604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(175,740)",
        "box": [
          233.56640026806625,
          575.2064116392721,
          264.8748689045454,
          579.2150175158604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(164,645)",
        "box": [
          300.6327999736328,
          575.2064116392721,
          331.94126861011193,
          579.2150175158604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,095)",
        "box": [
          359.9882700004881,
          575.2064116392721,
          387.0025607908913,
          579.2150175158604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(340,385)",
        "box": [
          422.14451741064437,
          575.2064116392721,
          453.45298604712355,
          579.2150175158604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(191,054)",
        "box": [
          489.2109171162109,
          575.2064116392721,
          520.5193857526901,
          579.2150175158604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(149,331)",
        "box": [
          545.2968522792968,
          575.2064116392721,
          576.605320915776,
          579.2150175158604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization VIE eliminations",
        "box": [
          43.74609192724609,
          586.4564111705258,
          144.84678426054307,
          590.4650170471141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          254.8828018798828,
          585.7064112017833,
          264.8765427259769,
          589.715017078357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          321.94920908544907,
          585.7064112017833,
          331.9429499315431,
          589.715017078357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          377.0156092910156,
          585.7064112017833,
          387.0093501371097,
          589.715017078357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          443.4609190224609,
          585.7064112017833,
          453.45465986855504,
          589.715017078357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          510.52732622802716,
          585.7064112017833,
          520.5210670741212,
          589.715017078357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          566.613261391113,
          585.7064112017833,
          576.6070022372072,
          589.715017078357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,229",
        "box": [
          240.87889996337873,
          597.7064107017795,
          262.8651037472868,
          601.7150165783678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          262.874989046875,
          597.7064107017795,
          264.8737389260937,
          601.7150165783678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,477",
        "box": [
          307.9452996689453,
          597.7064107017795,
          329.9315034528534,
          601.7150165783678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          329.9413962524412,
          597.7064107017795,
          331.94014613165996,
          601.7150165783678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,248)",
        "box": [
          359.6952975126953,
          597.7064107017795,
          387.00627636573654,
          601.7150165783678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,706",
        "box": [
          429.4570171059569,
          597.7064107017795,
          451.4432208898649,
          601.7150165783678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          451.45310618945314,
          597.7064107017795,
          453.4518560686719,
          601.7150165783678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "255,234",
        "box": [
          492.5273269780272,
          597.7064107017795,
          518.5110205453731,
          601.7150165783678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          518.5195133950193,
          597.7064107017795,
          520.518263274238,
          601.7150165783678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(180,528)",
        "box": [
          545.2968522792968,
          597.7064107017795,
          576.605320915776,
          601.7150165783678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax (provision) benefit",
        "box": [
          34.74609230224609,
          609.7064102017757,
          132.2083835544923,
          613.715016078364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,224)",
        "box": [
          241.55858743505843,
          609.7064102017757,
          264.8720765046618,
          613.715016078364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,945 ",
        "box": [
          311.9531120019531,
          609.7064102017757,
          331.94056590664246,
          613.715016078364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,169)",
        "box": [
          359.6952975126953,
          609.7064102017757,
          387.00627636573654,
          613.715016078364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,279)",
        "box": [
          430.1367045776365,
          609.7064102017757,
          453.4501936472399,
          613.715016078364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,437)",
        "box": [
          497.2031042832031,
          609.7064102017757,
          520.5165933528065,
          613.715016078364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,158 ",
        "box": [
          556.6171643076171,
          609.7064102017757,
          576.6046182123065,
          613.715016078364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to non-controlling interests",
        "box": [
          34.74609230224609,
          620.9564097330294,
          198.82287568653928,
          624.9650156096177
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,448)",
        "box": [
          241.55858743505843,
          620.2064097642724,
          264.8720765046618,
          624.2150156408607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,544)",
        "box": [
          308.62498714062497,
          620.2064097642724,
          331.9384762102283,
          624.2150156408607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,904)",
        "box": [
          363.69139484619126,
          620.2064097642724,
          387.00488391579455,
          624.2150156408607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,992)",
        "box": [
          426.1406072441406,
          620.2064097642724,
          453.4515860971819,
          624.2150156408607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,728)",
        "box": [
          497.2031042832031,
          620.2064097642724,
          520.5165933528065,
          624.2150156408607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,264)",
        "box": [
          553.2890394462889,
          620.2064097642724,
          576.6025285158923,
          624.2150156408607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to Starwood Property",
        "box": [
          34.74609230224609,
          632.2064092642831,
          192.02636957390095,
          636.2150151408568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust, Inc.",
        "box": [
          43.74609192724609,
          639.7064089517808,
          79.35657295597599,
          643.7150148283545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          205.3476514438475,
          638.2064090142812,
          209.345151202285,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557",
        "box": [
          244.87498979687498,
          638.2064090142812,
          262.8637037973452,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          262.874989046875,
          638.2064090142812,
          264.8737389260937,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          272.41405114941404,
          638.2064090142812,
          276.41155090785156,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,878",
        "box": [
          307.9452996689453,
          638.2064090142812,
          329.9315034528534,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          329.9413962524412,
          638.2064090142812,
          331.94014613165996,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          339.48045835498027,
          638.2064090142812,
          343.4779581134178,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,321)",
        "box": [
          359.6952975126953,
          638.2064090142812,
          387.00627636573654,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          394.54685856054687,
          638.2064090142812,
          398.5443583189844,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,435",
        "box": [
          429.4570171059569,
          638.2064090142812,
          451.4432208898649,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          451.45310618945314,
          638.2064090142812,
          453.4518560686719,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          460.9921682919922,
          638.2064090142812,
          464.98966805042966,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,069",
        "box": [
          492.5273269780272,
          638.2064090142812,
          518.5110205453731,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          518.5195133950193,
          638.2064090142812,
          520.518263274238,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          528.0585754975584,
          638.2064090142812,
          532.0560752559959,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(183,634)",
        "box": [
          545.2968522792968,
          638.2064090142812,
          576.605320915776,
          642.215014890855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77",
        "box": [
          300.99608495849594,
          700.630532330164,
          310.9935794794336,
          705.6431699414679
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 114,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30, 2026 Compared to the Three Months Ended March 31, 2026",
        "box": [
          33.74999859375,
          93.13055764266755,
          410.9208057157989,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          33.74999859375,
          116.38055667391745,
          219.4162425317438,
          121.3931942852214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          33.74999859375,
          141.13055564266688,
          71.4944463914776,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, revenues of our Commercial and Residential Lending Segment increased $19.6",
        "box": [
          69.74999709375,
          166.6305545801588,
          559.5048446747968,
          171.64319219146273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million to $364.2 million, compared to $344.6 million for the three months ended March 31, 2026. This was primarily due to a $16.8",
        "box": [
          33.74999859375,
          178.63055408015498,
          565.5742413969056,
          183.64319169145892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million increase in interest income from loans and a $3.5 million increase in rental income from foreclosed properties (substantially",
        "box": [
          33.74999859375,
          190.63055358016572,
          560.4046704873043,
          195.64319119146967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset by the increase in rental costs and expenses noted below). The increase in interest income from loans was comprised of a $17.1",
        "box": [
          33.74999859375,
          202.63055308016192,
          567.5269234655437,
          207.64319069146586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million increase from commercial loans, primarily reflecting higher average loan balances, slightly offset by a $0.3 million decrease",
        "box": [
          33.74999859375,
          214.6305525801581,
          562.1376448001583,
          219.64319019146205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from residential loans.",
        "box": [
          33.74999859375,
          226.6305520801543,
          123.42471608855328,
          231.64318969145825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and Expenses",
        "box": [
          33.74999859375,
          251.38055104890373,
          113.16852840505743,
          256.39318866020767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, costs and expenses of our Commercial and Residential Lending Segment increased",
        "box": [
          69.74999709375,
          276.8805499864102,
          574.5010905249533,
          281.89318759771413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36.8 million to $226.7 million, compared to $189.9 million for the three months ended March 31, 2026. This was primarily due to",
        "box": [
          33.74999859375,
          288.8805494864064,
          558.6375198859357,
          293.8931870977103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increases of $29.2 million in credit loss provision, $5.8 million in interest expense and $3.5 million in rental costs and expenses. The",
        "box": [
          33.74999859375,
          300.8805489864171,
          564.4515024037477,
          305.89318659772107
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase in the credit loss provision primarily reflects a deterioration in macroeconomic forecasts in the second quarter of 2026. The",
        "box": [
          33.74999859375,
          312.8805484864133,
          561.5811412233461,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase in interest expense associated with the various financing facilities used to fund a portion of this segment's investment portfolio",
        "box": [
          33.74999859375,
          324.8805479864095,
          575.4204164116485,
          329.89318559771345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was primarily due to higher average borrowings outstanding.",
        "box": [
          33.74999859375,
          336.8805474864057,
          277.51684204304775,
          341.89318509770965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest Income (amounts in thousands)",
        "box": [
          33.74999859375,
          361.6305464551551,
          208.58885361429677,
          366.64318406645907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          378.23435924023437,
          374.95641998302017,
          477.73839501911004,
          378.96502585960843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          363.16404736816406,
          386.2064195142739,
          409.5841414839933,
          390.21502539086214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          443.14451653564436,
          386.2064195142739,
          496.0683564304842,
          390.21502539086214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
          533.0859152880859,
          386.2064195142739,
          559.2960438711201,
          390.21502539086214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from loans",
        "box": [
          45.996091833496095,
          399.0409989532927,
          142.71532616352783,
          403.5535009627929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          348.69139547119124,
          399.0409989532927,
          353.19139528369124,
          403.5535009627929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "327,151 ",
        "box": [
          392.07420616357405,
          399.0409989532927,
          423.57420485107406,
          403.5535009627929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          431.9179545034178,
          399.0409989532927,
          436.41795431591777,
          403.5535009627929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "310,314 ",
        "box": [
          475.3007651958006,
          399.0409989532927,
          506.8007638833006,
          403.5535009627929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.1445135356444,
          399.0409989532927,
          519.6445133481443,
          403.5535009627929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,837 ",
        "box": [
          549.703102095703,
          399.0409989532927,
          576.7031009707031,
          403.5535009627929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from investment securities",
        "box": [
          45.996091833496095,
          411.0409984532889,
          199.44872234963623,
          415.55350046280364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,344 ",
        "box": [
          396.57420597607404,
          411.0409984532889,
          423.57420485107406,
          415.55350046280364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,637 ",
        "box": [
          479.80076500830063,
          411.0409984532889,
          506.8007638833006,
          415.55350046280364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(293)",
        "box": [
          557.203101783203,
          411.0409984532889,
          576.6972415509472,
          415.55350046280364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          45.996091833496095,
          423.79099792204215,
          104.21923410753175,
          428.3034999315423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160,750)",
        "box": [
          388.32420631982404,
          423.0409979532851,
          423.56834543131816,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(154,923)",
        "box": [
          471.5507653520506,
          423.0409979532851,
          506.7949044635447,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,827)",
        "box": [
          550.4531020644531,
          423.0409979532851,
          576.6972415509472,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          59.49609127099609,
          437.29099735953787,
          133.80321684486574,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          348.69139547119124,
          435.79099742203834,
          353.19139528369124,
          440.30349943155306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "181,745",
        "box": [
          392.07420616357405,
          435.79099742203834,
          421.32420494482403,
          440.30349943155306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.32420494482403,
          435.79099742203834,
          423.57420485107406,
          440.30349943155306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          431.9179545034178,
          435.79099742203834,
          436.41795431591777,
          440.30349943155306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,028",
        "box": [
          475.3007651958006,
          435.79099742203834,
          504.5507639770506,
          440.30349943155306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          504.5507639770506,
          435.79099742203834,
          506.8007638833006,
          440.30349943155306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.1445135356444,
          435.79099742203834,
          519.6445133481443,
          440.30349943155306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,717",
        "box": [
          549.703102095703,
          435.79099742203834,
          574.4531010644531,
          440.30349943155306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4531010644531,
          435.79099742203834,
          576.7031009707031,
          440.30349943155306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, net interest income of our Commercial and Residential Lending Segment increased",
        "box": [
          69.74999709375,
          468.8805419864075,
          575.0477973771739,
          473.8931795977114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$10.7 million to $181.7 million, compared to $171.0 million for the three months ended March 31, 2026. This reflects the increase in",
        "box": [
          33.74999859375,
          480.8805414864037,
          565.8280712363293,
          485.8931790977076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest income, partially offset by the increase in interest expense on our secured financing facilities, both as discussed in the sections",
        "box": [
          33.74999859375,
          492.8805409864144,
          570.4900145999945,
          497.89317859771836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "above.",
        "box": [
          33.74999859375,
          504.8805404864106,
          60.120340301235714,
          509.89317809771455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026 and March 31, 2026, the weighted average unlevered yields on the Commercial",
        "box": [
          69.74999709375,
          530.3805394239171,
          572.2604194799025,
          535.393177035221
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Residential Lending Segment's loans and investment securities, excluding retained RMBS and loans for which interest income is",
        "box": [
          33.74999859375,
          542.3805389239133,
          566.8386631521342,
          547.3931765352172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not recognized, were as follows:",
        "box": [
          33.74999859375,
          554.3805384239095,
          163.3951495159561,
          559.3931760352134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          441.87889158837874,
          579.7064114517707,
          541.3829273672546,
          583.715017328359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          423.64451734814435,
          590.9564109830244,
          470.0646114639737,
          594.9650168596127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          509.90622875390625,
          590.9564109830244,
          562.8300686487461,
          594.9650168596127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          45.996091833496095,
          603.7909904220433,
          90.48192987991945,
          608.3034924315434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.4  %",
        "box": [
          465.19920311669904,
          603.7909904220433,
          487.6962724693211,
          608.3034924315434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.4  %",
        "box": [
          554.7070118872068,
          603.7909904220433,
          577.2509562378757,
          608.3034924315434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          45.996091833496095,
          615.7909899220394,
          86.48730119636231,
          620.3034919315542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.8  %",
        "box": [
          465.19920311669904,
          615.7909899220394,
          487.6962724693211,
          620.3034919315542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.8  %",
        "box": [
          554.7070118872068,
          615.7909899220394,
          577.2509562378757,
          620.3034919315542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Overall",
        "box": [
          45.996091833496095,
          627.7909894220356,
          74.98681331554931,
          632.3034914315504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.1",
        "box": [
          465.19920311669904,
          627.7909894220356,
          476.44920264794905,
          632.3034914315504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.44920264794905,
          627.7909894220356,
          478.699202554199,
          632.3034914315504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "%",
        "box": [
          478.699202554199,
          627.7909894220356,
          487.69920217919906,
          632.3034914315504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.0",
        "box": [
          554.7070118872068,
          627.7909894220356,
          565.9570114184568,
          632.3034914315504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          565.9570114184568,
          627.7909894220356,
          568.2070113247067,
          632.3034914315504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "%",
        "box": [
          568.2538863227537,
          627.7909894220356,
          577.2538859477537,
          632.3034914315504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, the weighted average unlevered yields on our commercial and residential loans and",
        "box": [
          69.74999709375,
          657.8805341114057,
          575.3016731915957,
          662.8931717227097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment securities were relatively unchanged from the previous quarter.",
        "box": [
          33.74999859375,
          669.8805336114165,
          332.18084844038077,
          674.8931712227204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During both the three months ended June 30, 2026 and March 31, 2026, the Commercial and Residential Lending Segment's",
        "box": [
          69.74999709375,
          695.3805325489084,
          568.6919651999134,
          700.3931701602123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average secured borrowing rate, inclusive of the amortization of deferred financing fees, was 5.6%. Interest rate hedges had",
        "box": [
          33.74999859375,
          707.3805320489046,
          567.2828441507136,
          712.3931696602085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the effect of reducing the weighted average borrowing costs to 5.3% and 5.2% during the three months ended June 30, 2026 and",
        "box": [
          33.74999859375,
          719.3805315489153,
          546.6239699115002,
          724.3931691602193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, respectively.",
        "box": [
          33.74999859375,
          731.3805310489115,
          152.47992495291953,
          736.3931686602155
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 115,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "78",
        "box": [
          300.99608495849594,
          67.63055870516109,
          310.9935794794336,
          72.64319631646504
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 116,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Loss",
        "box": [
          33.74999859375,
          80.38055817391432,
          77.91371194900819,
          85.39319578521827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, other loss of our Commercial and Residential Lending Segment decreased $11.9",
        "box": [
          69.74999709375,
          105.88055711142079,
          563.8640822431618,
          110.89319472272473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million to $1.0 million compared to $12.9 million for the three months ended March 31, 2026. This was primarily due to (i) an $8.3",
        "box": [
          33.74999859375,
          117.88055661141698,
          560.0141064285782,
          122.89319422272092
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million lesser decrease in fair value of residential loans and (ii) a $5.2 million increased net gain on derivatives, partially offset by (iii) a",
        "box": [
          33.74999859375,
          129.88055611141317,
          577.9734283153343,
          134.89319372271711
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.0 million unfavorable change in fair value of RMBS investments. The increased net gain on derivatives in the second quarter of",
        "box": [
          33.74999859375,
          141.88055561140936,
          556.6214423629382,
          146.8931932227133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 reflects (i) a $17.5 million higher gain on interest rate swaps principally related to residential loans, partially offset by (ii) a $12.3",
        "box": [
          33.74999859375,
          153.8805551114201,
          573.5555796643498,
          158.89319272272405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million unfavorable change in gain (loss) on foreign currency hedges. The interest rate swaps are used primarily to hedge our interest",
        "box": [
          33.74999859375,
          165.8805546114163,
          566.3114147027775,
          170.89319222272024
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate risk on residential loans held-for-sale and to fix our interest rate payments on certain variable rate borrowings which fund fixed rate",
        "box": [
          33.74999859375,
          177.8805541114125,
          577.3827761149446,
          182.89319172271644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments. The foreign currency hedges are used to fix the U.S. dollar amounts of cash flows (both interest and principal payments)",
        "box": [
          33.74999859375,
          189.88055361142324,
          568.010190088407,
          194.89319122272718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we expect to receive from our foreign currency denominated loans and investments. The unfavorable change in gain (loss) on foreign",
        "box": [
          33.74999859375,
          201.88055311141943,
          567.1315528820176,
          206.89319072272338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currency hedges reflects the weakening of the U.S. dollar against the pound sterling ('GBP') and Australian dollar ('AUD'), partially",
        "box": [
          33.74999859375,
          213.88055261141562,
          570.387534421352,
          218.89319022271957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset by a strengthening against the Euro ('EUR'), in the second quarter of 2026, compared to a strengthening of the U.S. dollar",
        "box": [
          33.74999859375,
          225.88055211141182,
          550.236326178985,
          230.89318972271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "against the GBP and EUR, partially offset by a weakening against the AUD, in the first quarter of 2026.",
        "box": [
          33.74999859375,
          237.88055161142256,
          448.27465445313857,
          242.8931892227265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          33.74999859375,
          262.630550580172,
          161.11057708614663,
          267.64318819147593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          33.74999859375,
          287.3805495489214,
          71.4944463914776,
          292.39318716022535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, revenues of our Infrastructure Lending Segment increased $5.6 million to $68.9",
        "box": [
          69.74999709375,
          312.8805484864133,
          561.7307661320503,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, compared to $63.3 million for the three months ended March 31, 2026. This was primarily due to a $5.6 million increase in",
        "box": [
          33.74999859375,
          324.8805479864095,
          560.829383694608,
          329.89318559771345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest income from loans, reflecting higher average loan balances and prepayment related income.",
        "box": [
          33.74999859375,
          336.88054748642026,
          432.922177217825,
          341.8931850977242
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and Expense",
        "box": [
          33.74999859375,
          361.6305464551697,
          109.27790039431537,
          366.6431840664736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "s",
        "box": [
          109.28905794628906,
          361.6305464551697,
          113.17968645459251,
          366.6431840664736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, costs and expenses of our Infrastructure Lending Segment increased $4.0 million to",
        "box": [
          69.74999709375,
          387.1305453926616,
          576.7270118322068,
          392.14318300396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$45.8 million, compared to $41.8 million for the three months ended March 31, 2026. This was primarily due to (i) a $1.9 million",
        "box": [
          33.74999859375,
          399.13054489267233,
          552.2377550775927,
          404.1431825039763
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase in interest expense, primarily reflecting higher average borrowings outstanding, and (ii) a $1.3 million increase in credit loss",
        "box": [
          33.74999859375,
          411.1305443926685,
          566.5017485411727,
          416.14318200397247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provision to a provision of $0.3 million in the second quarter compared to a reversal of $1.0 million in the first quarter.",
        "box": [
          33.74999859375,
          423.1305438926647,
          509.079629694598,
          428.14318150396866
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest Income (amounts in thousands)",
        "box": [
          33.74999859375,
          447.88054286141414,
          208.58885361429677,
          452.8931804727181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          378.374984234375,
          461.2064163892792,
          477.8790200132507,
          465.21502226586745
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          363.3398323608397,
          472.4564159205329,
          409.7599264766689,
          476.4650217971066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          443.24998153125,
          472.4564159205329,
          496.17382142608983,
          476.4650217971066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
          533.1327902861327,
          472.4564159205329,
          559.342918869167,
          476.4650217971066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from loans",
        "box": [
          45.996091833496095,
          485.29099535955174,
          142.71532616352783,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          348.8906104628906,
          485.29099535955174,
          353.3906102753906,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,991 ",
        "box": [
          396.7148309702147,
          485.29099535955174,
          423.7148298452147,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          432.0585794975584,
          485.29099535955174,
          436.5585793100584,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,438 ",
        "box": [
          479.8827925048828,
          485.29099535955174,
          506.8827913798828,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.2265410322265,
          485.29099535955174,
          519.7265408447265,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,553 ",
        "box": [
          554.2148244077146,
          485.29099535955174,
          576.7148234702146,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from investment securities",
        "box": [
          45.996091833496095,
          497.29099485954794,
          199.44872234963623,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "481 ",
        "box": [
          407.9648305014647,
          497.29099485954794,
          423.7148298452147,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "384 ",
        "box": [
          491.1327920361328,
          497.29099485954794,
          506.8827913798828,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97 ",
        "box": [
          565.4648239389646,
          497.29099485954794,
          576.7148234702146,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          45.996091833496095,
          510.04099432830117,
          104.21923410753175,
          514.5534963378013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,625)",
        "box": [
          392.9648311264647,
          509.29099435954413,
          423.7089704254588,
          513.8034963690588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(36,696)",
        "box": [
          476.1327926611328,
          509.29099435954413,
          506.8769319601269,
          513.8034963690588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,929)",
        "box": [
          550.4648245639646,
          509.29099435954413,
          576.7089640504587,
          513.8034963690588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          59.49609127099609,
          523.5409937657969,
          133.80321684486574,
          528.0534957753116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          348.8906104628906,
          522.0409938282974,
          353.3906102753906,
          526.5534958377975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,847",
        "box": [
          396.7148309702147,
          522.0409938282974,
          421.46482993896467,
          526.5534958377975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.46482993896467,
          522.0409938282974,
          423.7148298452147,
          526.5534958377975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          432.0585794975584,
          522.0409938282974,
          436.5585793100584,
          526.5534958377975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,126",
        "box": [
          479.8827925048828,
          522.0409938282974,
          504.6327914736328,
          526.5534958377975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          504.6327914736328,
          522.0409938282974,
          506.8827913798828,
          526.5534958377975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.2265410322265,
          522.0409938282974,
          519.7265408447265,
          526.5534958377975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,721",
        "box": [
          554.2148244077146,
          522.0409938282974,
          574.4648235639646,
          526.5534958377975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4648235639646,
          522.0409938282974,
          576.7148234702146,
          526.5534958377975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, net interest income of our Infrastructure Lending Segment increased $3.7 million to",
        "box": [
          69.74999709375,
          555.1305383926665,
          577.2737189094274,
          560.1431760039704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$28.8 million, compared to $25.1 million for the three months ended March 31, 2026. The increase reflects the increase in interest",
        "box": [
          33.74999859375,
          567.1305378926627,
          554.1171862858703,
          572.1431755039666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income from loans, partially offset by the increase in interest expense on the secured financing facilities used to fund this segment's",
        "box": [
          33.74999859375,
          579.1305373926734,
          560.224070077742,
          584.1431750039774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment portfolio, both as discussed in the sections above.",
        "box": [
          33.74999859375,
          591.1305368926696,
          278.09286886904664,
          596.1431745039736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During both the three months ended June 30, 2026 and March 31, 2026, the weighted average unlevered yield on the",
        "box": [
          69.74999709375,
          616.6305358301615,
          536.7273217839219,
          621.6431734414655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment's loans and investment securities, excluding those for which interest income is not recognized, was",
        "box": [
          33.74999859375,
          628.6305353301723,
          559.584620104386,
          633.6431729414762
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.4%.",
        "box": [
          33.74999859375,
          640.6305348301685,
          57.07422075315736,
          645.6431724414724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During both the three months ended June 30, 2026 and March 31, 2026, the Infrastructure Lending Segment's weighted",
        "box": [
          69.74999709375,
          666.1305337676604,
          548.4089741121251,
          671.1431713789643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average secured borrowing rate, inclusive of the amortization of deferred financing fees, was 6.2%.",
        "box": [
          33.74999859375,
          678.1305332676711,
          430.9840971235787,
          683.1431708789751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income",
        "box": [
          33.74999859375,
          703.630532205163,
          88.99491938943962,
          708.643169816467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, other income of our Infrastructure Lending Segment increased $2.0 million to $3.0",
        "box": [
          69.74999709375,
          728.3805311739125,
          573.6711190345356,
          733.3931687852164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, compared $1.0 million for the three months ended March 31, 2026. This was primarily due to a $1.8 million increase in",
        "box": [
          33.74999859375,
          740.3805306739232,
          545.5549093060445,
          745.3931682852271
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 117,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "earnings from unconsolidated entities.",
        "box": [
          33.74999859375,
          38.3805599239131,
          186.45087458746326,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79",
        "box": [
          300.99608495849594,
          94.63055758016708,
          310.9935794794336,
          99.64319519147102
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 118,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          33.74999859375,
          80.38055817391432,
          105.28477761222169,
          85.39319578521827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in Results by Portfolio (amounts in thousands)",
        "box": [
          33.74999859375,
          105.13055714266375,
          253.41157132168348,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ Change from prior period",
        "box": [
          331.8046736748047,
          118.45643067051424,
          426.5577751016357,
          122.4650365471025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          194.47265189697248,
          154.45642917051737,
          226.89374701691946,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and",
        "box": [
          249.19921211669904,
          146.20642951427726,
          307.9046045455179,
          150.21503539085097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization",
        "box": [
          256.5703018095703,
          154.45642917051737,
          300.53101262775095,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other costs and",
        "box": [
          319.874986671875,
          146.20642951427726,
          373.47419721345153,
          150.21503539085097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " expenses",
        "box": [
          330.79686121679686,
          154.45642917051737,
          362.55430206439604,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on",
        "box": [
          390.9726437094725,
          130.45643017052498,
          438.06419467220167,
          134.4650360470987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative",
        "box": [
          397.4179559409178,
          137.9564298580226,
          431.6074544164781,
          141.9650357345963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial",
        "box": [
          399.6327958486328,
          146.20642951427726,
          429.3953787217004,
          150.21503539085097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments",
        "box": [
          394.0781085800781,
          154.45642917051737,
          434.9431120981957,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          458.49607839599594,
          146.20642951427726,
          505.19728740023515,
          150.21503539085097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(loss)",
        "box": [
          472.96873029296876,
          154.45642917051737,
          490.73492491870945,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss)",
        "box": [
          525.539040602539,
          137.9564298580226,
          570.6162387653213,
          141.9650357345963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "before",
        "box": [
          537.2695126137693,
          146.20642951427726,
          558.8770680135774,
          150.21503539085097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " income taxes",
        "box": [
          525.2109156162109,
          154.45642917051737,
          570.9478634313308,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fundamental",
        "box": [
          45.996091833496095,
          166.54100864079373,
          92.98681256554931,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          181.124992453125,
          166.54100864079373,
          185.624992265625,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,059 ",
        "box": [
          217.18358845068343,
          166.54100864079373,
          239.68358751318343,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          248.00389966650374,
          166.54100864079373,
          252.50389947900373,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,134 ",
        "box": [
          285.96092558496093,
          166.54100864079373,
          308.46092464746096,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          316.874986796875,
          166.54100864079373,
          321.374986609375,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "657 ",
        "box": [
          360.1171724951172,
          166.54100864079373,
          375.8671718388672,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.23435899023434,
          166.54100864079373,
          388.7343588027344,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,122 ",
        "box": [
          421.6757674301756,
          166.54100864079373,
          444.1757664926756,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          452.56639114306626,
          166.54100864079373,
          457.06639095556625,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(389)",
        "box": [
          491.14451453564436,
          166.54100864079373,
          510.6386543033885,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          518.9062283789062,
          166.54100864079373,
          523.4062281914062,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,001 ",
        "box": [
          554.2148244077146,
          166.54100864079373,
          576.7148234702146,
          171.0535106502939
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Medical Office Portfolio",
        "box": [
          45.996091833496095,
          178.54100814078993,
          134.80517027311765,
          183.0535101502901
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70 ",
        "box": [
          228.4335879819334,
          178.54100814078993,
          239.68358751318343,
          183.0535101502901
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(75)",
        "box": [
          293.46092527246094,
          178.54100814078993,
          308.45506522770506,
          183.0535101502901
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(283)",
        "box": [
          356.3671726513672,
          178.54100814078993,
          375.8613124191113,
          183.0535101502901
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(43)",
        "box": [
          429.1757671176756,
          178.54100814078993,
          444.1699070729197,
          183.0535101502901
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "304 ",
        "box": [
          494.89451437939437,
          178.54100814078993,
          510.64451372314437,
          183.0535101502901
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "689 ",
        "box": [
          560.9648241264646,
          178.54100814078993,
          576.7148234702146,
          183.0535101502901
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund",
        "box": [
          45.996091833496095,
          192.04100757828564,
          101.02001534083251,
          196.55350958780036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(241)",
        "box": [
          220.18358832568342,
          192.04100757828564,
          239.67772809342753,
          196.55350958780036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          295.6757726801756,
          190.07893374672858,
          308.4508877969667,
          195.1082236404036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          365.36717227636717,
          192.04100757828564,
          375.8613124191113,
          196.55350958780036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          432.9257669614256,
          192.04100757828564,
          444.1757664926756,
          196.55350958780036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,535)",
        "box": [
          484.39451481689434,
          192.04100757828564,
          510.6386543033885,
          196.55350958780036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,775)",
        "box": [
          550.4648245639646,
          192.04100757828564,
          576.7089640504587,
          196.55350958780036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "D.C. Multifamily Conversion",
        "box": [
          45.996091833496095,
          204.04100707828184,
          152.49315777611818,
          208.55350908779656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          228.4335879819334,
          204.04100707828184,
          239.68358751318343,
          208.55350908779656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          297.21092511621094,
          204.04100707828184,
          308.46092464746096,
          208.55350908779656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.6171723076172,
          204.04100707828184,
          375.8671718388672,
          208.55350908779656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          432.9257669614256,
          204.04100707828184,
          444.1757664926756,
          208.55350908779656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(841)",
        "box": [
          491.14451453564436,
          204.04100707828184,
          510.6386543033885,
          208.55350908779656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(841)",
        "box": [
          557.2148242827146,
          204.04100707828184,
          576.7089640504587,
          208.55350908779656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other/Corporate",
        "box": [
          45.996091833496095,
          216.04100657829258,
          104.9750933160376,
          220.55350858779275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 ",
        "box": [
          232.93358779443344,
          216.04100657829258,
          239.68358751318343,
          220.55350858779275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          297.21092511621094,
          216.04100657829258,
          308.46092464746096,
          220.55350858779275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(343)",
        "box": [
          356.3671726513672,
          216.04100657829258,
          375.8613124191113,
          220.55350858779275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          432.9257669614256,
          216.04100657829258,
          444.1757664926756,
          220.55350858779275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          500.14451416064435,
          216.04100657829258,
          510.6386543033885,
          220.55350858779275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "336 ",
        "box": [
          560.9648241264646,
          216.04100657829258,
          576.7148234702146,
          220.55350858779275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          59.49609127099609,
          230.29100598453078,
          79.17040686123289,
          234.8035079940455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          181.124992453125,
          228.79100604703126,
          185.624992265625,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,889",
        "box": [
          217.18358845068343,
          228.79100604703126,
          237.43358760693343,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          237.43358760693343,
          228.79100604703126,
          239.68358751318343,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          248.00389966650374,
          228.79100604703126,
          252.50389947900373,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,059",
        "box": [
          285.96092558496093,
          228.79100604703126,
          306.21092474121093,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          306.21092474121093,
          228.79100604703126,
          308.46092464746096,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          316.874986796875,
          228.79100604703126,
          321.374986609375,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          364.6171723076172,
          228.79100604703126,
          373.61717193261717,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          373.61717193261717,
          228.79100604703126,
          375.8671718388672,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.23435899023434,
          228.79100604703126,
          388.7343588027344,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,079",
        "box": [
          421.6757674301756,
          228.79100604703126,
          441.9257665864256,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          441.9257665864256,
          228.79100604703126,
          444.1757664926756,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          452.56639114306626,
          228.79100604703126,
          457.06639095556625,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,469)",
        "box": [
          484.39451481689434,
          228.79100604703126,
          510.6386543033885,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          518.9062283789062,
          228.79100604703126,
          523.4062281914062,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(590)",
        "box": [
          557.2148242827146,
          228.79100604703126,
          576.7089640504587,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Notes 6 and 7 to the Condensed Consolidated Financial Statements for a description of the above-referenced Property",
        "box": [
          69.74999709375,
          261.1305506426579,
          557.5424118565646,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment assets.",
        "box": [
          33.74999859375,
          273.1305501426541,
          97.05930351211217,
          278.14318775395805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          33.74999859375,
          297.8805491114035,
          71.4944463914776,
          302.89318672270747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, revenues of our Property Segment increased $2.9 million to $64.2 million,",
        "box": [
          69.74999709375,
          323.38054804891,
          539.8271105134528,
          328.39318566021393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to $61.3 million for the three months ended March 31, 2026, primarily due to Fundamental's acquisition of additional net",
        "box": [
          33.74999859375,
          335.3805475489062,
          560.7268812604664,
          340.3931851602101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lease properties.",
        "box": [
          33.74999859375,
          347.3805470489024,
          98.7043801435673,
          352.3931846602063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and Expenses",
        "box": [
          33.74999859375,
          372.1305460176518,
          113.16852840505743,
          377.14318362895574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, costs and expenses of our Property Segment increased $1.1 million to $73.3",
        "box": [
          69.74999709375,
          397.63054495515826,
          545.9339833652498,
          402.6431825664622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, compared to $72.2 million for the three months ended March 31, 2026. This was primarily due to an increase in depreciation",
        "box": [
          33.74999859375,
          409.63054445515445,
          566.3553234643604,
          414.6431820664584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and amortization of properties acquired by Fundamental.",
        "box": [
          33.74999859375,
          421.63054395515064,
          261.1196107262657,
          426.6431815664546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income",
        "box": [
          33.74999859375,
          446.3805429239146,
          88.99491938943962,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, other income of our Property Segment decreased $2.4 million to $12.2 million",
        "box": [
          69.74999709375,
          471.8805418614065,
          555.9265516988928,
          476.8931794727105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to $14.6 million for the three months ended March 31, 2026. This was primarily due to a $7.5 million decrease in income",
        "box": [
          33.74999859375,
          483.8805413614027,
          560.5316271920758,
          488.89317897270666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attributable to investments of the Woodstar Fund, primarily related to unrealized fair value changes, partially offset by a $6.1 million",
        "box": [
          33.74999859375,
          495.88054086141346,
          564.5197824658412,
          500.8931784727174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increased gain on interest rate derivatives which primarily hedge the timing of securitizations on Fundamental collateral while on a",
        "box": [
          33.74999859375,
          507.88054036140966,
          557.8906962521145,
          512.8931779727136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "warehouse line.",
        "box": [
          33.74999859375,
          519.8805398614059,
          96.48815183591017,
          524.8931774727098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          33.74999859375,
          544.6305388301553,
          164.51305416937674,
          549.6431764414592
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          33.74999859375,
          569.3805377989047,
          71.4944463914776,
          574.3931754102086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, revenues of our Investing and Servicing Segment decreased $28.1 million to $52.7",
        "box": [
          69.74999709375,
          594.8805367364112,
          573.129309907111,
          599.8931743477151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, compared to $80.8 million for the three months ended March 31, 2026. This was primarily due to a $31.1 million decrease in",
        "box": [
          33.74999859375,
          606.8805362364074,
          567.4878306921727,
          611.8931738477113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicing fees principally related to default interest.",
        "box": [
          33.74999859375,
          618.8805357364035,
          239.4502007041579,
          623.8931733477075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and Expenses",
        "box": [
          33.74999859375,
          643.630534705153,
          113.16852840505743,
          648.6431723164569
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, costs and expenses of our Investing and Servicing Segment increased $4.2 million",
        "box": [
          69.74999709375,
          669.1305336426594,
          571.1913219128605,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to $36.9 million, compared to $32.7 million for the three months ended March 31, 2026. This was primarily due to increases of (i) $2.3",
        "box": [
          33.74999859375,
          681.1305331426556,
          574.1560737393293,
          686.1431707539596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million in interest expense, primarily on conduit loan financing, and (ii) $1.7 million in general and administrative expenses, principally",
        "box": [
          33.74999859375,
          693.1305326426518,
          577.9246587323048,
          698.1431702539558
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related to higher loan securitization activity.",
        "box": [
          33.74999859375,
          705.1305321426626,
          209.65791227050332,
          710.1431697539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income",
        "box": [
          33.74999859375,
          729.880531111412,
          88.99491938943962,
          734.8931687227159
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 119,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "For the three months ended June 30, 2026, other income of our Investing and Servicing Segment increased $13.4 million to",
        "box": [
          69.74999709375,
          38.3805599239131,
          563.4149242118772,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$15.4 million, compared to $2.0 million for the three months ended March 31, 2026. This was primarily due to (i) a $6.2 million lesser",
        "box": [
          33.74999859375,
          50.38055942392384,
          572.5012178012812,
          55.393197035227786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease in fair value of CMBS investments, (ii) a $4.3 million greater increase in fair value of conduit loans and (iii) a $2.3 million",
        "box": [
          33.74999859375,
          62.380558923920034,
          561.8007577041341,
          67.39319653522398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gain on sale of a foreclosed property in the second quarter of 2026.",
        "box": [
          33.74999859375,
          74.38055842391623,
          301.6465021626453,
          79.39319603522017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80",
        "box": [
          300.99608495849594,
          130.6305560801702,
          310.9935794794336,
          135.64319369147415
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 120,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate and Other Items",
        "box": [
          33.74999859375,
          81.13055814265681,
          142.8827338919655,
          86.14319575396075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Costs and Expenses",
        "box": [
          33.74999859375,
          105.88055711140623,
          157.32735146510643,
          110.89319472271018
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, corporate expenses decreased $1.6 million to $142.3 million, compared to $143.9",
        "box": [
          69.74999709375,
          131.3805560489127,
          568.4039528790009,
          136.39319366021664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million for the three months ended March 31, 2026. This was primarily due to a $5.8 million decrease in management fees (principally",
        "box": [
          33.74999859375,
          143.3805555489089,
          572.7306896487199,
          148.39319316021283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incentive fees), partially offset by a $4.9 million increase in interest expense, primarily due to higher average secured and unsecured",
        "box": [
          33.74999859375,
          155.38055504891963,
          562.6794809925203,
          160.39319266022358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings outstanding.",
        "box": [
          33.74999859375,
          167.38055454891582,
          130.94236275031798,
          172.39319216021977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Other Loss",
        "box": [
          33.74999859375,
          192.13055351766525,
          122.07253500905713,
          197.1431911289692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, corporate other loss increased $12.8 million to $34.2 million, compared to $21.4",
        "box": [
          69.74999709375,
          217.63055245515716,
          564.2545543518927,
          222.6431900664611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million for the three months ended March 31, 2026. This was due to an increased loss on our fixed-to-floating interest rate swaps which",
        "box": [
          33.74999859375,
          229.6305519551679,
          576.6310646362048,
          234.64318956647185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hedge a portion of our unsecured senior notes.",
        "box": [
          33.74999859375,
          241.6305514551641,
          218.64979824584137,
          246.64318906646804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization VIE Eliminations",
        "box": [
          33.74999859375,
          266.3805504239135,
          160.929928614999,
          271.39318803521746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization VIE eliminations primarily reclassify interest income and servicing fee revenues to other income (loss) for the",
        "box": [
          69.74999709375,
          291.88054936142,
          568.169550298829,
          296.8931869727239
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS and RMBS VIEs that we consolidate as primary beneficiary. Such eliminations have no overall effect on net income (loss)",
        "box": [
          33.74999859375,
          303.8805488614162,
          553.04324133703,
          308.8931864727201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attributable to Starwood Property Trust. The reclassified revenues, along with applicable changes in fair value of investment securities",
        "box": [
          33.74999859375,
          315.88054836141237,
          570.787790012587,
          320.8931859727163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and servicing rights, comprise the other income (loss) caption 'Change in net assets related to consolidated VIEs,' which represents our",
        "box": [
          33.74999859375,
          327.88054786140856,
          577.4414490704379,
          332.8931854727125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beneficial interest in those consolidated VIEs. The magnitude of the securitization VIE eliminations is merely a function of the number",
        "box": [
          33.74999859375,
          339.8805473614193,
          573.4678315610053,
          344.89318497272325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of CMBS and RMBS trusts consolidated in any given period, and as such, is not a meaningful indicator of operating results. The",
        "box": [
          33.74999859375,
          351.8805468614155,
          547.8052476223418,
          356.89318447271944
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "eliminations primarily relate to CMBS trusts for which the Investing and Servicing Segment is deemed the primary beneficiary and, to",
        "box": [
          33.74999859375,
          363.8805463614117,
          571.8226694865543,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a much lesser extent, some CMBS and RMBS trusts for which the Commercial and Residential Lending Segment is deemed the",
        "box": [
          33.74999859375,
          375.8805458614079,
          545.7551075577638,
          380.8931834727118
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primary beneficiary.",
        "box": [
          33.74999859375,
          387.8805453614186,
          114.70621822682403,
          392.89318297272257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Tax (Provision) Benefit",
        "box": [
          33.74999859375,
          412.63054433016805,
          158.22554455635634,
          417.643181941472
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our consolidated income taxes principally relate to the taxable nature of our loan servicing and loan securitization businesses",
        "box": [
          69.74999709375,
          438.13054326765996,
          570.8495881350123,
          443.1431808789639
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which are housed in taxable REIT subsidiaries ('TRSs'). For the three months ended June 30, 2026, our income tax provision increased",
        "box": [
          33.74999859375,
          450.13054276765615,
          578.0223453282346,
          455.1431803789601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$10.1 million to a provision of $6.2 million compared to a benefit of $3.9 million for the three months ended March 31, 2026. This was",
        "box": [
          33.74999859375,
          462.1305422676669,
          575.283715975257,
          467.14317987897084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily due to a provision on taxable income of our TRSs in the second quarter of 2026 compared to the tax benefit recognition of",
        "box": [
          33.74999859375,
          474.1305417676631,
          562.4598060196732,
          479.14317937896703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intra-entity asset transfers in the first quarter of 2026.",
        "box": [
          33.74999859375,
          486.1305412676593,
          247.24117780453395,
          491.1431788789632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income Attributable to Non-controlling Interests",
        "box": [
          33.74999859375,
          510.8805402364087,
          243.5800256712448,
          515.8931778477126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, net income attributable to non-controlling interests increased $2.9 million to",
        "box": [
          69.74999709375,
          536.3805391739152,
          561.740516581644,
          541.3931767852191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8.4 million, compared to $5.5 million during the three months ended March 31, 2026. This was primarily due to non-controlling",
        "box": [
          33.74999859375,
          548.3805386739114,
          551.1296466987637,
          553.3931762852153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests in a favorable change in unrealized gains (losses) of a consolidated CMBS joint venture, partially offset by lower income of",
        "box": [
          33.74999859375,
          560.3805381739076,
          564.6711704275326,
          565.3931757852115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Woodstar Fund in the second quarter of 2026.",
        "box": [
          33.74999859375,
          572.3805376739183,
          231.28333119444417,
          577.3931752852222
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81",
        "box": [
          300.99608495849594,
          628.6305353301577,
          310.9935794794336,
          633.6431729414617
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 121,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025",
        "box": [
          33.74999859375,
          93.130557642653,
          381.509216441282,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          33.74999859375,
          117.13055664265994,
          219.4162425317438,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          33.74999859375,
          141.13055564265233,
          71.4944463914776,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, revenues of our Commercial and Residential Lending Segment increased $39.4",
        "box": [
          69.74999709375,
          165.13055464265926,
          551.1914905711866,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million to $708.8 million, compared to $669.4 million for the six months ended June 30, 2025. This was primarily due to increases in",
        "box": [
          33.74999859375,
          177.13055414265546,
          566.9752727635291,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest income from loans of $33.6 million and rental income from foreclosed properties of $21.4 million, partially offset by a decrease",
        "box": [
          33.74999859375,
          189.13055364265165,
          577.4365179627054,
          194.1431912539556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in interest income from investment securities of $14.2 million. The increase in interest income from loans reflects (i) a $39.0 million",
        "box": [
          33.74999859375,
          201.1305531426624,
          563.5728067802987,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase from commercial loans, reflecting higher average balances, partially offset by lower average index rates and spreads and",
        "box": [
          33.74999859375,
          213.13055264265859,
          550.7050249914561,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional loans placed on nonaccrual, and (ii) a $5.4 million decrease from residential loans principally due to lower average balances.",
        "box": [
          33.74999859375,
          225.13055214265478,
          575.0787567196338,
          230.14318975395872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The decrease in interest income from investment securities was primarily due to lower average commercial and residential investment",
        "box": [
          33.74999859375,
          237.13055164266552,
          569.8067150821398,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balances due to repayments.",
        "box": [
          33.74999859375,
          249.13055114266172,
          146.45607565391325,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and Expenses",
        "box": [
          33.74999859375,
          273.1305501426541,
          113.16852840505743,
          278.14318775395805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, costs and expenses of our Commercial and Residential Lending Segment increased",
        "box": [
          69.74999709375,
          297.13054914266104,
          566.1877362713433,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$45.6 million to $416.6 million, compared to $371.0 million for the six months ended June 30, 2025. This was primarily due to",
        "box": [
          33.74999859375,
          309.13054864265723,
          542.5575643559338,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increases of $52.5 million in credit loss provision and $21.8 million in rental costs and expenses, partially offset by a $30.4 million",
        "box": [
          33.74999859375,
          321.1305481426534,
          557.5147168327192,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease in interest expense associated with the various secured financing facilities used to fund a portion of this segment's investment",
        "box": [
          33.74999859375,
          333.13054764266417,
          572.6233343397806,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio. The increase in the credit loss provision primarily reflects a deterioration in macroeconomic forecasts in the second half of",
        "box": [
          33.74999859375,
          345.13054714266036,
          563.8070959135358,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026. The decrease in interest expense was primarily due to lower average index rates and spreads, partially offset by higher average",
        "box": [
          33.74999859375,
          357.13054664265655,
          564.7102763929653,
          362.1431842539605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings outstanding.",
        "box": [
          33.74999859375,
          369.13054614265275,
          130.94236275031798,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest Income (amounts in thousands)",
        "box": [
          33.74999859375,
          393.88054511140217,
          208.58885361429677,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended June 30,",
        "box": [
          374.77733188427715,
          407.2064186392672,
          495.24084070246437,
          411.2150245158555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          390.0702962470703,
          419.20641813927796,
          406.0602653558215,
          423.21502401585167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          463.9452931689453,
          419.20641813927796,
          479.9352622776965,
          423.21502401585167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
          533.0859152880859,
          419.20641813927796,
          559.2960438711201,
          423.21502401585167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from loans",
        "box": [
          45.996091833496095,
          431.2909976095398,
          142.71532616352783,
          435.80349961903994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.83592225683594,
          431.2909976095398,
          370.33592206933594,
          435.80349961903994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "637,465 ",
        "box": [
          398.30858090380843,
          431.2909976095398,
          429.80857959130844,
          435.80349961903994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.7109191787109,
          431.2909976095398,
          444.2109189912109,
          435.80349961903994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "603,894 ",
        "box": [
          472.1835778256834,
          431.2909976095398,
          503.6835765131834,
          435.80349961903994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.1445135356444,
          431.2909976095398,
          519.6445133481443,
          435.80349961903994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,571 ",
        "box": [
          549.703102095703,
          431.2909976095398,
          576.7031009707031,
          435.80349961903994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from investment securities",
        "box": [
          45.996091833496095,
          443.29099710953597,
          199.44872234963623,
          447.8034991190507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,981 ",
        "box": [
          402.8085807163084,
          443.29099710953597,
          429.80857959130844,
          447.8034991190507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,224 ",
        "box": [
          476.6835776381834,
          443.29099710953597,
          503.6835765131834,
          447.8034991190507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,243)",
        "box": [
          545.953102251953,
          443.29099710953597,
          576.6972415509472,
          447.8034991190507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          45.996091833496095,
          456.0409965782892,
          104.21923410753175,
          460.5534985878039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(315,673)",
        "box": [
          394.55858106005843,
          455.29099660953216,
          429.80272017155255,
          459.8034986190469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(346,045)",
        "box": [
          468.4335779819334,
          455.29099660953216,
          503.67771709342753,
          459.8034986190469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,372 ",
        "box": [
          549.703102095703,
          455.29099660953216,
          576.7031009707031,
          459.8034986190469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          59.49609127099609,
          469.5409960157849,
          133.80321684486574,
          474.05349802529963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          365.83592225683594,
          468.0409960782854,
          370.33592206933594,
          472.5534980878001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "352,773",
        "box": [
          398.30858090380843,
          468.0409960782854,
          427.5585796850584,
          472.5534980878001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          427.5585796850584,
          468.0409960782854,
          429.80857959130844,
          472.5534980878001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          439.7109191787109,
          468.0409960782854,
          444.2109189912109,
          472.5534980878001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "303,073",
        "box": [
          472.1835778256834,
          468.0409960782854,
          501.4335766069334,
          472.5534980878001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.4335766069334,
          468.0409960782854,
          503.6835765131834,
          472.5534980878001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.1445135356444,
          468.0409960782854,
          519.6445133481443,
          472.5534980878001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,700",
        "box": [
          549.703102095703,
          468.0409960782854,
          574.4531010644531,
          472.5534980878001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4531010644531,
          468.0409960782854,
          576.7031009707031,
          472.5534980878001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, net interest income of our Commercial and Residential Lending Segment increased",
        "box": [
          69.74999709375,
          499.630540705155,
          566.7344434235637,
          504.64317831645894
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$49.7 million to $352.8 million, compared to $303.1 million for the six months ended June 30, 2025. This reflects the net increase in",
        "box": [
          33.74999859375,
          511.63054020516574,
          564.4612346182806,
          516.6431778164697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest income and the decrease in interest expense on our secured financing facilities, both as discussed in the sections above.",
        "box": [
          33.74999859375,
          523.6305397051619,
          542.0646130202233,
          528.6431773164659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026 and 2025, the weighted average unlevered yields on the Commercial and",
        "box": [
          69.74999709375,
          547.6305387051543,
          537.2936487002636,
          552.6431763164583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential Lending Segment's loans and investment securities, excluding retained RMBS and loans for which interest income is not",
        "box": [
          33.74999859375,
          559.6305382051651,
          565.1789074749654,
          564.643175816469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized, were as follows:",
        "box": [
          33.74999859375,
          571.6305377051613,
          148.12067505239253,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended June 30,",
        "box": [
          441.6445165981444,
          584.9564112330263,
          562.1080254163317,
          588.9650171096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          453.65623109765625,
          596.9564107330225,
          469.64620020640746,
          600.9650166096108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          533.6952902626953,
          596.9564107330225,
          549.6852593714465,
          600.9650166096108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          45.996091833496095,
          609.0409902032843,
          90.48192987991945,
          613.553492212799
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.4  %",
        "box": [
          474.31639023681623,
          609.0409902032843,
          496.81345958943825,
          613.553492212799
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.3  %",
        "box": [
          554.7070118872068,
          609.0409902032843,
          577.2509562378757,
          613.553492212799
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          45.996091833496095,
          621.040989703295,
          86.48730119636231,
          625.5534917127952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.8  %",
        "box": [
          474.31639023681623,
          621.040989703295,
          496.81345958943825,
          625.5534917127952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.1  %",
        "box": [
          554.7070118872068,
          621.040989703295,
          577.2509562378757,
          625.5534917127952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Overall",
        "box": [
          45.996091833496095,
          633.0409892032912,
          74.98681331554931,
          637.5534912127914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.1",
        "box": [
          474.31639023681623,
          633.0409892032912,
          485.56638976806624,
          637.5534912127914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.56638976806624,
          633.0409892032912,
          487.8163896743162,
          637.5534912127914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "%",
        "box": [
          487.8163896743162,
          633.0409892032912,
          496.8163892993162,
          637.5534912127914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.8",
        "box": [
          554.7070118872068,
          633.0409892032912,
          565.9570114184568,
          637.5534912127914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          565.9570114184568,
          633.0409892032912,
          568.2070113247067,
          637.5534912127914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "%",
        "box": [
          568.2538863227537,
          633.0409892032912,
          577.2538859477537,
          637.5534912127914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted average unlevered yield on our commercial loans decreased primarily due to lower average index rates and",
        "box": [
          69.74999709375,
          661.6305339551618,
          554.6964951251447,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "spreads. The unlevered yield on our residential loans declined primarily due to an increase in the fair value of those loans.",
        "box": [
          33.74999859375,
          673.630533455158,
          521.0590749954541,
          678.643171066462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026 and 2025, the Commercial and Residential Lending Segment's weighted average",
        "box": [
          69.74999709375,
          697.6305324551649,
          569.2387493542788,
          702.6431700664689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured borrowing rates, inclusive of the amortization of deferred financing fees, were 5.6% and 6.5%, respectively. The decrease in",
        "box": [
          33.74999859375,
          709.6305319551611,
          563.1237407740097,
          714.6431695664651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowing rates primarily reflects lower average index rates and spreads. Interest rate hedges had the effect of adjusting these weighted",
        "box": [
          33.74999859375,
          721.6305314551573,
          574.3269568072091,
          726.6431690664613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average borrowing costs to 5.3% and 5.9% during the six months ended June 30, 2026 and 2025, respectively.",
        "box": [
          33.74999859375,
          733.6305309551535,
          474.01040178081564,
          738.6431685664575
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 122,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "82",
        "box": [
          300.99608495849594,
          56.380559173907386,
          310.9935794794336,
          61.39319678521133
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 123,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income (Loss)",
        "box": [
          33.74999859375,
          93.13055764266755,
          116.49288352662907,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, other income of our Commercial and Residential Lending Segment decreased $60.1",
        "box": [
          69.74999709375,
          117.13055664265994,
          569.7903362212347,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million to a loss of $13.9 million, compared to income of $46.2 million for the six months ended June 30, 2025. This was primarily due",
        "box": [
          33.74999859375,
          129.13055614267068,
          575.8646492782,
          134.14319375397463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to (ii) a $129.7 million unfavorable change in foreign currency gain (loss), (ii) an $84.7 million unfavorable change in fair value of",
        "box": [
          33.74999859375,
          141.13055564266688,
          557.3389869830405,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential loans, (iii) a $31.4 million decrease in gain on sale of investments and other assets, (iv) the nonrecurrence of a $20.8 million",
        "box": [
          33.74999859375,
          153.13055514266307,
          574.570990222041,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gain on extinguishment of debt in the first half of 2025 and (v) a $6.5 million unfavorable change in fair value of RMBS investments,",
        "box": [
          33.74999859375,
          165.13055464265926,
          568.2249363802102,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "all partially offset by (vi) a $219.8 million favorable change in gain (loss) on derivatives. The favorable change in gain (loss) on",
        "box": [
          33.74999859375,
          177.13055414267,
          545.6036608790131,
          182.14319175397395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivatives during the six months ended June 30, 2026 reflects (i) a $128.9 million favorable change in gain (loss) on foreign currency",
        "box": [
          33.74999859375,
          189.1305536426662,
          570.9683907221494,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hedges and (ii) a $90.9 million favorable change in gain (loss) on interest rate swaps principally related to residential loans. The foreign",
        "box": [
          33.74999859375,
          201.1305531426624,
          576.3185949992242,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currency hedges are used to fix the U.S. dollar amounts of cash flows (both interest and principal payments) we expect to receive from",
        "box": [
          33.74999859375,
          213.13055264265859,
          572.3255298646894,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our foreign currency denominated loans and investments. The interest rate swaps are used primarily to hedge our interest rate risk on",
        "box": [
          33.74999859375,
          225.13055214266933,
          564.6516644853463,
          230.14318975397327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential loans held-for-sale and to fix our interest rate payments on certain variable rate borrowings which fund fixed rate",
        "box": [
          33.74999859375,
          237.13055164266552,
          529.9093896180024,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments. The unfavorable change in foreign currency gain (loss) and the favorable change in gain (loss) on foreign currency hedges",
        "box": [
          33.74999859375,
          249.13055114266172,
          575.454598968137,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reflect the strengthening of the U.S. dollar against the GBP and EUR, partially offset by a weakening against the AUD, during the first",
        "box": [
          33.74999859375,
          261.1305506426579,
          571.26615644633,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "half of 2026, compared to a weakening of the U.S. dollar against each of those currencies in the first half of 2025.",
        "box": [
          33.74999859375,
          273.13055014266865,
          488.76737446594194,
          278.1431877539726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          33.74999859375,
          297.13054914266104,
          161.11057708614663,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          33.74999859375,
          321.130548142668,
          71.4944463914776,
          326.1431857539719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, revenues of our Infrastructure Lending Segment increased $3.4 million to $132.2",
        "box": [
          69.74999709375,
          345.13054714266036,
          558.4161911451578,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, compared to $128.8 million for the six months ended June 30, 2025. This was primarily due to increases in interest income of",
        "box": [
          33.74999859375,
          357.1305466426711,
          570.0018742554205,
          362.14318425397505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i) $2.0 million from loans, reflecting higher average balances, partially offset by the effects of lower average index rates and spreads,",
        "box": [
          33.74999859375,
          369.1305461426673,
          569.1524570665632,
          374.14318375397124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii) $0.9 million from cash balances and (iii) $0.6 million from investment securities.",
        "box": [
          33.74999859375,
          381.1305456426635,
          373.3130185765401,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and Expense",
        "box": [
          33.74999859375,
          405.13054464267043,
          109.27790039431537,
          410.1431822539744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "s",
        "box": [
          109.28905794628906,
          405.13054464267043,
          113.17968645459251,
          410.1431822539744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, costs and expenses of our Infrastructure Lending Segment decreased $3.6 million to",
        "box": [
          69.74999709375,
          429.1305436426628,
          570.07341718444,
          434.14318125396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$87.6 million, compared to $91.2 million for the six months ended June 30, 2025. This was primarily due to (i) a $3.4 million decrease",
        "box": [
          33.74999859375,
          441.130543142659,
          573.0625863949527,
          446.14318075396295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in credit loss provision to a reversal of $0.6 million in the first half of 2026 compared to a provision of $2.8 million in the first half of",
        "box": [
          33.74999859375,
          453.13054264266975,
          567.6829802520413,
          458.1431802539737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, reflecting lower net fundings, and (ii) a $1.3 million net decrease in general, administrative and other expenses, partially offset by",
        "box": [
          33.74999859375,
          465.13054214266594,
          577.4267037530527,
          470.1431797539699
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iii) a $1.1 million increase in interest expense, reflecting higher average borrowings outstanding, partially offset by the effects of lower",
        "box": [
          33.74999859375,
          477.13054164266214,
          576.9580959155778,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average index rates and spreads.",
        "box": [
          33.74999859375,
          489.13054114265833,
          162.82402149691546,
          494.1431787539623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest Income (amounts in thousands)",
        "box": [
          33.74999859375,
          513.1305401426653,
          208.58885361429677,
          518.1431777539692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended June 30,",
        "box": [
          377.9531092519531,
          526.4564136705303,
          498.4166180701403,
          530.465019547104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          393.6445185981444,
          538.4564131705265,
          409.6344877068956,
          542.4650190471148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          466.74607805224593,
          538.4564131705265,
          482.7360471609971,
          542.4650190471148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
          533.1210752866209,
          538.4564131705265,
          559.331203869655,
          542.4650190471148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from loans",
        "box": [
          45.996091833496095,
          550.5409926407883,
          142.71532616352783,
          555.053494650303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          369.01170712451153,
          550.5409926407883,
          373.5117069370115,
          555.053494650303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128,429 ",
        "box": [
          402.26951823876936,
          550.5409926407883,
          433.7695169262694,
          555.053494650303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.1132665786131,
          550.5409926407883,
          446.6132663911131,
          555.053494650303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,405 ",
        "box": [
          475.3710776928709,
          550.5409926407883,
          506.87107638037094,
          555.053494650303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.2148260327147,
          550.5409926407883,
          519.7148258452146,
          555.053494650303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,024 ",
        "box": [
          554.203101908203,
          550.5409926407883,
          576.7031009707031,
          555.053494650303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from investment securities",
        "box": [
          45.996091833496095,
          562.5409921407991,
          199.44872234963623,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "865 ",
        "box": [
          418.01951758251937,
          562.5409921407991,
          433.7695169262694,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "302 ",
        "box": [
          491.12107703662093,
          562.5409921407991,
          506.87107638037094,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "563 ",
        "box": [
          560.9531016269531,
          562.5409921407991,
          576.7031009707031,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          45.996091833496095,
          575.2909916095377,
          104.21923410753175,
          579.8034936190525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(75,321)",
        "box": [
          403.01951820751935,
          574.5409916407953,
          433.7636575065135,
          579.0534936502954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(74,260)",
        "box": [
          476.1210776616209,
          574.5409916407953,
          506.86521696061504,
          579.0534936502954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,061)",
        "box": [
          550.4531020644531,
          574.5409916407953,
          576.6972415509472,
          579.0534936502954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          59.49609127099609,
          588.790991047048,
          133.80321684486574,
          593.3034930565482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          369.01170712451153,
          587.2909911095485,
          373.5117069370115,
          591.8034931190487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,973",
        "box": [
          406.76951805126936,
          587.2909911095485,
          431.51951702001935,
          591.8034931190487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.51951702001935,
          587.2909911095485,
          433.7695169262694,
          591.8034931190487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.1132665786131,
          587.2909911095485,
          446.6132663911131,
          591.8034931190487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,447",
        "box": [
          479.8710775053709,
          587.2909911095485,
          504.6210764741209,
          591.8034931190487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          504.6210764741209,
          587.2909911095485,
          506.87107638037094,
          591.8034931190487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.2148260327147,
          587.2909911095485,
          519.7148258452146,
          591.8034931190487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,526",
        "box": [
          554.203101908203,
          587.2909911095485,
          574.4531010644531,
          591.8034931190487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4531010644531,
          587.2909911095485,
          576.7031009707031,
          591.8034931190487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, net interest income of our Infrastructure Lending Segment increased $1.5 million to",
        "box": [
          69.74999709375,
          618.8805357364181,
          568.9604108558151,
          623.893173347722
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$54.0 million, compared to $52.4 million for the six months ended June 30, 2025. This reflects the increase in interest income from",
        "box": [
          33.74999859375,
          630.8805352364143,
          558.8816067248529,
          635.8931728477182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans and investment securities, partially offset by the increase in interest expense on the secured financing facilities, both as discussed",
        "box": [
          33.74999859375,
          642.8805347364105,
          572.9894168379399,
          647.8931723477144
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the sections above.",
        "box": [
          33.74999859375,
          654.8805342364212,
          119.81724091386477,
          659.8931718477252
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026 and 2025, the weighted average unlevered yields on the Infrastructure Lending",
        "box": [
          69.74999709375,
          678.8805332364136,
          561.1596602058465,
          683.8931708477176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment's loans and investment securities, excluding those for which interest income is not recognized, were 8.5% and 9.3%,",
        "box": [
          33.74999859375,
          690.8805327364098,
          536.8266523884718,
          695.8931703477137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, reflecting lower average index rates and spreads in the first half of 2026.",
        "box": [
          33.74999859375,
          702.8805322364205,
          376.4909509191263,
          707.8931698477245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026 and 2025, the Infrastructure Lending Segment's weighted average secured",
        "box": [
          69.74999709375,
          726.8805312364129,
          542.8390893692034,
          731.8931688477169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowing rates, inclusive of the amortization of deferred financing fees, were 6.2% and 7.0%, respectively, reflecting lower average",
        "box": [
          33.74999859375,
          738.8805307364091,
          564.6907301937798,
          743.8931683477131
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 124,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "index rates and spreads in the first half of 2026.",
        "box": [
          33.74999859375,
          38.3805599239131,
          224.20501186437417,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83",
        "box": [
          300.99608495849594,
          81.13055814265681,
          310.9935794794336,
          86.14319575396075
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 125,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923898545,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income",
        "box": [
          33.74999859375,
          93.130557642653,
          88.99491938943962,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, other income of our Infrastructure Lending Segment increased $3.4 million to $4.0",
        "box": [
          69.74999709375,
          117.13055664265994,
          565.3577650059256,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, compared to $0.6 million for the six months ended June 30, 2025, primarily due to a $3.0 million increase in earnings from",
        "box": [
          33.74999859375,
          129.13055614265613,
          559.9116204569357,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated entities.",
        "box": [
          33.74999859375,
          141.13055564265233,
          128.15010724166197,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          33.74999859375,
          165.13055464265926,
          105.28477761222169,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in Results by Portfolio (amounts in thousands)",
        "box": [
          33.74999859375,
          189.13055364265165,
          253.41157132168348,
          194.1431912539556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ Change from prior period",
        "box": [
          329.9413962524412,
          202.4564271705167,
          424.6944976792721,
          206.46503304710495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          191.02733954052718,
          238.45642567051982,
          223.44843466047416,
          242.46503154710808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and",
        "box": [
          246.30467723730467,
          230.20642601426516,
          305.0100696661235,
          234.21503189085342
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization",
        "box": [
          253.6757744301756,
          238.45642567051982,
          297.6364852483562,
          242.46503154710808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other costs and",
        "box": [
          317.2382717817381,
          230.20642601426516,
          370.83748232331465,
          234.21503189085342
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " expenses",
        "box": [
          328.16014632665997,
          238.45642567051982,
          359.91758717425915,
          242.46503154710808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on",
        "box": [
          388.6171713076172,
          214.45642667051288,
          435.7087222703463,
          218.46503254710115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative",
        "box": [
          395.0624835390625,
          221.95642635802506,
          429.2519820146228,
          225.96503223459877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " financial",
        "box": [
          396.28123348828126,
          230.20642601426516,
          428.04256125306773,
          234.21503189085342
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments",
        "box": [
          391.7226436782225,
          238.45642567051982,
          432.58764719634,
          242.46503154710808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          456.76170346826154,
          230.20642601426516,
          503.4629124725008,
          234.21503189085342
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(loss)",
        "box": [
          471.23435536523436,
          238.45642567051982,
          489.0005499909751,
          242.46503154710808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss)",
        "box": [
          524.8476381313475,
          221.95642635802506,
          569.9248362941297,
          225.96503223459877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "before",
        "box": [
          536.5898251420896,
          230.20642601426516,
          558.1973805418977,
          234.21503189085342
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " income taxes",
        "box": [
          524.5195131450193,
          238.45642567051982,
          570.2564609601392,
          242.46503154710808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fundamental",
        "box": [
          45.996091833496095,
          250.54100514078164,
          92.98681256554931,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          177.38671510888656,
          250.54100514078164,
          181.88671492138656,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,058 ",
        "box": [
          209.5781162675781,
          250.54100514078164,
          236.57811514257813,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          244.86327479736312,
          250.54100514078164,
          249.3632746098631,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,457 ",
        "box": [
          278.8359258818359,
          250.54100514078164,
          305.83592475683594,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          314.22654940722657,
          250.54100514078164,
          318.72654921972656,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,350 ",
        "box": [
          346.3476455688475,
          250.54100514078164,
          373.34764444384746,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          381.62108159912094,
          250.54100514078164,
          386.12108141162093,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,674 ",
        "box": [
          415.11326770361313,
          250.54100514078164,
          442.1132665786131,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          450.4804537299803,
          250.54100514078164,
          454.9804535424803,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "555 ",
        "box": [
          493.51170193701154,
          250.54100514078164,
          509.26170128076154,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          517.5351384360349,
          250.54100514078164,
          522.035138248535,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,520)",
        "box": [
          550.4531020644531,
          250.54100514078164,
          576.6972415509472,
          255.05350715029635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Medical Office Portfolio",
        "box": [
          45.996091833496095,
          262.5410046407924,
          134.80517027311765,
          267.05350665029255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,171 ",
        "box": [
          214.07811608007813,
          262.5410046407924,
          236.57811514257813,
          267.05350665029255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17 ",
        "box": [
          294.5859252255859,
          262.5410046407924,
          305.83592475683594,
          267.05350665029255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,462)",
        "box": [
          347.0976455375975,
          262.5410046407924,
          373.34178502409156,
          267.05350665029255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68 ",
        "box": [
          430.8632670473631,
          262.5410046407924,
          442.1132665786131,
          267.05350665029255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(304)",
        "box": [
          489.76170209326153,
          262.5410046407924,
          509.25584186100565,
          267.05350665029255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,380 ",
        "box": [
          554.203101908203,
          262.5410046407924,
          576.7031009707031,
          267.05350665029255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund",
        "box": [
          45.996091833496095,
          274.5410041407886,
          101.02001534083251,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249 ",
        "box": [
          220.82811579882812,
          274.5410041407886,
          236.57811514257813,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          294.5859252255859,
          274.5410041407886,
          305.83592475683594,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24)",
        "box": [
          358.3476450688475,
          274.5410041407886,
          373.34178502409156,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          430.8632670473631,
          274.5410041407886,
          442.1132665786131,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,368 ",
        "box": [
          486.7617022182615,
          274.5410041407886,
          509.26170128076154,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,641 ",
        "box": [
          554.203101908203,
          274.5410041407886,
          576.7031009707031,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "D.C. Multifamily Conversion",
        "box": [
          45.996091833496095,
          286.54100364078477,
          152.49315777611818,
          291.0535056502995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          225.32811561132812,
          286.54100364078477,
          236.57811514257813,
          291.0535056502995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          294.5859252255859,
          286.54100364078477,
          305.83592475683594,
          291.0535056502995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          362.0976449125975,
          286.54100364078477,
          373.34764444384746,
          291.0535056502995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          430.8632670473631,
          286.54100364078477,
          442.1132665786131,
          291.0535056502995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          498.7617017182615,
          286.54100364078477,
          509.25584186100565,
          291.0535056502995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          566.203101408203,
          286.54100364078477,
          576.6972415509472,
          291.0535056502995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other/Corporate",
        "box": [
          45.996091833496095,
          299.291003109538,
          104.9750933160376,
          303.80350511903816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15)",
        "box": [
          221.5781157675781,
          298.54100314078096,
          236.57225572282223,
          303.0535051502957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          294.5859252255859,
          298.54100314078096,
          305.83592475683594,
          303.0535051502957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(98)",
        "box": [
          358.3476450688475,
          298.54100314078096,
          373.34178502409156,
          303.0535051502957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          430.8632670473631,
          298.54100314078096,
          442.1132665786131,
          303.0535051502957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229 ",
        "box": [
          493.51170193701154,
          298.54100314078096,
          509.26170128076154,
          303.0535051502957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "312 ",
        "box": [
          560.9531016269531,
          298.54100314078096,
          576.7031009707031,
          303.0535051502957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          59.49609127099609,
          312.7910025470337,
          79.17040686123289,
          317.30350455654843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          177.38671510888656,
          311.2910026095342,
          181.88671492138656,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,463",
        "box": [
          209.5781162675781,
          311.2910026095342,
          234.32811523632813,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          234.32811523632813,
          311.2910026095342,
          236.57811514257813,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          244.86327479736312,
          311.2910026095342,
          249.3632746098631,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,474",
        "box": [
          278.8359258818359,
          311.2910026095342,
          303.5859248505859,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.5859248505859,
          311.2910026095342,
          305.83592475683594,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          314.22654940722657,
          311.2910026095342,
          318.72654921972656,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,766",
        "box": [
          346.3476455688475,
          311.2910026095342,
          371.0976445375975,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          371.0976445375975,
          311.2910026095342,
          373.34764444384746,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          381.62108159912094,
          311.2910026095342,
          386.12108141162093,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,742",
        "box": [
          415.11326770361313,
          311.2910026095342,
          439.8632666723631,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          439.8632666723631,
          311.2910026095342,
          442.1132665786131,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          450.4804537299803,
          311.2910026095342,
          454.9804535424803,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,847",
        "box": [
          486.7617022182615,
          311.2910026095342,
          507.0117013745115,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          507.0117013745115,
          311.2910026095342,
          509.26170128076154,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          517.5351384360349,
          311.2910026095342,
          522.035138248535,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,812",
        "box": [
          549.703102095703,
          311.2910026095342,
          574.4531010644531,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4531010644531,
          311.2910026095342,
          576.7031009707031,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          33.74999859375,
          342.8805472364038,
          71.4944463914776,
          347.89318484770774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, revenues of our Property Segment increased $92.5 million to $125.5 million,",
        "box": [
          69.74999709375,
          366.88054623641074,
          541.5112229182815,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to $33.0 million for the six months ended June 30, 2025. This was primarily due to our acquisition of Fundamental in July",
        "box": [
          33.74999859375,
          378.88054573640693,
          564.1927563044676,
          383.8931833477109
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, which provided $91.1 million of net lease rental income during the first half of 2026.",
        "box": [
          33.74999859375,
          390.8805452364031,
          398.5752092489488,
          395.89318284770707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and Expenses",
        "box": [
          33.74999859375,
          414.88054423641006,
          113.16852840505743,
          419.893181847714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, costs and expenses of our Property Segment increased $101.2 million to $145.5",
        "box": [
          69.74999709375,
          438.88054323640245,
          552.616874811796,
          443.8931808477064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, compared to $44.3 million for the six months ended June 30, 2025. This was primarily due to the acquisition of Fundamental in",
        "box": [
          33.74999859375,
          450.88054273639864,
          577.7977667625919,
          455.8931803477026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2025, which introduced (i) higher interest expense, general and administrative expenses and costs of rental operations totaling",
        "box": [
          33.74999859375,
          462.8805422364094,
          556.5238417740055,
          467.8931798477133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$58.3 million and (ii) higher asset depreciation and amortization of $45.5 million, during the first half of 2026, the effect of which was",
        "box": [
          33.74999859375,
          474.8805417364056,
          572.1838776794169,
          479.8931793477095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially offset by (iii) a $3.1 million decrease in interest expense on variable rate borrowings of the Medical Office Portfolio, primarily",
        "box": [
          33.74999859375,
          486.88054123640177,
          575.8548346935478,
          491.8931788477057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due to repayment of its $39.5 million mezzanine debt in February 2026 and lower average index rates.",
        "box": [
          33.74999859375,
          498.8805407364125,
          442.9635434744351,
          503.89317834771646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income",
        "box": [
          33.74999859375,
          522.8805397364049,
          88.99491938943962,
          527.8931773477088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, other income of our Property Segment increased $19.6 million to $26.9 million,",
        "box": [
          69.74999709375,
          546.8805387364118,
          553.4516215707649,
          551.8931763477158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to $7.3 million for the six months ended June 30, 2025. This was primarily due to (i) a $10.7 million gain on derivatives",
        "box": [
          33.74999859375,
          558.880538236408,
          555.8501384349895,
          563.893175847712
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which hedge the timing of securitizations on Fundamental collateral while on a warehouse line and (ii) an $8.4 million increase in",
        "box": [
          33.74999859375,
          570.8805377364042,
          553.1897200629273,
          575.8931753477082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income attributable to investments of the Woodstar Fund, primarily related to unrealized fair value changes.",
        "box": [
          33.74999859375,
          582.8805372364004,
          464.7402758670708,
          587.8931748477044
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          33.74999859375,
          606.8805362364074,
          164.51305416937674,
          611.8931738477113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          33.74999859375,
          630.8805352363997,
          71.4944463914776,
          635.8931728477037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, revenues of our Investing and Servicing Segment increased $20.8 million to $133.5",
        "box": [
          69.74999709375,
          654.8805342364067,
          568.154975389375,
          659.8931718477106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, compared to $112.7 million for the six months ended June 30, 2025. This was primarily due to (i) a $31.6 million increase in",
        "box": [
          33.74999859375,
          666.8805337364029,
          566.3113780411917,
          671.8931713477068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicing fees principally related to default interest, partially offset by (ii) a $6.4 million decrease in interest income from CMBS",
        "box": [
          33.74999859375,
          678.8805332363991,
          549.1183977225041,
          683.893170847703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments and conduit loans primarily due to lower interest recoveries on CMBS investments and lower average loan balances held",
        "box": [
          33.74999859375,
          690.8805327364098,
          567.3609846224577,
          695.8931703477137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the first half of 2026 and (iii) a $3.1 million decrease in rental income on fewer properties held.",
        "box": [
          33.74999859375,
          702.880532236406,
          444.07156042826745,
          707.8931698477099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84",
        "box": [
          300.99608495849594,
          745.6305304551497,
          310.9935794794336,
          750.6431680664537
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 126,
    "width": 612.0,
    "height": 792.0,
    "cells": []
  },
  {
    "page_no": 127,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and Expenses",
        "box": [
          33.74999859375,
          93.13055764266755,
          113.16852840505743,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, costs and expenses of our Investing and Servicing Segment decreased $3.8 million to",
        "box": [
          69.74999709375,
          117.13055664265994,
          574.8134681369378,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$69.6 million, compared to $73.4 million for the six months ended June 30, 2025. This was primarily due to decreases of (i) $2.4",
        "box": [
          33.74999859375,
          129.13055614265613,
          549.4601369433267,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million in rental costs and expenses and (ii) $1.3 million in general and administrative expenses, principally related to lower loan",
        "box": [
          33.74999859375,
          141.13055564266688,
          549.8702015262405,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitization activity.",
        "box": [
          33.74999859375,
          153.13055514266307,
          121.93583970058981,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income",
        "box": [
          33.74999859375,
          177.13055414265546,
          88.99491938943962,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, other income of our Investing and Servicing Segment decreased $10.9 million to",
        "box": [
          69.74999709375,
          201.1305531426624,
          556.7613296391103,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$17.4 million, compared to $28.3 million for the six months ended June 30, 2025. This was primarily due to (i) a $16.3 million lesser",
        "box": [
          33.74999859375,
          213.13055264265859,
          566.4187291547182,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase in fair value of conduit loans and (ii) a $5.3 million decrease in earnings from unconsolidated entities, partially offset by (iii) a",
        "box": [
          33.74999859375,
          225.13055214265478,
          574.3708284404427,
          230.14318975395872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$9.3 million lesser decrease in fair value of CMBS investments and (iv) a $3.6 million favorable change in gain (loss) on derivatives",
        "box": [
          33.74999859375,
          237.13055164266552,
          563.7631778052796,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which primarily hedge our interest rate risk on conduit loans and CMBS investments.",
        "box": [
          33.74999859375,
          249.13055114266172,
          375.5488276583814,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate and Other Items",
        "box": [
          33.74999859375,
          273.1305501426541,
          142.8827338919655,
          278.1431877539726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Costs and Expenses",
        "box": [
          33.74999859375,
          296.38054917391855,
          157.32735146510643,
          301.3931867852225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, corporate expenses increased $51.0 million to $286.2 million, compared to $235.2",
        "box": [
          69.74999709375,
          320.38054817391094,
          563.4295729112669,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million for the six months ended June 30, 2025. This was primarily due to (i) a $55.8 million increase in interest expense reflecting",
        "box": [
          33.74999859375,
          332.38054767390713,
          558.0419694357499,
          337.3931852852111
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "higher average balances of unsecured senior notes and secured term loans outstanding, partially offset by lower spreads and index rates",
        "box": [
          33.74999859375,
          344.3805471739179,
          574.3562866388997,
          349.3931847852218
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the secured term loans, and (ii) a $4.7 million decrease in management fees, principally reflecting lower incentive fees and stock",
        "box": [
          33.74999859375,
          356.38054667391407,
          560.3656692139291,
          361.393184285218
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation expense.",
        "box": [
          33.74999859375,
          368.38054617391026,
          126.47575661142659,
          373.3931837852142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Other Income (Loss)",
        "box": [
          33.74999859375,
          392.3805451739172,
          160.65170658667805,
          397.39318278522114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, corporate other income decreased $99.2 million to a loss of $55.7 million, compared",
        "box": [
          69.74999709375,
          416.3805441739096,
          572.0211557032842,
          421.3931817852135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to income of $43.5 million for the six months ended June 30, 2025. This was due to an unfavorable change in gain (loss) on fixed-to-",
        "box": [
          33.74999859375,
          428.3805436739058,
          565.8281223293266,
          433.3931812852097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "floating interest rate swaps which hedge a portion of our unsecured senior notes.",
        "box": [
          33.74999859375,
          440.3805431739165,
          355.5196766429294,
          445.39318078522047
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization VIE Eliminations",
        "box": [
          33.74999859375,
          463.6305422051664,
          160.929928614999,
          468.64317981647037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to the preceding comparison of the three months ended June 30, 2026 to the three months ended March 31, 2026 for a",
        "box": [
          69.74999709375,
          488.38054117391584,
          565.597010056018,
          493.3931787852198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of the effect of securitization VIE eliminations.",
        "box": [
          33.74999859375,
          499.630540705155,
          266.5967068230534,
          504.64317831645894
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Tax Provision",
        "box": [
          33.74999859375,
          523.6305397051619,
          120.75450888106192,
          528.6431773164659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our consolidated income taxes principally relate to the taxable nature of our loan servicing and loan securitization businesses",
        "box": [
          69.74999709375,
          547.6305387051543,
          570.8495881350123,
          552.6431763164583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which are housed in TRSs. For the six months ended June 30, 2026, our income tax provision decreased $2.1 million to $2.3 million,",
        "box": [
          33.74999859375,
          559.6305382051651,
          565.588904140045,
          564.643175816469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to $4.4 million for the six months ended June 30, 2025. This was primarily due to higher taxable income of our TRSs during",
        "box": [
          33.74999859375,
          571.6305377051613,
          573.1602546058216,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the first half of 2026, partially offset by the tax benefit recognition of intra-entity asset transfers.",
        "box": [
          33.74999859375,
          583.6305372051575,
          418.6286900383871,
          588.6431748164614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income Attributable to Non-controlling Interests",
        "box": [
          33.74999859375,
          607.6305362051644,
          243.5800256712448,
          612.6431738164683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, net income attributable to non-controlling interests increased $5.3 million to $14.0",
        "box": [
          69.74999709375,
          631.6305352051568,
          563.9860304380808,
          636.6431728164607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, compared to $8.7 million for the six months ended June 30, 2025. This was primarily due to non-controlling interests in a",
        "box": [
          33.74999859375,
          643.6305347051675,
          553.638759004279,
          648.6431723164715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "favorable change in unrealized gains (losses) of a consolidated CMBS joint venture and higher income of the Woodstar Fund in the first",
        "box": [
          33.74999859375,
          655.6305342051637,
          577.2119573735881,
          660.6431718164677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter of 2026.",
        "box": [
          33.74999859375,
          667.6305337051599,
          97.87937575294254,
          672.6431713164638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85",
        "box": [
          300.99608495849594,
          710.3805319239182,
          310.9935794794336,
          715.3931695352221
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 128,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-GAAP Financial Measures",
        "box": [
          33.74999859375,
          93.130557642653,
          168.53060192330432,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings is a non-GAAP financial measure. We calculate Distributable Earnings as GAAP net income (loss)",
        "box": [
          69.74999709375,
          117.13055664265994,
          557.2153453631922,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excluding the following: (i) non-cash equity compensation expense; (ii) the incentive fee due under our management agreement; (iii)",
        "box": [
          33.74999859375,
          129.13055614265613,
          564.8225528962251,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition and investment pursuit costs associated with successful acquisitions; (iv) depreciation and amortization of real estate and",
        "box": [
          33.74999859375,
          141.13055564265233,
          563.4703593345671,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated intangibles; (v) unrealized gains (losses), net of realized gains (losses), as described further below; (vi) other non-cash items;",
        "box": [
          33.74999859375,
          153.13055514266307,
          576.772595541895,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and (vii) to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in",
        "box": [
          33.74999859375,
          165.13055464265926,
          567.6586679350543,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exchange for properties or interests therein (i.e. the Woodstar II Class A units), with each of the above adjusted for any related non-",
        "box": [
          33.74999859375,
          177.13055414265546,
          558.2958041681732,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interest. Distributable Earnings may be adjusted to exclude one-time events pursuant to changes in GAAP and certain other",
        "box": [
          33.74999859375,
          189.13055364265165,
          573.3750883648696,
          194.1431912539556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-cash adjustments as determined by our Manager and approved by a majority of our independent directors.",
        "box": [
          33.74999859375,
          201.1305531426624,
          475.1722516324052,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As noted in (v) above, we exclude unrealized gains and losses from our calculation of Distributable Earnings and include",
        "box": [
          69.74999709375,
          225.13055214265478,
          554.2034104307514,
          230.14318975395872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realized gains and losses. The nature of these adjustments is described more fully in the footnotes to our reconciliation tables. In order",
        "box": [
          33.74999859375,
          237.13055164265097,
          569.6650055444563,
          242.14318925395492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to present each of these items within our Distributable Earnings reconciliation tables in a manner which can be agreed more easily to",
        "box": [
          33.74999859375,
          249.13055114266172,
          564.8274455780216,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our GAAP financial statements, we reverse the entirety of those items within our GAAP financial statements which contain unrealized",
        "box": [
          33.74999859375,
          261.1305506426579,
          571.3297035820946,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and realized components (i.e. those assets and liabilities carried at fair value, including loans or securities for which the fair value",
        "box": [
          33.74999859375,
          273.1305501426541,
          551.4908859937731,
          278.14318775395805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "option has been elected, investment company assets and liabilities, derivatives, foreign currency conversions, and accumulated",
        "box": [
          33.74999859375,
          285.1305496426503,
          540.6782612342378,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depreciation related to sold properties). The realized portion of these items is then separately included in the reconciliation table, along",
        "box": [
          33.74999859375,
          297.13054914266104,
          572.4084691871459,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with a description as to how the amount was determined.",
        "box": [
          33.74999859375,
          309.13054864265723,
          261.4174088638575,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The CECL reserve and any property impairment losses have been excluded from Distributable Earnings consistent with other",
        "box": [
          69.74999709375,
          334.6305475801637,
          571.3329135999602,
          339.64318519146764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unrealized losses pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit",
        "box": [
          33.74999859375,
          346.6305470801599,
          574.4196906899325,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization event.",
        "box": [
          33.74999859375,
          358.6305465801561,
          576.4944367856472,
          363.64318419146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Non-",
        "box": [
          33.74999859375,
          370.63054608015227,
          564.1976138472645,
          375.6431836914562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recoverability may also be determined if, in our determination, it is nearly certain the carrying amounts will not be collected or realized",
        "box": [
          33.74999859375,
          382.630545580163,
          574.8053655872752,
          387.64318319146696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "upon sale. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected",
        "box": [
          33.74999859375,
          394.6305450801592,
          575.5278995071693,
          399.64318269146315
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to be received, and the Distributable Earnings basis of the asset, and is reflective of our economic experience as it relates to the ultimate",
        "box": [
          33.74999859375,
          406.6305445801554,
          577.0264532297915,
          411.64318219145935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realization of the asset. The timing of any such loss realization in our Distributable Earnings may differ materially from the timing of",
        "box": [
          33.74999859375,
          418.6305440801516,
          565.8817721520912,
          423.64318169145554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the corresponding CECL reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with",
        "box": [
          33.74999859375,
          430.63054358016234,
          558.8084488538132,
          435.6431811914663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP.",
        "box": [
          33.74999859375,
          442.63054308015853,
          62.36099048287529,
          447.6431806914625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and",
        "box": [
          69.74999709375,
          466.6305420801509,
          565.6457895939245,
          471.64317969145486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial",
        "box": [
          33.74999859375,
          478.63054158016166,
          553.5802750332414,
          483.6431791914656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "metric for existing and potential future holders of our common stock as historically, over time, Distributable Earnings has been a strong",
        "box": [
          33.74999859375,
          490.63054108015785,
          575.6059025789197,
          495.6431786914618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our REIT taxable income, subject",
        "box": [
          33.74999859375,
          502.63054058015405,
          577.2607552215547,
          507.643178191458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our common",
        "box": [
          33.74999859375,
          514.6305400801502,
          572.618445178397,
          519.6431776914542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP",
        "box": [
          33.74999859375,
          526.630539580161,
          557.0412795673842,
          531.6431771914649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments that we believe are not necessarily indicative of our current loan portfolio and operations, and is a performance metric we",
        "box": [
          33.74999859375,
          538.6305390801572,
          569.8066045556186,
          543.6431766914611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consider when declaring our dividends. We also use Distributable Earnings (previously defined as 'Core Earnings') to compute the",
        "box": [
          33.74999859375,
          550.6305385801534,
          559.1501417246376,
          555.6431761914573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incentive fee due under our management agreement.",
        "box": [
          33.74999859375,
          562.6305380801641,
          243.32139356785817,
          567.6431756914681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be",
        "box": [
          69.74999709375,
          586.6305370801565,
          553.1001544767206,
          591.6431746914604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considered as an alternative to GAAP net income (loss), or an indication of our GAAP cash flows from operations, a measure of our",
        "box": [
          33.74999859375,
          598.6305365801527,
          562.1767247564683,
          603.6431741914566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liquidity, taxable income, or an indication of funds available for our cash needs. In addition, our methodology for calculating",
        "box": [
          33.74999859375,
          610.6305360801634,
          532.8334741111042,
          615.6431736914674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental",
        "box": [
          33.74999859375,
          622.6305355801596,
          571.8910956452909,
          627.6431731914636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable Earnings",
        "box": [
          33.74999859375,
          634.6305350801558,
          553.0726114257197,
          639.6431726914598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reported by other companies.",
        "box": [
          33.74999859375,
          646.630534580152,
          150.3466776918048,
          651.643172191456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 2 to the Condensed Consolidated Financial Statements, consolidation of securitization variable interest",
        "box": [
          69.74999709375,
          670.630533580159,
          567.3006879115576,
          675.6431711914629
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities ('VIEs') results in the elimination of certain key financial statement line items, particularly within revenues and other income,",
        "box": [
          33.74999859375,
          682.6305330801551,
          571.7690339325387,
          687.6431706914591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including unrealized changes in fair value of loans and investment securities. These line items are essential to understanding the true",
        "box": [
          33.74999859375,
          694.6305325801513,
          563.2652996031727,
          699.6431701914553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial performance of our business segments and the Company as a whole. For this reason, as referenced in Note 2 to our Condensed",
        "box": [
          33.74999859375,
          706.6305320801621,
          577.348700531303,
          711.643169691466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Financial Statements, we present business segment data in Note 23 without consolidation of these VIEs. This is how we",
        "box": [
          33.74999859375,
          718.6305315801583,
          568.4446661873661,
          723.6431691914622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "manage our business and is the basis for all data reviewed with our board of directors, investors and analysts. This presentation also",
        "box": [
          33.74999859375,
          730.6305310801545,
          560.2484811188123,
          735.6431686914584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allows for a more transparent reconciliation of the unrealized gain (loss) adjustments below to the segment data presented in Note 23.",
        "box": [
          33.74999859375,
          742.6305305801507,
          567.6148289556307,
          747.6431681914546
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 129,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "86",
        "box": [
          300.99608495849594,
          65.38055879891908,
          310.9935794794336,
          70.39319641022303
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 130,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted average diluted share count applied to Distributable Earnings for purposes of determining Distributable Earnings",
        "box": [
          69.74999709375,
          93.13055764266755,
          578.0889830833709,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share ('EPS') is computed using the GAAP diluted share count, adjusted for the following:",
        "box": [
          33.74999859375,
          105.13055714266375,
          414.5917402494308,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i)",
        "box": [
          69.74999709375,
          129.13055614265613,
          79.18609573107862,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unvested stock awards - Currently, unvested stock awards are excluded from the denominator of GAAP EPS. The",
        "box": [
          105.7617143432617,
          129.13055614265613,
          563.7764848068733,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related compensation expense is also excluded from Distributable Earnings. In order to effectuate dilution from these",
        "box": [
          105.74999559374999,
          141.13055564266688,
          574.1868994231062,
          146.14319325397082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "awards in the Distributable Earnings computation, we adjust the GAAP diluted share count to include these shares.",
        "box": [
          105.74999559374999,
          153.13055514266307,
          565.155997183082,
          158.143192753967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii)",
        "box": [
          69.74999709375,
          177.13055414265546,
          81.96371401534452,
          182.14319175397395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes - Conversion of our Convertible Notes is an event that is contingent upon numerous factors, none",
        "box": [
          105.7617143432617,
          177.13055414265546,
          572.2215830799943,
          182.14319175397395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of which are in our control, and is an event that may or may not occur. Consistent with the treatment of other",
        "box": [
          105.74999559374999,
          189.1305536426662,
          540.8017258720931,
          194.14319125397014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unrealized adjustments to Distributable Earnings, we adjust the GAAP diluted share count to exclude the potential",
        "box": [
          105.74999559374999,
          201.1305531426624,
          562.3735028918569,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares issuable upon conversion until a conversion occurs.",
        "box": [
          105.74999559374999,
          213.13055264265859,
          339.5242475344056,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iii)",
        "box": [
          69.74999709375,
          237.13055164266552,
          84.74133229961043,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subsidiary equity - The intent of a February 2018 amendment to our management agreement (the 'Amendment') is",
        "box": [
          105.77343309277344,
          237.13055164266552,
          569.7828163044609,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to treat subsidiary equity in the same manner as if parent equity had been issued. The Class A Units issued in",
        "box": [
          105.74999559374999,
          249.13055114266172,
          540.6504294103977,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "connection with the acquisition of assets in our Woodstar II Portfolio are currently excluded from our GAAP diluted",
        "box": [
          105.74999559374999,
          261.1305506426579,
          570.5549388393766,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share count, with the subsidiary equity represented as non-controlling interests in consolidated subsidiaries on our",
        "box": [
          105.74999559374999,
          273.13055014266865,
          561.3678564651709,
          278.1431877539726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP balance sheet. Consistent with the Amendment, we adjust GAAP diluted share count to include these",
        "box": [
          105.74999559374999,
          285.13054964266485,
          538.4293788380028,
          290.1431872539688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiary units.    ",
        "box": [
          105.74999559374999,
          297.13054914266104,
          181.28762115259883,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents our diluted weighted average shares used in our GAAP EPS calculation reconciled to our diluted",
        "box": [
          69.74999709375,
          321.130548142668,
          573.007270212196,
          326.1431857539719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average shares used in our Distributable EPS calculation (amounts in thousands):",
        "box": [
          33.74999859375,
          333.13054764266417,
          397.74054490156414,
          338.1431852539681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          274.91014854541,
          358.4564206705254,
          374.4141843242852,
          362.46502654711367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended",
        "box": [
          451.14841870214843,
          358.4564206705254,
          541.1818052006346,
          362.46502654711367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          258.5859267255859,
          370.4564201705216,
          305.00602084141514,
          374.46502604710986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          341.0624857890625,
          370.4564201705216,
          393.9863256839023,
          374.46502604710986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          430.03123208203124,
          370.4564201705216,
          476.45132619786057,
          374.46502604710986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025",
        "box": [
          515.8124785078124,
          370.4564201705216,
          562.2325726236418,
          374.46502604710986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted weighted average shares - GAAP EPS",
        "box": [
          34.74609230224609,
          382.54099964079796,
          201.37352853943594,
          387.05350165029813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,731 ",
        "box": [
          287.97655050097654,
          382.54099964079796,
          319.47654918847655,
          387.05350165029813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,947 ",
        "box": [
          373.699206929199,
          382.54099964079796,
          405.19920561669903,
          387.05350165029813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,753 ",
        "box": [
          459.42185585742186,
          382.54099964079796,
          490.92185454492187,
          387.05350165029813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "336,208 ",
        "box": [
          545.1679497846677,
          382.54099964079796,
          576.6679484721677,
          387.05350165029813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add: Unvested stock awards",
        "box": [
          34.74609230224609,
          394.54099914079416,
          137.97362731109862,
          399.0535011502943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,565 ",
        "box": [
          296.97655012597653,
          394.54099914079416,
          319.47654918847655,
          399.0535011502943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,406 ",
        "box": [
          382.69920655419907,
          394.54099914079416,
          405.19920561669903,
          399.0535011502943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,491 ",
        "box": [
          468.42185548242185,
          394.54099914079416,
          490.92185454492187,
          399.0535011502943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,702 ",
        "box": [
          554.1679494096677,
          394.54099914079416,
          576.6679484721677,
          399.0535011502943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add: Woodstar II Class A Units",
        "box": [
          34.74609230224609,
          406.54099864079035,
          148.6083920429834,
          411.05350065030507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,643 ",
        "box": [
          296.97655012597653,
          406.54099864079035,
          319.47654918847655,
          411.05350065030507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,643 ",
        "box": [
          382.69920655419907,
          406.54099864079035,
          405.19920561669903,
          411.05350065030507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,643 ",
        "box": [
          468.42185548242185,
          406.54099864079035,
          490.92185454492187,
          411.05350065030507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,675 ",
        "box": [
          554.1679494096677,
          406.54099864079035,
          576.6679484721677,
          411.05350065030507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted weighted average shares - Distributable EPS",
        "box": [
          34.74609230224609,
          420.7909980470431,
          224.19432679856936,
          425.3035000565578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "381,939 ",
        "box": [
          287.97655050097654,
          419.2909981095436,
          319.47654918847655,
          423.80350011904375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "381,996 ",
        "box": [
          373.699206929199,
          419.2909981095436,
          405.19920561669903,
          423.80350011904375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "381,887 ",
        "box": [
          459.42185585742186,
          419.2909981095436,
          490.92185454492187,
          423.80350011904375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "350,585 ",
        "box": [
          545.1679497846677,
          419.2909981095436,
          576.6679484721677,
          423.80350011904375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As noted above, the definition of Distributable Earnings provides flexibility for management to make adjustments, subject to",
        "box": [
          69.74999709375,
          450.8805427364132,
          568.9555123810192,
          455.89318034771713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the approval of a majority of our independent directors, when appropriate in order for Distributable Earnings to be calculated in a",
        "box": [
          33.74999859375,
          462.8805422364094,
          550.9392352167588,
          467.8931798477133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "manner consistent with its definition and objective. No adjustments to the definition of Distributable Earnings became effective during",
        "box": [
          33.74999859375,
          474.8805417364056,
          572.1839363715012,
          479.8931793477095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the six months ended June 30, 2026.",
        "box": [
          33.74999859375,
          486.8805412364163,
          179.25542521227362,
          491.89317884772026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes our quarterly Distributable Earnings per weighted average diluted share for the six months",
        "box": [
          69.74999709375,
          510.1305402676662,
          562.8145087698073,
          515.1431778789702
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026 and 2025:",
        "box": [
          33.74999859375,
          520.6305398301629,
          158.14257498481336,
          525.6431774414668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings For the Three-Month Periods Ended",
        "box": [
          358.18358257568343,
          545.2064128892816,
          563.4025723747693,
          549.2150187658553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31,",
        "box": [
          384.59764397509747,
          557.2064123892778,
          419.5327748569669,
          561.2150182658515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          505.3007639458006,
          557.2064123892778,
          533.7321490486596,
          561.2150182658515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          34.74609230224609,
          569.3805377989192,
          54.74107635662172,
          574.3931754102232
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          344.3554581518553,
          570.0409918282967,
          348.8554579643553,
          574.5534938377969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.39  $",
        "box": [
          441.2929541127928,
          570.0409918282967,
          466.28904307128903,
          574.5534938377969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.40 ",
        "box": [
          558.7265392197265,
          570.0409918282967,
          576.7265384697265,
          574.5534938377969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          34.74609230224609,
          582.1305372676579,
          54.74107635662172,
          587.1431748789619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.45 ",
        "box": [
          441.2929541127928,
          583.5409912657924,
          459.2929533627928,
          588.0534932753071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.43 ",
        "box": [
          558.7265392197265,
          583.5409912657924,
          576.7265384697265,
          588.0534932753071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings per weighted average diluted share for the six months ended June 30, 2026 does not equal the sum of",
        "box": [
          69.74999709375,
          611.3805360489059,
          566.4464235785639,
          616.3931736602099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the individual quarters due to rounding and other computational factors.",
        "box": [
          33.74999859375,
          623.3805355489167,
          321.3778554155054,
          628.3931731602206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87",
        "box": [
          300.99608495849594,
          666.1305337676604,
          310.9935794794336,
          671.1431713789643
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 131,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the three",
        "box": [
          69.74999709375,
          93.130557642653,
          563.3709972487688,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026, by business segment (amounts in thousands, except per share data). Refer to the footnotes following the",
        "box": [
          33.74999859375,
          105.13055714266375,
          567.9516552079081,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings reconciliation table for the six months ended June 30, 2025.",
        "box": [
          33.74999859375,
          117.13055664265994,
          365.53668950055396,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          226.51171306201155,
          130.45643017052498,
          268.5439753988423,
          134.4650360470987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and",
        "box": [
          241.08983745458968,
          138.7064298267651,
          253.98019494236854,
          142.71503570335335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          228.4335879819334,
          146.20642951427726,
          266.63229717849555,
          150.21503539085097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          233.30858777880843,
          154.45642917051737,
          261.74779414384136,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          232.87499029687498,
          162.70642882677203,
          262.18474824163377,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          286.92186304492185,
          146.20642951427726,
          336.06683189733747,
          150.21503539085097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          297.28123761328123,
          154.45642917051737,
          325.7204439783142,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          296.83592513183595,
          162.70642882677203,
          326.1456830765947,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          357.28123511328124,
          154.45642917051737,
          387.7699523679179,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          357.86717258886716,
          162.70642882677203,
          387.176930533626,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing",
        "box": [
          416.8710801303709,
          146.20642951427726,
          448.41379821609104,
          150.21503539085097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Servicing",
        "box": [
          409.2070179497069,
          154.45642917051737,
          456.0721726969922,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          417.9843575839844,
          162.70642882677203,
          447.29411552874336,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          475.42966769042965,
          162.70642882677203,
          510.9503657105235,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          542.7538873852536,
          162.70642882677203,
          560.2312038452073,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          34.74609230224609,
          174.79100829703384,
          69.73534881436035,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          220.21874082421874,
          174.79100829703384,
          224.71874063671874,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,214 ",
        "box": [
          242.7773373842772,
          174.79100829703384,
          274.27733607177714,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          282.57421072607406,
          174.79100829703384,
          287.07421053857405,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,946 ",
        "box": [
          312.76170946826153,
          174.79100829703384,
          339.76170834326155,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          348.1523329936522,
          174.79100829703384,
          352.6523328061522,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,189 ",
        "box": [
          369.41014460790996,
          174.79100829703384,
          396.41014348291,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          404.63670564013654,
          174.79100829703384,
          409.13670545263653,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,662 ",
        "box": [
          433.0077944580078,
          174.79100829703384,
          460.0077933330078,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.38670298388655,
          174.79100829703384,
          472.88670279638654,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "822 ",
        "box": [
          501.76170159326153,
          174.79100829703384,
          517.5117009370115,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          525.738263094238,
          174.79100829703384,
          530.2382629067381,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "550,833 ",
        "box": [
          545.1679497846677,
          174.79100829703384,
          576.6679484721677,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses",
        "box": [
          34.74609230224609,
          186.79100779704459,
          104.73778888592528,
          191.30350980654475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(226,739)",
        "box": [
          239.02733754052718,
          186.79100779704459,
          274.27147665202125,
          191.30350980654475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,784)",
        "box": [
          309.0117096245115,
          186.79100779704459,
          339.75584892350565,
          191.30350980654475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(73,318)",
        "box": [
          365.66014476416,
          186.79100779704459,
          396.4042840631541,
          191.30350980654475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(36,859)",
        "box": [
          429.2577946142578,
          186.79100779704459,
          460.0019339132519,
          191.30350980654475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(142,322)",
        "box": [
          482.2617024057615,
          186.79100779704459,
          517.5058415172556,
          191.30350980654475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(525,022)",
        "box": [
          541.4179499409178,
          186.79100779704459,
          576.6620890524118,
          191.30350980654475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income (loss)",
        "box": [
          34.74609230224609,
          199.54100726578326,
          106.22753470385254,
          204.05350927529798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(997)",
        "box": [
          254.77733688427716,
          198.79100729704078,
          274.27147665202125,
          203.30350930654095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,027 ",
        "box": [
          317.2617092807615,
          198.79100729704078,
          339.76170834326155,
          203.30350930654095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,231 ",
        "box": [
          369.41014460790996,
          198.79100729704078,
          396.41014348291,
          203.30350930654095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,397 ",
        "box": [
          433.0077944580078,
          198.79100729704078,
          460.0077933330078,
          203.30350930654095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,240)",
        "box": [
          486.7617022182615,
          198.79100729704078,
          517.5058415172556,
          203.30350930654095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,582)",
        "box": [
          550.4179495659178,
          198.79100729704078,
          576.6620890524118,
          203.30350930654095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes",
        "box": [
          34.74609230224609,
          211.541006765794,
          158.69823577757327,
          216.05350877529418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136,478 ",
        "box": [
          242.7773373842772,
          211.541006765794,
          274.27733607177714,
          216.05350877529418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,189 ",
        "box": [
          312.76170946826153,
          211.541006765794,
          339.76170834326155,
          216.05350877529418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,102 ",
        "box": [
          373.91014442041,
          211.541006765794,
          396.41014348291,
          216.05350877529418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,200 ",
        "box": [
          433.0077944580078,
          211.541006765794,
          460.0077933330078,
          216.05350877529418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(175,740)",
        "box": [
          482.2617024057615,
          211.541006765794,
          517.5058415172556,
          216.05350877529418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,229 ",
        "box": [
          549.6679495971678,
          211.541006765794,
          576.6679484721677,
          216.05350877529418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax (provision) benefit",
        "box": [
          34.74609230224609,
          223.5410062657902,
          144.45995494083496,
          228.05350827529037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,536)",
        "box": [
          248.02733716552717,
          223.5410062657902,
          274.27147665202125,
          228.05350827529037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(95)",
        "box": [
          324.76170896826153,
          223.5410062657902,
          339.75584892350565,
          228.05350827529037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8 ",
        "box": [
          389.66014376415995,
          223.5410062657902,
          396.41014348291,
          228.05350827529037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,601)",
        "box": [
          433.7577944267578,
          223.5410062657902,
          460.0019339132519,
          228.05350827529037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          223.5410062657902,
          517.5117009370115,
          228.05350827529037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,224)",
        "box": [
          550.4179495659178,
          223.5410062657902,
          576.6620890524118,
          228.05350827529037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income attributable to non-controlling interests",
        "box": [
          34.74609230224609,
          236.29100573454343,
          204.70018685082516,
          240.8035077440436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          263.7773365092772,
          235.5410057657864,
          274.27147665202125,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          235.5410057657864,
          339.76170834326155,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,325)",
        "box": [
          370.16014457666,
          235.5410057657864,
          396.4042840631541,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,119)",
        "box": [
          434.09764191259745,
          235.5410057657864,
          460.00779687300763,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          235.5410057657864,
          517.5117009370115,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,448)",
        "box": [
          550.4179495659178,
          235.5410057657864,
          576.6620890524118,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Starwood",
        "box": [
          34.74609230224609,
          248.29100523453963,
          197.47557755185062,
          252.8035072440398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Trust, Inc.",
        "box": [
          43.74609192724609,
          257.29100485953677,
          120.24169445992919,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,938",
        "box": [
          242.7773373842772,
          257.29100485953677,
          272.0273361655272,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          272.0273361655272,
          257.29100485953677,
          274.27733607177714,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,094",
        "box": [
          312.76170946826153,
          257.29100485953677,
          337.5117084370115,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          337.5117084370115,
          257.29100485953677,
          339.76170834326155,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,215)",
        "box": [
          370.16014457666,
          257.29100485953677,
          396.4042840631541,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,480",
        "box": [
          433.0077944580078,
          257.29100485953677,
          457.7577934267578,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          457.7577934267578,
          257.29100485953677,
          460.0077933330078,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(175,740)",
        "box": [
          482.2617024057615,
          257.29100485953677,
          517.5058415172556,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,557",
        "box": [
          554.1679494096677,
          257.29100485953677,
          574.4179485659178,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4179485659178,
          257.29100485953677,
          576.6679484721677,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add / (Deduct):",
        "box": [
          34.74609230224609,
          269.29100435953296,
          94.74462481230714,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests attributable to Woodstar",
        "box": [
          34.74609230224609,
          281.2910038595437,
          213.8188420808812,
          285.8035058690439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "II Class A Units",
        "box": [
          43.74609192724609,
          290.29100348454085,
          101.00243697656495,
          294.803505494041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          263.0273365405272,
          290.29100348454085,
          274.27733607177714,
          294.803505494041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          290.29100348454085,
          339.76170834326155,
          294.803505494041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,629 ",
        "box": [
          373.91014442041,
          290.29100348454085,
          396.41014348291,
          294.803505494041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.7577938017578,
          290.29100348454085,
          460.0077933330078,
          294.803505494041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          290.29100348454085,
          517.5117009370115,
          294.803505494041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,629 ",
        "box": [
          554.1679494096677,
          290.29100348454085,
          576.6679484721677,
          294.803505494041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests attributable to unrealized",
        "box": [
          34.74609230224609,
          302.29100298453704,
          217.18944421043943,
          306.80350499405176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains/losses",
        "box": [
          43.74609192724609,
          311.2910026095342,
          86.74657858555908,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          263.0273365405272,
          311.2910026095342,
          274.27733607177714,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          311.2910026095342,
          339.76170834326155,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,724)",
        "box": [
          370.16014457666,
          311.2910026095342,
          396.4042840631541,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,226)",
        "box": [
          433.7577944267578,
          311.2910026095342,
          460.0019339132519,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          311.2910026095342,
          517.5117009370115,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,950)",
        "box": [
          550.4179495659178,
          311.2910026095342,
          576.6620890524118,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash equity compensation expense",
        "box": [
          34.74609230224609,
          323.29100210954493,
          177.4540945060791,
          327.8035041190451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,585 ",
        "box": [
          251.77733700927718,
          323.29100210954493,
          274.27733607177714,
          327.8035041190451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "788 ",
        "box": [
          324.01170899951154,
          323.29100210954493,
          339.76170834326155,
          327.8035041190451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,014 ",
        "box": [
          373.91014442041,
          323.29100210954493,
          396.41014348291,
          327.8035041190451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,449 ",
        "box": [
          437.5077942705078,
          323.29100210954493,
          460.0077933330078,
          327.8035041190451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,477 ",
        "box": [
          495.0117018745115,
          323.29100210954493,
          517.5117009370115,
          327.8035041190451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,313 ",
        "box": [
          549.6679495971678,
          323.29100210954493,
          576.6679484721677,
          327.8035041190451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          34.74609230224609,
          335.2910016095411,
          144.2006777316382,
          339.8035036190413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,817 ",
        "box": [
          251.77733700927718,
          335.2910016095411,
          274.27733607177714,
          339.8035036190413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          335.2910016095411,
          339.76170834326155,
          339.8035036190413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,632 ",
        "box": [
          369.41014460790996,
          335.2910016095411,
          396.41014348291,
          339.8035036190413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,121 ",
        "box": [
          437.5077942705078,
          335.2910016095411,
          460.0077933330078,
          339.8035036190413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          335.2910016095411,
          517.5117009370115,
          339.8035036190413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,570 ",
        "box": [
          549.6679495971678,
          335.2910016095411,
          576.6679484721677,
          339.8035036190413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Straight-line rent adjustment",
        "box": [
          34.74609230224609,
          347.2910011095373,
          137.72313878153562,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          263.0273365405272,
          347.2910011095373,
          274.27733607177714,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          347.2910011095373,
          339.76170834326155,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,697)",
        "box": [
          370.16014457666,
          347.2910011095373,
          396.4042840631541,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57 ",
        "box": [
          448.7577938017578,
          347.2910011095373,
          460.0077933330078,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          347.2910011095373,
          517.5117009370115,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,640)",
        "box": [
          550.4179495659178,
          347.2910011095373,
          576.6620890524118,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income adjustment for loans and securities",
        "box": [
          34.74609230224609,
          359.2910006095335,
          217.69042090956543,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,675 ",
        "box": [
          251.77733700927718,
          359.2910006095335,
          274.27733607177714,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          359.2910006095335,
          339.76170834326155,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.16014395165996,
          359.2910006095335,
          396.41014348291,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,686 ",
        "box": [
          433.0077944580078,
          359.2910006095335,
          460.0077933330078,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          359.2910006095335,
          517.5117009370115,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,361 ",
        "box": [
          549.6679495971678,
          359.2910006095335,
          576.6679484721677,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated income tax provision (benefit)",
        "box": [
          34.74609230224609,
          371.29100010954426,
          193.70946470877195,
          375.8035021190444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated with fair value adjustments",
        "box": [
          43.74609192724609,
          380.2909997345414,
          180.70604745058105,
          384.80350174404157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,536 ",
        "box": [
          251.77733700927718,
          380.2909997345414,
          274.27733607177714,
          384.80350174404157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95 ",
        "box": [
          328.51170881201153,
          380.2909997345414,
          339.76170834326155,
          384.80350174404157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          385.91014392041,
          380.2909997345414,
          396.4042840631541,
          384.80350174404157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,601 ",
        "box": [
          437.5077942705078,
          380.2909997345414,
          460.0077933330078,
          384.80350174404157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          380.2909997345414,
          517.5117009370115,
          384.80350174404157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,224 ",
        "box": [
          554.1679494096677,
          380.2909997345414,
          576.6679484721677,
          384.80350174404157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other non-cash items",
        "box": [
          34.74609230224609,
          392.2909992345376,
          111.7250931247876,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 ",
        "box": [
          267.5273363530272,
          392.2909992345376,
          274.27733607177714,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "447 ",
        "box": [
          324.01170899951154,
          392.2909992345376,
          339.76170834326155,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82)",
        "box": [
          381.41014410790996,
          392.2909992345376,
          396.4042840631541,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(407)",
        "box": [
          440.5077941455078,
          392.2909992345376,
          460.0019339132519,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          392.2909992345376,
          517.5117009370115,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37)",
        "box": [
          561.6679490971677,
          392.2909992345376,
          576.6620890524118,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reversal of GAAP unrealized and realized (gains)",
        "box": [
          34.74609230224609,
          404.2909987345338,
          215.33934662752688,
          408.8035007440485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "/ losses on: ",
        "box": [
          43.74609192724609,
          413.29099835953093,
          85.999508236687,
          417.80350036904565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans",
        "box": [
          43.74609192724609,
          425.2909978595417,
          65.74071995080322,
          429.80349986904184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,711 ",
        "box": [
          247.6054621831053,
          425.2909978595417,
          274.2714770720213,
          429.80349986904184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          425.2909978595417,
          339.76170834326155,
          429.80349986904184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.16014395165996,
          425.2909978595417,
          396.41014348291,
          429.80349986904184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,650)",
        "box": [
          429.2577946142578,
          425.2909978595417,
          460.0019339132519,
          429.80349986904184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          425.2909978595417,
          517.5117009370115,
          429.80349986904184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61 ",
        "box": [
          565.4179489409178,
          425.2909978595417,
          576.6679484721677,
          429.80349986904184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss provision, net",
        "box": [
          43.74609192724609,
          437.29099735953787,
          134.24267026655517,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,816 ",
        "box": [
          247.27733719677718,
          437.29099735953787,
          274.27733607177714,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "348 ",
        "box": [
          324.01170899951154,
          437.29099735953787,
          339.76170834326155,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.16014395165996,
          437.29099735953787,
          396.41014348291,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.7577938017578,
          437.29099735953787,
          460.0077933330078,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          437.29099735953787,
          517.5117009370115,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,164 ",
        "box": [
          549.6679495971678,
          437.29099735953787,
          576.6679484721677,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities",
        "box": [
          43.74609192724609,
          449.29099685953406,
          79.23632486848632,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,587 ",
        "box": [
          251.77733700927718,
          449.29099685953406,
          274.27733607177714,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          449.29099685953406,
          339.76170834326155,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.16014395165996,
          449.29099685953406,
          396.41014348291,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,717 ",
        "box": [
          437.5077942705078,
          449.29099685953406,
          460.0077933330078,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          449.29099685953406,
          517.5117009370115,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,304 ",
        "box": [
          554.1679494096677,
          449.29099685953406,
          576.6679484721677,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund investments",
        "box": [
          43.74609192724609,
          461.2909963595448,
          144.0161073893286,
          465.803498369045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          263.0273365405272,
          461.2909963595448,
          274.27733607177714,
          465.803498369045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          461.2909963595448,
          339.76170834326155,
          465.803498369045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,929)",
        "box": [
          370.16014457666,
          461.2909963595448,
          396.4042840631541,
          465.803498369045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.7577938017578,
          461.2909963595448,
          460.0077933330078,
          465.803498369045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          461.2909963595448,
          517.5117009370115,
          465.803498369045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,929)",
        "box": [
          550.4179495659178,
          461.2909963595448,
          576.6620890524118,
          465.803498369045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives",
        "box": [
          43.74609192724609,
          473.290995859541,
          85.23046528873047,
          477.80349786904117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,529)",
        "box": [
          243.52733735302718,
          473.290995859541,
          274.27147665202125,
          477.80349786904117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(350)",
        "box": [
          320.26170915576154,
          473.290995859541,
          339.75584892350565,
          477.80349786904117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,354)",
        "box": [
          370.16014457666,
          473.290995859541,
          396.4042840631541,
          477.80349786904117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(983)",
        "box": [
          440.5077941455078,
          473.290995859541,
          460.0019339132519,
          477.80349786904117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,240 ",
        "box": [
          490.5117020620115,
          473.290995859541,
          517.5117009370115,
          477.80349786904117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,024 ",
        "box": [
          554.1679494096677,
          473.290995859541,
          576.6679484721677,
          477.80349786904117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency",
        "box": [
          43.74609192724609,
          485.2909953595372,
          105.47167531534669,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,719 ",
        "box": [
          251.77733700927718,
          485.2909953595372,
          274.27733607177714,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          485.2909953595372,
          339.76170834326155,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13)",
        "box": [
          381.41014410790996,
          485.2909953595372,
          396.4042840631541,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.7577938017578,
          485.2909953595372,
          460.0077933330078,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          485.2909953595372,
          517.5117009370115,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,706 ",
        "box": [
          554.1679494096677,
          485.2909953595372,
          576.6679484721677,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities",
        "box": [
          43.74609192724609,
          497.2909948595334,
          180.46434805065184,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          263.0273365405272,
          497.2909948595334,
          274.27733607177714,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,677)",
        "box": [
          313.5117094370116,
          497.2909948595334,
          339.75584892350565,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.16014395165996,
          497.2909948595334,
          396.41014348291,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(193)",
        "box": [
          440.5077941455078,
          497.2909948595334,
          460.0019339132519,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          497.2909948595334,
          517.5117009370115,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,870)",
        "box": [
          550.4179495659178,
          497.2909948595334,
          576.6620890524118,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales of properties",
        "box": [
          43.74609192724609,
          509.29099435954413,
          110.72753451635256,
          513.8034963690443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32)",
        "box": [
          259.2773366967772,
          509.29099435954413,
          274.27147665202125,
          513.8034963690443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          509.29099435954413,
          339.76170834326155,
          513.8034963690443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27)",
        "box": [
          381.41014410790996,
          509.29099435954413,
          396.4042840631541,
          513.8034963690443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,264)",
        "box": [
          433.7577944267578,
          509.29099435954413,
          460.0019339132519,
          513.8034963690443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          509.29099435954413,
          517.5117009370115,
          513.8034963690443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,323)",
        "box": [
          550.4179495659178,
          509.29099435954413,
          576.6620890524118,
          513.8034963690443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recognition of Distributable realized gains /",
        "box": [
          34.74609230224609,
          521.2909938595403,
          194.45214053782715,
          525.8034958690405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(losses) on:",
        "box": [
          39.24609211474609,
          530.2909934845375,
          80.49316077611816,
          534.8034954940522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans ",
        "box": [
          43.74609192724609,
          542.2909929845337,
          67.99071985705322,
          546.8034949940484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(454)",
        "box": [
          254.77733688427716,
          542.2909929845337,
          274.27147665202125,
          546.8034949940484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          542.2909929845337,
          339.76170834326155,
          546.8034949940484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.16014395165996,
          542.2909929845337,
          396.41014348291,
          546.8034949940484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,636 ",
        "box": [
          433.0077944580078,
          542.2909929845337,
          460.0077933330078,
          546.8034949940484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          542.2909929845337,
          517.5117009370115,
          546.8034949940484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,182 ",
        "box": [
          549.6679495971678,
          542.2909929845337,
          576.6679484721677,
          546.8034949940484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities ",
        "box": [
          43.74609192724609,
          554.2909924845444,
          81.48632477473632,
          558.8034944940446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(51)",
        "box": [
          259.2773366967772,
          554.2909924845444,
          274.27147665202125,
          558.8034944940446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          554.2909924845444,
          339.76170834326155,
          558.8034944940446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.16014395165996,
          554.2909924845444,
          396.41014348291,
          558.8034944940446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(682)",
        "box": [
          440.5077941455078,
          554.2909924845444,
          460.0019339132519,
          558.8034944940446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          554.2909924845444,
          517.5117009370115,
          558.8034944940446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(733)",
        "box": [
          557.1679492846678,
          554.2909924845444,
          576.6620890524118,
          558.8034944940446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund investments ",
        "box": [
          43.74609192724609,
          566.2909919845406,
          146.2661072955786,
          570.8034939940408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          263.0273365405272,
          566.2909919845406,
          274.27733607177714,
          570.8034939940408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          566.2909919845406,
          339.76170834326155,
          570.8034939940408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,208 ",
        "box": [
          369.41014460790996,
          566.2909919845406,
          396.41014348291,
          570.8034939940408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.7577938017578,
          566.2909919845406,
          460.0077933330078,
          570.8034939940408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          566.2909919845406,
          517.5117009370115,
          570.8034939940408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,208 ",
        "box": [
          549.6679495971678,
          566.2909919845406,
          576.6679484721677,
          570.8034939940408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives ",
        "box": [
          43.74609192724609,
          578.2909914845368,
          87.48046519498047,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,570 ",
        "box": [
          251.77733700927718,
          578.2909914845368,
          274.27733607177714,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "248 ",
        "box": [
          324.01170899951154,
          578.2909914845368,
          339.76170834326155,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(235)",
        "box": [
          376.91014429540996,
          578.2909914845368,
          396.4042840631541,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,650 ",
        "box": [
          437.5077942705078,
          578.2909914845368,
          460.0077933330078,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,907)",
        "box": [
          491.2617020307615,
          578.2909914845368,
          517.5058415172556,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,326 ",
        "box": [
          554.1679494096677,
          578.2909914845368,
          576.6679484721677,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency ",
        "box": [
          43.74609192724609,
          590.290990984533,
          107.72167522159668,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "803 ",
        "box": [
          258.52733672802714,
          590.290990984533,
          274.27733607177714,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          590.290990984533,
          339.76170834326155,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13 ",
        "box": [
          385.16014395165996,
          590.290990984533,
          396.41014348291,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.7577938017578,
          590.290990984533,
          460.0077933330078,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          590.290990984533,
          517.5117009370115,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "816 ",
        "box": [
          560.9179491284177,
          590.290990984533,
          576.6679484721677,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities ",
        "box": [
          43.74609192724609,
          602.2909904845437,
          182.71434795690183,
          606.8034924940439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          263.0273365405272,
          602.2909904845437,
          274.27733607177714,
          606.8034924940439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,146 ",
        "box": [
          317.2617092807615,
          602.2909904845437,
          339.76170834326155,
          606.8034924940439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          385.16014395165996,
          602.2909904845437,
          396.41014348291,
          606.8034924940439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "469 ",
        "box": [
          444.2577939892578,
          602.2909904845437,
          460.0077933330078,
          606.8034924940439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          602.2909904845437,
          517.5117009370115,
          606.8034924940439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,615 ",
        "box": [
          554.1679494096677,
          602.2909904845437,
          576.6679484721677,
          606.8034924940439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales of properties ",
        "box": [
          43.74609192724609,
          614.2909899845399,
          112.97753442260256,
          618.8034919940401
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32 ",
        "box": [
          263.0273365405272,
          614.2909899845399,
          274.27733607177714,
          618.8034919940401
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          328.51170881201153,
          614.2909899845399,
          339.76170834326155,
          618.8034919940401
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35)",
        "box": [
          381.41014410790996,
          614.2909899845399,
          396.4042840631541,
          618.8034919940401
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,928 ",
        "box": [
          437.5077942705078,
          614.2909899845399,
          460.0077933330078,
          618.8034919940401
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.2617014057615,
          614.2909899845399,
          517.5117009370115,
          618.8034919940401
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,925 ",
        "box": [
          554.1679494096677,
          614.2909899845399,
          576.6679484721677,
          618.8034919940401
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss)",
        "box": [
          43.74609192724609,
          628.5409893907927,
          157.76220044657472,
          633.0534914002928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          220.21874082421874,
          627.0409894532932,
          224.71874063671874,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "185,728",
        "box": [
          242.7773373842772,
          627.0409894532932,
          272.0273361655272,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          272.0273361655272,
          627.0409894532932,
          274.27733607177714,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          282.57421072607406,
          627.0409894532932,
          287.07421053857405,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,139",
        "box": [
          312.76170946826153,
          627.0409894532932,
          337.5117084370115,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          337.5117084370115,
          627.0409894532932,
          339.76170834326155,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          348.1523329936522,
          627.0409894532932,
          352.6523328061522,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,177",
        "box": [
          369.41014460790996,
          627.0409894532932,
          394.16014357666,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          394.16014357666,
          627.0409894532932,
          396.41014348291,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          404.63670564013654,
          627.0409894532932,
          409.13670545263653,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,389",
        "box": [
          433.0077944580078,
          627.0409894532932,
          457.7577934267578,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          457.7577934267578,
          627.0409894532932,
          460.0077933330078,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.38670298388655,
          627.0409894532932,
          472.88670279638654,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(137,930)",
        "box": [
          482.2617024057615,
          627.0409894532932,
          517.5058415172556,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          525.738263094238,
          627.0409894532932,
          530.2382629067381,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,503",
        "box": [
          545.1679497846677,
          627.0409894532932,
          574.4179485659178,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4179485659178,
          627.0409894532932,
          576.6679484721677,
          631.5534914627933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss) per Weighted",
        "box": [
          43.74609192724609,
          640.5409888907889,
          211.4326087753076,
          645.053490900289
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Diluted Share",
        "box": [
          52.74609155224609,
          649.540988515786,
          139.40184958158935,
          654.0534905253007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          220.21874082421874,
          648.0409885782865,
          224.71874063671874,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.49",
        "box": [
          256.27733682177717,
          648.0409885782865,
          272.0273361655272,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          272.0273361655272,
          648.0409885782865,
          274.27733607177714,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          282.57421072607406,
          648.0409885782865,
          287.07421053857405,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.07",
        "box": [
          321.7617090932616,
          648.0409885782865,
          337.5117084370115,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          337.5117084370115,
          648.0409885782865,
          339.76170834326155,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          348.1523329936522,
          648.0409885782865,
          352.6523328061522,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.09",
        "box": [
          378.41014423291,
          648.0409885782865,
          394.16014357666,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          394.16014357666,
          648.0409885782865,
          396.41014348291,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          404.63670564013654,
          648.0409885782865,
          409.13670545263653,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.11",
        "box": [
          442.4999815625,
          648.0409885782865,
          457.75339887694093,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          457.7577934267578,
          648.0409885782865,
          460.0077933330078,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.38670298388655,
          648.0409885782865,
          472.88670279638654,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.36)",
        "box": [
          495.76170184326156,
          648.0409885782865,
          517.5058415172556,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          525.738263094238,
          648.0409885782865,
          530.2382629067381,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.40",
        "box": [
          558.6679492221677,
          648.0409885782865,
          574.4179485659178,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4179485659178,
          648.0409885782865,
          576.6679484721677,
          652.5534905878012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          86.0039026665039,
          412.3766428453091,
          92.82508697073905,
          415.3097692267038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          67.99218466699219,
          541.3766374703118,
          74.81336897122733,
          544.3097638517065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          81.49218410449218,
          553.376636970308,
          88.31336840872733,
          556.3097633517027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          146.27343140527344,
          565.3766364703188,
          153.09461570950856,
          568.3097628517135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          87.48046510498047,
          577.376635970315,
          94.3016494092156,
          580.3097623517097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          107.73046426123045,
          589.3766354703112,
          114.5516485654656,
          592.3097618517058
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          182.71874238671876,
          601.3766349703074,
          189.53992669095388,
          604.309761351702
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          112.98046404248046,
          613.3766344703181,
          119.80164834671561,
          616.3097608517128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88",
        "box": [
          300.99608495849594,
          698.3805324239074,
          310.9935794794336,
          703.3931700352114
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 132,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923898545,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the three",
        "box": [
          69.74999709375,
          81.13055814265681,
          563.3709972487688,
          86.14319575396075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026, by business segment (amounts in thousands, except per share data). Refer to the footnotes following the",
        "box": [
          33.74999859375,
          93.130557642653,
          575.7182564092998,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings reconciliation table for the six months ended June 30, 2025.",
        "box": [
          33.74999859375,
          105.1305571426492,
          365.53668950055396,
          110.14319475395314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          227.285150529785,
          123.70643045176985,
          269.3174128666157,
          127.71503632834356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and",
        "box": [
          241.85155242285157,
          131.20643013926747,
          254.74190991063043,
          135.21503601585573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          229.1953029501953,
          139.45642979552213,
          267.39401214675746,
          143.46503567209584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          234.08202524658185,
          147.70642945176223,
          262.52123161161484,
          151.7150353283505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          233.63671276513654,
          155.20642913925985,
          262.9464707098953,
          159.21503501584812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          289.80467542480466,
          139.45642979552213,
          338.94964427722033,
          143.46503567209584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          300.1523349936522,
          147.70642945176223,
          328.59154135868516,
          151.7150353283505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          299.71873751171876,
          155.20642913925985,
          329.0284954564775,
          159.21503501584812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          360.8671724638672,
          147.70642945176223,
          391.3558897185038,
          151.7150353283505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          361.4531099394531,
          155.20642913925985,
          390.7628678842119,
          159.21503501584812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing",
        "box": [
          421.1484199521484,
          139.45642979552213,
          452.6911380378686,
          143.46503567209584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Servicing",
        "box": [
          413.4843577714844,
          147.70642945176223,
          460.3495125187697,
          151.7150353283505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          422.2617049057615,
          155.20642913925985,
          451.57146285052056,
          159.21503501584812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          478.2656050722656,
          155.20642913925985,
          513.7863030923594,
          159.21503501584812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          543.1054498706052,
          155.20642913925985,
          560.5827663305589,
          159.21503501584812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          34.74609230224609,
          168.0410085782787,
          69.73534881436035,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          219.57421335107406,
          168.0410085782787,
          224.07421316357406,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,581 ",
        "box": [
          244.96873979296873,
          168.0410085782787,
          276.46873848046874,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          284.75389813525373,
          168.0410085782787,
          289.2538979477537,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,295 ",
        "box": [
          316.33592431933596,
          168.0410085782787,
          343.3359231943359,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          351.72654784472655,
          168.0410085782787,
          356.22654765722655,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,300 ",
        "box": [
          372.9960819584959,
          168.0410085782787,
          399.9960808334959,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          408.2226429907225,
          168.0410085782787,
          412.72264280322247,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,837 ",
        "box": [
          437.97654425097653,
          168.0410085782787,
          464.97654312597655,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          473.3554527768553,
          168.0410085782787,
          477.8554525893553,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "670 ",
        "box": [
          502.46482656396466,
          168.0410085782787,
          518.2148259077146,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.4413880649412,
          168.0410085782787,
          530.9413878774412,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "550,683 ",
        "box": [
          545.1562272851562,
          168.0410085782787,
          576.6562259726562,
          172.55351058779343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses",
        "box": [
          34.74609230224609,
          180.04100807828945,
          104.73778888592528,
          184.55351008778962
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(189,863)",
        "box": [
          241.21873994921876,
          180.04100807828945,
          276.46287906071285,
          184.55351008778962
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,773)",
        "box": [
          312.58592447558595,
          180.04100807828945,
          343.33006377458,
          184.55351008778962
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(72,229)",
        "box": [
          369.24608211474595,
          180.04100807828945,
          399.99022141374,
          184.55351008778962
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,702)",
        "box": [
          434.2265444072265,
          180.04100807828945,
          464.97068370622065,
          184.55351008778962
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(143,882)",
        "box": [
          482.96482737646465,
          180.04100807828945,
          518.2089664879587,
          184.55351008778962
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(480,449)",
        "box": [
          541.4062274414061,
          180.04100807828945,
          576.6503665529003,
          184.55351008778962
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income (loss)",
        "box": [
          34.74609230224609,
          192.79100754702813,
          106.22753470385254,
          197.30350955654285
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,946)",
        "box": [
          245.71873976171875,
          192.04100757828564,
          276.46287906071285,
          196.5535095877858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "952 ",
        "box": [
          327.5859238505859,
          192.04100757828564,
          343.3359231943359,
          196.5535095877858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,621 ",
        "box": [
          372.9960819584959,
          192.04100757828564,
          399.9960808334959,
          196.5535095877858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,049 ",
        "box": [
          442.4765440634765,
          192.04100757828564,
          464.97654312597655,
          196.5535095877858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,433)",
        "box": [
          487.46482718896465,
          192.04100757828564,
          518.2089664879587,
          196.5535095877858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,757)",
        "box": [
          545.9062272539062,
          192.04100757828564,
          576.6503665529003,
          196.5535095877858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes",
        "box": [
          34.74609230224609,
          204.79100704703887,
          158.69823577757327,
          209.30350905653904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "141,772 ",
        "box": [
          244.96873979296873,
          204.79100704703887,
          276.46873848046874,
          209.30350905653904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,474 ",
        "box": [
          316.33592431933596,
          204.79100704703887,
          343.3359231943359,
          209.30350905653904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,692 ",
        "box": [
          377.49608177099594,
          204.79100704703887,
          399.9960808334959,
          209.30350905653904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,184 ",
        "box": [
          437.97654425097653,
          204.79100704703887,
          464.97654312597655,
          209.30350905653904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(164,645)",
        "box": [
          482.96482737646465,
          204.79100704703887,
          518.2089664879587,
          209.30350905653904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,477 ",
        "box": [
          549.6562270976561,
          204.79100704703887,
          576.6562259726562,
          209.30350905653904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax benefit (provision)",
        "box": [
          34.74609230224609,
          216.79100654703507,
          144.45995494083496,
          221.30350855653523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,728 ",
        "box": [
          249.79686459179686,
          216.79100654703507,
          276.4628791057129,
          221.30350855653523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(50)",
        "box": [
          328.3359238193359,
          216.79100654703507,
          343.33006377458,
          221.30350855653523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17 ",
        "box": [
          388.7460813022459,
          216.79100654703507,
          399.9960808334959,
          221.30350855653523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,750)",
        "box": [
          438.7265442197266,
          216.79100654703507,
          464.97068370622065,
          221.30350855653523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          216.79100654703507,
          518.2148259077146,
          221.30350855653523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,945 ",
        "box": [
          554.1562269101562,
          216.79100654703507,
          576.6562259726562,
          221.30350855653523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Income) loss attributable to non-controlling",
        "box": [
          34.74609230224609,
          228.79100604703126,
          194.70702313720702,
          233.30350805654598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          43.74609192724609,
          237.7910056720284,
          73.73876653755127,
          242.30350768154312
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          265.9687389179687,
          237.7910056720284,
          276.46287906071285,
          242.30350768154312
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          237.7910056720284,
          343.3359231943359,
          242.30350768154312
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,827)",
        "box": [
          373.74608192724594,
          237.7910056720284,
          399.99022141374,
          242.30350768154312
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,286 ",
        "box": [
          442.4765440634765,
          237.7910056720284,
          464.97654312597655,
          242.30350768154312
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          237.7910056720284,
          518.2148259077146,
          242.30350768154312
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,544)",
        "box": [
          550.4062270664061,
          237.7910056720284,
          576.6503665529003,
          242.30350768154312
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Starwood",
        "box": [
          34.74609230224609,
          249.79100517203915,
          197.47557755185062,
          254.30350718153932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Trust, Inc.",
        "box": [
          43.74609192724609,
          258.7910047970363,
          120.24169445992919,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "153,497",
        "box": [
          244.96873979296873,
          258.7910047970363,
          274.2187385742187,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.2187385742187,
          258.7910047970363,
          276.46873848046874,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,424",
        "box": [
          316.33592431933596,
          258.7910047970363,
          341.08592328808595,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          341.08592328808595,
          258.7910047970363,
          343.3359231943359,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,118)",
        "box": [
          374.2382694067381,
          258.7910047970363,
          399.9858266239232,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,720",
        "box": [
          437.97654425097653,
          258.7910047970363,
          462.7265432197265,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          462.7265432197265,
          258.7910047970363,
          464.97654312597655,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(164,645)",
        "box": [
          482.96482737646465,
          258.7910047970363,
          518.2089664879587,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,878",
        "box": [
          549.6562270976561,
          258.7910047970363,
          574.4062260664061,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4062260664061,
          258.7910047970363,
          576.6562259726562,
          263.30350680653646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add / (Deduct):",
        "box": [
          34.74609230224609,
          270.7910042970325,
          94.74462481230714,
          275.3035063065472
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests attributable to Woodstar",
        "box": [
          34.74609230224609,
          282.7910037970287,
          213.8188420808812,
          287.3035058065434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "II Class A Units",
        "box": [
          43.74609192724609,
          291.7910034220404,
          101.00243697656495,
          296.30350543154054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          265.21873894921873,
          291.7910034220404,
          276.46873848046874,
          296.30350543154054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          291.7910034220404,
          343.3359231943359,
          296.30350543154054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,629 ",
        "box": [
          377.49608177099594,
          291.7910034220404,
          399.9960808334959,
          296.30350543154054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.72654359472654,
          291.7910034220404,
          464.97654312597655,
          296.30350543154054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          291.7910034220404,
          518.2148259077146,
          296.30350543154054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,629 ",
        "box": [
          554.1562269101562,
          291.7910034220404,
          576.6562259726562,
          296.30350543154054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests attributable to unrealized",
        "box": [
          34.74609230224609,
          303.79100292203657,
          217.18944421043943,
          308.30350493153674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains/losses",
        "box": [
          43.74609192724609,
          312.7910025470337,
          86.74657858555908,
          317.30350455654843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          265.21873894921873,
          312.7910025470337,
          276.46873848046874,
          317.30350455654843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          312.7910025470337,
          343.3359231943359,
          317.30350455654843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,307)",
        "box": [
          373.74608192724594,
          312.7910025470337,
          399.99022141374,
          317.30350455654843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,745)",
        "box": [
          438.7265442197266,
          312.7910025470337,
          464.97068370622065,
          317.30350455654843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          312.7910025470337,
          518.2148259077146,
          317.30350455654843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,052)",
        "box": [
          550.4062270664061,
          312.7910025470337,
          576.6503665529003,
          317.30350455654843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash equity compensation expense",
        "box": [
          34.74609230224609,
          324.7910020470299,
          177.4540945060791,
          329.3035040565446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,084 ",
        "box": [
          253.96873941796875,
          324.7910020470299,
          276.46873848046874,
          329.3035040565446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "752 ",
        "box": [
          327.5859238505859,
          324.7910020470299,
          343.3359231943359,
          329.3035040565446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,995 ",
        "box": [
          377.49608177099594,
          324.7910020470299,
          399.9960808334959,
          329.3035040565446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,425 ",
        "box": [
          442.4765440634765,
          324.7910020470299,
          464.97654312597655,
          329.3035040565446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,738 ",
        "box": [
          495.71482684521465,
          324.7910020470299,
          518.2148259077146,
          329.3035040565446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,994 ",
        "box": [
          549.6562270976561,
          324.7910020470299,
          576.6562259726562,
          329.3035040565446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management incentive fee",
        "box": [
          34.74609230224609,
          336.79100154704065,
          130.19970186501223,
          341.3035035565408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          265.21873894921873,
          336.79100154704065,
          276.46873848046874,
          341.3035035565408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          336.79100154704065,
          343.3359231943359,
          341.3035035565408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.7460813022459,
          336.79100154704065,
          399.9960808334959,
          341.3035035565408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.72654359472654,
          336.79100154704065,
          464.97654312597655,
          341.3035035565408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,567 ",
        "box": [
          495.71482684521465,
          336.79100154704065,
          518.2148259077146,
          341.3035035565408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,567 ",
        "box": [
          554.1562269101562,
          336.79100154704065,
          576.6562259726562,
          341.3035035565408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          34.74609230224609,
          348.79100104703684,
          144.2006777316382,
          353.303503056537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,273 ",
        "box": [
          253.96873941796875,
          348.79100104703684,
          276.46873848046874,
          353.303503056537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          348.79100104703684,
          343.3359231943359,
          353.303503056537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,574 ",
        "box": [
          372.9960819584959,
          348.79100104703684,
          399.9960808334959,
          353.303503056537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,192 ",
        "box": [
          442.4765440634765,
          348.79100104703684,
          464.97654312597655,
          353.303503056537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          348.79100104703684,
          518.2148259077146,
          353.303503056537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,039 ",
        "box": [
          549.6562270976561,
          348.79100104703684,
          576.6562259726562,
          353.303503056537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Straight-line rent adjustment",
        "box": [
          34.74609230224609,
          360.79100054703304,
          137.72313878153562,
          365.30350255654776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          265.21873894921873,
          360.79100054703304,
          276.46873848046874,
          365.30350255654776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          360.79100054703304,
          343.3359231943359,
          365.30350255654776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,649)",
        "box": [
          373.74608192724594,
          360.79100054703304,
          399.99022141374,
          365.30350255654776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114 ",
        "box": [
          449.5546687685547,
          360.79100054703304,
          464.9706837512207,
          365.30350255654776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          360.79100054703304,
          518.2148259077146,
          365.30350255654776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,535)",
        "box": [
          550.4062270664061,
          360.79100054703304,
          576.6503665529003,
          365.30350255654776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income adjustment for loans and",
        "box": [
          34.74609230224609,
          372.79100004702923,
          181.45311761945314,
          377.30350205654395
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities",
        "box": [
          43.74609192724609,
          381.7909996720264,
          77.7333953111084,
          386.3035016815411
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,074 ",
        "box": [
          253.96873941796875,
          381.7909996720264,
          276.46873848046874,
          386.3035016815411
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          381.7909996720264,
          343.3359231943359,
          386.3035016815411
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.7460813022459,
          381.7909996720264,
          399.9960808334959,
          386.3035016815411
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,376 ",
        "box": [
          442.4765440634765,
          381.7909996720264,
          464.97654312597655,
          386.3035016815411
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          381.7909996720264,
          518.2148259077146,
          386.3035016815411
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,450 ",
        "box": [
          549.6562270976561,
          381.7909996720264,
          576.6562259726562,
          386.3035016815411
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated income tax (benefit) provision",
        "box": [
          34.74609230224609,
          393.7909991720371,
          193.70946470877195,
          398.3035011815373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated with fair value adjustments",
        "box": [
          43.74609192724609,
          402.79099879703426,
          180.70604745058105,
          407.303500806549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,728)",
        "box": [
          246.05858724755842,
          402.79099879703426,
          276.46874224546855,
          407.303500806549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 ",
        "box": [
          332.0859236630859,
          402.79099879703426,
          343.3359231943359,
          407.303500806549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17)",
        "box": [
          384.9960814584959,
          402.79099879703426,
          399.99022141374,
          407.303500806549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,750 ",
        "box": [
          442.4765440634765,
          402.79099879703426,
          464.97654312597655,
          407.303500806549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          402.79099879703426,
          518.2148259077146,
          407.303500806549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,945)",
        "box": [
          550.4062270664061,
          402.79099879703426,
          576.6503665529003,
          407.303500806549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other non-cash items",
        "box": [
          34.74609230224609,
          414.79099829703046,
          111.7250931247876,
          419.3035003065452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2 ",
        "box": [
          269.7187387617187,
          414.79099829703046,
          276.46873848046874,
          419.3035003065452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          414.79099829703046,
          343.3359231943359,
          419.3035003065452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82)",
        "box": [
          384.9960814584959,
          414.79099829703046,
          399.99022141374,
          419.3035003065452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(406)",
        "box": [
          445.47654393847654,
          414.79099829703046,
          464.97068370622065,
          419.3035003065452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          414.79099829703046,
          518.2148259077146,
          419.3035003065452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(486)",
        "box": [
          557.1562267851562,
          414.79099829703046,
          576.6503665529003,
          419.3035003065452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reversal of GAAP unrealized and realized (gains)",
        "box": [
          34.74609230224609,
          426.79099779702665,
          215.33934662752688,
          431.30349980654137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "/ losses on: ",
        "box": [
          43.74609192724609,
          435.79099742203834,
          85.999508236687,
          440.3034994315385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans",
        "box": [
          45.996091833496095,
          447.79099692203454,
          67.99071985705322,
          452.3034989315347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,980 ",
        "box": [
          249.46873960546876,
          447.79099692203454,
          276.46873848046874,
          452.3034989315347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          447.79099692203454,
          343.3359231943359,
          452.3034989315347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.7460813022459,
          447.79099692203454,
          399.9960808334959,
          452.3034989315347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,312)",
        "box": [
          438.7265442197266,
          447.79099692203454,
          464.97068370622065,
          452.3034989315347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          447.79099692203454,
          518.2148259077146,
          452.3034989315347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,668 ",
        "box": [
          549.6562270976561,
          447.79099692203454,
          576.6562259726562,
          452.3034989315347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss provision (reversal), net",
        "box": [
          45.996091833496095,
          459.79099642203073,
          173.2177663325928,
          464.30349843154545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "586 ",
        "box": [
          260.71873913671874,
          459.79099642203073,
          276.46873848046874,
          464.30349843154545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(963)",
        "box": [
          323.8359240068359,
          459.79099642203073,
          343.33006377458,
          464.30349843154545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.7460813022459,
          459.79099642203073,
          399.9960808334959,
          464.30349843154545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.72654359472654,
          459.79099642203073,
          464.97654312597655,
          464.30349843154545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          459.79099642203073,
          518.2148259077146,
          464.30349843154545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(377)",
        "box": [
          557.1562267851562,
          459.79099642203073,
          576.6503665529003,
          464.30349843154545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities",
        "box": [
          45.996091833496095,
          471.7909959220269,
          81.48632477473635,
          476.30349793154164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(451)",
        "box": [
          256.96873929296873,
          471.7909959220269,
          276.46287906071285,
          476.30349793154164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          471.7909959220269,
          343.3359231943359,
          476.30349793154164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.7460813022459,
          471.7909959220269,
          399.9960808334959,
          476.30349793154164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,921 ",
        "box": [
          442.4765440634765,
          471.7909959220269,
          464.97654312597655,
          476.30349793154164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          471.7909959220269,
          518.2148259077146,
          476.30349793154164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,470 ",
        "box": [
          554.1562269101562,
          471.7909959220269,
          576.6562259726562,
          476.30349793154164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund investments",
        "box": [
          45.996091833496095,
          483.79099542203767,
          146.2661072955786,
          488.30349743153783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          265.21873894921873,
          483.79099542203767,
          276.46873848046874,
          488.30349743153783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          483.79099542203767,
          343.3359231943359,
          488.30349743153783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,464)",
        "box": [
          369.24608211474595,
          483.79099542203767,
          399.99022141374,
          488.30349743153783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.72654359472654,
          483.79099542203767,
          464.97654312597655,
          488.30349743153783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          483.79099542203767,
          518.2148259077146,
          488.30349743153783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,464)",
        "box": [
          545.9062272539062,
          483.79099542203767,
          576.6503665529003,
          488.30349743153783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives",
        "box": [
          45.996091833496095,
          495.79099492203386,
          87.48046519498047,
          500.3034969315486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,363)",
        "box": [
          245.71873976171875,
          495.79099492203386,
          276.46287906071285,
          500.3034969315486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(89)",
        "box": [
          328.3359238193359,
          495.79099492203386,
          343.33006377458,
          500.3034969315486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,276)",
        "box": [
          373.74608192724594,
          495.79099492203386,
          399.99022141374,
          500.3034969315486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(242)",
        "box": [
          445.47654393847654,
          495.79099492203386,
          464.97068370622065,
          500.3034969315486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,433 ",
        "box": [
          491.21482703271465,
          495.79099492203386,
          518.2148259077146,
          500.3034969315486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,463 ",
        "box": [
          554.1562269101562,
          495.79099492203386,
          576.6562259726562,
          500.3034969315486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency",
        "box": [
          45.996091833496095,
          507.79099442203005,
          107.72167522159668,
          512.3034964315448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,115 ",
        "box": [
          254.29686440429688,
          507.79099442203005,
          276.4628791057129,
          512.3034964315448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          507.79099442203005,
          343.3359231943359,
          512.3034964315448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25)",
        "box": [
          384.9960814584959,
          507.79099442203005,
          399.99022141374,
          512.3034964315448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.72654359472654,
          507.79099442203005,
          464.97654312597655,
          512.3034964315448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          507.79099442203005,
          518.2148259077146,
          512.3034964315448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,090 ",
        "box": [
          554.1562269101562,
          507.79099442203005,
          576.6562259726562,
          512.3034964315448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities",
        "box": [
          45.996091833496095,
          519.7909939220408,
          182.71434795690183,
          524.303495931541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          265.21873894921873,
          519.7909939220408,
          276.46873848046874,
          524.303495931541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(843)",
        "box": [
          323.8359240068359,
          519.7909939220408,
          343.33006377458,
          524.303495931541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.7460813022459,
          519.7909939220408,
          399.9960808334959,
          524.303495931541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(412)",
        "box": [
          445.47654393847654,
          519.7909939220408,
          464.97068370622065,
          524.303495931541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          519.7909939220408,
          518.2148259077146,
          524.303495931541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,255)",
        "box": [
          550.4062270664061,
          519.7909939220408,
          576.6503665529003,
          524.303495931541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales of properties",
        "box": [
          45.996091833496095,
          531.790993422037,
          112.97753442260256,
          536.3034954315372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(324)",
        "box": [
          256.96873929296873,
          531.790993422037,
          276.46287906071285,
          536.3034954315372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          531.790993422037,
          343.3359231943359,
          536.3034954315372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(469)",
        "box": [
          380.4960816459959,
          531.790993422037,
          399.99022141374,
          536.3034954315372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.72654359472654,
          531.790993422037,
          464.97654312597655,
          536.3034954315372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          531.790993422037,
          518.2148259077146,
          536.3034954315372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(793)",
        "box": [
          557.1562267851562,
          531.790993422037,
          576.6503665529003,
          536.3034954315372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recognition of Distributable realized gains /",
        "box": [
          34.74609230224609,
          543.7909929220332,
          194.45214053782715,
          548.3034949315479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(losses) on:",
        "box": [
          39.24609211474609,
          552.7909925470303,
          80.49316077611816,
          557.303494556545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans ",
        "box": [
          43.74609192724609,
          564.7909920470265,
          67.99071985705322,
          569.3034940565412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(368)",
        "box": [
          256.96873929296873,
          564.7909920470265,
          276.46287906071285,
          569.3034940565412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          564.7909920470265,
          343.3359231943359,
          569.3034940565412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.7460813022459,
          564.7909920470265,
          399.9960808334959,
          569.3034940565412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,558 ",
        "box": [
          442.4765440634765,
          564.7909920470265,
          464.97654312597655,
          569.3034940565412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          564.7909920470265,
          518.2148259077146,
          569.3034940565412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,190 ",
        "box": [
          554.1562269101562,
          564.7909920470265,
          576.6562259726562,
          569.3034940565412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities ",
        "box": [
          43.74609192724609,
          576.7909915470373,
          81.48632477473632,
          581.3034935565374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(86)",
        "box": [
          261.4687391054687,
          576.7909915470373,
          276.46287906071285,
          581.3034935565374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          576.7909915470373,
          343.3359231943359,
          581.3034935565374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.7460813022459,
          576.7909915470373,
          399.9960808334959,
          581.3034935565374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,254)",
        "box": [
          438.7265442197266,
          576.7909915470373,
          464.97068370622065,
          581.3034935565374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          576.7909915470373,
          518.2148259077146,
          581.3034935565374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,340)",
        "box": [
          550.4062270664061,
          576.7909915470373,
          576.6503665529003,
          581.3034935565374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund investments ",
        "box": [
          43.74609192724609,
          588.7909910470335,
          146.2661072955786,
          593.3034930565482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          265.21873894921873,
          588.7909910470335,
          276.46873848046874,
          593.3034930565482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          588.7909910470335,
          343.3359231943359,
          593.3034930565482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,821 ",
        "box": [
          372.9960819584959,
          588.7909910470335,
          399.9960808334959,
          593.3034930565482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.72654359472654,
          588.7909910470335,
          464.97654312597655,
          593.3034930565482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          588.7909910470335,
          518.2148259077146,
          593.3034930565482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,821 ",
        "box": [
          549.6562270976561,
          588.7909910470335,
          576.6562259726562,
          593.3034930565482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives ",
        "box": [
          43.74609192724609,
          600.7909905470297,
          87.48046519498047,
          605.3034925565444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,635 ",
        "box": [
          249.46873960546876,
          600.7909905470297,
          276.46873848046874,
          605.3034925565444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31 ",
        "box": [
          332.0859236630859,
          600.7909905470297,
          343.3359231943359,
          605.3034925565444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,089)",
        "box": [
          373.74608192724594,
          600.7909905470297,
          399.99022141374,
          605.3034925565444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "276 ",
        "box": [
          449.22654378222654,
          600.7909905470297,
          464.97654312597655,
          605.3034925565444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,817)",
        "box": [
          491.96482700146464,
          600.7909905470297,
          518.2089664879587,
          605.3034925565444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,036 ",
        "box": [
          554.1562269101562,
          600.7909905470297,
          576.6562259726562,
          605.3034925565444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency ",
        "box": [
          43.74609192724609,
          612.7909900470404,
          107.72167522159668,
          617.3034920565406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "139 ",
        "box": [
          260.71873913671874,
          612.7909900470404,
          276.46873848046874,
          617.3034920565406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          612.7909900470404,
          343.3359231943359,
          617.3034920565406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25 ",
        "box": [
          388.7460813022459,
          612.7909900470404,
          399.9960808334959,
          617.3034920565406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.72654359472654,
          612.7909900470404,
          464.97654312597655,
          617.3034920565406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          612.7909900470404,
          518.2148259077146,
          617.3034920565406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "164 ",
        "box": [
          560.9062266289062,
          612.7909900470404,
          576.6562259726562,
          617.3034920565406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities ",
        "box": [
          43.74609192724609,
          624.7909895470366,
          182.71434795690183,
          629.3034915565368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          265.21873894921873,
          624.7909895470366,
          276.46873848046874,
          629.3034915565368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "511 ",
        "box": [
          327.91404883691405,
          624.7909895470366,
          343.33006381958006,
          629.3034915565368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          388.7460813022459,
          624.7909895470366,
          399.9960808334959,
          629.3034915565368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "436 ",
        "box": [
          449.22654378222654,
          624.7909895470366,
          464.97654312597655,
          629.3034915565368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          624.7909895470366,
          518.2148259077146,
          629.3034915565368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "947 ",
        "box": [
          560.9062266289062,
          624.7909895470366,
          576.6562259726562,
          629.3034915565368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales of properties ",
        "box": [
          43.74609192724609,
          637.5409890157898,
          112.97753442260256,
          642.05349102529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,785)",
        "box": [
          250.21873957421874,
          636.7909890470328,
          276.46287906071285,
          641.3034910565475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          332.0859236630859,
          636.7909890470328,
          343.3359231943359,
          641.3034910565475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(100)",
        "box": [
          380.4960816459959,
          636.7909890470328,
          399.99022141374,
          641.3034910565475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          453.72654359472654,
          636.7909890470328,
          464.97654312597655,
          641.3034910565475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          506.96482637646466,
          636.7909890470328,
          518.2148259077146,
          641.3034910565475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,885)",
        "box": [
          550.4062270664061,
          636.7909890470328,
          576.6503665529003,
          641.3034910565475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss)",
        "box": [
          43.74609192724609,
          651.0409884532855,
          157.76220044657472,
          655.5534904627857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          219.57421335107406,
          649.540988515786,
          224.07421316357406,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172,280",
        "box": [
          244.96873979296873,
          649.540988515786,
          274.2187385742187,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.2187385742187,
          649.540988515786,
          276.46873848046874,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          284.75389813525373,
          649.540988515786,
          289.2538979477537,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,873",
        "box": [
          316.33592431933596,
          649.540988515786,
          341.08592328808595,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          341.08592328808595,
          649.540988515786,
          343.3359231943359,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          351.72654784472655,
          649.540988515786,
          356.22654765722655,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,448",
        "box": [
          372.9960819584959,
          649.540988515786,
          397.74608092724594,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.74608092724594,
          649.540988515786,
          399.9960808334959,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          408.2226429907225,
          649.540988515786,
          412.72264280322247,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,397",
        "box": [
          437.97654425097653,
          649.540988515786,
          462.7265432197265,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          462.7265432197265,
          649.540988515786,
          464.97654312597655,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          473.3554527768553,
          649.540988515786,
          477.8554525893553,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(133,724)",
        "box": [
          482.96482737646465,
          649.540988515786,
          518.2089664879587,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.4413880649412,
          649.540988515786,
          530.9413878774412,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,274",
        "box": [
          545.1562272851562,
          649.540988515786,
          574.4062260664061,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4062260664061,
          649.540988515786,
          576.6562259726562,
          654.0534905252862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss) per Weighted",
        "box": [
          43.74609192724609,
          663.0409879532817,
          211.4326087753076,
          667.5534899627964
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Diluted Share",
        "box": [
          52.74609155224609,
          672.0409875782789,
          139.40184958158935,
          676.5534895877936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          219.57421335107406,
          670.5409876407793,
          224.07421316357406,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.45",
        "box": [
          258.4687392304687,
          670.5409876407793,
          274.2187385742187,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          274.2187385742187,
          670.5409876407793,
          276.46873848046874,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          284.75389813525373,
          670.5409876407793,
          289.2538979477537,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.06",
        "box": [
          325.33592394433595,
          670.5409876407793,
          341.08592328808595,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          341.08592328808595,
          670.5409876407793,
          343.3359231943359,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          351.72654784472655,
          670.5409876407793,
          356.22654765722655,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.08",
        "box": [
          381.99608158349594,
          670.5409876407793,
          397.74608092724594,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.74608092724594,
          670.5409876407793,
          399.9960808334959,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          408.2226429907225,
          670.5409876407793,
          412.72264280322247,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.15",
        "box": [
          446.9765438759766,
          670.5409876407793,
          462.7265432197265,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          462.7265432197265,
          670.5409876407793,
          464.97654312597655,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          473.3554527768553,
          670.5409876407793,
          477.8554525893553,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.35)",
        "box": [
          496.4648268139647,
          670.5409876407793,
          518.2089664879587,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.4413880649412,
          670.5409876407793,
          530.9413878774412,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.39",
        "box": [
          558.6562267226561,
          670.5409876407793,
          574.4062260664061,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4062260664061,
          670.5409876407793,
          576.6562259726562,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          86.0039026665039,
          434.8766419078165,
          92.82508697073905,
          437.8097682892112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          67.99218466699219,
          563.8766365328047,
          74.81336897122733,
          566.8097629141994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          81.49218410449218,
          575.8766360328154,
          88.31336840872733,
          578.8097624142101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          146.27343140527344,
          587.8766355328116,
          153.09461570950856,
          590.8097619142063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          87.48046510498047,
          599.8766350328078,
          94.3016494092156,
          602.8097614142025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          107.73046426123045,
          611.876634532804,
          114.5516485654656,
          614.8097609141987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          182.71874238671876,
          623.8766340328148,
          189.53992669095388,
          626.8097604142094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          112.98046404248046,
          635.876633532811,
          119.80164834671561,
          638.8097599142056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89",
        "box": [
          300.99608495849594,
          737.3805307989096,
          310.9935794794336,
          742.3931684102135
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 133,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30, 2026 Compared to the Three Months Ended March 31, 2026",
        "box": [
          33.74999859375,
          92.38055767391052,
          410.9208057157989,
          97.39319528521446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          33.74999859375,
          117.13055664265994,
          219.4162425317438,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Commercial and Residential Lending Segment's Distributable Earnings increased by $13.4 million, from $172.3 million",
        "box": [
          69.74999709375,
          142.6305555801664,
          569.2533333936103,
          147.64319319147035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the first quarter of 2026 to $185.7 million in the second quarter of 2026. After making adjustments for the calculation of",
        "box": [
          33.74999859375,
          154.6305550801626,
          542.669813719256,
          159.64319269146654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings, revenues were $369.0 million, costs and expenses were $189.6 million, other income was $6.3 million and there",
        "box": [
          33.74999859375,
          166.6305545801588,
          577.9344735419573,
          171.64319219146273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was no income tax provision or benefit.",
        "box": [
          33.74999859375,
          178.63055408016953,
          192.2843628694012,
          183.64319169147348
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues, consisting principally of interest income on loans, increased by $19.2 million in the second quarter of 2026,",
        "box": [
          69.74999709375,
          204.13055301766144,
          544.2449416043764,
          209.14319062896539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily due to an increase in interest income from loans of $16.9 million and a $3.5 million increase in rental income from foreclosed",
        "box": [
          33.74999859375,
          216.13055251765763,
          576.2307496028842,
          221.14319012896158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties. The increase in interest income from loans was comprised of a $17.2 million increase from commercial loans, primarily",
        "box": [
          33.74999859375,
          228.13055201766838,
          557.9932174127816,
          233.14318962897232
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reflecting higher average loan balances, slightly offset by a $0.3 million decrease from residential loans.",
        "box": [
          33.74999859375,
          240.13055151766457,
          450.2614861953539,
          245.14318912896852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses increased by $7.6 million in the second quarter of 2026, primarily due to increases of $5.8 million in",
        "box": [
          69.74999709375,
          265.63055045517103,
          552.0261762614083,
          270.643188066475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense and $2.9 million in costs of rental operations, partially offset by a $1.3 million decrease in general and administrative",
        "box": [
          33.74999859375,
          277.6305499551672,
          569.1134132595013,
          282.64318756647117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses. The increase in interest expense was primarily due to higher average borrowings outstanding.",
        "box": [
          33.74999859375,
          289.6305494551634,
          448.6115683891005,
          294.64318706646736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income increased by $1.8 million in the second quarter of 2026, primarily due to the nonrecurrence of a $4.8 million",
        "box": [
          69.74999709375,
          315.1305483926699,
          560.8715892678495,
          320.1431860039738
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realized loss on sale of a foreclosed property in the first quarter of 2026, partially offset by a $3.4 million decrease in realized gains on",
        "box": [
          33.74999859375,
          327.1305478926661,
          571.5834419965222,
          332.14318550397
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative financial instruments and related foreign currency gains.",
        "box": [
          33.74999859375,
          339.13054739266227,
          301.91012835166083,
          344.1431850039662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          33.74999859375,
          363.8805463614117,
          161.11057708614663,
          368.89318397271563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Infrastructure Lending Segment's Distributable Earnings increased by $5.2 million, from $21.9 million during the first",
        "box": [
          69.74999709375,
          389.38054529891815,
          561.745405368028,
          394.3931829102221
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter of 2026 to $27.1 million in the second quarter of 2026. After making adjustments for the calculation of Distributable Earnings,",
        "box": [
          33.74999859375,
          401.38054479891434,
          570.9879061150863,
          406.3931824102183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenues were $68.9 million, costs and expenses were $44.2 million and other income was $2.4 million.",
        "box": [
          33.74999859375,
          413.38054429891054,
          450.2224848469788,
          418.3931819102145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues increased by $5.6 million in the second quarter of 2026, primarily due to a $5.6 million increase in interest income",
        "box": [
          69.74999709375,
          438.880543236417,
          569.2142587052997,
          443.89318084772094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from loans, reflecting higher average loan balances and prepayment related income.",
        "box": [
          33.74999859375,
          450.8805427364132,
          369.0710141782904,
          455.89318034771713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses increased by $2.2 million in the second quarter of 2026, primarily due to a $1.9 million increase in interest",
        "box": [
          69.74999709375,
          476.38054167391965,
          576.1704990169824,
          481.3931792852236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense, reflecting higher average borrowings outstanding.",
        "box": [
          33.74999859375,
          488.38054117391584,
          270.5556986580954,
          493.3931787852198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income increased by $1.8 million in the second quarter of 2026, primarily due to a $1.6 million increase in earnings",
        "box": [
          69.74999709375,
          513.8805401114078,
          557.5521492140724,
          518.8931777227117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from unconsolidated entities.",
        "box": [
          33.74999859375,
          525.8805396114185,
          150.0830630527888,
          530.8931772227224
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          33.74999859375,
          550.6305385801679,
          105.28477761222169,
          555.6431761914719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings by Portfolio (amounts in thousands)",
        "box": [
          33.74999859375,
          575.3805375489173,
          273.13804904974694,
          580.3931751602213
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          378.4452967314453,
          588.7064110767824,
          477.94933251032097,
          592.7150169533561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          363.4335823569334,
          599.9564106080215,
          409.85367647276263,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          443.29685652929686,
          599.9564106080215,
          496.2206964241367,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
          533.1445127856443,
          599.9564106080215,
          559.3546413686785,
          603.9650164846098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund, net of non-controlling interests",
        "box": [
          40.74609205224609,
          612.7909900470404,
          211.49559669768308,
          617.3034920565551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          349.0077979580078,
          612.7909900470404,
          353.5077977705078,
          617.3034920565551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,639 ",
        "box": [
          396.78514346728497,
          612.7909900470404,
          423.785142342285,
          617.3034920565551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          432.1288919946287,
          612.7909900470404,
          436.62889180712875,
          617.3034920565551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,343 ",
        "box": [
          479.9062300039062,
          612.7909900470404,
          506.90622887890623,
          617.3034920565551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.24997853125,
          612.7909900470404,
          519.74997834375,
          617.3034920565551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(704)",
        "box": [
          557.203101783203,
          612.7909900470404,
          576.6972415509472,
          617.3034920565551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fundamental",
        "box": [
          40.74609205224609,
          624.7909895470366,
          87.7368127842993,
          629.3034915565513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,885 ",
        "box": [
          396.78514346728497,
          624.7909895470366,
          423.785142342285,
          629.3034915565513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,636 ",
        "box": [
          479.9062300039062,
          624.7909895470366,
          506.90622887890623,
          629.3034915565513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,249 ",
        "box": [
          554.203101908203,
          624.7909895470366,
          576.7031009707031,
          629.3034915565513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Medical Office Portfolio",
        "box": [
          40.74609205224609,
          636.7909890470473,
          129.55517049186767,
          641.3034910565475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,687 ",
        "box": [
          401.28514327978496,
          636.7909890470473,
          423.785142342285,
          641.3034910565475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,933 ",
        "box": [
          484.4062298164062,
          636.7909890470473,
          506.90622887890623,
          641.3034910565475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "754 ",
        "box": [
          560.9531016269531,
          636.7909890470473,
          576.7031009707031,
          641.3034910565475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "D.C. Multifamily Conversion",
        "box": [
          40.74609205224609,
          648.7909885470435,
          147.2431579948682,
          653.3034905565582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,153)",
        "box": [
          397.53514343603496,
          648.7909885470435,
          423.7792829225291,
          653.3034905565582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(311)",
        "box": [
          487.7460771772459,
          648.7909885470435,
          506.9062326439061,
          653.3034905565582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(842)",
        "box": [
          557.203101783203,
          648.7909885470435,
          576.6972415509472,
          653.3034905565582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other/Corporate",
        "box": [
          40.74609205224609,
          661.5409880157968,
          99.72509353478759,
          666.0534900252969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(881)",
        "box": [
          404.285143154785,
          660.7909880470397,
          423.7792829225291,
          665.3034900565544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,153)",
        "box": [
          480.65622997265626,
          660.7909880470397,
          506.90036945915034,
          665.3034900565544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "272 ",
        "box": [
          560.9531016269531,
          660.7909880470397,
          576.7031009707031,
          665.3034900565544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings",
        "box": [
          52.74609155224609,
          675.0409874532925,
          141.01024797457274,
          679.5534894628072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          349.0077979580078,
          673.540987515793,
          353.5077977705078,
          678.0534895253077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,177",
        "box": [
          396.78514346728497,
          673.540987515793,
          421.53514243603496,
          678.0534895253077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.53514243603496,
          673.540987515793,
          423.785142342285,
          678.0534895253077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          432.1288919946287,
          673.540987515793,
          436.62889180712875,
          678.0534895253077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,448",
        "box": [
          479.9062300039062,
          673.540987515793,
          504.6562289726562,
          678.0534895253077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          504.6562289726562,
          673.540987515793,
          506.90622887890623,
          678.0534895253077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.24997853125,
          673.540987515793,
          519.74997834375,
          678.0534895253077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,729",
        "box": [
          554.203101908203,
          673.540987515793,
          574.4531010644531,
          678.0534895253077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4531010644531,
          673.540987515793,
          576.7031009707031,
          678.0534895253077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Property Segment's Distributable Earnings increased by $4.8 million, from $29.4 million during the first quarter of 2026",
        "box": [
          69.74999709375,
          706.6305320801621,
          570.0880196838316,
          711.643169691466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to $34.2 million in the second quarter of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were",
        "box": [
          33.74999859375,
          718.6305315801583,
          566.8093061055058,
          723.6431691914622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$62.5 million, costs and expenses were $42.0 million, other income was $17.1 million, there was no income tax provision and the",
        "box": [
          33.74999859375,
          730.630531080169,
          552.4135544803288,
          735.643168691473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deduction of income attributable to non-controlling interests in the Woodstar Fund was $3.4 million.",
        "box": [
          33.74999859375,
          742.6305305801652,
          435.09435727731767,
          747.6431681914692
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 134,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Revenues increased by $2.8 million in the second quarter of 2026, primarily due to Fundamental's acquisition of additional net",
        "box": [
          69.74999709375,
          38.3805599239131,
          577.2835059456072,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lease properties.",
        "box": [
          33.74999859375,
          50.38055942390929,
          98.7043801435673,
          55.393197035213234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses decreased by $0.1 million in the second quarter of 2026.",
        "box": [
          69.74999709375,
          74.38055842391623,
          375.15661592472355,
          79.39319603522017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90",
        "box": [
          300.99608495849594,
          117.13055664265994,
          310.9935794794336,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 135,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923898545,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income increased by $1.8 million in the second quarter of 2026, primarily due to the nonrecurrence of a $2.8 million",
        "box": [
          69.74999709375,
          94.63055758015253,
          560.8715892678495,
          99.64319519145647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realized loss on derivatives in the first quarter of 2026 which hedge the timing of securitizations on Fundamental collateral while on a",
        "box": [
          33.74999859375,
          105.88055711140623,
          568.7375433501627,
          110.89319472271018
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "warehouse line.",
        "box": [
          33.74999859375,
          117.88055661140243,
          96.48815183591017,
          122.89319422270637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income attributable to non-controlling interests in the Woodstar Fund decreased by $0.1 million in the second quarter of 2026.",
        "box": [
          69.74999709375,
          142.63055558015185,
          574.6279054134197,
          147.6431931914558
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          33.74999859375,
          166.6305545801588,
          164.51305416937674,
          171.64319219146273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Investing and Servicing Segment's Distributable Earnings decreased by $15.0 million, from $57.4 million during the first",
        "box": [
          69.74999709375,
          192.1305535176507,
          573.1439032430908,
          197.14319112895464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter of 2026 to $42.4 million in the second quarter of 2026. After making adjustments for the calculation of Distributable Earnings,",
        "box": [
          33.74999859375,
          204.13055301766144,
          570.9879061150863,
          209.14319062896539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenues were $65.4 million, costs and expenses were $34.7 million, other income was $17.0 million, there was no income tax",
        "box": [
          33.74999859375,
          216.13055251765763,
          540.4488304687977,
          221.14319012896158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provision or benefit, and the deduction of income attributable to non-controlling interests was $5.3 million.",
        "box": [
          33.74999859375,
          228.13055201765383,
          462.16274602446816,
          233.14318962895777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues decreased by $20.9 million in the second quarter of 2026, primarily due to a $31.1 million decrease in servicing fees",
        "box": [
          69.74999709375,
          253.6305509551603,
          576.4194734029339,
          258.64318856646423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principally related to default interest, partially offset by a $7.8 million increase in interest income from CMBS investments and conduit",
        "box": [
          33.74999859375,
          265.6305504551565,
          574.6881687787459,
          270.6431880664604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans primarily reflecting improved cash flow expectations for certain CMBS investments and higher average conduit loan balances",
        "box": [
          33.74999859375,
          277.6305499551527,
          561.7862342126518,
          282.6431875664566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held. The treatment of CMBS interest income on a GAAP basis is complicated by our application of the ASC 810 consolidation rules.",
        "box": [
          33.74999859375,
          289.63054945514887,
          568.8058842560037,
          294.6431870664528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In an attempt to treat these securities similar to our other investment securities, we compute distributable interest income pursuant to an",
        "box": [
          33.74999859375,
          301.6305489551596,
          575.4057680872586,
          306.64318656646356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effective yield methodology. In doing so, we segregate the portfolio into various categories based on the components of the bonds' cash",
        "box": [
          33.74999859375,
          313.6305484551558,
          575.7816839715954,
          318.64318606645975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flows and the volatility related to each of these components. We then accrete interest income on an effective yield basis using the",
        "box": [
          33.74999859375,
          325.630547955152,
          549.4943498519625,
          330.64318556645594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "components of cash flows that are reliably estimable. Other minor adjustments are made to reflect management's expectations for other",
        "box": [
          33.74999859375,
          337.6305474551482,
          575.3716708566786,
          342.64318506645213
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "components of the projected cash flow stream.",
        "box": [
          33.74999859375,
          349.63054695515893,
          220.03131746327813,
          354.6431845664629
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses increased by $4.2 million in the second quarter of 2026, primarily due to increases of (i) $2.3 million in",
        "box": [
          69.74999709375,
          375.13054589265084,
          563.9616309890978,
          380.1431835039548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense, primarily on conduit loan financing, and (ii) $1.7 million in general and administrative expenses, principally related to",
        "box": [
          33.74999859375,
          387.1305453926616,
          576.2356479276804,
          392.14318300396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "higher loan securitization activity.",
        "box": [
          33.74999859375,
          399.1305448926578,
          169.68750086093718,
          404.1431825039617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income includes profit realized upon securitization of loans by our conduit business, gains on sales of CMBS and",
        "box": [
          69.74999709375,
          424.6305438301497,
          548.1453017231114,
          429.64318144145363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operating properties, gains and losses on derivatives that were either effectively terminated or novated, and earnings from",
        "box": [
          33.74999859375,
          436.63054333016044,
          519.9412091223693,
          441.6431809414644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated entities. These items are typically offset by a decrease in the fair value of our domestic servicing rights intangible which",
        "box": [
          33.74999859375,
          448.6305428301566,
          576.6896581587631,
          453.6431804414606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reflects the expected amortization of this deteriorating asset, net of increases in fair value due to the attainment of new servicing",
        "box": [
          33.74999859375,
          460.6305423301528,
          545.9258805155872,
          465.64317994145676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contracts. Derivatives include instruments which hedge interest rate risk and credit risk on our conduit loans and CMBS investments.",
        "box": [
          33.74999859375,
          472.630541830149,
          566.2772433863639,
          477.64317944145296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For GAAP purposes, the loans, CMBS and derivatives are accounted for at fair value, with all changes in fair value (realized or",
        "box": [
          33.74999859375,
          484.63054133015976,
          543.0896741267616,
          489.6431789414637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unrealized) recognized in earnings. The adjustments to Distributable Earnings outlined above are also applied to the GAAP earnings of",
        "box": [
          33.74999859375,
          496.63054083015595,
          573.7363095748188,
          501.6431784414599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our unconsolidated entities. Other income increased by $12.0 million in the second quarter of 2026, primarily due to increased realized",
        "box": [
          33.74999859375,
          508.63054033015214,
          573.4482791188206,
          513.6431779414561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains of (i) $5.3 million on sales of CMBS investments and a foreclosed property, (ii) $4.1 million on sales of conduit loans, (iii) $1.4",
        "box": [
          33.74999859375,
          520.6305398301483,
          568.4445566023091,
          525.6431774414523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million on interest rate derivatives and (iv) a $1.2 million decrease in recognized credit losses on CMBS investments.",
        "box": [
          33.74999859375,
          532.6305393301591,
          503.79781506467344,
          537.643176941463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income attributable to non-controlling interests increased $1.9 million in the second quarter of 2026, primarily due to higher",
        "box": [
          69.74999709375,
          558.130538267651,
          566.9930848307863,
          563.1431758789549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributable earnings of a consolidated CMBS joint venture.",
        "box": [
          33.74999859375,
          570.1305377676617,
          276.9798393654229,
          575.1431753789657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          33.74999859375,
          595.6305367051536,
          75.40945550550065,
          600.6431743164576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate loss increased by $4.2 million, from $133.7 million during the first quarter of 2026 to $137.9 million in the second",
        "box": [
          69.74999709375,
          621.1305356426601,
          570.6591253100355,
          626.143173253964
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter of 2026, primarily due to a $4.9 million increase in interest expense reflecting higher average secured and unsecured",
        "box": [
          33.74999859375,
          633.1305351426563,
          530.6563047518193,
          638.1431727539602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings outstanding.",
        "box": [
          33.74999859375,
          645.1305346426525,
          130.94236275031798,
          650.1431722539564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91",
        "box": [
          300.99608495849594,
          701.3805322989065,
          310.9935794794336,
          706.3931699102104
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 136,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the six",
        "box": [
          69.74999709375,
          93.13055764266755,
          555.0576247600981,
          98.1431952539715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026, by business segment (amounts in thousands, except per share data):",
        "box": [
          33.74999859375,
          105.13055714266375,
          422.7440534597511,
          110.14319475396769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          228.42186548242188,
          130.45643017052498,
          270.45412781925256,
          134.46503604711324
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and",
        "box": [
          242.98827487548812,
          138.70642982677964,
          255.87863236326697,
          142.7150357033679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          230.33202540283187,
          146.20642951427726,
          268.530734599394,
          150.21503539086552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          235.21874019921876,
          154.45642917053192,
          263.6579465642517,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          234.77342771777344,
          162.70642882677203,
          264.08318566253223,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          287.90623800390625,
          146.20642951427726,
          337.05120685632187,
          150.21503539086552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          298.26561257226564,
          154.45642917053192,
          326.70481893729857,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          297.8203000908203,
          162.70642882677203,
          327.1300580355791,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          357.574207601074,
          154.45642917053192,
          388.0629248557107,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          358.16014507666,
          162.70642882677203,
          387.46990302141876,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing",
        "box": [
          416.44920514794904,
          146.20642951427726,
          447.9919232336692,
          150.21503539086552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Servicing",
        "box": [
          408.78514296728497,
          154.45642917053192,
          455.65029771457034,
          158.46503504710563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          417.56248260156246,
          162.70642882677203,
          446.8722405463215,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          473.6952927626953,
          162.70642882677203,
          509.21599078278916,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          541.3476374438475,
          162.70642882677203,
          558.8249539038012,
          166.7150347033603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          34.74609230224609,
          174.7910082970484,
          69.73534881436035,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          224.24999065625,
          174.7910082970484,
          228.74999046874998,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "708,795 ",
        "box": [
          242.5546773935547,
          174.7910082970484,
          274.05467608105465,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          283.7695231762694,
          174.7910082970484,
          288.2695229887694,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132,241 ",
        "box": [
          309.0702996220703,
          174.7910082970484,
          340.5702983095703,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          350.3437354023437,
          174.7910082970484,
          354.8437352148437,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,489 ",
        "box": [
          363.2929573627928,
          174.7910082970484,
          394.7929560502928,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          404.4374831484375,
          174.7910082970484,
          408.9374829609375,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,499 ",
        "box": [
          427.8984196708984,
          174.7910082970484,
          459.39841835839843,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          469.1484179521484,
          174.7910082970484,
          473.6484177646484,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,492 ",
        "box": [
          490.78122955078123,
          174.7910082970484,
          513.2812286132812,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          522.9257632114255,
          174.7910082970484,
          527.4257630239256,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,101,516 ",
        "box": [
          538.4062275664062,
          174.7910082970484,
          576.6562259726562,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses",
        "box": [
          34.74609230224609,
          186.79100779704459,
          104.73778888592528,
          191.3035098065593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(416,602)",
        "box": [
          238.8046775498047,
          186.79100779704459,
          274.04881666129876,
          191.3035098065593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(87,557)",
        "box": [
          309.8202995908203,
          186.79100779704459,
          340.5644388898144,
          191.3035098065593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(145,547)",
        "box": [
          359.5429575190428,
          186.79100779704459,
          394.7870966305369,
          191.3035098065593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(69,561)",
        "box": [
          428.6484196396484,
          186.79100779704459,
          459.39255893864254,
          191.3035098065593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(286,204)",
        "box": [
          478.03123008203124,
          186.79100779704459,
          513.2753691935253,
          191.3035098065593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,005,471)",
        "box": [
          534.6562277226562,
          186.79100779704459,
          576.6503665529003,
          191.3035098065593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income (loss)",
        "box": [
          34.74609230224609,
          199.54100726579782,
          106.22753470385254,
          204.05350927529798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,943)",
        "box": [
          243.3046773623047,
          198.79100729704078,
          274.04881666129876,
          203.3035093065555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,979 ",
        "box": [
          318.0702992470703,
          198.79100729704078,
          340.5702983095703,
          203.3035093065555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,852 ",
        "box": [
          367.79295717529277,
          198.79100729704078,
          394.7929560502928,
          203.3035093065555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,446 ",
        "box": [
          432.3984194833984,
          198.79100729704078,
          459.39841835839843,
          203.3035093065555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(55,673)",
        "box": [
          482.53122989453124,
          198.79100729704078,
          513.2753691935253,
          203.3035093065555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,339)",
        "box": [
          545.9062272539062,
          198.79100729704078,
          576.6503665529003,
          203.3035093065555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes",
        "box": [
          34.74609230224609,
          211.541006765794,
          158.69823577757327,
          216.05350877530873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "278,250 ",
        "box": [
          242.5546773935547,
          211.541006765794,
          274.05467608105465,
          216.05350877530873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,663 ",
        "box": [
          313.5702994345703,
          211.541006765794,
          340.5702983095703,
          216.05350877530873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,794 ",
        "box": [
          372.2929569877928,
          211.541006765794,
          394.7929560502928,
          216.05350877530873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,384 ",
        "box": [
          432.3984194833984,
          211.541006765794,
          459.39841835839843,
          216.05350877530873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(340,385)",
        "box": [
          478.03123008203124,
          211.541006765794,
          513.2753691935253,
          216.05350877530873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,706 ",
        "box": [
          549.6562270976561,
          211.541006765794,
          576.6562259726562,
          216.05350877530873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax benefit (provision)",
        "box": [
          34.74609230224609,
          223.5410062657902,
          144.45995494083496,
          228.05350827530492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,192 ",
        "box": [
          251.55467701855468,
          223.5410062657902,
          274.05467608105465,
          228.05350827530492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(145)",
        "box": [
          321.0702991220703,
          223.5410062657902,
          340.5644388898144,
          228.05350827530492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25 ",
        "box": [
          383.5429565190428,
          223.5410062657902,
          394.7929560502928,
          228.05350827530492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,351)",
        "box": [
          428.9882671254881,
          223.5410062657902,
          459.3984221233983,
          228.05350827530492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          223.5410062657902,
          513.2812286132812,
          228.05350827530492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,279)",
        "box": [
          550.4062270664061,
          223.5410062657902,
          576.6503665529003,
          228.05350827530492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income attributable to non-controlling interests",
        "box": [
          34.74609230224609,
          236.29100573454343,
          204.70018685082516,
          240.80350774405815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          263.5546765185547,
          235.54100576580095,
          274.04881666129876,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          235.54100576580095,
          340.5702983095703,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,152)",
        "box": [
          364.0429573315428,
          235.54100576580095,
          394.7870966305369,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,833)",
        "box": [
          433.1484194521484,
          235.54100576580095,
          459.39255893864254,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          235.54100576580095,
          513.2812286132812,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,992)",
        "box": [
          545.9062272539062,
          235.54100576580095,
          576.6503665529003,
          240.0535077753011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Starwood",
        "box": [
          34.74609230224609,
          248.29100523453963,
          197.47557755185062,
          252.80350724405434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Trust, Inc.",
        "box": [
          43.74609192724609,
          257.2910048595513,
          120.24169445992919,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "287,435",
        "box": [
          242.5546773935547,
          257.2910048595513,
          271.8046761748047,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          271.8046761748047,
          257.2910048595513,
          274.05467608105465,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,518",
        "box": [
          313.5702994345703,
          257.2910048595513,
          338.3202984033203,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          338.3202984033203,
          257.2910048595513,
          340.5702983095703,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,333)",
        "box": [
          368.5429571440428,
          257.2910048595513,
          394.7870966305369,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,200",
        "box": [
          432.3984194833984,
          257.2910048595513,
          457.1484184521484,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          457.1484184521484,
          257.2910048595513,
          459.39841835839843,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(340,385)",
        "box": [
          478.03123008203124,
          257.2910048595513,
          513.2753691935253,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,435",
        "box": [
          549.6562270976561,
          257.2910048595513,
          574.4062260664061,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4062260664061,
          257.2910048595513,
          576.6562259726562,
          261.8035068690515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add / (Deduct):",
        "box": [
          34.74609230224609,
          269.2910043595475,
          94.74462481230714,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests attributable to Woodstar II",
        "box": [
          34.74609230224609,
          281.2910038595437,
          222.06298231737534,
          285.8035058690584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A Units",
        "box": [
          43.74609192724609,
          290.29100348454085,
          92.7582970700708,
          294.80350549405557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          262.8046765498047,
          290.29100348454085,
          274.05467608105465,
          294.80350549405557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          290.29100348454085,
          340.5702983095703,
          294.80350549405557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,258 ",
        "box": [
          372.2929569877928,
          290.29100348454085,
          394.7929560502928,
          294.80350549405557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.1484188271484,
          290.29100348454085,
          459.39841835839843,
          294.80350549405557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          290.29100348454085,
          513.2812286132812,
          294.80350549405557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,258 ",
        "box": [
          554.1562269101562,
          290.29100348454085,
          576.6562259726562,
          294.80350549405557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests attributable to unrealized",
        "box": [
          34.74609230224609,
          302.2910029845516,
          217.18944421043943,
          306.80350499405176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains/losses",
        "box": [
          43.74609192724609,
          311.29100260954874,
          86.74657858555908,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          262.8046765498047,
          311.29100260954874,
          274.05467608105465,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          311.29100260954874,
          340.5702983095703,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,031)",
        "box": [
          368.5429571440428,
          311.29100260954874,
          394.7870966305369,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,971)",
        "box": [
          433.1484194521484,
          311.29100260954874,
          459.39255893864254,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          311.29100260954874,
          513.2812286132812,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,002)",
        "box": [
          546.2460747397458,
          311.29100260954874,
          576.6562297376561,
          315.8035046190489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash equity compensation expense",
        "box": [
          34.74609230224609,
          323.29100210954493,
          177.4540945060791,
          327.80350411905965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,669 ",
        "box": [
          251.55467701855468,
          323.29100210954493,
          274.05467608105465,
          327.80350411905965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,540 ",
        "box": [
          318.0702992470703,
          323.29100210954493,
          340.5702983095703,
          327.80350411905965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,009 ",
        "box": [
          372.2929569877928,
          323.29100210954493,
          394.7929560502928,
          327.80350411905965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,874 ",
        "box": [
          436.8984192958984,
          323.29100210954493,
          459.39841835839843,
          327.80350411905965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,215 ",
        "box": [
          486.28122973828124,
          323.29100210954493,
          513.2812286132812,
          327.80350411905965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,307 ",
        "box": [
          549.6562270976561,
          323.29100210954493,
          576.6562259726562,
          327.80350411905965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management incentive fee",
        "box": [
          34.74609230224609,
          335.2910016095411,
          130.19970186501223,
          339.80350361905585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          262.8046765498047,
          335.2910016095411,
          274.05467608105465,
          339.80350361905585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          335.2910016095411,
          340.5702983095703,
          339.80350361905585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          383.5429565190428,
          335.2910016095411,
          394.7929560502928,
          339.80350361905585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.1484188271484,
          335.2910016095411,
          459.39841835839843,
          339.80350361905585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,567 ",
        "box": [
          490.78122955078123,
          335.2910016095411,
          513.2812286132812,
          339.80350361905585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,567 ",
        "box": [
          554.1562269101562,
          335.2910016095411,
          576.6562259726562,
          339.80350361905585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          34.74609230224609,
          347.29100110955187,
          144.2006777316382,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,090 ",
        "box": [
          251.55467701855468,
          347.29100110955187,
          274.05467608105465,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          347.29100110955187,
          340.5702983095703,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,206 ",
        "box": [
          367.79295717529277,
          347.29100110955187,
          394.7929560502928,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,313 ",
        "box": [
          436.8984192958984,
          347.29100110955187,
          459.39841835839843,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          347.29100110955187,
          513.2812286132812,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,609 ",
        "box": [
          549.6562270976561,
          347.29100110955187,
          576.6562259726562,
          351.80350311905204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Straight-line rent adjustment",
        "box": [
          34.74609230224609,
          359.29100060954806,
          137.72313878153562,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          262.8046765498047,
          359.29100060954806,
          274.05467608105465,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          359.29100060954806,
          340.5702983095703,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,346)",
        "box": [
          368.5429571440428,
          359.29100060954806,
          394.7870966305369,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171 ",
        "box": [
          443.6484190146484,
          359.29100060954806,
          459.39841835839843,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          359.29100060954806,
          513.2812286132812,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,175)",
        "box": [
          550.4062270664061,
          359.29100060954806,
          576.6503665529003,
          363.80350261904823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income adjustment for loans and securities",
        "box": [
          34.74609230224609,
          371.29100010954426,
          217.69042090956543,
          375.803502119059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,749 ",
        "box": [
          251.55467701855468,
          371.29100010954426,
          274.05467608105465,
          375.803502119059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          371.29100010954426,
          340.5702983095703,
          375.803502119059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          383.5429565190428,
          371.29100010954426,
          394.7929560502928,
          375.803502119059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,062 ",
        "box": [
          432.3984194833984,
          371.29100010954426,
          459.39841835839843,
          375.803502119059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          371.29100010954426,
          513.2812286132812,
          375.803502119059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,811 ",
        "box": [
          549.9843520839843,
          371.29100010954426,
          576.6503669729002,
          375.803502119059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated income tax (benefit) provision",
        "box": [
          34.74609230224609,
          383.29099960954045,
          193.70946470877195,
          387.80350161905517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated with fair value adjustments",
        "box": [
          43.74609192724609,
          392.29099923455215,
          180.70604745058105,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,192)",
        "box": [
          247.80467717480468,
          392.29099923455215,
          274.04881666129876,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145 ",
        "box": [
          324.8202989658203,
          392.29099923455215,
          340.5702983095703,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25)",
        "box": [
          379.79295667529277,
          392.29099923455215,
          394.7870966305369,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,351 ",
        "box": [
          432.72654446972655,
          392.29099923455215,
          459.3925589836426,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          392.29099923455215,
          513.2812286132812,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,279 ",
        "box": [
          554.1562269101562,
          392.29099923455215,
          576.6562259726562,
          396.8035012440523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other non-cash items",
        "box": [
          34.74609230224609,
          404.29099873454834,
          111.7250931247876,
          408.8035007440485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7 ",
        "box": [
          267.3046763623047,
          404.29099873454834,
          274.05467608105465,
          408.8035007440485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "447 ",
        "box": [
          324.8202989658203,
          404.29099873454834,
          340.5702983095703,
          408.8035007440485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(164)",
        "box": [
          375.2929568627928,
          404.29099873454834,
          394.7870966305369,
          408.8035007440485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(813)",
        "box": [
          439.8984191708984,
          404.29099873454834,
          459.39255893864254,
          408.8035007440485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          404.29099873454834,
          513.2812286132812,
          408.8035007440485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(523)",
        "box": [
          557.1562267851562,
          404.29099873454834,
          576.6503665529003,
          408.8035007440485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reversal of GAAP unrealized and realized (gains) /",
        "box": [
          34.74609230224609,
          416.29099823454453,
          220.08983469958986,
          420.80350024405925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses on: ",
        "box": [
          43.74609192724609,
          425.2909978595417,
          81.249020164624,
          429.8034998690564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans",
        "box": [
          45.996091833496095,
          437.29099735953787,
          67.99071985705322,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,691 ",
        "box": [
          247.0546772060547,
          437.29099735953787,
          274.05467608105465,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          437.29099735953787,
          340.5702983095703,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          383.5429565190428,
          437.29099735953787,
          394.7929560502928,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,962)",
        "box": [
          428.6484196396484,
          437.29099735953787,
          459.39255893864254,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          437.29099735953787,
          513.2812286132812,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,729 ",
        "box": [
          549.6562270976561,
          437.29099735953787,
          576.6562259726562,
          441.8034993690526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss provision (reversal), net",
        "box": [
          45.996091833496095,
          449.2909968595486,
          173.2177663325928,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,402 ",
        "box": [
          247.0546772060547,
          449.2909968595486,
          274.05467608105465,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(615)",
        "box": [
          321.0702991220703,
          449.2909968595486,
          340.5644388898144,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          383.5429565190428,
          449.2909968595486,
          394.7929560502928,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.1484188271484,
          449.2909968595486,
          459.39841835839843,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          449.2909968595486,
          513.2812286132812,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,787 ",
        "box": [
          549.6562270976561,
          449.2909968595486,
          576.6562259726562,
          453.8034988690488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities",
        "box": [
          45.996091833496095,
          461.2909963595448,
          81.48632477473635,
          465.8034983690595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,136 ",
        "box": [
          251.55467701855468,
          461.2909963595448,
          274.05467608105465,
          465.8034983690595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          461.2909963595448,
          340.5702983095703,
          465.8034983690595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          383.5429565190428,
          461.2909963595448,
          394.7929560502928,
          465.8034983690595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,638 ",
        "box": [
          436.8984192958984,
          461.2909963595448,
          459.39841835839843,
          465.8034983690595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          461.2909963595448,
          513.2812286132812,
          465.8034983690595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,774 ",
        "box": [
          549.6562270976561,
          461.2909963595448,
          576.6562259726562,
          465.8034983690595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund investments",
        "box": [
          45.996091833496095,
          473.290995859541,
          146.2661072955786,
          477.8034978690557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          262.8046765498047,
          473.290995859541,
          274.05467608105465,
          477.8034978690557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          473.290995859541,
          340.5702983095703,
          477.8034978690557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,393)",
        "box": [
          364.0429573315428,
          473.290995859541,
          394.7870966305369,
          477.8034978690557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.1484188271484,
          473.290995859541,
          459.39841835839843,
          477.8034978690557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          473.290995859541,
          513.2812286132812,
          477.8034978690557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,393)",
        "box": [
          545.9062272539062,
          473.290995859541,
          576.6503665529003,
          477.8034978690557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives",
        "box": [
          45.996091833496095,
          485.29099535955174,
          87.48046519498047,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,892)",
        "box": [
          243.3046773623047,
          485.29099535955174,
          274.04881666129876,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(439)",
        "box": [
          321.0702991220703,
          485.29099535955174,
          340.5644388898144,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,630)",
        "box": [
          364.0429573315428,
          485.29099535955174,
          394.7870966305369,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,225)",
        "box": [
          433.1484194521484,
          485.29099535955174,
          459.39255893864254,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,673 ",
        "box": [
          486.28122973828124,
          485.29099535955174,
          513.2812286132812,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,487 ",
        "box": [
          554.1562269101562,
          485.29099535955174,
          576.6562259726562,
          489.8034973690519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency",
        "box": [
          45.996091833496095,
          497.29099485954794,
          107.72167522159668,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,834 ",
        "box": [
          247.3828021923828,
          497.29099485954794,
          274.0488167062988,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          497.29099485954794,
          340.5702983095703,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38)",
        "box": [
          379.79295667529277,
          497.29099485954794,
          394.7870966305369,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.1484188271484,
          497.29099485954794,
          459.39841835839843,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          497.29099485954794,
          513.2812286132812,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,796 ",
        "box": [
          549.9843520839843,
          497.29099485954794,
          576.6503665979003,
          501.8034968690481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities",
        "box": [
          45.996091833496095,
          509.29099435954413,
          182.71434795690183,
          513.8034963690588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          262.8046765498047,
          509.29099435954413,
          274.05467608105465,
          513.8034963690588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,520)",
        "box": [
          314.3202994033203,
          509.29099435954413,
          340.5644388898144,
          513.8034963690588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          383.5429565190428,
          509.29099435954413,
          394.7929560502928,
          513.8034963690588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(605)",
        "box": [
          439.8984191708984,
          509.29099435954413,
          459.39255893864254,
          513.8034963690588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          509.29099435954413,
          513.2812286132812,
          513.8034963690588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,125)",
        "box": [
          550.4062270664061,
          509.29099435954413,
          576.6503665529003,
          513.8034963690588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales of properties",
        "box": [
          45.996091833496095,
          521.2909938595403,
          112.97753442260256,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(356)",
        "box": [
          254.55467689355467,
          521.2909938595403,
          274.04881666129876,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          521.2909938595403,
          340.5702983095703,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(496)",
        "box": [
          375.2929568627928,
          521.2909938595403,
          394.7870966305369,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,264)",
        "box": [
          433.1484194521484,
          521.2909938595403,
          459.39255893864254,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          521.2909938595403,
          513.2812286132812,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,116)",
        "box": [
          550.7460745522459,
          521.2909938595403,
          576.6562295126561,
          525.803495869055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recognition of Distributable realized gains /",
        "box": [
          34.74609230224609,
          533.2909933595511,
          194.45214053782715,
          537.8034953690512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(losses) on:",
        "box": [
          43.74609192724609,
          542.2909929845482,
          84.99316058861817,
          546.8034949940484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans ",
        "box": [
          45.996091833496095,
          554.2909924845444,
          70.24071976330322,
          558.8034944940591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(822)",
        "box": [
          254.55467689355467,
          554.2909924845444,
          274.04881666129876,
          558.8034944940591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          554.2909924845444,
          340.5702983095703,
          558.8034944940591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          383.5429565190428,
          554.2909924845444,
          394.7929560502928,
          558.8034944940591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,194 ",
        "box": [
          432.3984194833984,
          554.2909924845444,
          459.39841835839843,
          558.8034944940591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          554.2909924845444,
          513.2812286132812,
          558.8034944940591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,372 ",
        "box": [
          549.6562270976561,
          554.2909924845444,
          576.6562259726562,
          558.8034944940591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities ",
        "box": [
          45.996091833496095,
          566.2909919845406,
          83.73632468098634,
          570.8034939940553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(137)",
        "box": [
          254.55467689355467,
          566.2909919845406,
          274.04881666129876,
          570.8034939940553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          566.2909919845406,
          340.5702983095703,
          570.8034939940553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          383.5429565190428,
          566.2909919845406,
          394.7929560502928,
          570.8034939940553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,936)",
        "box": [
          433.1484194521484,
          566.2909919845406,
          459.39255893864254,
          570.8034939940553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          566.2909919845406,
          513.2812286132812,
          570.8034939940553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,073)",
        "box": [
          550.4062270664061,
          566.2909919845406,
          576.6503665529003,
          570.8034939940553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund investments ",
        "box": [
          45.996091833496095,
          578.2909914845513,
          148.5161072018286,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          262.8046765498047,
          578.2909914845513,
          274.05467608105465,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          578.2909914845513,
          340.5702983095703,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,029 ",
        "box": [
          367.79295717529277,
          578.2909914845513,
          394.7929560502928,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.1484188271484,
          578.2909914845513,
          459.39841835839843,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          578.2909914845513,
          513.2812286132812,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,029 ",
        "box": [
          549.6562270976561,
          578.2909914845513,
          576.6562259726562,
          582.8034934940515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives",
        "box": [
          45.996091833496095,
          590.2909909845475,
          87.48046519498047,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,205 ",
        "box": [
          247.0546772060547,
          590.2909909845475,
          274.05467608105465,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "279 ",
        "box": [
          324.8202989658203,
          590.2909909845475,
          340.5702983095703,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,324)",
        "box": [
          368.5429571440428,
          590.2909909845475,
          394.7870966305369,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,926 ",
        "box": [
          436.8984192958984,
          590.2909909845475,
          459.39841835839843,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,724)",
        "box": [
          487.03122970703123,
          590.2909909845475,
          513.2753691935253,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,362 ",
        "box": [
          549.6562270976561,
          590.2909909845475,
          576.6562259726562,
          594.8034929940477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency ",
        "box": [
          45.996091833496095,
          602.2909904845437,
          109.97167512784668,
          606.8034924940584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "942 ",
        "box": [
          258.30467673730465,
          602.2909904845437,
          274.05467608105465,
          606.8034924940584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          602.2909904845437,
          340.5702983095703,
          606.8034924940584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38 ",
        "box": [
          383.5429565190428,
          602.2909904845437,
          394.7929560502928,
          606.8034924940584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.1484188271484,
          602.2909904845437,
          459.39841835839843,
          606.8034924940584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          602.2909904845437,
          513.2812286132812,
          606.8034924940584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "980 ",
        "box": [
          560.9062266289062,
          602.2909904845437,
          576.6562259726562,
          606.8034924940584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities ",
        "box": [
          45.996091833496095,
          614.2909899845399,
          184.96434786315183,
          618.8034919940546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          262.8046765498047,
          614.2909899845399,
          274.05467608105465,
          618.8034919940546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,657 ",
        "box": [
          318.0702992470703,
          614.2909899845399,
          340.5702983095703,
          618.8034919940546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          383.5429565190428,
          614.2909899845399,
          394.7929560502928,
          618.8034919940546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "905 ",
        "box": [
          443.6484190146484,
          614.2909899845399,
          459.39841835839843,
          618.8034919940546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          614.2909899845399,
          513.2812286132812,
          618.8034919940546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,562 ",
        "box": [
          554.1562269101562,
          614.2909899845399,
          576.6562259726562,
          618.8034919940546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales of properties ",
        "box": [
          45.996091833496095,
          626.2909894845507,
          115.22753432885256,
          630.8034914940508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,753)",
        "box": [
          247.80467717480468,
          626.2909894845507,
          274.04881666129876,
          630.8034914940508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          329.3202987783203,
          626.2909894845507,
          340.5702983095703,
          630.8034914940508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(135)",
        "box": [
          375.2929568627928,
          626.2909894845507,
          394.7870966305369,
          630.8034914940508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,928 ",
        "box": [
          436.8984192958984,
          626.2909894845507,
          459.39841835839843,
          630.8034914940508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          502.03122908203125,
          626.2909894845507,
          513.2812286132812,
          630.8034914940508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,960)",
        "box": [
          550.4062270664061,
          626.2909894845507,
          576.6503665529003,
          630.8034914940508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss)",
        "box": [
          45.996091833496095,
          640.5409888907889,
          160.01220035282472,
          645.0534909003036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          224.24999065625,
          639.0409889532893,
          228.74999046874998,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "358,008",
        "box": [
          242.5546773935547,
          639.0409889532893,
          271.8046761748047,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          271.8046761748047,
          639.0409889532893,
          274.05467608105465,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          283.7695231762694,
          639.0409889532893,
          288.2695229887694,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,012",
        "box": [
          313.5702994345703,
          639.0409889532893,
          338.3202984033203,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          338.3202984033203,
          639.0409889532893,
          340.5702983095703,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          350.3437354023437,
          639.0409889532893,
          354.8437352148437,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,625",
        "box": [
          367.79295717529277,
          639.0409889532893,
          392.5429561440428,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.5429561440428,
          639.0409889532893,
          394.7929560502928,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          404.4374831484375,
          639.0409889532893,
          408.9374829609375,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,786",
        "box": [
          432.3984194833984,
          639.0409889532893,
          457.1484184521484,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          457.1484184521484,
          639.0409889532893,
          459.39841835839843,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ (271,654)",
        "box": [
          469.1484179521484,
          639.0409889532893,
          513.2753691935253,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          522.9257632114255,
          639.0409889532893,
          527.4257630239256,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "298,777",
        "box": [
          545.1562272851562,
          639.0409889532893,
          574.4062260664061,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4062260664061,
          639.0409889532893,
          576.6562259726562,
          643.5534909628041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss) per Weighted",
        "box": [
          45.996091833496095,
          652.5409883907996,
          213.6826086815576,
          657.0534904002998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Diluted Share",
        "box": [
          57.24609136474609,
          661.5409880157968,
          143.90184939408937,
          666.0534900252969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          224.24999065625,
          660.0409880782972,
          228.74999046874998,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.94",
        "box": [
          256.0546768310547,
          660.0409880782972,
          271.8046761748047,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          271.8046761748047,
          660.0409880782972,
          274.05467608105465,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          283.7695231762694,
          660.0409880782972,
          288.2695229887694,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.13",
        "box": [
          322.5702990595703,
          660.0409880782972,
          338.3202984033203,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          338.3202984033203,
          660.0409880782972,
          340.5702983095703,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          350.3437354023437,
          660.0409880782972,
          354.8437352148437,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.16",
        "box": [
          376.7929568002928,
          660.0409880782972,
          392.5429561440428,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.5429561440428,
          660.0409880782972,
          394.7929560502928,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          404.4374831484375,
          660.0409880782972,
          408.9374829609375,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.26",
        "box": [
          441.3984191083984,
          660.0409880782972,
          457.1484184521484,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          457.1484184521484,
          660.0409880782972,
          459.39841835839843,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          469.1484179521484,
          660.0409880782972,
          473.6484177646484,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.71)",
        "box": [
          491.5312295195312,
          660.0409880782972,
          513.2753691935253,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          522.9257632114255,
          660.0409880782972,
          527.4257630239256,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.78",
        "box": [
          558.6562267226561,
          660.0409880782972,
          574.4062260664061,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4062260664061,
          660.0409880782972,
          576.6562259726562,
          664.5534900877974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          81.25780911425781,
          424.37664234531985,
          88.07899341849296,
          427.30976872671454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          70.24218457324218,
          553.3766369703226,
          77.06336887747733,
          556.3097633517173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          83.74218401074219,
          565.3766364703188,
          90.56336831497734,
          568.3097628517135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          148.52343131152344,
          577.376635970315,
          155.34461561575856,
          580.3097623517097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (5)",
        "box": [
          87.48046510498047,
          589.3766354703257,
          95.76414702327821,
          592.3097618517204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          109.98046416748048,
          601.3766349703219,
          116.80164847171562,
          604.3097613517166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          184.96874229296876,
          613.3766344703181,
          191.78992659720387,
          616.3097608517128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          115.23046394873046,
          625.3766339703143,
          122.0516482529656,
          628.309760351709
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 137,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "92",
        "box": [
          300.99608495849594,
          38.3805599239131,
          310.9935794794336,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 138,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the six",
        "box": [
          69.74999709375,
          81.13055814265681,
          555.0576247600981,
          86.1431957539462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2025, by business segment (amounts in thousands, except per share data):",
        "box": [
          33.74999859375,
          93.130557642653,
          422.7440534597511,
          98.1431952539424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial",
        "box": [
          231.1757753676756,
          106.45643117051804,
          273.20803770450635,
          110.4650370471063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and",
        "box": [
          245.75389976025374,
          114.7064308267727,
          258.6442572480326,
          118.71503670334641
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          233.09765028759747,
          122.20643051427032,
          271.2963594841596,
          126.21503639085859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          237.9726500844725,
          130.45643017052498,
          266.4118564495054,
          134.4650360470987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          237.53905260253907,
          138.7064298267651,
          266.84881054729783,
          142.71503570335335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure",
        "box": [
          292.1835853256834,
          122.20643051427032,
          341.32855417809907,
          126.21503639085859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          302.5429598940428,
          130.45643017052498,
          330.98216625907577,
          134.4650360470987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          302.0976474125975,
          138.7064298267651,
          331.40740535735625,
          142.71503570335335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
          361.7226449282225,
          130.45643017052498,
          392.21136218285915,
          134.4650360470987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          362.30858240380843,
          138.7064298267651,
          391.6183403485672,
          142.71503570335335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing",
        "box": [
          420.46873248046876,
          122.20643051427032,
          452.0114505661889,
          126.21503639085859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Servicing",
        "box": [
          412.8046702998047,
          130.45643017052498,
          459.66982504709006,
          134.4650360470987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment",
        "box": [
          421.5820174340819,
          138.7064298267651,
          450.89177537884086,
          142.71503570335335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          477.4570151059568,
          138.7064298267651,
          512.9777131260506,
          142.71503570335335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          543.0702898720702,
          138.7064298267651,
          560.547606332024,
          142.71503570335335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues",
        "box": [
          34.74609230224609,
          150.7910092970269,
          69.73534881436035,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          225.5507756020506,
          150.7910092970269,
          230.0507754145506,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "669,373 ",
        "box": [
          246.77342721777345,
          150.7910092970269,
          278.2734259052734,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          288.01171049951154,
          150.7910092970269,
          292.51171031201153,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128,809 ",
        "box": [
          313.3827994423828,
          150.7910092970269,
          344.8827981298828,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          354.6796727216797,
          150.7910092970269,
          359.1796725341797,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,026 ",
        "box": [
          371.75389451025376,
          150.7910092970269,
          398.7538933852537,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          408.42185798242184,
          150.7910092970269,
          412.9218577949219,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112,660 ",
        "box": [
          432.29295448779277,
          150.7910092970269,
          463.4589688142088,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          473.2382652817381,
          150.7910092970269,
          477.7382650942381,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "631 ",
        "box": [
          500.9531041269531,
          150.7910092970269,
          516.7031034707031,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.3710755678709,
          150.7910092970269,
          530.8710753803709,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "944,499 ",
        "box": [
          545.1562272851562,
          150.7910092970269,
          576.6562259726562,
          155.30351130654162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses",
        "box": [
          34.74609230224609,
          162.7910087970231,
          104.73778888592528,
          167.30351080653782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(370,988)",
        "box": [
          243.02342737402344,
          162.7910087970231,
          278.26756648551753,
          167.30351080653782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(91,199)",
        "box": [
          314.1327994111328,
          162.7910087970231,
          344.8769387101269,
          167.30351080653782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44,307)",
        "box": [
          368.00389466650375,
          162.7910087970231,
          398.7480339654978,
          167.30351080653782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(73,429)",
        "box": [
          432.7148294702147,
          162.7910087970231,
          463.45896876920875,
          167.30351080653782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(235,185)",
        "box": [
          481.4531049394531,
          162.7910087970231,
          516.6972440509472,
          167.30351080653782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(815,108)",
        "box": [
          541.4062274414061,
          162.7910087970231,
          576.6503665529003,
          167.30351080653782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          34.74609230224609,
          175.54100826577633,
          83.97802390091553,
          180.05351027529105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,150 ",
        "box": [
          251.27342703027344,
          174.7910082970193,
          278.2734259052734,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "609 ",
        "box": [
          329.1327987861328,
          174.7910082970193,
          344.8827981298828,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,263 ",
        "box": [
          376.25389432275375,
          174.7910082970193,
          398.7538933852537,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,321 ",
        "box": [
          436.4648293139647,
          174.7910082970193,
          463.46482818896465,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,500 ",
        "box": [
          489.7031045957031,
          174.7910082970193,
          516.7031034707031,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,843 ",
        "box": [
          545.1562272851562,
          174.7910082970193,
          576.6562259726562,
          179.30351030654856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes",
        "box": [
          34.74609230224609,
          187.54100776577252,
          158.69823577757327,
          192.05350977528724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,535 ",
        "box": [
          246.77342721777345,
          187.54100776577252,
          278.2734259052734,
          192.05350977528724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,219 ",
        "box": [
          317.8827992548828,
          187.54100776577252,
          344.8827981298828,
          192.05350977528724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,018)",
        "box": [
          372.50389447900375,
          187.54100776577252,
          398.7480339654978,
          192.05350977528724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,552 ",
        "box": [
          436.4648293139647,
          187.54100776577252,
          463.46482818896465,
          192.05350977528724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(191,054)",
        "box": [
          481.4531049394531,
          187.54100776577252,
          516.6972440509472,
          192.05350977528724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "255,234 ",
        "box": [
          545.1562272851562,
          187.54100776577252,
          576.6562259726562,
          192.05350977528724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax benefit (provision)",
        "box": [
          34.74609230224609,
          199.5410072657687,
          144.45995494083496,
          204.05350927529798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,201 ",
        "box": [
          255.77342684277343,
          199.5410072657687,
          278.2734259052734,
          204.05350927529798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45)",
        "box": [
          329.8827987548828,
          199.5410072657687,
          344.8769387101269,
          204.05350927529798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          199.5410072657687,
          398.7538933852537,
          204.05350927529798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,593)",
        "box": [
          437.2148292827147,
          199.5410072657687,
          463.45896876920875,
          204.05350927529798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          199.5410072657687,
          516.7031034707031,
          204.05350927529798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,437)",
        "box": [
          550.4062270664061,
          199.5410072657687,
          576.6503665529003,
          204.05350927529798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Income) loss attributable to non-controlling",
        "box": [
          34.74609230224609,
          211.54100676577946,
          194.70702313720702,
          216.05350877529418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests",
        "box": [
          43.74609192724609,
          220.5410063907766,
          73.73876653755127,
          225.05350840029132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          267.7734263427734,
          220.5410063907766,
          278.26756648551753,
          225.05350840029132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          220.5410063907766,
          344.8827981298828,
          225.05350840029132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,410)",
        "box": [
          368.00389466650375,
          220.5410063907766,
          398.7480339654978,
          225.05350840029132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,689 ",
        "box": [
          440.9648291264647,
          220.5410063907766,
          463.46482818896465,
          225.05350840029132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          220.5410063907766,
          516.7031034707031,
          225.05350840029132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,728)",
        "box": [
          550.4062270664061,
          220.5410063907766,
          576.6503665529003,
          225.05350840029132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Starwood",
        "box": [
          34.74609230224609,
          232.5410058907728,
          197.47557755185062,
          237.0535079002875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Trust, Inc.",
        "box": [
          43.74609192724609,
          241.54100551576994,
          120.24169445992919,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "349,729",
        "box": [
          246.77342721777345,
          241.54100551576994,
          276.0234259990234,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          276.0234259990234,
          241.54100551576994,
          278.2734259052734,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,174",
        "box": [
          317.8827992548828,
          241.54100551576994,
          342.6327982236328,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          342.6327982236328,
          241.54100551576994,
          344.8827981298828,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,428)",
        "box": [
          368.00389466650375,
          241.54100551576994,
          398.7480339654978,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,648",
        "box": [
          436.4648293139647,
          241.54100551576994,
          461.2148282827147,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.2148282827147,
          241.54100551576994,
          463.46482818896465,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(191,054)",
        "box": [
          481.4531049394531,
          241.54100551576994,
          516.6972440509472,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,069",
        "box": [
          545.1562272851562,
          241.54100551576994,
          574.4062260664061,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4062260664061,
          241.54100551576994,
          576.6562259726562,
          246.0535075252992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add / (Deduct):",
        "box": [
          34.74609230224609,
          253.54100501578068,
          94.74462481230714,
          258.0535070252954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests attributable to Woodstar II",
        "box": [
          34.74609230224609,
          265.5410045157769,
          222.06298231737534,
          270.0535065252916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A Units",
        "box": [
          43.74609192724609,
          274.541004140774,
          92.7582970700708,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          267.0234263740234,
          274.541004140774,
          278.2734259052734,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          274.541004140774,
          344.8827981298828,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,288 ",
        "box": [
          376.25389432275375,
          274.541004140774,
          398.7538933852537,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.2148286577147,
          274.541004140774,
          463.46482818896465,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          274.541004140774,
          516.7031034707031,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,288 ",
        "box": [
          554.1562269101562,
          274.541004140774,
          576.6562259726562,
          279.05350615028874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests attributable to unrealized",
        "box": [
          34.74609230224609,
          286.5410036407702,
          217.18944421043943,
          291.0535056502995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains/losses",
        "box": [
          43.74609192724609,
          295.5410032657819,
          86.74657858555908,
          300.05350527529663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          267.0234263740234,
          295.5410032657819,
          278.2734259052734,
          300.05350527529663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          295.5410032657819,
          344.8827981298828,
          300.05350527529663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,757)",
        "box": [
          372.50389447900375,
          295.5410032657819,
          398.7480339654978,
          300.05350527529663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,202)",
        "box": [
          437.2148292827147,
          295.5410032657819,
          463.45896876920875,
          300.05350527529663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          295.5410032657819,
          516.7031034707031,
          300.05350527529663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,959)",
        "box": [
          545.9062272539062,
          295.5410032657819,
          576.6503665529003,
          300.05350527529663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash equity compensation expense",
        "box": [
          34.74609230224609,
          307.5410027657781,
          177.4540945060791,
          312.0535047752928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,636 ",
        "box": [
          255.77342684277343,
          307.5410027657781,
          278.2734259052734,
          312.0535047752928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,323 ",
        "box": [
          322.3827990673828,
          307.5410027657781,
          344.8827981298828,
          312.0535047752928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "216 ",
        "box": [
          383.0038940415037,
          307.5410027657781,
          398.7538933852537,
          312.0535047752928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,764 ",
        "box": [
          440.9648291264647,
          307.5410027657781,
          463.46482818896465,
          312.0535047752928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,841 ",
        "box": [
          489.7031045957031,
          307.5410027657781,
          516.7031034707031,
          312.0535047752928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,780 ",
        "box": [
          549.6562270976561,
          307.5410027657781,
          576.6562259726562,
          312.0535047752928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management incentive fee",
        "box": [
          34.74609230224609,
          319.5410022657743,
          130.19970186501223,
          324.053504275289
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          267.0234263740234,
          319.5410022657743,
          278.2734259052734,
          324.053504275289
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          319.5410022657743,
          344.8827981298828,
          324.053504275289
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          319.5410022657743,
          398.7538933852537,
          324.053504275289
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.2148286577147,
          319.5410022657743,
          463.46482818896465,
          324.053504275289
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,244 ",
        "box": [
          489.7031045957031,
          319.5410022657743,
          516.7031034707031,
          324.053504275289
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,244 ",
        "box": [
          549.6562270976561,
          319.5410022657743,
          576.6562259726562,
          324.053504275289
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          34.74609230224609,
          331.5410017657705,
          144.2006777316382,
          336.05350377529976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,270 ",
        "box": [
          255.77342684277343,
          331.5410017657705,
          278.2734259052734,
          336.05350377529976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          331.5410017657705,
          344.8827981298828,
          336.05350377529976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,958 ",
        "box": [
          372.08201949658184,
          331.5410017657705,
          398.74803401049786,
          336.05350377529976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,697 ",
        "box": [
          440.9648291264647,
          331.5410017657705,
          463.46482818896465,
          336.05350377529976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          331.5410017657705,
          516.7031034707031,
          336.05350377529976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,925 ",
        "box": [
          549.6562270976561,
          331.5410017657705,
          576.6562259726562,
          336.05350377529976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income adjustment for loans and securities",
        "box": [
          34.74609230224609,
          343.54100126578123,
          217.69042090956543,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,048 ",
        "box": [
          251.27342703027344,
          343.54100126578123,
          278.2734259052734,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          343.54100126578123,
          344.8827981298828,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          343.54100126578123,
          398.7538933852537,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,466 ",
        "box": [
          436.4648293139647,
          343.54100126578123,
          463.46482818896465,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          343.54100126578123,
          516.7031034707031,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,514 ",
        "box": [
          549.6562270976561,
          343.54100126578123,
          576.6562259726562,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated income tax (benefit) provision",
        "box": [
          34.74609230224609,
          355.5410007657774,
          193.70946470877195,
          360.05350277529215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated with fair value adjustments",
        "box": [
          43.74609192724609,
          364.54100039077457,
          180.70604745058105,
          369.0535024002893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,201)",
        "box": [
          252.02342699902343,
          364.54100039077457,
          278.26756648551753,
          369.0535024002893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45 ",
        "box": [
          333.6327985986328,
          364.54100039077457,
          344.8827981298828,
          369.0535024002893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          364.54100039077457,
          398.7538933852537,
          369.0535024002893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,593 ",
        "box": [
          440.9648291264647,
          364.54100039077457,
          463.46482818896465,
          369.0535024002893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          364.54100039077457,
          516.7031034707031,
          369.0535024002893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,437 ",
        "box": [
          554.1562269101562,
          364.54100039077457,
          576.6562259726562,
          369.0535024002893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other non-cash items",
        "box": [
          34.74609230224609,
          376.54099989077076,
          111.7250931247876,
          381.05350190030003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8 ",
        "box": [
          271.5234261865234,
          376.54099989077076,
          278.2734259052734,
          381.05350190030003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          376.54099989077076,
          344.8827981298828,
          381.05350190030003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "611 ",
        "box": [
          383.33201902783185,
          376.54099989077076,
          398.74803401049786,
          381.05350190030003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(746)",
        "box": [
          443.9648290014647,
          376.54099989077076,
          463.45896876920875,
          381.05350190030003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          376.54099989077076,
          516.7031034707031,
          381.05350190030003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(127)",
        "box": [
          557.1562267851562,
          376.54099989077076,
          576.6503665529003,
          381.05350190030003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reversal of GAAP unrealized and realized (gains) /",
        "box": [
          34.74609230224609,
          388.5409993907815,
          220.08983469958986,
          393.0535014002962
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses on: ",
        "box": [
          43.74609192724609,
          397.54099901577865,
          81.249020164624,
          402.0535010252934
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans",
        "box": [
          45.996091833496095,
          409.54099851577485,
          67.99071985705322,
          414.05350052528956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(50,999)",
        "box": [
          247.52342718652343,
          409.54099851577485,
          278.26756648551753,
          414.05350052528956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          409.54099851577485,
          344.8827981298828,
          414.05350052528956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          409.54099851577485,
          398.7538933852537,
          414.05350052528956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,272)",
        "box": [
          432.7148294702147,
          409.54099851577485,
          463.45896876920875,
          414.05350052528956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          409.54099851577485,
          516.7031034707031,
          414.05350052528956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(88,271)",
        "box": [
          545.9062272539062,
          409.54099851577485,
          576.6503665529003,
          414.05350052528956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss (reversal) provision, net",
        "box": [
          45.996091833496095,
          421.54099801577104,
          173.2177663325928,
          426.0535000253003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,096)",
        "box": [
          247.52342718652343,
          421.54099801577104,
          278.26756648551753,
          426.0535000253003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,763 ",
        "box": [
          322.3827990673828,
          421.54099801577104,
          344.8827981298828,
          426.0535000253003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          421.54099801577104,
          398.7538933852537,
          426.0535000253003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.2148286577147,
          421.54099801577104,
          463.46482818896465,
          426.0535000253003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          421.54099801577104,
          516.7031034707031,
          426.0535000253003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,333)",
        "box": [
          545.9062272539062,
          421.54099801577104,
          576.6503665529003,
          426.0535000253003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities",
        "box": [
          45.996091833496095,
          433.5409975157818,
          81.48632477473635,
          438.0534995252965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,339)",
        "box": [
          252.02342699902343,
          433.5409975157818,
          278.26756648551753,
          438.0534995252965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          433.5409975157818,
          344.8827981298828,
          438.0534995252965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          433.5409975157818,
          398.7538933852537,
          438.0534995252965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,901 ",
        "box": [
          436.4648293139647,
          433.5409975157818,
          463.46482818896465,
          438.0534995252965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          433.5409975157818,
          516.7031034707031,
          438.0534995252965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,562 ",
        "box": [
          549.6562270976561,
          433.5409975157818,
          576.6562259726562,
          438.0534995252965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund investments",
        "box": [
          45.996091833496095,
          445.540997015778,
          146.2661072955786,
          450.0534990252927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          267.0234263740234,
          445.540997015778,
          278.2734259052734,
          450.0534990252927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          445.540997015778,
          344.8827981298828,
          450.0534990252927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,025)",
        "box": [
          372.50389447900375,
          445.540997015778,
          398.7480339654978,
          450.0534990252927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.2148286577147,
          445.540997015778,
          463.46482818896465,
          450.0534990252927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          445.540997015778,
          516.7031034707031,
          450.0534990252927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,025)",
        "box": [
          550.4062270664061,
          445.540997015778,
          576.6503665529003,
          450.0534990252927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives",
        "box": [
          45.996091833496095,
          457.54099651577417,
          87.48046519498047,
          462.0534985252889
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "181,978 ",
        "box": [
          246.77342721777345,
          457.54099651577417,
          278.2734259052734,
          462.0534985252889
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19 ",
        "box": [
          333.6327985986328,
          457.54099651577417,
          344.8827981298828,
          462.0534985252889
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111 ",
        "box": [
          383.67185901367185,
          457.54099651577417,
          398.75388963525387,
          462.0534985252889
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,377 ",
        "box": [
          440.9648291264647,
          457.54099651577417,
          463.46482818896465,
          462.0534985252889
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(43,500)",
        "box": [
          485.9531047519531,
          457.54099651577417,
          516.6972440509472,
          462.0534985252889
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140,985 ",
        "box": [
          545.1562272851562,
          457.54099651577417,
          576.6562259726562,
          462.0534985252889
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency",
        "box": [
          45.996091833496095,
          469.54099601577036,
          107.72167522159668,
          474.05349802529963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(117,873)",
        "box": [
          243.3632748598631,
          469.54099601577036,
          278.27342967027323,
          474.05349802529963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(866)",
        "box": [
          325.3827989423828,
          469.54099601577036,
          344.8769387101269,
          474.05349802529963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187 ",
        "box": [
          383.0038940415037,
          469.54099601577036,
          398.7538933852537,
          474.05349802529963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.2148286577147,
          469.54099601577036,
          463.46482818896465,
          474.05349802529963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          469.54099601577036,
          516.7031034707031,
          474.05349802529963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(118,552)",
        "box": [
          541.7460749272459,
          469.54099601577036,
          576.6562297376561,
          474.05349802529963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings from unconsolidated entities",
        "box": [
          45.996091833496095,
          481.5409955157811,
          182.71434795690183,
          486.0534975252958
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,708)",
        "box": [
          252.02342699902343,
          481.5409955157811,
          278.26756648551753,
          486.0534975252958
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(545)",
        "box": [
          325.3827989423828,
          481.5409955157811,
          344.8769387101269,
          486.0534975252958
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          481.5409955157811,
          398.7538933852537,
          486.0534975252958
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,892)",
        "box": [
          437.2148292827147,
          481.5409955157811,
          463.45896876920875,
          486.0534975252958
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          481.5409955157811,
          516.7031034707031,
          486.0534975252958
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,145)",
        "box": [
          550.4062270664061,
          481.5409955157811,
          576.6503665529003,
          486.0534975252958
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales of properties",
        "box": [
          45.996091833496095,
          493.5409950157773,
          112.97753442260256,
          498.053497025292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,128)",
        "box": [
          252.02342699902343,
          493.5409950157773,
          278.26756648551753,
          498.053497025292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          493.5409950157773,
          344.8827981298828,
          498.053497025292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          493.5409950157773,
          398.7538933852537,
          498.053497025292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.2148286577147,
          493.5409950157773,
          463.46482818896465,
          498.053497025292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          493.5409950157773,
          516.7031034707031,
          498.053497025292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,128)",
        "box": [
          550.4062270664061,
          493.5409950157773,
          576.6503665529003,
          498.053497025292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recognition of Distributable realized gains /",
        "box": [
          34.74609230224609,
          505.5409945157735,
          194.45214053782715,
          510.0534965252882
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(losses) on:",
        "box": [
          39.24609211474609,
          514.5409941407706,
          80.49316077611816,
          519.0534961502999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans ",
        "box": [
          45.996091833496095,
          526.5409936407814,
          70.24071976330322,
          531.0534956502961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(882)",
        "box": [
          258.7734267177734,
          526.5409936407814,
          278.26756648551753,
          531.0534956502961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          526.5409936407814,
          344.8827981298828,
          531.0534956502961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          526.5409936407814,
          398.7538933852537,
          531.0534956502961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,872 ",
        "box": [
          436.4648293139647,
          526.5409936407814,
          463.46482818896465,
          531.0534956502961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          526.5409936407814,
          516.7031034707031,
          531.0534956502961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,990 ",
        "box": [
          549.6562270976561,
          526.5409936407814,
          576.6562259726562,
          531.0534956502961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities ",
        "box": [
          45.996091833496095,
          538.5409931407776,
          83.73632468098634,
          543.0534951502923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(347)",
        "box": [
          258.7734267177734,
          538.5409931407776,
          278.26756648551753,
          543.0534951502923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          538.5409931407776,
          344.8827981298828,
          543.0534951502923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          538.5409931407776,
          398.7538933852537,
          543.0534951502923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,756)",
        "box": [
          437.2148292827147,
          538.5409931407776,
          463.45896876920875,
          543.0534951502923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          538.5409931407776,
          516.7031034707031,
          543.0534951502923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,103)",
        "box": [
          550.4062270664061,
          538.5409931407776,
          576.6503665529003,
          543.0534951502923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund investments",
        "box": [
          45.996091833496095,
          550.5409926407738,
          146.2661072955786,
          555.0534946502885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          267.0234263740234,
          550.5409926407738,
          278.2734259052734,
          555.0534946502885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          550.5409926407738,
          344.8827981298828,
          555.0534946502885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,921 ",
        "box": [
          371.75389451025376,
          550.5409926407738,
          398.7538933852537,
          555.0534946502885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.2148286577147,
          550.5409926407738,
          463.46482818896465,
          555.0534946502885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          550.5409926407738,
          516.7031034707031,
          555.0534946502885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,921 ",
        "box": [
          549.6562270976561,
          550.5409926407738,
          576.6562259726562,
          555.0534946502885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives ",
        "box": [
          45.996091833496095,
          562.54099214077,
          89.73046510123046,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,596 ",
        "box": [
          251.27342703027344,
          562.54099214077,
          278.2734259052734,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103 ",
        "box": [
          329.1327987861328,
          562.54099214077,
          344.8827981298828,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(196)",
        "box": [
          379.2538941977537,
          562.54099214077,
          398.7480339654978,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(677)",
        "box": [
          443.9648290014647,
          562.54099214077,
          463.45896876920875,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,902)",
        "box": [
          485.9531047519531,
          562.54099214077,
          516.6972440509472,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,924 ",
        "box": [
          549.6562270976561,
          562.54099214077,
          576.6562259726562,
          567.0534941502992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency ",
        "box": [
          45.996091833496095,
          574.5409916407807,
          109.97167512784668,
          579.0534936502954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,057 ",
        "box": [
          255.77342684277343,
          574.5409916407807,
          278.2734259052734,
          579.0534936502954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58 ",
        "box": [
          333.6327985986328,
          574.5409916407807,
          344.8827981298828,
          579.0534936502954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(186)",
        "box": [
          379.2538941977537,
          574.5409916407807,
          398.7480339654978,
          579.0534936502954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.2148286577147,
          574.5409916407807,
          463.46482818896465,
          579.0534936502954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          574.5409916407807,
          516.7031034707031,
          579.0534936502954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,929 ",
        "box": [
          554.1562269101562,
          574.5409916407807,
          576.6562259726562,
          579.0534936502954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings (loss) from unconsolidated entities ",
        "box": [
          45.996091833496095,
          586.5409911407769,
          207.21385866608884,
          591.0534931502916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,708 ",
        "box": [
          255.77342684277343,
          586.5409911407769,
          278.2734259052734,
          591.0534931502916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(217)",
        "box": [
          325.3827989423828,
          586.5409911407769,
          344.8769387101269,
          591.0534931502916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          586.5409911407769,
          398.7538933852537,
          591.0534931502916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,407 ",
        "box": [
          440.9648291264647,
          586.5409911407769,
          463.46482818896465,
          591.0534931502916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          586.5409911407769,
          516.7031034707031,
          591.0534931502916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,898 ",
        "box": [
          554.1562269101562,
          586.5409911407769,
          576.6562259726562,
          591.0534931502916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales of properties ",
        "box": [
          45.996091833496095,
          599.2909906095301,
          115.22753432885256,
          603.8034926190448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44,438)",
        "box": [
          247.52342718652343,
          598.5409906407731,
          278.26756648551753,
          603.0534926502878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          333.6327985986328,
          598.5409906407731,
          344.8827981298828,
          603.0534926502878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.5038938540037,
          598.5409906407731,
          398.7538933852537,
          603.0534926502878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.2148286577147,
          598.5409906407731,
          463.46482818896465,
          603.0534926502878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          505.4531039394531,
          598.5409906407731,
          516.7031034707031,
          603.0534926502878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44,438)",
        "box": [
          545.9062272539062,
          598.5409906407731,
          576.6503665529003,
          603.0534926502878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss)",
        "box": [
          45.996091833496095,
          612.7909900470258,
          160.01220035282472,
          617.3034920565406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          225.5507756020506,
          611.2909901095263,
          230.0507754145506,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "353,019",
        "box": [
          246.77342721777345,
          611.2909901095263,
          276.0234259990234,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          276.0234259990234,
          611.2909901095263,
          278.2734259052734,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          288.01171049951154,
          611.2909901095263,
          292.51171031201153,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,857",
        "box": [
          317.8827992548828,
          611.2909901095263,
          342.6327982236328,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          342.6327982236328,
          611.2909901095263,
          344.8827981298828,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          354.6796727216797,
          611.2909901095263,
          359.1796725341797,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,700",
        "box": [
          371.75389451025376,
          611.2909901095263,
          396.50389347900375,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.50389347900375,
          611.2909901095263,
          398.7538933852537,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          408.42185798242184,
          611.2909901095263,
          412.9218577949219,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101,180",
        "box": [
          431.9648295014647,
          611.2909901095263,
          461.2148282827147,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.2148282827147,
          611.2909901095263,
          463.46482818896465,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ (221,371)",
        "box": [
          473.2382652817381,
          611.2909901095263,
          516.6972440509472,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.3710755678709,
          611.2909901095263,
          530.8710753803709,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "307,385",
        "box": [
          545.1562272851562,
          611.2909901095263,
          574.4062260664061,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4062260664061,
          611.2909901095263,
          576.6562259726562,
          615.803492119041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss) per Weighted",
        "box": [
          45.996091833496095,
          624.790989547022,
          213.6826086815576,
          629.3034915565513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Diluted Share",
        "box": [
          57.24609136474609,
          633.7909891720192,
          143.90184939408937,
          638.3034911815485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          225.5507756020506,
          632.2909892345197,
          230.0507754145506,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00",
        "box": [
          260.2734266552734,
          632.2909892345197,
          276.0234259990234,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          276.0234259990234,
          632.2909892345197,
          278.2734259052734,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          288.01171049951154,
          632.2909892345197,
          292.51171031201153,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.12",
        "box": [
          326.8827988798828,
          632.2909892345197,
          342.6327982236328,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          342.6327982236328,
          632.2909892345197,
          344.8827981298828,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          354.6796727216797,
          632.2909892345197,
          359.1796725341797,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.10",
        "box": [
          380.75389413525374,
          632.2909892345197,
          396.50389347900375,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.50389347900375,
          632.2909892345197,
          398.7538933852537,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          408.42185798242184,
          632.2909892345197,
          412.9218577949219,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.29",
        "box": [
          445.4648289389647,
          632.2909892345197,
          461.2148282827147,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.2148282827147,
          632.2909892345197,
          463.46482818896465,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          473.2382652817381,
          632.2909892345197,
          477.7382650942381,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.63)",
        "box": [
          494.9531043769531,
          632.2909892345197,
          516.6972440509472,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          526.3710755678709,
          632.2909892345197,
          530.8710753803709,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.88",
        "box": [
          558.6562267226561,
          632.2909892345197,
          574.4062260664061,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4062260664061,
          632.2909892345197,
          576.6562259726562,
          636.8034912440489
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          652.763644661507,
          210.74999121875,
          654.2678119980119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          51.749997843749995,
          680.3805331739131,
          63.40722296353168,
          685.3931707852025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The reconciling items in this section are exactly equivalent to the amounts recognized within GAAP net income (before the",
        "box": [
          69.74999709375,
          680.3805331739131,
          562.990275064632,
          685.3931707852025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidation of VIEs), each of which can be agreed back to the respective lines within Note 23 to our Condensed",
        "box": [
          69.74999709375,
          690.8805327364098,
          525.4264462947303,
          695.8931703476992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Financial Statements. They reflect both unrealized and realized (gains) and losses and, in the case of property",
        "box": [
          69.74999709375,
          702.1305322676635,
          562.3361125568275,
          707.1431698789529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sales, include the related gain or loss on extinguishment of debt associated with such sale, if any. For added transparency and",
        "box": [
          69.74999709375,
          713.3805317989027,
          569.6682505513216,
          718.3931694102066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consistency of presentation, the entire amount recognized in GAAP income is reversed in this section, and the realized",
        "box": [
          69.74999709375,
          724.6305313301564,
          543.2784504508968,
          729.6431689414458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "components of these amounts are reflected in the next section entitled 'Recognition of Distributable realized gains / (losses).'",
        "box": [
          69.74999709375,
          735.8805308614101,
          572.7973579060034,
          740.8931684726995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          81.25780911425781,
          396.6266435015568,
          88.07899341849296,
          399.5597698829515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          70.24218457324218,
          525.6266381265596,
          77.06336887747733,
          528.5597645079542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          83.74218401074219,
          537.6266376265557,
          90.56336831497734,
          540.5597640079504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          146.27343140527344,
          549.6266371265665,
          153.09461570950856,
          552.5597635079612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          89.73046501123046,
          561.6266366265627,
          96.55164931546562,
          564.5597630079574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          109.98046416748048,
          573.6266361265589,
          116.80164847171562,
          576.5597625079536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          207.2226513657225,
          585.6266356265551,
          214.04383566995762,
          588.5597620079643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          115.23046394873046,
          598.3766350953083,
          122.0516482529656,
          601.309761476703
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 139,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "93",
        "box": [
          300.99608495849594,
          58.63055908016395,
          310.9935794794336,
          63.64319669145334
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 140,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          51.749997843749995,
          86.38055792391242,
          63.40722296353168,
          91.39319553520181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the realized portion of GAAP gains (losses) on residential and commercial conduit loans carried under the fair",
        "box": [
          69.74999709375,
          86.38055792391242,
          556.6002480388213,
          91.39319553520181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value option that were sold during the period or expected to be sold in the near term subject to a binding agreement. The",
        "box": [
          69.74999709375,
          97.63055745516613,
          550.6886555021995,
          102.64319506645552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount is calculated as the difference between (i) the net proceeds received or expected to be received in connection with a",
        "box": [
          69.74999709375,
          108.88055698640528,
          563.1025643849533,
          113.89319459770923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitization or sale of loans and (ii) such loans' historical cost basis.",
        "box": [
          69.74999709375,
          120.13055651765899,
          348.86436532023407,
          125.14319412894838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          51.749997843749995,
          137.3805557989108,
          63.40722296353168,
          142.39319341020018
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the realized portion of GAAP gains (losses) on CMBS and RMBS carried under the fair value option that are sold",
        "box": [
          69.74999709375,
          137.3805557989108,
          570.8153605785258,
          142.39319341020018
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or impaired during the period. Upon sale, the difference between the cash proceeds received and the historical cost basis of the",
        "box": [
          69.74999709375,
          148.6305553301645,
          575.9166968760312,
          153.6431929414539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "security is treated as a realized gain or loss for Distributable Earnings purposes. We consider a CMBS or an RMBS credit loss",
        "box": [
          69.74999709375,
          159.8805548614182,
          573.5295196733488,
          164.8931924727076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to be realized when such amounts are deemed nonrecoverable. Non-recoverability is generally at the time the underlying",
        "box": [
          69.74999709375,
          171.13055439265736,
          552.4948807918788,
          176.1431920039613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets within the securitization are liquidated, but non-recoverability may also be determined if, in our determination, it is",
        "box": [
          69.74999709375,
          182.38055392391107,
          556.1559699722465,
          187.39319153520046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nearly certain that all amounts due will not be collected. The amount is calculated as the difference between the cash received",
        "box": [
          69.74999709375,
          192.88055348640773,
          572.0993418500259,
          197.89319109771168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the historical cost basis of the security.",
        "box": [
          69.74999709375,
          204.13055301766144,
          241.2351929797832,
          209.14319062895083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          51.749997843749995,
          221.38055229891324,
          63.40722296353168,
          226.39318991020264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents GAAP income from the Woodstar Fund investments excluding unrealized changes in the fair value of its",
        "box": [
          69.74999709375,
          221.38055229891324,
          534.2718921090831,
          226.39318991020264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying assets and liabilities. The amount is calculated as the difference between the Woodstar Fund's GAAP net income",
        "box": [
          69.74999709375,
          232.63055183016695,
          565.5482128830513,
          237.64318944145634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and its unrealized gains (losses), which represents changes in working capital and actual cash distributions received.",
        "box": [
          69.74999709375,
          243.8805513614061,
          534.2084276225645,
          248.89318897271005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          51.749997843749995,
          261.1305506426579,
          63.40722296353168,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the realized portion of GAAP gains or losses on the termination or settlement of derivatives that are accounted for",
        "box": [
          69.74999709375,
          261.1305506426579,
          571.6013460887755,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "at fair value. Derivatives are only treated as realized for Distributable Earnings when they are terminated or settled, and cash is",
        "box": [
          69.74999709375,
          272.3805501739116,
          577.1956570705926,
          277.393187785201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exchanged. The amount of cash received or paid to terminate or settle the derivative is the amount treated as realized for",
        "box": [
          69.74999709375,
          283.6305497051653,
          550.6349465873751,
          288.6431873164547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings purposes at the time of such termination or settlement.",
        "box": [
          69.74999709375,
          294.88054923641903,
          379.8770976530367,
          299.8931868477084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          51.749997843749995,
          312.1305485176563,
          63.40722296353168,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the realized portion of foreign currency gains (losses) related to assets and liabilities denominated in a foreign",
        "box": [
          69.74999709375,
          312.1305485176563,
          555.3017041499279,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currency. Realization occurs when the foreign currency is converted back to USD. The amount is calculated as the difference",
        "box": [
          69.74999709375,
          323.38054804891,
          569.516932217688,
          328.3931856601994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between the foreign exchange rate at the time the asset was placed on the balance sheet and the foreign exchange rate at the",
        "box": [
          69.74999709375,
          334.6305475801637,
          563.283198127427,
          339.6431851914531
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "time cash is received and is offset by any gains or losses on the related foreign currency derivative at settlement.",
        "box": [
          69.74999709375,
          345.8805471114174,
          518.7435235169354,
          350.8931847227068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          51.749997843749995,
          363.1305463926692,
          63.40722296353168,
          368.1431840039586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents GAAP earnings (loss) from unconsolidated entities excluding non-cash items and unrealized changes in fair value",
        "box": [
          69.74999709375,
          363.1305463926692,
          571.6111551804286,
          368.1431840039586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded on the books and records of the unconsolidated entities. The difference between GAAP and Distributable Earnings",
        "box": [
          69.74999709375,
          374.38054592390836,
          565.1235146985985,
          379.3931835352123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for these entities principally relates to depreciation and unrealized changes in the fair value of mortgage loans and securities.",
        "box": [
          69.74999709375,
          385.63054545516206,
          568.0426545128049,
          390.64318306645146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          51.749997843749995,
          402.13054476765683,
          63.40722296353168,
          407.1431823789608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the realized gain (loss) on sales of properties held at depreciated cost. Because depreciation is a non-cash expense",
        "box": [
          69.74999709375,
          402.13054476765683,
          570.8203225133798,
          407.1431823789608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that is excluded from Distributable Earnings, GAAP gains upon sale of a property are higher, and GAAP losses are lower, than",
        "box": [
          69.74999709375,
          413.38054429891054,
          576.5659246639187,
          418.3931819101999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the respective realized amounts reflected in Distributable Earnings. The amount is calculated as net sales proceeds less",
        "box": [
          69.74999709375,
          424.63054383016424,
          543.9960279539106,
          429.64318144145363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "undepreciated cost, adjusted for any noncontrolling interest and any realized gain or loss on extinguishment of debt.",
        "box": [
          69.74999709375,
          435.88054336141795,
          533.3931961815324,
          440.89318097270734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94",
        "box": [
          300.99608495849594,
          492.1305410176574,
          310.9935794794336,
          497.1431786289613
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 141,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025",
        "box": [
          33.74999859375,
          80.38055817391432,
          381.509216441282,
          85.39319578520372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          33.74999859375,
          104.38055717390671,
          219.4162425317438,
          109.3931947851961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Commercial and Residential Lending Segment's Distributable Earnings increased by $5.0 million, from $353.0 million",
        "box": [
          69.74999709375,
          128.38055617391365,
          564.2546000268909,
          133.39319378520304
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the first half of 2025 to $358.0 million in the first half of 2026. After making adjustments for the calculation of Distributable",
        "box": [
          33.74999859375,
          140.38055567390984,
          560.1800185067262,
          145.39319328519923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings, revenues were $718.7 million, costs and expenses were $371.6 million, other income was $10.9 million and there was no",
        "box": [
          33.74999859375,
          152.38055517390603,
          558.7791514550344,
          157.39319278519542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income tax provision or benefit.",
        "box": [
          33.74999859375,
          164.38055467390222,
          161.74027769207152,
          169.39319228520617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues, consisting principally of interest income on loans, increased by $37.0 million in the first half of 2026, primarily due",
        "box": [
          69.74999709375,
          188.38055367390916,
          576.458460028458,
          193.39319128519855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to increases in interest income from loans of $33.6 million and rental income from foreclosed properties of $21.3 million, partially",
        "box": [
          33.74999859375,
          200.38055317390535,
          555.7036668581795,
          205.39319078519475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset by a decrease in interest income from investment securities of $16.6 million. The increase in interest income from loans reflects",
        "box": [
          33.74999859375,
          212.38055267390155,
          569.743173256113,
          217.3931902852055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i) a $39.0 million increase from commercial loans, reflecting higher average balances, partially offset by lower average index rates and",
        "box": [
          33.74999859375,
          224.3805521739123,
          576.5383213650687,
          229.39318978520168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "spreads and additional loans placed on nonaccrual, and (ii) a $5.4 million decrease from residential loans principally due to lower",
        "box": [
          33.74999859375,
          236.38055167390849,
          551.5055673260997,
          241.39318928519788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average balances. The decrease in interest income from investment securities was primarily due to lower average commercial and",
        "box": [
          33.74999859375,
          248.38055117390468,
          552.1061019580778,
          253.39318878519407
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential investment balances due to repayments.",
        "box": [
          33.74999859375,
          260.38055067390087,
          236.96555123268496,
          265.3931882852048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses decreased by $9.8 million in the first half of 2026, primarily due to (i) a $30.4 million decrease in interest",
        "box": [
          69.74999709375,
          284.3805496739078,
          572.0015998156863,
          289.3931872851972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense, partially offset by (ii) an $18.9 million increase in costs of rental operations and (iii) a $1.6 million increase in general and",
        "box": [
          33.74999859375,
          296.380549173904,
          560.2190928950366,
          301.39318678520794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "administrative expenses. The decrease in interest expense was primarily due to lower average index rates and spreads, partially offset",
        "box": [
          33.74999859375,
          308.38054867391475,
          566.3846566247257,
          313.39318628520414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by higher average borrowings outstanding.",
        "box": [
          33.74999859375,
          320.38054817391094,
          205.0545955373081,
          325.39318578520033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income decreased by $41.8 million in the first half of 2026, primarily due to (i) a $26.5 million decrease in realized",
        "box": [
          69.74999709375,
          344.3805471739033,
          556.146186789741,
          349.39318478520727
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains on derivative financial instruments and related foreign currency gains, (ii) the nonrecurrence of a $20.8 million gain on",
        "box": [
          33.74999859375,
          356.38054667391407,
          533.453423260273,
          361.39318428520346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extinguishment of debt in the first half of 2025 and (iii) a $4.2 million increase in other loss, partially offset by (iv) a $12.0 million",
        "box": [
          33.74999859375,
          368.38054617391026,
          556.3870162047065,
          373.39318378519965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decreased loss on sale of investments and other assets.",
        "box": [
          33.74999859375,
          380.38054567390645,
          251.1367695172175,
          385.39318328519585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          33.74999859375,
          404.3805446739134,
          161.11057708614663,
          409.3931822852028
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Infrastructure Lending Segment's Distributable Earnings increased by $8.1 million, from $40.9 million during the first",
        "box": [
          69.74999709375,
          428.3805436739058,
          561.745405368028,
          433.39318128519517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "half of 2025 to $49.0 million in the first half of 2026. After making adjustments for the calculation of Distributable Earnings, revenues",
        "box": [
          33.74999859375,
          440.38054317390197,
          571.8275090442658,
          445.3931807852059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were $132.2 million, costs and expenses were $86.2 million and other income was $3.0 million.",
        "box": [
          33.74999859375,
          452.3805426739127,
          417.19364699818067,
          457.3931802852021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues increased by $3.4 million in the first half of 2026, primarily due to increases in interest income of (i) $2.0 million",
        "box": [
          69.74999709375,
          476.3805416739051,
          564.5083386663183,
          481.3931792851945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from loans, reflecting higher average balances, partially offset by the effects of lower average index rates and spreads, (ii) $0.9 million",
        "box": [
          33.74999859375,
          488.3805411739013,
          571.9300607070797,
          493.39317878520524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from cash balances and (iii) $0.6 million from investment securities.",
        "box": [
          33.74999859375,
          500.38054067391204,
          307.2212856803625,
          505.39317828520143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses decreased by $0.9 million in the first half of 2026, primarily due to (i) a $2.0 million net decrease in",
        "box": [
          74.24999690625,
          524.3805396739044,
          554.2903670670669,
          529.3931772851938
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "general, administrative and other expenses, partially offset by (ii) a $1.1 million increase in interest expense, reflecting higher average",
        "box": [
          33.74999859375,
          536.3805391739006,
          569.8993479017539,
          541.3931767852046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings outstanding, partially offset by the effects of lower average index rates and spreads.",
        "box": [
          33.74999859375,
          548.3805386739114,
          415.66567798684605,
          553.3931762852008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income increased by $3.8 million in the first half of 2026, primarily due to a $2.9 million favorable change in earnings",
        "box": [
          74.24999690625,
          572.3805376739037,
          573.4359529772471,
          577.3931752852077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(loss) from unconsolidated entities and a $0.8 million decreased loss on extinguishment of debt.",
        "box": [
          33.74999859375,
          584.3805371739145,
          417.18874882338474,
          589.3931747852039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          33.74999859375,
          608.3805361739069,
          105.28477761222169,
          613.3931737851963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings by Portfolio (amounts in thousands)",
        "box": [
          33.74999859375,
          632.3805351739138,
          273.13804904974694,
          637.3931727852032
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended June 30,",
        "box": [
          367.16014470166,
          645.7064087017643,
          487.6236535198471,
          649.7150145783526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          377.06248428906247,
          657.706408201775,
          393.05245339781374,
          661.7150140783488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          461.71873076171875,
          657.706408201775,
          477.70869987046996,
          661.7150140783488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
          531.4687278554687,
          657.7909881720261,
          560.9736094160985,
          662.3034901815408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund, net of non-controlling interests",
        "box": [
          45.996091833496095,
          670.5409876407793,
          216.74559647893307,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          347.4374855234375,
          670.5409876407793,
          351.9374853359375,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,982 ",
        "box": [
          395.1913935336912,
          670.5409876407793,
          422.19139240869123,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          432.09373199609377,
          670.5409876407793,
          436.59373180859376,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,986 ",
        "box": [
          479.8476400063475,
          670.5409876407793,
          506.84763888134745,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.1913885336912,
          670.5409876407793,
          519.6913883461912,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,004)",
        "box": [
          550.4765395634765,
          670.5409876407793,
          576.7206790499706,
          675.0534896502941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fundamental",
        "box": [
          45.996091833496095,
          682.5409871407755,
          92.98681256554931,
          687.0534891502903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,521 ",
        "box": [
          395.1913935336912,
          682.5409871407755,
          422.19139240869123,
          687.0534891502903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          495.5976393500975,
          682.5409871407755,
          506.84763888134745,
          687.0534891502903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,521 ",
        "box": [
          549.7265395947265,
          682.5409871407755,
          576.7265384697265,
          687.0534891502903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Medical Office Portfolio",
        "box": [
          45.996091833496095,
          694.5409866407717,
          134.80517027311765,
          699.053488650301
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,620 ",
        "box": [
          399.6913933461912,
          694.5409866407717,
          422.19139240869123,
          699.053488650301
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,480 ",
        "box": [
          484.3476398188475,
          694.5409866407717,
          506.84763888134745,
          699.053488650301
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,140 ",
        "box": [
          554.2265394072265,
          694.5409866407717,
          576.7265384697265,
          699.053488650301
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "D.C. Multifamily Conversion",
        "box": [
          45.996091833496095,
          706.5409861407825,
          152.49315777611818,
          711.0534881502972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,464)",
        "box": [
          395.94139350244126,
          706.5409861407825,
          422.18553298893534,
          711.0534881502972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,463)",
        "box": [
          480.5976399750975,
          706.5409861407825,
          506.84177946159156,
          711.0534881502972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          566.2265389072265,
          706.5409861407825,
          576.7206790499706,
          711.0534881502972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other/Corporate",
        "box": [
          45.996091833496095,
          719.2909856095212,
          104.9750933160376,
          723.8034876190504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,034)",
        "box": [
          395.94139350244126,
          718.5409856407787,
          422.18553298893534,
          723.0534876502934
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,303)",
        "box": [
          480.5976399750975,
          718.5409856407787,
          506.84177946159156,
          723.0534876502934
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "269 ",
        "box": [
          560.9765391259765,
          718.5409856407787,
          576.7265384697265,
          723.0534876502934
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings",
        "box": [
          59.49609127099609,
          732.7909850470314,
          147.76024769332273,
          737.3034870565461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          347.4374855234375,
          731.2909851095319,
          351.9374853359375,
          735.8034871190466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,625",
        "box": [
          395.1913935336912,
          731.2909851095319,
          419.9413925024412,
          735.8034871190466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          419.9413925024412,
          731.2909851095319,
          422.19139240869123,
          735.8034871190466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          432.09373199609377,
          731.2909851095319,
          436.59373180859376,
          735.8034871190466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,700",
        "box": [
          479.8476400063475,
          731.2909851095319,
          504.5976389750975,
          735.8034871190466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          504.5976389750975,
          731.2909851095319,
          506.84763888134745,
          735.8034871190466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          515.1913885336912,
          731.2909851095319,
          519.6913883461912,
          735.8034871190466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,925",
        "box": [
          549.7265395947265,
          731.2909851095319,
          574.4765385634765,
          735.8034871190466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.4765385634765,
          731.2909851095319,
          576.7265384697265,
          735.8034871190466
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 142,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "95",
        "box": [
          300.99608495849594,
          82.63055808015633,
          310.9935794794336,
          87.64319569144573
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 143,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Property Segment's Distributable Earnings increased by $29.9 million, from $33.7 million during the first half of 2025 to",
        "box": [
          69.74999709375,
          81.13055814265681,
          572.5971136792863,
          86.14319575396075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$63.6 million in the first half of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $122.2",
        "box": [
          33.74999859375,
          93.13055764266755,
          562.1034313665224,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, costs and expenses were $84.1 million, other income was $32.4 million, there was no income tax provision and the deduction",
        "box": [
          33.74999859375,
          105.13055714266375,
          569.3429176648774,
          110.14319475395314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of income attributable to non-controlling interests in the Woodstar Fund was $6.9 million.",
        "box": [
          33.74999859375,
          117.13055664265994,
          393.1713091741113,
          122.14319425394933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues increased by $88.2 million in the first half of 2026, primarily due to our acquisition of Fundamental in July 2025,",
        "box": [
          69.74999709375,
          141.13055564266688,
          564.2594211954396,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which provided $87.1 million of net lease rental income during the first half of 2026.",
        "box": [
          33.74999859375,
          153.13055514266307,
          373.5814968903536,
          158.14319275395246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses increased by $51.4 million in the first half of 2026, primarily due to (i) the acquisition of Fundamental in",
        "box": [
          69.74999709375,
          177.13055414267,
          569.8048469956303,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2025, which introduced $53.7 million of costs and expenses in the first half of 2026, the effect of which was partially offset by (ii)",
        "box": [
          33.74999859375,
          189.1305536426662,
          573.9607517154673,
          194.1431912539556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a $3.1 million decrease in interest expense on variable rate borrowings of the Medical Office Portfolio, primarily due to repayment of",
        "box": [
          33.74999859375,
          201.1305531426624,
          567.7026186262226,
          206.14319075395179
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its $39.5 million mezzanine debt in February 2026 and lower average index rates.",
        "box": [
          33.74999859375,
          213.13055264265859,
          360.235306096445,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income decreased by $7.8 million in the first half of 2026, primarily due to (i) a $4.9 million decrease in distributable",
        "box": [
          69.74999709375,
          237.13055164266552,
          564.4937082769891,
          242.14318925395492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income from the Woodstar Fund and (ii) a $2.8 million realized loss on derivatives which hedge the timing of securitizations on",
        "box": [
          33.74999859375,
          249.13055114266172,
          544.4614033516074,
          254.1431887539511
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fundamental collateral while on a warehouse line.",
        "box": [
          33.74999859375,
          261.1305506426579,
          235.01778976384168,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income attributable to non-controlling interests in the Woodstar Fund decreased $0.9 million in the first half of 2026,",
        "box": [
          69.74999709375,
          284.3805496739078,
          537.7084428767308,
          289.39318728521175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reflecting the decrease in distributable income referred to above.",
        "box": [
          33.74999859375,
          295.6305492051615,
          291.619738705427,
          300.6431868164509
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          33.74999859375,
          319.63054820516845,
          164.51305416937674,
          324.64318581645784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Investing and Servicing Segment's Distributable Earnings decreased by $1.4 million from $101.2 million during the first",
        "box": [
          69.74999709375,
          343.63054720516084,
          570.644513872232,
          348.64318481645023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "half of 2025 to $99.8 million in the first half of 2026. After making adjustments for the calculation of Distributable Earnings, revenues",
        "box": [
          33.74999859375,
          355.63054670515703,
          571.8275090442658,
          360.643184316461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were $151.7 million, costs and expenses were $65.2 million, other income was $22.1 million, there was no income tax provision or",
        "box": [
          33.74999859375,
          367.6305462051678,
          558.5155310590177,
          372.64318381645717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "benefit, and the deduction of income attributable to non-controlling interests was $8.8 million.",
        "box": [
          33.74999859375,
          379.63054570516397,
          411.0672127784486,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenues increased by $16.4 million in the first half of 2026, primarily due to (i) a $31.6 million increase in servicing fees",
        "box": [
          69.74999709375,
          403.63054470515635,
          560.612848386543,
          408.6431823164603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principally related to default interest, partially offset by (ii) a $10.8 million decrease in interest income from CMBS investments and",
        "box": [
          33.74999859375,
          415.6305442051671,
          563.5727611803004,
          420.6431818164565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conduit loans, primarily due to payoffs of certain CMBS investments in 2025 and lower average conduit loan balances held, and (iii) a",
        "box": [
          33.74999859375,
          427.6305437051633,
          571.3491766663445,
          432.6431813164527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.1 million decrease in rental income on fewer properties held.",
        "box": [
          33.74999859375,
          439.6305432051595,
          289.4279207967528,
          444.6431808164634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs and expenses decreased by $2.7 million in the first half of 2026, primarily due to decreases of (i) $1.4 million in general",
        "box": [
          69.74999709375,
          463.6305422051664,
          574.7743204501564,
          468.6431798164558
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and administrative expenses, principally related to lower loan securitization activity, and (ii) $1.4 million in costs of rental operations.",
        "box": [
          33.74999859375,
          475.6305417051626,
          568.9278776759209,
          480.643179316452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income decreased by $17.2 million in the first half of 2026, primarily due to (i) a $12.7 million lesser realized gain on",
        "box": [
          69.74999709375,
          499.63054070516955,
          566.4365761359749,
          504.64317831645894
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sales of conduit loans, (ii) a $5.5 million decrease in earnings from unconsolidated entities and (iii) a $3.2 million increase in",
        "box": [
          33.74999859375,
          511.63054020516574,
          533.7706992720533,
          516.6431778164551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized credit losses on CMBS, partially offset by (iv) a $6.0 million increase in realized gains on sales of CMBS and a foreclosed",
        "box": [
          33.74999859375,
          523.6305397051619,
          569.9676734888457,
          528.6431773164513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property.",
        "box": [
          33.74999859375,
          535.6305392051581,
          69.4685607867265,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income attributable to non-controlling interests increased $3.3 million in the first half of 2026, primarily do to higher",
        "box": [
          69.74999709375,
          559.6305382051651,
          538.1331464832838,
          564.6431758164545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributable earnings of a consolidated CMBS joint venture.",
        "box": [
          33.74999859375,
          571.6305377051613,
          276.9798393654229,
          576.6431753164507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate",
        "box": [
          33.74999859375,
          594.8805367364112,
          75.40945550550065,
          599.8931743477006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate loss increased by $50.3 million, from $221.4 million during the first half of 2025 to $271.7 million in the first half",
        "box": [
          69.74999709375,
          618.8805357364181,
          569.2776001855984,
          623.8931733477075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of 2026, primarily due to (i) a $55.8 million increase in interest expense reflecting higher average balances of unsecured senior notes",
        "box": [
          33.74999859375,
          630.8805352364143,
          565.0958652747507,
          635.8931728477037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and secured term loans outstanding, partially offset by lower spreads and index rates on the secured term loans, and (ii) a $3.3 million",
        "box": [
          33.74999859375,
          642.8805347364105,
          568.5617897724244,
          647.8931723476999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase in base management fees, partially offset by (iii) an $8.2 million lower realized loss on fixed-to-floating interest rate swaps",
        "box": [
          33.74999859375,
          654.8805342364067,
          560.7610264053691,
          659.8931718477106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which hedge a portion of our unsecured senior notes.",
        "box": [
          33.74999859375,
          666.8805337364174,
          245.58151022368662,
          671.8931713477068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidity and Capital Resources",
        "box": [
          33.74999859375,
          690.8805327364098,
          172.16732799677408,
          695.8931703476992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidity is a measure of our ability to meet our cash requirements, including ongoing commitments to repay borrowings, fund",
        "box": [
          69.74999709375,
          714.8805317364167,
          577.8497683854253,
          719.8931693477061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and maintain our assets and operations, make new investments where appropriate, pay dividends to our stockholders, and other general",
        "box": [
          33.74999859375,
          726.8805312364129,
          573.7363413434053,
          731.8931688477023
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 144,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "business needs. We closely monitor our liquidity position and believe that we have sufficient current liquidity and access to additional",
        "box": [
          33.74999859375,
          38.3805599239131,
          568.9864937413158,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liquidity to meet our financial obligations for at least the next 12 months. Our strategy",
        "box": [
          33.74999859375,
          50.38055942390929,
          378.31175994950917,
          55.39319703519868
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96",
        "box": [
          300.99608495849594,
          93.130557642653,
          310.9935794794336,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 145,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923898545,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for managing liquidity and capital resources has not changed since December 31, 2025. Refer to our Form 10-K for a description of",
        "box": [
          33.74999859375,
          93.130557642653,
          560.4046761303036,
          98.1431952539424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these strategies.",
        "box": [
          33.74999859375,
          105.1305571426492,
          97.04464356272302,
          110.14319475395314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sources of Liquidity",
        "box": [
          33.74999859375,
          129.13055614265613,
          117.06400226989444,
          134.14319375394552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our primary sources of liquidity are as follows:",
        "box": [
          69.74999709375,
          153.13055514264852,
          259.9365311933983,
          158.14319275395246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows for the Six Months Ended June 30, 2026 (amounts in thousands)",
        "box": [
          33.74999859375,
          177.13055414265546,
          340.6015619637671,
          182.14319175394485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP",
        "box": [
          366.2812347382812,
          203.20642713927373,
          388.93111827371007,
          207.21503301584744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE",
        "box": [
          446.74216888574216,
          195.70642745176156,
          460.959826277341,
          199.71503332834982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments",
        "box": [
          432.09373199609377,
          203.20642713927373,
          475.62502567811606,
          207.21503301584744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excluding",
        "box": [
          518.8476383813475,
          195.70642745176156,
          553.5055983372658,
          199.71503332834982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization VIEs",
        "box": [
          502.8281040488281,
          203.20642713927373,
          569.5284756654722,
          207.21503301584744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by operating activities",
        "box": [
          34.74609230224609,
          216.13055251765763,
          208.67695462553957,
          221.14319012894703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          343.40623569140627,
          216.13055251765763,
          348.40498544562496,
          221.14319012894703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,224",
        "box": [
          376.3007693208006,
          216.13055251765763,
          408.7926095544738,
          221.14319012894703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          408.7968579667969,
          216.13055251765763,
          411.29623284390624,
          221.14319012894703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          419.624982515625,
          216.13055251765763,
          424.62373226984374,
          221.14319012894703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,895)",
        "box": [
          458.3906059003906,
          216.13055251765763,
          487.54343196618885,
          221.14319012894703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          495.91404183691407,
          216.13055251765763,
          500.9127915911328,
          221.14319012894703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "261,329",
        "box": [
          540.7382624692381,
          216.13055251765763,
          573.2301027029113,
          221.14319012894703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          573.2343511152343,
          216.13055251765763,
          575.7337259923437,
          221.14319012894703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows from Investing Activities:",
        "box": [
          34.74609230224609,
          228.88055198641086,
          194.51549375068686,
          233.89318959770026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination, purchase and funding of loans held-for-investment",
        "box": [
          41.496092020996095,
          242.38055142390658,
          294.7771400667061,
          247.39318903519597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,070,282)",
        "box": [
          364.6523323061522,
          242.38055142390658,
          411.300759317967,
          247.39318903519597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(229,828)",
        "box": [
          448.39451631689434,
          242.38055142390658,
          487.5448319161305,
          247.39318903519597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,300,110)",
        "box": [
          529.4531029394531,
          242.38055142390658,
          575.7305239417265,
          247.39318903519597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from principal collections and sale of loans",
        "box": [
          41.496092020996095,
          255.1305508926598,
          252.7662204384867,
          260.1431885039492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,074,083 ",
        "box": [
          368.81248463281247,
          255.1305508926598,
          411.301806168674,
          260.1431885039492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          255.1305508926598,
          487.5398171170901,
          260.1431885039492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,074,083 ",
        "box": [
          533.24997778125,
          255.1305508926598,
          575.7392993171114,
          260.1431885039492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchase and funding of investment securities",
        "box": [
          41.496092020996095,
          267.8805503613985,
          225.57091684662444,
          272.89318797270244
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(135,309)",
        "box": [
          372.1523319936522,
          267.8805503613985,
          411.3026475928883,
          272.89318797270244
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44,454)",
        "box": [
          453.38670360888653,
          267.8805503613985,
          487.5382744414037,
          272.89318797270244
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(179,763)",
        "box": [
          536.5898251420896,
          267.8805503613985,
          575.7401407413257,
          272.89318797270244
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sales, redemptions and collections of investment securities",
        "box": [
          41.496092020996095,
          281.38054979890876,
          336.0656094926785,
          286.39318741019815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,388 ",
        "box": [
          381.3046716123047,
          281.38054979890876,
          411.2971369688686,
          286.39318741019815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "153,972 ",
        "box": [
          452.5546686435547,
          281.38054979890876,
          487.5458787668375,
          286.39318741019815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,360 ",
        "box": [
          540.7499774687499,
          281.38054979890876,
          575.7411875920328,
          286.39318741019815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sales of real estate",
        "box": [
          41.496092020996095,
          294.13054926764744,
          175.0172123551773,
          299.1431868789514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,985 ",
        "box": [
          381.3046716123047,
          294.13054926764744,
          411.2971369688686,
          299.1431868789514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          294.13054926764744,
          487.5398171170901,
          299.1431868789514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,985 ",
        "box": [
          545.7421647607421,
          294.13054926764744,
          575.734630117306,
          299.1431868789514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases and additions to properties and other assets",
        "box": [
          41.496092020996095,
          306.88054873640067,
          256.11499054895455,
          311.8931863477046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(355,182)",
        "box": [
          372.1523319936522,
          306.88054873640067,
          411.3026475928883,
          311.8931863477046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          306.88054873640067,
          487.5398171170901,
          311.8931863477046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(355,182)",
        "box": [
          536.5898251420896,
          306.88054873640067,
          575.7401407413257,
          311.8931863477046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash flows from other investments and assets",
        "box": [
          41.496092020996095,
          320.38054817391094,
          238.9025508911396,
          325.39318578520033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,762 ",
        "box": [
          381.67967159667967,
          320.38054817391094,
          411.3011309437021,
          325.39318578520033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          475.88670267138656,
          320.38054817391094,
          487.5439277911682,
          325.39318578520033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,757 ",
        "box": [
          546.1171647451171,
          320.38054817391094,
          575.7386240921396,
          325.39318578520033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash used in investing activities",
        "box": [
          34.74609230224609,
          333.88054761140666,
          184.98660983763727,
          338.89318522269605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,370,555)",
        "box": [
          364.6523323061522,
          333.88054761140666,
          411.300759317967,
          338.89318522269605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(120,315)",
        "box": [
          448.39451631689434,
          333.88054761140666,
          487.5448319161305,
          338.89318522269605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,490,870)",
        "box": [
          529.0898254545897,
          333.88054761140666,
          575.7382524664044,
          338.89318522269605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows from Financing Activities:",
        "box": [
          34.74609230224609,
          347.3805470489024,
          197.84961531176515,
          352.39318466019176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from borrowings",
        "box": [
          41.496092020996095,
          360.1305465176556,
          147.55829752215033,
          365.143184128945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,492,128 ",
        "box": [
          368.81248463281247,
          360.1305465176556,
          411.301806168674,
          365.143184128945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          360.1305465176556,
          487.5398171170901,
          365.143184128945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,492,128 ",
        "box": [
          533.24997778125,
          360.1305465176556,
          575.7392993171114,
          365.143184128945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments on and repurchases of borrowings",
        "box": [
          41.496092020996095,
          372.88054598640883,
          264.1549681639555,
          377.8931835976982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,861,896)",
        "box": [
          364.6523323061522,
          372.88054598640883,
          411.300759317967,
          377.8931835976982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(230)",
        "box": [
          465.8906055878906,
          372.88054598640883,
          487.5453202411102,
          377.8931835976982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,862,126)",
        "box": [
          529.0898254545897,
          372.88054598640883,
          575.7382524664044,
          377.8931835976982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment of deferred financing costs",
        "box": [
          41.496092020996095,
          386.38054542390455,
          185.85433527648203,
          391.39318303519394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,578)",
        "box": [
          377.1445192856444,
          386.38054542390455,
          411.29609011816154,
          391.39318303519394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          386.38054542390455,
          487.5398171170901,
          391.39318303519394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,578)",
        "box": [
          541.5820124340818,
          386.38054542390455,
          575.733583266599,
          391.39318303519394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net proceeds from issuances of common stock",
        "box": [
          41.496092020996095,
          399.1305448926578,
          228.06544408477274,
          404.1431825039472
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,299 ",
        "box": [
          386.30858140380843,
          399.1305448926578,
          411.3023019936534,
          404.1431825039472
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          399.1305448926578,
          487.5398171170901,
          404.1431825039472
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,299 ",
        "box": [
          550.7460745522459,
          399.1305448926578,
          575.7397951420908,
          404.1431825039472
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment of dividends",
        "box": [
          41.496092020996095,
          411.880544361411,
          128.68609825849202,
          416.8931819727004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(356,995)",
        "box": [
          372.1523319936522,
          411.880544361411,
          411.3026475928883,
          416.8931819727004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          411.880544361411,
          487.5398171170901,
          416.8931819727004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(356,995)",
        "box": [
          536.5898251420896,
          411.880544361411,
          575.7401407413257,
          416.8931819727004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contributions from non-controlling interests",
        "box": [
          41.496092020996095,
          425.38054379890673,
          218.93191359824957,
          430.3931814101961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,426 ",
        "box": [
          386.30858140380843,
          425.38054379890673,
          411.3023019936534,
          430.3931814101961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          425.38054379890673,
          487.5398171170901,
          430.3931814101961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,426 ",
        "box": [
          550.7460745522459,
          425.38054379890673,
          575.7397951420908,
          430.3931814101961
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions to non-controlling interests",
        "box": [
          41.496092020996095,
          438.13054326765996,
          204.49706919970146,
          443.14318087894935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,945)",
        "box": [
          377.1445192856444,
          438.13054326765996,
          411.29609011816154,
          443.14318087894935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          438.13054326765996,
          487.5398171170901,
          443.14318087894935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,945)",
        "box": [
          541.5820124340818,
          438.13054326765996,
          575.733583266599,
          443.14318087894935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchase of treasury stock",
        "box": [
          41.496092020996095,
          450.88054273639864,
          146.7137819244255,
          455.8931803477026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,940)",
        "box": [
          377.1445192856444,
          450.88054273639864,
          411.29609011816154,
          455.8931803477026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          450.88054273639864,
          487.5398171170901,
          455.8931803477026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,940)",
        "box": [
          541.5820124340818,
          450.88054273639864,
          575.733583266599,
          455.8931803477026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuance of debt of consolidated VIEs",
        "box": [
          41.496092020996095,
          464.3805421739089,
          193.17671127138303,
          469.3931797851983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,065 ",
        "box": [
          386.30858140380843,
          464.3805421739089,
          411.3023019936534,
          469.3931797851983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,065)",
        "box": [
          458.3906059003906,
          464.3805421739089,
          487.54343196618885,
          469.3931797851983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          563.2382615317381,
          464.3805421739089,
          575.7351259422853,
          469.3931797851983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayment of debt of consolidated VIEs",
        "box": [
          41.496092020996095,
          477.1305416426476,
          204.2872073584457,
          482.14317925395153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(195,331)",
        "box": [
          372.1523319936522,
          477.1305416426476,
          411.3026475928883,
          482.14317925395153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "195,330 ",
        "box": [
          452.5546686435547,
          477.1305416426476,
          487.5458787668375,
          482.14317925395153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          564.0820114965818,
          477.1305416426476,
          575.7392366163634,
          482.14317925395153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions of cash from consolidated VIEs",
        "box": [
          41.496092020996095,
          490.63054108015785,
          222.62730219427505,
          495.64317869144725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,825 ",
        "box": [
          381.3046716123047,
          489.8805411114008,
          411.2971369688686,
          494.89317872270476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(63,825)",
        "box": [
          453.38670360888653,
          489.8805411114008,
          487.5382744414037,
          494.89317872270476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          563.2382615317381,
          489.8805411114008,
          575.7351259422853,
          494.89317872270476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by financing activities",
        "box": [
          34.74609230224609,
          504.13054051765357,
          207.57858507130496,
          509.14317812894296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,071,058",
        "box": [
          368.8007696333006,
          504.13054051765357,
          408.79072127955254,
          509.14317812894296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          408.7968579667969,
          504.13054051765357,
          411.29623284390624,
          509.14317812894296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,210",
        "box": [
          452.54295364404277,
          504.13054051765357,
          485.0347938777161,
          509.14317812894296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.03904229003905,
          504.13054051765357,
          487.53841716714845,
          509.14317812894296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,194,268",
        "box": [
          533.2382627817381,
          504.13054051765357,
          573.22821442799,
          509.14317812894296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          573.2343511152343,
          504.13054051765357,
          575.7337259923437,
          509.14317812894296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net decrease in cash, cash equivalents and restricted cash",
        "box": [
          34.74609230224609,
          517.6305399551493,
          264.3075762496838,
          522.6431775664532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35,273)",
        "box": [
          377.1445192856444,
          517.6305399551493,
          411.29609011816154,
          522.6431775664532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          517.6305399551493,
          487.5398171170901,
          522.6431775664532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35,273)",
        "box": [
          541.5820124340818,
          517.6305399551493,
          575.733583266599,
          522.6431775664532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents and restricted cash, beginning of period",
        "box": [
          34.74609230224609,
          530.3805394239025,
          286.2746467093893,
          535.3931770351919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "674,647 ",
        "box": [
          376.3124843203125,
          530.3805394239025,
          411.3036944435953,
          535.3931770351919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          530.3805394239025,
          487.5398171170901,
          535.3931770351919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "674,647 ",
        "box": [
          540.7499774687499,
          530.3805394239025,
          575.7411875920328,
          535.3931770351919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effect of exchange rate changes on cash",
        "box": [
          34.74609230224609,
          543.8805388613982,
          194.99391961275305,
          548.8931764727022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "982 ",
        "box": [
          393.80858109130844,
          543.8805388613982,
          411.30419026857464,
          548.8931764727022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          475.0429527065428,
          543.8805388613982,
          487.5398171170901,
          548.8931764727022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "982 ",
        "box": [
          558.2460742397459,
          543.8805388613982,
          575.7416834170122,
          548.8931764727022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents and restricted cash, end of period",
        "box": [
          34.74609230224609,
          558.880538236408,
          260.72443122398164,
          563.8931758476974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          343.40623569140627,
          557.3805382989085,
          348.40498544562496,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "640,356",
        "box": [
          376.3007693208006,
          557.3805382989085,
          408.7926095544738,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          408.7968579667969,
          557.3805382989085,
          411.29623284390624,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          419.624982515625,
          557.3805382989085,
          424.62373226984374,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.03123020703123,
          557.3805382989085,
          485.0287297154687,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.03904229003905,
          557.3805382989085,
          487.53841716714845,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          495.91404183691407,
          557.3805382989085,
          500.9127915911328,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "640,356",
        "box": [
          540.7382624692381,
          557.3805382989085,
          573.2301027029113,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          573.2343511152343,
          557.3805382989085,
          575.7337259923437,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The discussion below is on a non-GAAP basis, after removing adjustments principally resulting from the consolidation of the",
        "box": [
          69.74999709375,
          589.6305369551555,
          571.3865304897884,
          594.6431745664449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitization VIEs under ASC 810. These adjustments principally relate to (i) the purchase of CMBS, RMBS, loans and real estate",
        "box": [
          33.74999859375,
          601.6305364551517,
          558.7009842933525,
          606.6431740664411
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from consolidated VIEs, which are reflected as repayments of VIE debt on a GAAP basis and (ii) sales, principal collections and",
        "box": [
          33.74999859375,
          613.6305359551479,
          547.7272264655313,
          618.6431735664519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redemptions of CMBS and RMBS related to consolidated VIEs, which are reflected as VIE distributions on a GAAP basis. There is no",
        "box": [
          33.74999859375,
          625.6305354551587,
          572.3254770406043,
          630.6431730664481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net impact to overall cash resulting from these consolidations. Refer to Note 2 to the Condensed Consolidated Financial Statements for",
        "box": [
          33.74999859375,
          637.6305349551549,
          573.4922302599888,
          642.6431725664443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "further discussion.",
        "box": [
          33.74999859375,
          649.6305344551511,
          107.60837542256752,
          654.6431720664405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents decreased by $35.3 million during the six months ended June 30, 2026, reflecting net cash used in",
        "box": [
          69.74999709375,
          673.630533455158,
          569.2338322694226,
          678.6431710664474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investing activities of $1.5 billion, offset by net cash provided by financing activities of $1.2 billion and net cash provided by operating",
        "box": [
          33.74999859375,
          685.6305329551542,
          574.981054954955,
          690.6431705664436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activities of $261.3 million.",
        "box": [
          33.74999859375,
          697.6305324551504,
          144.54244060864806,
          702.6431700664543
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by operating activities of $261.3 million during the six months ended June 30, 2026 related primarily to",
        "box": [
          69.74999709375,
          721.6305314551573,
          559.8074262371894,
          726.6431690664467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash interest income of $625.0 million from our loans and $68.3 million from our investment securities. Other cash inflows included",
        "box": [
          33.74999859375,
          733.6305309551535,
          564.0658641097547,
          738.6431685664429
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net rental income of $111.8 million, sales and principal collections, net of originations and purchases of loans",
        "box": [
          33.74999859375,
          745.6305304551497,
          471.39869535379984,
          750.6431680664537
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 146,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "97",
        "box": [
          300.99608495849594,
          68.38055867391813,
          310.9935794794336,
          73.39319628520752
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 147,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held-for-sale of $96.7 million, servicing fees of $70.3 million, a net change in operating assets and liabilities of $39.1 million,",
        "box": [
          33.74999859375,
          93.130557642653,
          536.9242018094076,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributions from our affordable housing fund investments of $19.5 million and receipts from our interest rate derivatives of",
        "box": [
          33.74999859375,
          105.13055714266375,
          532.2183371297343,
          110.14319475395314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$11.2 million. Offsetting these cash inflows was cash interest expense of $610.2 million and general and administrative expenses of",
        "box": [
          33.74999859375,
          117.13055664265994,
          560.4388709538787,
          122.14319425394933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$170.7 million.",
        "box": [
          33.74999859375,
          129.13055614265613,
          95.12616779265952,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash used in investing activities of $1.5 billion for the six months ended June 30, 2026 related primarily to the origination",
        "box": [
          69.74999709375,
          153.13055514266307,
          573.1390143817068,
          158.14319275395246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and acquisition of loans held-for-investment of $3.3 billion, purchases and additions to properties and other assets of $355.2 million",
        "box": [
          33.74999859375,
          165.13055464265926,
          561.3711923720329,
          170.14319225394865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and purchase and funding of investment securities of $179.8 million. Offsetting these cash outflows was proceeds received from",
        "box": [
          33.74999859375,
          177.13055414265546,
          546.9120026235864,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal collections and sale of loans held-for-investment of $2.1 billion and investment securities of $171.4 million and proceeds",
        "box": [
          33.74999859375,
          189.1305536426662,
          556.3480934892411,
          194.1431912539556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from the sale of real estate of $87.0 million.",
        "box": [
          33.74999859375,
          201.1305531426624,
          209.20878903921673,
          206.14319075395179
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by financing activities of $1.2 billion for the six months ended June 30, 2026 related primarily to",
        "box": [
          69.74999709375,
          225.13055214265478,
          532.5877006213448,
          230.14318975395872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings on our debt, net of repayments and deferred loan costs, of $1.6 billion. Offsetting these cash inflows were dividend",
        "box": [
          33.74999859375,
          237.13055164266552,
          541.371361330359,
          242.14318925395492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributions of $357.0 million and repurchases of common stock of $29.9 million.",
        "box": [
          33.74999859375,
          249.13055114266172,
          364.184479006896,
          254.1431887539511
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Investment Portfolio",
        "box": [
          33.74999859375,
          273.1305501426541,
          134.26673061805266,
          278.14318775395805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following is a review of our investment portfolio by segment.",
        "box": [
          69.74999709375,
          297.13054914266104,
          333.7949235981276,
          302.14318675395043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment",
        "box": [
          33.74999859375,
          321.1305481426534,
          219.4162425317438,
          326.14318575395737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth the amount of each category of investments we owned across various property types within our",
        "box": [
          69.74999709375,
          345.13054714266036,
          571.4354067206897,
          350.14318475394975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial and Residential Lending Segment as of June 30, 2026 and December 31, 2025 (dollars in thousands):",
        "box": [
          33.74999859375,
          357.13054664265655,
          490.7591715507881,
          362.1431842539605
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 148,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Face",
        "box": [
          226.37108806787091,
          47.95643360802205,
          242.34936360223222,
          51.96503948459576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          220.3710883178709,
          55.45643329551967,
          248.35745151777118,
          59.465039172107936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          287.6132730161131,
          47.95643360802205,
          319.1442952273204,
          51.96503948459576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          293.7538977602537,
          55.45643329551967,
          313.0074608081447,
          59.465039172107936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Specific",
        "box": [
          360.6327974736328,
          47.95643360802205,
          407.4823333716915,
          51.96503948459576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          366.94920721044906,
          55.45643329551967,
          401.1582383350726,
          59.465039172107936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net",
        "box": [
          447.23435636523436,
          47.95643360802205,
          459.2190417568713,
          51.96503948459576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment",
        "box": [
          434.12107941162094,
          55.45643329551967,
          472.3158811111698,
          59.465039172107936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unlevered",
        "box": [
          508.2187288242187,
          39.706433951767394,
          543.1538851934645,
          43.71503982835566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Return on",
        "box": [
          508.2538888227537,
          47.95643360802205,
          543.1226580447656,
          51.96503948459576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset (6)",
        "box": [
          510.9257637114256,
          55.45643329551967,
          540.4541152970764,
          59.465039172107936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          67.45643279551587,
          81.16618641807543,
          71.46503867210413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "First mortgages (1)",
        "box": [
          34.74609230224609,
          78.79101229702064,
          103.73583548767334,
          83.30351430654991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          201.92577658642563,
          78.79101229702064,
          206.42577639892562,
          83.30351430654991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,877,748 ",
        "box": [
          223.55858818505843,
          78.79101229702064,
          266.3085864038084,
          83.30351430654991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          274.54686356054685,
          78.79101229702064,
          279.04686337304685,
          83.30351430654991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,799,181 ",
        "box": [
          288.9726479594725,
          78.79101229702064,
          331.7226461782225,
          83.30351430654991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          353.06248528906247,
          78.79101229702064,
          357.5624851015625,
          83.30351430654991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,859,131 ",
        "box": [
          376.3124843203125,
          78.79101229702064,
          414.5624827265625,
          83.30351430654991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          422.8007673833006,
          78.79101229702064,
          427.30076719580063,
          83.30351430654991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,940,050 ",
        "box": [
          444.9023289624022,
          78.79101229702064,
          483.15232736865215,
          83.30351430654991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.2 %",
        "box": [
          538.91013754541,
          78.79101229702064,
          560.0009569566257,
          83.30351430654991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinated mortgages (2)",
        "box": [
          34.74609230224609,
          90.79101179703139,
          135.22265061572267,
          95.3035138065461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,925 ",
        "box": [
          243.80858734130842,
          90.79101179703139,
          266.3085864038084,
          95.3035138065461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,925 ",
        "box": [
          309.2226471157225,
          90.79101179703139,
          331.7226461782225,
          95.3035138065461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          90.79101179703139,
          414.5624827265625,
          95.3035138065461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,925 ",
        "box": [
          460.6523283061522,
          90.79101179703139,
          483.15232736865215,
          95.3035138065461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- %",
        "box": [
          541.1601374516599,
          90.79101179703139,
          560.0009569566257,
          95.3035138065461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine loans (1)",
        "box": [
          34.74609230224609,
          102.79101129702758,
          108.21386288108886,
          107.3035133065423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "291,722 ",
        "box": [
          234.80858771630844,
          102.79101129702758,
          266.3085864038084,
          107.3035133065423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "289,855 ",
        "box": [
          300.22264749072247,
          102.79101129702758,
          331.7226461782225,
          107.3035133065423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          102.79101129702758,
          414.5624827265625,
          107.3035133065423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "289,855 ",
        "box": [
          451.65232868115214,
          102.79101129702758,
          483.15232736865215,
          107.3035133065423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.2 %",
        "box": [
          534.738262719238,
          102.79101129702758,
          560.0009569566257,
          107.3035133065423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential loans, fair value option",
        "box": [
          34.74609230224609,
          114.79101079702377,
          160.46483724396484,
          119.30351280653849
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,976 ",
        "box": [
          234.80858771630844,
          114.79101079702377,
          266.3085864038084,
          119.30351280653849
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227,521 ",
        "box": [
          300.22264749072247,
          114.79101079702377,
          331.7226461782225,
          119.30351280653849
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "207,058 ",
        "box": [
          383.0624840390625,
          114.79101079702377,
          414.5624827265625,
          119.30351280653849
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,463 ",
        "box": [
          456.1523284936522,
          114.79101079702377,
          483.15232736865215,
          119.30351280653849
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.5 % (5)",
        "box": [
          538.91013754541,
          114.79101079702377,
          572.4902142262399,
          119.30351280653849
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other loans",
        "box": [
          34.74609230224609,
          126.79101029701997,
          76.48534844311033,
          131.30351230654924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,738 ",
        "box": [
          239.30858752880843,
          126.79101029701997,
          266.3085864038084,
          131.30351230654924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,630 ",
        "box": [
          304.72264730322246,
          126.79101029701997,
          331.7226461782225,
          131.30351230654924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          126.79101029701997,
          414.5624827265625,
          131.30351230654924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,630 ",
        "box": [
          456.1523284936522,
          126.79101029701997,
          483.15232736865215,
          131.30351230654924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.4 %",
        "box": [
          538.91013754541,
          126.79101029701997,
          560.0009569566257,
          131.30351230654924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale, fair value option,",
        "box": [
          34.74609230224609,
          138.7910097970307,
          171.01610623432862,
          143.30351180654543
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential",
        "box": [
          43.74609192724609,
          147.79100942202786,
          81.23144199535645,
          152.30351143154257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,364,897 ",
        "box": [
          228.05858799755842,
          147.79100942202786,
          266.3085864038084,
          152.30351143154257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,154,653 ",
        "box": [
          293.4726477719725,
          147.79100942202786,
          331.7226461782225,
          152.30351143154257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,842,796 ",
        "box": [
          376.3124843203125,
          147.79100942202786,
          414.5624827265625,
          152.30351143154257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "311,857 ",
        "box": [
          451.9804536674803,
          147.79100942202786,
          483.1464679938963,
          152.30351143154257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.4 % (5)",
        "box": [
          538.91013754541,
          147.79100942202786,
          572.4902142262399,
          152.30351143154257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, available-for-sale",
        "box": [
          34.74609230224609,
          159.79100892202405,
          127.04003383666503,
          164.30351093153877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,814 ",
        "box": [
          234.80858771630844,
          159.79100892202405,
          266.3085864038084,
          164.30351093153877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,800 ",
        "box": [
          304.72264730322246,
          159.79100892202405,
          331.7226461782225,
          164.30351093153877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,064 ",
        "box": [
          387.5624838515625,
          159.79100892202405,
          414.5624827265625,
          164.30351093153877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,736 ",
        "box": [
          456.1523284936522,
          159.79100892202405,
          483.15232736865215,
          164.30351093153877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.1 %",
        "box": [
          534.4101377329099,
          159.79100892202405,
          560.0009569566257,
          164.30351093153877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, fair value option",
        "box": [
          34.74609230224609,
          171.79100842202024,
          123.73974099417725,
          176.3035104315495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "238,003 ",
        "box": [
          234.80858771630844,
          171.79100842202024,
          266.3085864038084,
          176.3035104315495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "312,961  (3)",
        "box": [
          300.22264749072247,
          171.79100842202024,
          344.71287621696285,
          176.3035104315495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,082 ",
        "box": [
          387.5624838515625,
          171.79100842202024,
          414.5624827265625,
          176.3035104315495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "256,879 ",
        "box": [
          451.65232868115214,
          171.79100842202024,
          483.15232736865215,
          176.3035104315495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.5 %",
        "box": [
          534.4101377329099,
          171.79100842202024,
          560.0009569566257,
          176.3035104315495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM debt securities (4)",
        "box": [
          34.74609230224609,
          183.79100792203099,
          121.47216300865966,
          188.3035099315457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "204,159 ",
        "box": [
          234.80858771630844,
          183.79100792203099,
          266.3085864038084,
          188.3035099315457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "203,708 ",
        "box": [
          300.22264749072247,
          183.79100792203099,
          331.7226461782225,
          188.3035099315457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,520 ",
        "box": [
          387.5624838515625,
          183.79100792203099,
          414.5624827265625,
          188.3035099315457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "152,188 ",
        "box": [
          451.65232868115214,
          183.79100792203099,
          483.15232736865215,
          188.3035099315457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.0 %",
        "box": [
          538.91013754541,
          183.79100792203099,
          560.0009569566257,
          188.3035099315457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowance",
        "box": [
          34.74609230224609,
          195.79100742202718,
          112.22606973391359,
          200.3035094315419
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          251.30858702880843,
          195.79100742202718,
          266.8080981129954,
          200.3035094315419
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(450,818)",
        "box": [
          296.47264764697246,
          195.79100742202718,
          331.7167867584666,
          200.3035094315419
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          195.79100742202718,
          414.5624827265625,
          200.3035094315419
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(450,818)",
        "box": [
          447.9023288374022,
          195.79100742202718,
          483.14646794889626,
          200.3035094315419
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities",
        "box": [
          34.74609230224609,
          207.79100692202337,
          172.4706961637207,
          212.3035089315381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          251.30858702880843,
          207.79100692202337,
          266.8080981129954,
          212.3035089315381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,514 ",
        "box": [
          309.2226471157225,
          207.79100692202337,
          331.7226461782225,
          212.3035089315381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          207.79100692202337,
          414.5624827265625,
          212.3035089315381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,514 ",
        "box": [
          460.6523283061522,
          207.79100692202337,
          483.15232736865215,
          212.3035089315381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, net",
        "box": [
          34.74609230224609,
          220.5410063907766,
          86.73339484610841,
          225.05350840029132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          251.30858702880843,
          219.79100642201956,
          266.8080981129954,
          224.30350843154883
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,028,671 ",
        "box": [
          293.4726477719725,
          219.79100642201956,
          331.7226461782225,
          224.30350843154883
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,751 ",
        "box": [
          387.5624838515625,
          219.79100642201956,
          414.5624827265625,
          224.30350843154883
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "998,920 ",
        "box": [
          451.65232868115214,
          219.79100642201956,
          483.15232736865215,
          224.30350843154883
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          201.92577658642563,
          232.5410058907728,
          206.42577639892562,
          237.0535079002875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,436,982 ",
        "box": [
          223.55858818505843,
          232.5410058907728,
          266.3085864038084,
          237.0535079002875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          274.54686356054685,
          232.5410058907728,
          279.04686337304685,
          237.0535079002875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,714,601 ",
        "box": [
          288.9726479594725,
          232.5410058907728,
          331.7226461782225,
          237.0535079002875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          353.06248528906247,
          232.5410058907728,
          357.5624851015625,
          237.0535079002875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,100,402 ",
        "box": [
          372.1406094941406,
          232.5410058907728,
          414.55662335180665,
          237.0535079002875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          422.8007673833006,
          232.5410058907728,
          427.30076719580063,
          237.0535079002875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,614,199 ",
        "box": [
          444.9023289624022,
          232.5410058907728,
          483.15232736865215,
          237.0535079002875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          34.74609230224609,
          257.20642488927115,
          99.20569064142938,
          261.21503076584486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "First mortgages (1)",
        "box": [
          34.74609230224609,
          269.2910043595184,
          103.73583548767334,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          201.92577658642563,
          269.2910043595184,
          206.42577639892562,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,148,916 ",
        "box": [
          223.55858818505843,
          269.2910043595184,
          266.3085864038084,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          274.54686356054685,
          269.2910043595184,
          279.04686337304685,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,086,585 ",
        "box": [
          288.9726479594725,
          269.2910043595184,
          331.7226461782225,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          353.06248528906247,
          269.2910043595184,
          357.5624851015625,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,640,667 ",
        "box": [
          376.3124843203125,
          269.2910043595184,
          414.5624827265625,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          422.8007673833006,
          269.2910043595184,
          427.30076719580063,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,445,918 ",
        "box": [
          444.9023289624022,
          269.2910043595184,
          483.15232736865215,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.4 %",
        "box": [
          538.91013754541,
          269.2910043595184,
          560.0009569566257,
          273.8035063690477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinated mortgages (2)",
        "box": [
          34.74609230224609,
          281.29100385952916,
          135.22265061572267,
          285.8035058690439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,290 ",
        "box": [
          239.30858752880843,
          281.29100385952916,
          266.3085864038084,
          285.8035058690439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,683 ",
        "box": [
          304.72264730322246,
          281.29100385952916,
          331.7226461782225,
          285.8035058690439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          281.29100385952916,
          414.5624827265625,
          285.8035058690439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,683 ",
        "box": [
          456.1523284936522,
          281.29100385952916,
          483.15232736865215,
          285.8035058690439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13.4 %",
        "box": [
          534.4101377329099,
          281.29100385952916,
          560.0009569566257,
          285.8035058690439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine loans (1)",
        "box": [
          34.74609230224609,
          293.29100335952535,
          108.21386288108886,
          297.80350536904007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "313,619 ",
        "box": [
          234.80858771630844,
          293.29100335952535,
          266.3085864038084,
          297.80350536904007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "311,175 ",
        "box": [
          300.5507724770506,
          293.29100335952535,
          331.7167868034666,
          297.80350536904007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          293.29100335952535,
          414.5624827265625,
          297.80350536904007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "311,175 ",
        "box": [
          451.9804536674803,
          293.29100335952535,
          483.1464679938963,
          297.80350536904007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.5 %",
        "box": [
          534.738262719238,
          293.29100335952535,
          560.0009569566257,
          297.80350536904007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other loans",
        "box": [
          34.74609230224609,
          305.29100285952154,
          76.48534844311033,
          309.8035048690508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,688 ",
        "box": [
          239.30858752880843,
          305.29100285952154,
          266.3085864038084,
          309.8035048690508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,255 ",
        "box": [
          304.72264730322246,
          305.29100285952154,
          331.7226461782225,
          309.8035048690508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          305.29100285952154,
          414.5624827265625,
          309.8035048690508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,255 ",
        "box": [
          456.1523284936522,
          305.29100285952154,
          483.15232736865215,
          309.8035048690508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.1 %",
        "box": [
          538.91013754541,
          305.29100285952154,
          560.0009569566257,
          309.8035048690508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale, fair value option,",
        "box": [
          34.74609230224609,
          317.29100235951773,
          171.01610623432862,
          321.803504369047
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential",
        "box": [
          43.74609192724609,
          326.29100198452943,
          81.23144199535645,
          330.80350399404415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,455,552 ",
        "box": [
          228.05858799755842,
          326.29100198452943,
          266.3085864038084,
          330.80350399404415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,278,067 ",
        "box": [
          293.4726477719725,
          326.29100198452943,
          331.7226461782225,
          330.80350399404415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,929,086 ",
        "box": [
          376.3124843203125,
          326.29100198452943,
          414.5624827265625,
          330.80350399404415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "348,981 ",
        "box": [
          451.65232868115214,
          326.29100198452943,
          483.15232736865215,
          330.80350399404415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.4 % (5)",
        "box": [
          538.91013754541,
          326.29100198452943,
          572.4902142262399,
          330.80350399404415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, available-for-sale",
        "box": [
          34.74609230224609,
          338.2910014845256,
          127.04003383666503,
          342.80350349404034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172,554 ",
        "box": [
          234.80858771630844,
          338.2910014845256,
          266.3085864038084,
          342.80350349404034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,283 ",
        "box": [
          304.72264730322246,
          338.2910014845256,
          331.7226461782225,
          342.80350349404034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,467 ",
        "box": [
          387.5624838515625,
          338.2910014845256,
          414.5624827265625,
          342.80350349404034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,816 ",
        "box": [
          456.1523284936522,
          338.2910014845256,
          483.15232736865215,
          342.80350349404034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.4 %",
        "box": [
          534.4101377329099,
          338.2910014845256,
          560.0009569566257,
          342.80350349404034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, fair value option",
        "box": [
          34.74609230224609,
          350.2910009845218,
          123.73974099417725,
          354.80350299403653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "326,274 ",
        "box": [
          234.80858771630844,
          350.2910009845218,
          266.3085864038084,
          354.80350299403653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "404,688  (3)",
        "box": [
          300.22264749072247,
          350.2910009845218,
          344.71287621696285,
          354.80350299403653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "152,312 ",
        "box": [
          383.0624840390625,
          350.2910009845218,
          414.5624827265625,
          354.80350299403653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "252,376 ",
        "box": [
          451.65232868115214,
          350.2910009845218,
          483.15232736865215,
          354.80350299403653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.7 %",
        "box": [
          534.4101377329099,
          350.2910009845218,
          560.0009569566257,
          354.80350299403653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM debt securities (4)",
        "box": [
          34.74609230224609,
          362.291000484518,
          121.47216300865966,
          366.8035024940473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "176,067 ",
        "box": [
          234.80858771630844,
          362.291000484518,
          266.3085864038084,
          366.8035024940473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "175,473 ",
        "box": [
          300.22264749072247,
          362.291000484518,
          331.7226461782225,
          366.8035024940473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,202 ",
        "box": [
          387.5624838515625,
          362.291000484518,
          414.5624827265625,
          366.8035024940473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "121,271 ",
        "box": [
          451.65232868115214,
          362.291000484518,
          483.15232736865215,
          366.8035024940473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.1 %",
        "box": [
          538.91013754541,
          362.291000484518,
          560.0009569566257,
          366.8035024940473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowance",
        "box": [
          34.74609230224609,
          374.29099998452875,
          112.22606973391359,
          378.8035019940435
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          251.30858702880843,
          374.29099998452875,
          266.8080981129954,
          378.8035019940435
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(453,544)",
        "box": [
          296.47264764697246,
          374.29099998452875,
          331.7167867584666,
          378.8035019940435
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          374.29099998452875,
          414.5624827265625,
          378.8035019940435
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(453,544)",
        "box": [
          447.9023288374022,
          374.29099998452875,
          483.14646794889626,
          378.8035019940435
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity security",
        "box": [
          34.74609230224609,
          386.29099948452495,
          89.48437127148438,
          390.80350149403966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "722 ",
        "box": [
          250.55858706005841,
          386.29099948452495,
          266.3085864038084,
          390.80350149403966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "628 ",
        "box": [
          315.97264683447247,
          386.29099948452495,
          331.7226461782225,
          390.80350149403966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          386.29099948452495,
          414.5624827265625,
          390.80350149403966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "628 ",
        "box": [
          467.40232802490215,
          386.29099948452495,
          483.15232736865215,
          390.80350149403966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities",
        "box": [
          34.74609230224609,
          398.29099898452114,
          172.4706961637207,
          402.8035009940504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          251.30858702880843,
          398.29099898452114,
          266.8080981129954,
          402.8035009940504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,514 ",
        "box": [
          309.2226471157225,
          398.29099898452114,
          331.7226461782225,
          402.8035009940504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          403.3124831953125,
          398.29099898452114,
          414.5624827265625,
          402.8035009940504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,514 ",
        "box": [
          460.6523283061522,
          398.29099898452114,
          483.15232736865215,
          402.8035009940504
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, net",
        "box": [
          34.74609230224609,
          410.2909984845319,
          86.73339484610841,
          414.8035004940466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          251.30858702880843,
          410.2909984845319,
          266.8080981129954,
          414.8035004940466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "732,714 ",
        "box": [
          300.22264749072247,
          410.2909984845319,
          331.7226461782225,
          414.8035004940466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,751 ",
        "box": [
          387.5624838515625,
          410.2909984845319,
          414.5624827265625,
          414.8035004940466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "702,963 ",
        "box": [
          451.65232868115214,
          410.2909984845319,
          483.15232736865215,
          414.8035004940466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          201.92577658642563,
          423.04099795327056,
          206.42577639892562,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,660,682 ",
        "box": [
          223.55858818505843,
          423.04099795327056,
          266.3085864038084,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          274.54686356054685,
          423.04099795327056,
          279.04686337304685,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,699,521 ",
        "box": [
          288.9726479594725,
          423.04099795327056,
          331.7226461782225,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          353.06248528906247,
          423.04099795327056,
          357.5624851015625,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,861,485 ",
        "box": [
          371.8124845078125,
          423.04099795327056,
          414.5624827265625,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          422.8007673833006,
          423.04099795327056,
          427.30076719580063,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,838,036 ",
        "box": [
          444.9023289624022,
          423.04099795327056,
          483.15232736865215,
          427.55349996279983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98",
        "box": [
          300.99608495849594,
          473.38054179890605,
          310.9935794794336,
          478.39317941019544
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 149,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "__________________________________________",
        "box": [
          33.74999859375,
          80.02734038553899,
          159.74999334375,
          83.03567505853425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          94.63055758016708,
          45.40722371353168,
          99.64319519145647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected",
        "box": [
          69.74999709375,
          94.63055758016708,
          576.6880562338296,
          99.64319519145647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit quality of these loans is more similar to that of a first mortgage loan. The application of this methodology resulted in",
        "box": [
          69.74999709375,
          106.63055708016327,
          561.5500864895787,
          111.64319469145266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mezzanine loans with carrying values of $1.4 billion and $1.3 billion being classified as first mortgages as of June 30, 2026",
        "box": [
          69.74999709375,
          118.63055658015946,
          563.6834026006903,
          123.64319419146341
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and December 31, 2025, respectively.",
        "box": [
          69.74999709375,
          130.6305560801702,
          220.3957545980932,
          135.6431936914596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          148.6305553301645,
          45.40722371353168,
          153.6431929414539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or",
        "box": [
          69.74999709375,
          148.6305553301645,
          577.2835206020183,
          153.6431929414539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan.",
        "box": [
          69.74999709375,
          160.6305548301607,
          501.99971961459397,
          165.64319244146463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
          178.63055408016953,
          45.40722371353168,
          183.64319169145892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Eliminated in consolidation against VIE liabilities pursuant to ASC 810.",
        "box": [
          69.74999709375,
          178.63055408016953,
          358.3541721498253,
          183.64319169145892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          33.74999859375,
          196.63055333016382,
          45.40722371353168,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS held-to-maturity ('HTM') and mandatorily redeemable preferred equity interests in commercial real estate entities.",
        "box": [
          69.74999709375,
          196.63055333016382,
          561.1157295764268,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          33.74999859375,
          214.63055258017266,
          45.40722371353168,
          219.64319019146205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the weighted average coupon of residential mortgage loans. Loans held-for-investment represent residential loans",
        "box": [
          69.74999709375,
          214.63055258017266,
          569.8098238783359,
          219.64319019146205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transferred from VIE assets upon redemption of a consolidated RMBS trust.",
        "box": [
          69.74999709375,
          226.63055208016885,
          374.1509779416251,
          231.64318969145825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          33.74999859375,
          244.63055133016314,
          45.40722371353168,
          249.64318894145254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Calculated using applicable index rates for variable rate investments as of the respective period end and excludes loans for",
        "box": [
          69.74999709375,
          244.63055133016314,
          559.4462561202373,
          249.64318894145254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which interest income is not recognized. In addition to cash coupon, unlevered return includes the amortization of deferred",
        "box": [
          69.74999709375,
          256.63055083015934,
          560.8472360188641,
          261.6431884414633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees.",
        "box": [
          69.74999709375,
          268.6305503301701,
          518.1138239181728,
          273.6431879414595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, our Commercial and Residential Lending Segment's investment portfolio,",
        "box": [
          69.74999709375,
          292.63054933016247,
          548.9801410320763,
          297.64318694145186
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excluding residential loans, RMBS, properties and other investments, had the following characteristics based on carrying values:",
        "box": [
          33.74999859375,
          304.63054883015866,
          548.4887527203883,
          309.6431864414626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral Property Type",
        "box": [
          34.74609230224609,
          322.4564221705223,
          120.00904837474562,
          326.46502804711054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          413.1210802866209,
          322.4564221705223,
          459.5411744024502,
          326.46502804711054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          500.624979140625,
          322.4564221705223,
          565.0845774798083,
          326.46502804711054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          34.74609230224609,
          335.38054754892073,
          83.06402357649887,
          340.3931851602101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35.6 %",
        "box": [
          452.33201615283184,
          335.38054754892073,
          480.6639129903355,
          340.3931851602101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39.3 %",
        "box": [
          548.8593521308593,
          335.38054754892073,
          577.2498464659215,
          340.3931851602101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          34.74609230224609,
          348.1305470176594,
          60.09616261855455,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.6 %",
        "box": [
          452.33201615283184,
          348.1305470176594,
          480.6639129903355,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.1 %",
        "box": [
          548.8593521308593,
          348.1305470176594,
          577.2498464659215,
          353.14318462896335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          34.74609230224609,
          361.6305464551697,
          73.06164972985206,
          366.64318406645907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15.4 %",
        "box": [
          452.33201615283184,
          361.6305464551697,
          480.6639129903355,
          366.64318406645907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.8 %",
        "box": [
          548.8593521308593,
          361.6305464551697,
          577.2498464659215,
          366.64318406645907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
          34.74609230224609,
          374.3805459239229,
          56.95731845086589,
          379.3931835352123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.4 %",
        "box": [
          452.33201615283184,
          374.3805459239229,
          480.6639129903355,
          379.3931835352123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.2 %",
        "box": [
          553.863261922363,
          374.3805459239229,
          577.2498464659215,
          379.3931835352123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Data Center",
        "box": [
          34.74609230224609,
          387.1305453926616,
          82.7662651319049,
          392.14318300396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.8 %",
        "box": [
          457.3359184443359,
          387.1305453926616,
          480.6639129903355,
          392.14318300396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.8 %",
        "box": [
          553.863261922363,
          387.1305453926616,
          577.2498464659215,
          392.14318300396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          34.74609230224609,
          400.63054483017186,
          58.62193010650708,
          405.64318244146125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8 %",
        "box": [
          457.3359184443359,
          400.63054483017186,
          480.6639129903355,
          405.64318244146125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.0 %",
        "box": [
          553.863261922363,
          400.63054483017186,
          577.2498464659215,
          405.64318244146125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed Use",
        "box": [
          34.74609230224609,
          413.38054429891054,
          78.89516548526272,
          418.3931819102145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5 %",
        "box": [
          457.3359184443359,
          413.38054429891054,
          480.6639129903355,
          418.3931819102145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.9 %",
        "box": [
          553.863261922363,
          413.38054429891054,
          577.2498464659215,
          418.3931819102145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          34.74609230224609,
          426.8805437364208,
          57.50893828429355,
          431.8931813477102
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.9 %",
        "box": [
          457.3359184443359,
          426.13054376766377,
          480.6639129903355,
          431.14318137895316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.9 %",
        "box": [
          553.863261922363,
          426.13054376766377,
          577.2498464659215,
          431.14318137895316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0 %",
        "box": [
          447.33982886083965,
          440.3805431739165,
          480.6639129903355,
          445.3931807852059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0 %",
        "box": [
          543.8671648388671,
          440.3805431739165,
          577.2498464659215,
          445.3931807852059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographic Location",
        "box": [
          34.74609230224609,
          485.9564153580286,
          106.91958959489406,
          489.96502123461687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          413.71873276171874,
          485.9564153580286,
          460.13882687754807,
          489.96502123461687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          500.5781041425781,
          485.9564153580286,
          565.0377024817615,
          489.96502123461687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S. Regions:",
        "box": [
          34.74609230224609,
          498.8805407364125,
          90.57189907525832,
          503.8931783477019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North East",
        "box": [
          52.74609155224609,
          511.63054020516574,
          95.78215358316436,
          516.6431778164551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.1 %",
        "box": [
          452.9882661254881,
          511.63054020516574,
          481.3201629629918,
          516.6431778164551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.9 %",
        "box": [
          548.8710746303708,
          511.63054020516574,
          577.2498464659215,
          516.6431778164551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South West",
        "box": [
          52.74609155224609,
          525.1305396426615,
          98.13995675992254,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16.8 %",
        "box": [
          452.9882661254881,
          525.1305396426615,
          481.3201629629918,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.0 %",
        "box": [
          548.8710746303708,
          525.1305396426615,
          577.2498464659215,
          530.1431772539654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West",
        "box": [
          52.74609155224609,
          537.8805391114147,
          72.48723645378595,
          542.8931767227041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.3 %",
        "box": [
          452.9882661254881,
          537.8805391114147,
          481.3201629629918,
          542.8931767227041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.4 %",
        "box": [
          548.8710746303708,
          537.8805391114147,
          577.2498464659215,
          542.8931767227041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South East",
        "box": [
          52.74609155224609,
          550.6305385801679,
          95.7919153577576,
          555.6431761914573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.8 %",
        "box": [
          453.3632661098631,
          550.6305385801679,
          481.3201629629918,
          555.6431761914573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.7 %",
        "box": [
          548.8710746303708,
          550.6305385801679,
          577.2498464659215,
          555.6431761914573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mid Atlantic",
        "box": [
          52.74609155224609,
          564.1305380176636,
          103.56339638241974,
          569.143175628953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.0 %",
        "box": [
          457.9921684169922,
          564.1305380176636,
          481.3201629629918,
          569.143175628953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.4 %",
        "box": [
          553.8749769218749,
          564.1305380176636,
          577.2498464659215,
          569.143175628953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Midwest",
        "box": [
          52.74609155224609,
          576.8805374864169,
          87.7373121433661,
          581.8931750977063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4 %",
        "box": [
          457.9921684169922,
          576.8805374864169,
          481.3201629629918,
          581.8931750977063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2 %",
        "box": [
          553.8749769218749,
          576.8805374864169,
          577.2498464659215,
          581.8931750977063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "International:",
        "box": [
          34.74609230224609,
          589.6305369551701,
          88.59973875743165,
          594.6431745664595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "United Kingdom",
        "box": [
          52.74609155224609,
          602.3805364239088,
          120.22426575224299,
          607.3931740352127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.1 %",
        "box": [
          457.9921684169922,
          602.3805364239088,
          481.3201629629918,
          607.3931740352127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.3 %",
        "box": [
          553.8749769218749,
          602.3805364239088,
          577.2498464659215,
          607.3931740352127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Australia",
        "box": [
          52.74609155224609,
          615.880535861419,
          89.39215522288814,
          620.8931734727084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.6 %",
        "box": [
          457.9921684169922,
          615.880535861419,
          481.3201629629918,
          620.8931734727084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.5 %",
        "box": [
          553.8749769218749,
          615.880535861419,
          577.2498464659215,
          620.8931734727084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Germany",
        "box": [
          52.74609155224609,
          628.6305353301723,
          89.94379931484154,
          633.6431729414617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.4 %",
        "box": [
          457.9921684169922,
          628.6305353301723,
          481.3201629629918,
          633.6431729414617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.8 %",
        "box": [
          553.8749769218749,
          628.6305353301723,
          577.2498464659215,
          633.6431729414617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ireland",
        "box": [
          52.74609155224609,
          641.380534798911,
          81.05440676023292,
          646.3931724102149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.7 %",
        "box": [
          457.9921684169922,
          641.380534798911,
          481.3201629629918,
          646.3931724102149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.9 %",
        "box": [
          553.8749769218749,
          641.380534798911,
          577.2498464659215,
          646.3931724102149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Europe",
        "box": [
          52.74609155224609,
          654.8805342364212,
          106.87799439431149,
          659.8931718477106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1 %",
        "box": [
          457.9921684169922,
          654.8805342364212,
          481.3201629629918,
          659.8931718477106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4 %",
        "box": [
          553.8749769218749,
          654.8805342364212,
          577.2498464659215,
          659.8931718477106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bermuda",
        "box": [
          52.74609155224609,
          668.380533673917,
          89.39216669788766,
          673.3931712852063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.7 %",
        "box": [
          457.9921684169922,
          667.6305337051599,
          481.3201629629918,
          672.6431713164638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.5 %",
        "box": [
          553.8749769218749,
          667.6305337051599,
          577.2498464659215,
          672.6431713164638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0 %",
        "box": [
          447.9960788334959,
          681.1305331426702,
          481.3201629629918,
          686.1431707539596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0 %",
        "box": [
          543.8788873383787,
          681.1305331426702,
          577.2498464659215,
          686.1431707539596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99",
        "box": [
          300.99608495849594,
          732.1305310176685,
          310.9935794794336,
          737.1431686289579
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 150,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending Segment",
        "box": [
          33.74999859375,
          93.13055764266755,
          161.11057708614663,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth the amount of each category of investments we owned within our Infrastructure Lending",
        "box": [
          69.74999709375,
          117.13055664265994,
          544.7672812388622,
          122.14319425394933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment as of June 30, 2026 and December 31, 2025 (dollars in thousands):",
        "box": [
          33.74999859375,
          129.13055614265613,
          338.61478449013777,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face",
        "box": [
          232.6171778076172,
          155.2064291392744,
          248.59545334197847,
          159.21503501586267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          226.6054630581053,
          163.45642879552906,
          254.59182625800557,
          167.46503467210277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          299.4257725239256,
          155.2064291392744,
          330.9567947351329,
          159.21503501586267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          305.5663972680662,
          163.45642879552906,
          324.8199603159572,
          167.46503467210277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Specific",
        "box": [
          366.3632697348631,
          155.2064291392744,
          413.2128056329218,
          159.21503501586267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          372.6796719716797,
          163.45642879552906,
          406.88870309630323,
          167.46503467210277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net",
        "box": [
          458.03904341503903,
          155.2064291392744,
          470.02372880667605,
          159.21503501586267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment",
        "box": [
          444.9257664614256,
          163.45642879552906,
          483.12056816097447,
          167.46503467210277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unlevered",
        "box": [
          523.5820131840818,
          147.70642945177678,
          558.5171695533276,
          151.7150353283505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Return on",
        "box": [
          523.6171656826172,
          155.2064291392744,
          558.4859349046291,
          159.21503501586267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset (1)",
        "box": [
          526.289040571289,
          163.45642879552906,
          555.81739215694,
          167.46503467210277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          174.70642832676822,
          81.16618641807543,
          178.71503420335648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "First priority infrastructure loans and",
        "box": [
          34.74609230224609,
          186.88055373640964,
          182.45304968528933,
          191.89319134769903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM securities",
        "box": [
          43.74609192724609,
          196.63055333016382,
          106.21575081975652,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          207.1874913671875,
          196.63055333016382,
          212.18624112140625,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,063,499 ",
        "box": [
          231.03515037353498,
          196.63055333016382,
          273.5244719093965,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          281.77733575927715,
          196.63055333016382,
          286.7760855134959,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,998,610 ",
        "box": [
          305.624987265625,
          196.63055333016382,
          348.1143088014865,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          356.3671726513672,
          196.63055333016382,
          361.36592240558593,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,526,760 ",
        "box": [
          380.2148316577147,
          196.63055333016382,
          422.7041531935762,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          430.95701704345686,
          196.63055333016382,
          435.9557667976756,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "471,850 ",
        "box": [
          461.6132657661131,
          196.63055333016382,
          496.6044758893959,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.0 %",
        "box": [
          553.7695119262693,
          196.63055333016382,
          577.2498464659215,
          201.6431909414532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowance",
        "box": [
          34.74609230224609,
          210.13055276765954,
          120.8133268886726,
          215.14319037894893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          256.80467679980467,
          210.13055276765954,
          274.0220402583269,
          215.14319037894893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23,596)",
        "box": [
          313.95702191845686,
          210.13055276765954,
          348.108592750974,
          215.14319037894893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.2031079082031,
          210.13055276765954,
          422.6999723187504,
          215.14319037894893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23,596)",
        "box": [
          462.4452932314453,
          210.13055276765954,
          496.59686406396247,
          215.14319037894893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities",
        "box": [
          34.74609230224609,
          222.88055223641277,
          187.7349886231215,
          227.89318984770216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          256.80467679980467,
          222.88055223641277,
          274.0220402583269,
          227.89318984770216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,517 ",
        "box": [
          318.11717424511716,
          222.88055223641277,
          348.10963960168107,
          227.89318984770216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.2031079082031,
          222.88055223641277,
          422.6999723187504,
          227.89318984770216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,517 ",
        "box": [
          466.6054530581053,
          222.88055223641277,
          496.59791841466915,
          227.89318984770216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          207.1874913671875,
          236.38055167390849,
          212.18624112140625,
          241.39318928519788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,063,499 ",
        "box": [
          231.03515037353498,
          236.38055167390849,
          273.5244719093965,
          241.39318928519788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          281.77733575927715,
          236.38055167390849,
          286.7760855134959,
          241.39318928519788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,036,531 ",
        "box": [
          305.624987265625,
          236.38055167390849,
          348.1143088014865,
          241.39318928519788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          356.3671726513672,
          236.38055167390849,
          361.36592240558593,
          241.39318928519788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,526,760 ",
        "box": [
          380.2148316577147,
          236.38055167390849,
          422.7041531935762,
          241.39318928519788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          430.95701704345686,
          236.38055167390849,
          435.9557667976756,
          241.39318928519788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "509,771 ",
        "box": [
          461.6132657661131,
          236.38055167390849,
          496.6044758893959,
          241.39318928519788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          34.74609230224609,
          263.9564246080263,
          99.20569064142938,
          267.9650304846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "First priority infrastructure loans and",
        "box": [
          34.74609230224609,
          276.1305500176677,
          182.45304968528933,
          281.1431876289571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM securities",
        "box": [
          43.74609192724609,
          285.88054961140733,
          106.21575081975652,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          207.1874913671875,
          285.88054961140733,
          212.18624112140625,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,942,115 ",
        "box": [
          231.39842785839843,
          285.88054961140733,
          273.5167433847185,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          281.77733575927715,
          285.88054961140733,
          286.7760855134959,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,880,319 ",
        "box": [
          305.624987265625,
          285.88054961140733,
          348.1143088014865,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          356.3671726513672,
          285.88054961140733,
          361.36592240558593,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,365,478 ",
        "box": [
          380.2148316577147,
          285.88054961140733,
          422.7041531935762,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          430.95701704345686,
          285.88054961140733,
          435.9557667976756,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "514,841 ",
        "box": [
          461.6132657661131,
          285.88054961140733,
          496.6044758893959,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.1 %",
        "box": [
          553.7695119262693,
          285.88054961140733,
          577.2498464659215,
          290.8931872227113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit loss allowance",
        "box": [
          34.74609230224609,
          298.63054908016056,
          120.8133268886726,
          303.64318669144996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          256.80467679980467,
          298.63054908016056,
          274.0220402583269,
          303.64318669144996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,667)",
        "box": [
          313.95702191845686,
          298.63054908016056,
          348.108592750974,
          303.64318669144996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.2031079082031,
          298.63054908016056,
          422.6999723187504,
          303.64318669144996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,667)",
        "box": [
          462.4452932314453,
          298.63054908016056,
          496.59686406396247,
          303.64318669144996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities",
        "box": [
          34.74609230224609,
          312.1305485176563,
          187.7349886231215,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          256.80467679980467,
          312.1305485176563,
          274.0220402583269,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,997 ",
        "box": [
          318.11717424511716,
          312.1305485176563,
          348.10963960168107,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.2031079082031,
          312.1305485176563,
          422.6999723187504,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,997 ",
        "box": [
          466.6054530581053,
          312.1305485176563,
          496.59791841466915,
          317.1431861289602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          207.1874913671875,
          325.63054795516655,
          212.18624112140625,
          330.64318556645594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,942,115 ",
        "box": [
          231.39842785839843,
          325.63054795516655,
          273.5167433847185,
          330.64318556645594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          281.77733575927715,
          325.63054795516655,
          286.7760855134959,
          330.64318556645594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,913,649 ",
        "box": [
          305.624987265625,
          325.63054795516655,
          348.1143088014865,
          330.64318556645594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          356.3671726513672,
          325.63054795516655,
          361.36592240558593,
          330.64318556645594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,365,478 ",
        "box": [
          380.2148316577147,
          325.63054795516655,
          422.7041531935762,
          330.64318556645594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          430.95701704345686,
          325.63054795516655,
          435.9557667976756,
          330.64318556645594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "548,171 ",
        "box": [
          461.6132657661131,
          325.63054795516655,
          496.6044758893959,
          330.64318556645594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "__________________________________________",
        "box": [
          33.74999859375,
          344.77732935428503,
          159.74999334375,
          347.7856640272803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          359.3805465489131,
          45.40722371353168,
          364.3931841602025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Calculated using applicable index rates for variable rate investments as of the respective period end and excludes loans for",
        "box": [
          69.74999709375,
          359.3805465489131,
          559.4462561202373,
          364.3931841602025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which interest income is not recognized. In addition to cash coupon, unlevered return includes the amortization of deferred",
        "box": [
          69.74999709375,
          371.3805460489093,
          560.8472360188641,
          376.3931836601987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchase discounts.",
        "box": [
          69.74999709375,
          383.3805455489055,
          148.04576306267626,
          388.39318316020945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, our Infrastructure Lending Segment's investment portfolio had the following",
        "box": [
          69.74999709375,
          407.38054454891244,
          560.0759047760031,
          412.39318216020183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "characteristics based on carrying values:",
        "box": [
          33.74999859375,
          419.38054404890863,
          195.30608241133388,
          424.393181660198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral Type",
        "box": [
          34.74609230224609,
          437.20641738927225,
          87.5215962033895,
          441.2150232658605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          411.98435783398435,
          437.20641738927225,
          458.4044519498137,
          441.2150232658605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          500.4960766459959,
          437.20641738927225,
          564.9556749851793,
          441.2150232658605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Power",
        "box": [
          34.74609230224609,
          450.13054276765615,
          60.29144319335584,
          455.1431803789601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61.9 %",
        "box": [
          451.3124811953125,
          450.13054276765615,
          479.6443855328158,
          455.1431803789601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56.9 %",
        "box": [
          548.8359146318359,
          450.13054276765615,
          577.2498464659215,
          455.1431803789601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oil & gas - midstream",
        "box": [
          34.74609230224609,
          462.8805422364094,
          124.1523355385734,
          467.8931798476988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25.9 %",
        "box": [
          451.3124811953125,
          462.8805422364094,
          479.6443855328158,
          467.8931798476988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27.5 %",
        "box": [
          548.8359146318359,
          462.8805422364094,
          577.2498464659215,
          467.8931798476988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oil & gas - downstream",
        "box": [
          34.74609230224609,
          476.3805416739051,
          130.81570351093305,
          481.39317928520904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.4 %",
        "box": [
          456.3163909868162,
          476.3805416739051,
          479.6443855328158,
          481.39317928520904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.6 %",
        "box": [
          548.8359146318359,
          476.3805416739051,
          577.2498464659215,
          481.39317928520904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oil & gas - upstream",
        "box": [
          34.74609230224609,
          489.13054114265833,
          118.59708749504205,
          494.1431787539477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.6 %",
        "box": [
          456.3163909868162,
          489.13054114265833,
          479.6443855328158,
          494.1431787539477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- %",
        "box": [
          556.3359143193359,
          489.13054114265833,
          577.2498464659215,
          494.1431787539477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          34.74609230224609,
          502.6305405801686,
          57.50893828429355,
          507.643178191458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2 %",
        "box": [
          456.3163909868162,
          501.88054061141156,
          479.6443855328158,
          506.89317822270095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0 %",
        "box": [
          553.8398244233396,
          501.88054061141156,
          577.2498464659215,
          506.89317822270095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0 %",
        "box": [
          446.3202939033203,
          516.1305400176643,
          479.6443855328158,
          521.1431776289537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0 %",
        "box": [
          543.8437273398437,
          516.1305400176643,
          577.2498464659215,
          521.1431776289537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographic Location",
        "box": [
          34.74609230224609,
          561.7064122017764,
          106.91958959489406,
          565.7150180783501
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          412.9570177934568,
          561.7064122017764,
          459.37711190928616,
          565.7150180783501
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          500.5663891430662,
          561.7064122017764,
          565.0259874822495,
          565.7150180783501
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S. Regions:",
        "box": [
          34.74609230224609,
          574.6305375801603,
          90.57189907525832,
          579.6431751914497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Midwest",
        "box": [
          52.74609155224609,
          587.3805370489135,
          87.7373121433661,
          592.3931746602029
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26.1 %",
        "box": [
          452.22654365722656,
          587.3805370489135,
          480.5584479947299,
          592.3931746602029
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21.7 %",
        "box": [
          548.8593521308593,
          587.3805370489135,
          577.2498464659215,
          592.3931746602029
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North East",
        "box": [
          52.74609155224609,
          600.8805364864093,
          95.78215358316436,
          605.8931740976986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26.0 %",
        "box": [
          452.22654365722656,
          600.8805364864093,
          480.5584479947299,
          605.8931740976986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27.2 %",
        "box": [
          548.8593521308593,
          600.8805364864093,
          577.2498464659215,
          605.8931740976986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South West",
        "box": [
          52.74609155224609,
          613.6305359551625,
          98.13995675992254,
          618.6431735664519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25.0 %",
        "box": [
          452.22654365722656,
          613.6305359551625,
          480.5584479947299,
          618.6431735664519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25.2 %",
        "box": [
          548.8593521308593,
          613.6305359551625,
          577.2498464659215,
          618.6431735664519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West",
        "box": [
          52.74609155224609,
          626.3805354239157,
          72.48723645378595,
          631.3931730352051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.3 %",
        "box": [
          452.60154364160155,
          626.3805354239157,
          480.5584479947299,
          631.3931730352051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.4 %",
        "box": [
          548.8593521308593,
          626.3805354239157,
          577.2498464659215,
          631.3931730352051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South East",
        "box": [
          52.74609155224609,
          639.8805348614114,
          95.7919153577576,
          644.8931724727008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.5 %",
        "box": [
          457.2304534487303,
          639.8805348614114,
          480.5584479947299,
          644.8931724727008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.3 %",
        "box": [
          548.8593521308593,
          639.8805348614114,
          577.2498464659215,
          644.8931724727008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mid-Atlantic",
        "box": [
          52.74609155224609,
          652.6305343301647,
          104.94488132485785,
          657.643171941454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.0 %",
        "box": [
          457.2304534487303,
          652.6305343301647,
          480.5584479947299,
          657.643171941454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.1 %",
        "box": [
          553.863261922363,
          652.6305343301647,
          577.2498464659215,
          657.643171941454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          52.74609155224609,
          665.3805337989179,
          75.50893753429355,
          670.3931714102073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.3 %",
        "box": [
          457.2304534487303,
          665.3805337989179,
          480.5584479947299,
          670.3931714102073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.1 %",
        "box": [
          553.863261922363,
          665.3805337989179,
          577.2498464659215,
          670.3931714102073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "International:",
        "box": [
          34.74609230224609,
          678.8805332364136,
          88.59973875743165,
          683.893170847703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Canada",
        "box": [
          52.74609155224609,
          691.6305327051668,
          82.72392350073113,
          696.6431703164562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.7 %",
        "box": [
          457.2304534487303,
          691.6305327051668,
          480.5584479947299,
          696.6431703164562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.8 %",
        "box": [
          553.863261922363,
          691.6305327051668,
          577.2498464659215,
          696.6431703164562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mexico",
        "box": [
          52.74609155224609,
          704.3805321739055,
          83.28530649227875,
          709.3931697852095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.1 %",
        "box": [
          457.2304534487303,
          704.3805321739055,
          480.5584479947299,
          709.3931697852095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.2 %",
        "box": [
          553.863261922363,
          704.3805321739055,
          577.2498464659215,
          709.3931697852095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0 %",
        "box": [
          447.23435636523436,
          717.8805316114158,
          480.5584479947299,
          722.8931692227052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0 %",
        "box": [
          543.8671648388671,
          717.8805316114158,
          577.2498464659215,
          722.8931692227052
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 151,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "100",
        "box": [
          298.4999875625,
          48.880559486409766,
          313.49622685015663,
          53.89319709769916
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 152,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment",
        "box": [
          33.74999859375,
          93.13055764266755,
          105.28477761222169,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth the amount of each category of investments held within our Property Segment as of June 30,",
        "box": [
          69.74999709375,
          117.13055664265994,
          560.3443977335655,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and December 31, 2025 (amounts in thousands):",
        "box": [
          33.74999859375,
          129.13055614267068,
          250.3215604690221,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          419.9413925024412,
          147.70642945177678,
          466.36148661827053,
          151.71503532836505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          502.93357654443344,
          147.70642945177678,
          567.3931748836168,
          151.71503532836505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, net",
        "box": [
          34.74609230224609,
          159.8805548614182,
          92.49523874511914,
          164.8931924727076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          401.0859207880859,
          159.8805548614182,
          406.08467054230465,
          164.8931924727076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,938,255 ",
        "box": [
          442.2304540737303,
          159.8805548614182,
          484.7197756095918,
          164.8931924727076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          493.0781044550781,
          159.8805548614182,
          498.07685420929687,
          164.8931924727076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,674,276 ",
        "box": [
          534.2343527402344,
          159.8805548614182,
          576.7236742760958,
          164.8931924727076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease intangibles, net",
        "box": [
          34.74609230224609,
          173.38055429891392,
          121.63832675582378,
          178.3931919102033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "372,411 ",
        "box": [
          450.09373124609374,
          173.38055429891392,
          484.71393535983515,
          178.3931919102033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "368,589 ",
        "box": [
          541.7343524277343,
          173.38055429891392,
          576.7255625510171,
          178.3931919102033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Woodstar Fund",
        "box": [
          34.74609230224609,
          186.13055376766715,
          95.86842826798198,
          191.14319137895654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,725,368 ",
        "box": [
          442.2304540737303,
          186.13055376766715,
          484.7197756095918,
          191.14319137895654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,727,499 ",
        "box": [
          534.2343527402344,
          186.13055376766715,
          576.7236742760958,
          191.14319137895654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          401.0859207880859,
          199.63055320516287,
          406.08467054230465,
          204.6431908164668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,036,034 ",
        "box": [
          442.2304540737303,
          199.63055320516287,
          484.7197756095918,
          204.6431908164668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          493.0781044550781,
          199.63055320516287,
          498.07685420929687,
          204.6431908164668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,770,364 ",
        "box": [
          534.2343527402344,
          199.63055320516287,
          576.7236742760958,
          204.6431908164668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth our net investment and other information regarding the Property Segment's properties and lease",
        "box": [
          69.74999709375,
          231.8805518614099,
          573.0999857433941,
          236.89318947271386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intangibles as of June 30, 2026 (dollars in thousands):",
        "box": [
          33.74999859375,
          243.88055136142066,
          249.50138517819613,
          248.89318897271005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          252.1054619956053,
          273.70642420178046,
          283.63648420681255,
          277.7150300783687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          258.2460867397459,
          281.2064238892781,
          277.4996497876369,
          285.21502976586635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset",
        "box": [
          328.7577988017578,
          265.4564245455258,
          346.96514018411733,
          269.46503042211407
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific",
        "box": [
          324.53904897753904,
          273.70642420178046,
          351.18250811751767,
          277.7150300783687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          320.75389663525374,
          281.2064238892781,
          354.9629277598773,
          285.21502976586635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net",
        "box": [
          401.87108075537094,
          273.70642420178046,
          413.8557661470078,
          277.7150300783687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment",
        "box": [
          388.7577963017578,
          281.2064238892781,
          426.9525980013065,
          285.21502976586635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Occupancy",
        "box": [
          458.30857840380844,
          273.70642420178046,
          496.5073058371949,
          277.7150300783687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate (1)",
        "box": [
          463.7577931767578,
          281.2064238892781,
          491.06097855512394,
          285.21502976586635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted",
        "box": [
          530.3437279023437,
          257.2064248892857,
          562.7687144761798,
          261.2150307658594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average",
        "box": [
          532.6406028066406,
          265.4564245455258,
          560.4591069226591,
          269.46503042211407
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Remaining",
        "box": [
          527.8945130043943,
          273.70642420178046,
          565.2070672497047,
          277.7150300783687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Term",
        "box": [
          526.6757630551756,
          281.2064238892781,
          566.4243046649852,
          285.21502976586635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fundamental",
        "box": [
          34.74609230224609,
          294.130549267662,
          86.94491175138279,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          236.76561513476562,
          294.130549267662,
          241.76436488898435,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,732,443 ",
        "box": [
          255.98436433398436,
          294.130549267662,
          298.4736858698459,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          306.76170971826156,
          294.130549267662,
          311.7604594724803,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,685,182 ",
        "box": [
          325.9804589174803,
          294.130549267662,
          368.4697804533418,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          376.7577968017578,
          294.130549267662,
          381.7565465559765,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,047,261 ",
        "box": [
          395.97654600097655,
          294.130549267662,
          438.46586753683806,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0%",
        "box": [
          461.99998074999996,
          294.130549267662,
          492.82232163373516,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16.8 years",
        "box": [
          526.0077905830078,
          294.130549267662,
          567.0960989164078,
          299.14318687896593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office-Medical Office Portfolio",
        "box": [
          34.74609230224609,
          306.8805487364152,
          168.74559170643343,
          311.8931863477046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "795,026 ",
        "box": [
          263.48436402148434,
          306.8805487364152,
          298.4755741447672,
          311.8931863477046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "444,055 ",
        "box": [
          333.4804586049803,
          306.8805487364152,
          368.4716687282631,
          311.8931863477046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "350,971 ",
        "box": [
          403.47654568847656,
          306.8805487364152,
          438.4677558117594,
          311.8931863477046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89.9%",
        "box": [
          464.4960781459959,
          306.8805487364152,
          490.31967426301213,
          311.8931863477046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.3 years",
        "box": [
          528.5038879790037,
          306.8805487364152,
          564.5934515456847,
          311.8931863477046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "D.C. Multifamily Conversion",
        "box": [
          34.74609230224609,
          320.38054817391094,
          153.04641581056575,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,119 ",
        "box": [
          263.84764900634747,
          320.38054817391094,
          298.4678531200889,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          355.96873516796876,
          320.38054817391094,
          368.46559957851605,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,119 ",
        "box": [
          403.8398306733397,
          320.38054817391094,
          438.4600347870811,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          468.79685546679684,
          320.38054817391094,
          486.0142189253191,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          537.9374775859375,
          320.38054817391094,
          555.1548410444597,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal-undepreciated carrying value",
        "box": [
          43.74609192724609,
          333.8805476114212,
          203.09081586044377,
          338.8931852227106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,650,588 ",
        "box": [
          255.98436433398436,
          333.8805476114212,
          298.4736858698459,
          338.8931852227106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,129,237 ",
        "box": [
          325.9804589174803,
          333.8805476114212,
          368.4697804533418,
          338.8931852227106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,521,351 ",
        "box": [
          395.97654600097655,
          333.8805476114212,
          438.46586753683806,
          338.8931852227106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated depreciation and amortization",
        "box": [
          34.74609230224609,
          347.3805470489169,
          209.90718434136699,
          352.3931846602063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(339,922)",
        "box": [
          259.32421169482404,
          346.6305470801599,
          298.4745272940602,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          355.96873516796876,
          346.6305470801599,
          368.46559957851605,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(339,922)",
        "box": [
          399.3163933618162,
          346.6305470801599,
          438.46670896105235,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net carrying value",
        "box": [
          43.74609192724609,
          362.38054642391216,
          118.13657685020388,
          367.3931840352161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          236.76561513476562,
          360.88054648641264,
          241.76436488898435,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,310,666 ",
        "box": [
          255.98436433398436,
          360.88054648641264,
          298.4736858698459,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          306.76170971826156,
          360.88054648641264,
          311.7604594724803,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,129,237 ",
        "box": [
          325.9804589174803,
          360.88054648641264,
          368.4697804533418,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          376.7577968017578,
          360.88054648641264,
          381.7565465559765,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,181,429 ",
        "box": [
          395.97654600097655,
          360.88054648641264,
          438.46586753683806,
          365.8931840977166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "__________________________________________",
        "box": [
          33.74999859375,
          380.0273278855457,
          159.74999334375,
          383.0356625585264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          393.8805451114167,
          45.40722371353168,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Occupancy calculated based on number of properties for our single-tenant net lease properties and square footage for multi-",
        "box": [
          69.74999709375,
          393.8805451114167,
          564.7134679507705,
          398.8931827227061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tenant net lease properties.",
        "box": [
          69.74999709375,
          405.8805446114129,
          176.34429988357053,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, our Property Segment's investment portfolio had the following geographic",
        "box": [
          69.74999709375,
          429.88054361141985,
          551.2012136558432,
          434.89318122270925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "characteristics based on carrying values:",
        "box": [
          33.74999859375,
          441.88054311141605,
          195.30608241133388,
          446.89318072270544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographic Location",
        "box": [
          34.74609230224609,
          471.70641595177585,
          106.91958959489406,
          475.7150218283641
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          412.9570177934568,
          471.70641595177585,
          459.37711190928616,
          475.7150218283641
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          500.5663891430662,
          471.70641595177585,
          565.0259874822495,
          475.7150218283641
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S. Regions:",
        "box": [
          34.74609230224609,
          484.6305413301743,
          90.57189907525832,
          489.6431789414637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South East",
        "box": [
          40.74609205224609,
          497.380540798913,
          83.79191585775763,
          502.39317841021693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55.8 %",
        "box": [
          452.22654365722656,
          497.380540798913,
          480.5584479947299,
          502.39317841021693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57.9 %",
        "box": [
          548.8593521308593,
          497.380540798913,
          577.2498464659215,
          502.39317841021693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Midwest",
        "box": [
          40.74609205224609,
          510.88054023642326,
          75.7373126433661,
          515.8931778477126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16.9 %",
        "box": [
          452.22654365722656,
          510.88054023642326,
          480.5584479947299,
          515.8931778477126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.3 %",
        "box": [
          548.8593521308593,
          510.88054023642326,
          577.2498464659215,
          515.8931778477126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North East",
        "box": [
          40.74609205224609,
          523.6305397051619,
          83.78215408316436,
          528.6431773164659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.6 %",
        "box": [
          457.2304534487303,
          523.6305397051619,
          480.5584479947299,
          528.6431773164659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.4 %",
        "box": [
          553.863261922363,
          523.6305397051619,
          577.2498464659215,
          528.6431773164659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West",
        "box": [
          40.74609205224609,
          536.3805391739152,
          60.48723695378595,
          541.3931767852046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.4 %",
        "box": [
          457.2304534487303,
          536.3805391739152,
          480.5584479947299,
          541.3931767852046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.0 %",
        "box": [
          553.863261922363,
          536.3805391739152,
          577.2498464659215,
          541.3931767852046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South West",
        "box": [
          40.74609205224609,
          549.8805386114109,
          86.13995725992255,
          554.8931762227148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.4 %",
        "box": [
          457.2304534487303,
          549.8805386114109,
          480.5584479947299,
          554.8931762227148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.4 %",
        "box": [
          553.863261922363,
          549.8805386114109,
          577.2498464659215,
          554.8931762227148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mid-Atlantic",
        "box": [
          40.74609205224609,
          562.6305380801641,
          92.94488182485784,
          567.6431756914535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.7 %",
        "box": [
          457.2304534487303,
          562.6305380801641,
          480.5584479947299,
          567.6431756914535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.8 %",
        "box": [
          553.863261922363,
          562.6305380801641,
          577.2498464659215,
          567.6431756914535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "International:",
        "box": [
          34.74609230224609,
          575.3805375489173,
          88.59973875743165,
          580.3931751602067
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Canada",
        "box": [
          40.74609205224609,
          588.8805369864131,
          70.72392400073113,
          593.893174597717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.2 %",
        "box": [
          457.2304534487303,
          588.8805369864131,
          480.5584479947299,
          593.893174597717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.2 %",
        "box": [
          553.863261922363,
          588.8805369864131,
          577.2498464659215,
          593.893174597717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0 %",
        "box": [
          447.23435636523436,
          602.3805364239233,
          480.5584479947299,
          607.3931740352127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100.0 %",
        "box": [
          543.8671648388671,
          602.3805364239233,
          577.2498464659215,
          607.3931740352127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101",
        "box": [
          298.4999875625,
          653.3805342989217,
          313.49622685015663,
          658.3931719102111
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 153,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investing and Servicing Segment",
        "box": [
          33.74999859375,
          93.13055764266755,
          164.51305416937674,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth the amount of each category of investments we owned within our Investing and Servicing",
        "box": [
          69.74999709375,
          117.13055664265994,
          549.5073322663601,
          122.14319425394933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Segment as of June 30, 2026 and December 31, 2025 (amounts in thousands):",
        "box": [
          33.74999859375,
          129.13055614265613,
          345.2830276122942,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face",
        "box": [
          297.24608511474594,
          155.2064291392744,
          313.2243606491072,
          159.21503501586267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          291.2460853647459,
          163.45642879552906,
          319.2324485646462,
          167.46503467210277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          358.85154754785157,
          155.2064291392744,
          390.38256975905887,
          159.21503501586267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          364.9921722919922,
          163.45642879552906,
          384.24573533988314,
          167.46503467210277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset",
        "box": [
          453.09373112109375,
          147.70642945177678,
          471.3010725034534,
          151.71503532836505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific",
        "box": [
          448.874981296875,
          155.2064291392744,
          475.5184404368539,
          159.21503501586267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          445.0898289545897,
          163.45642879552906,
          479.29886007921345,
          167.46503467210277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net",
        "box": [
          542.1327899111327,
          155.2064291392744,
          554.1174753027697,
          159.21503501586267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment",
        "box": [
          529.0195129575193,
          163.45642879552906,
          567.2143146570681,
          167.46503467210277
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          174.70642832678277,
          81.16618641807543,
          178.71503420335648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS, fair value option",
        "box": [
          34.74609230224609,
          186.88055373640964,
          133.6030533207059,
          191.89319134769903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          274.45311356445313,
          186.88055373640964,
          279.4518633186718,
          191.89319134769903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,793,603 ",
        "box": [
          293.0390502900391,
          186.88055373640964,
          335.5283718259006,
          191.89319134769903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          343.8281106738281,
          186.88055373640964,
          348.82686042804687,
          191.89319134769903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,262,903  (1)",
        "box": [
          362.4140473994141,
          186.88055373640964,
          419.0595556446838,
          191.89319134769903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.124981953125,
          186.88055373640964,
          438.1237317073438,
          191.89319134769903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "530,408  (2)",
        "box": [
          455.78904350878906,
          186.88055373640964,
          504.9345520665588,
          191.89319134769903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          518.999978375,
          186.88055373640964,
          523.9987281292188,
          191.89319134769903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "732,495 ",
        "box": [
          541.6874774296874,
          186.88055373640964,
          576.6786875529702,
          191.89319134769903
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets - servicing rights",
        "box": [
          34.74609230224609,
          199.63055320516287,
          171.34747325593463,
          204.64319081645226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          318.8085842163084,
          199.63055320516287,
          336.02594767483066,
          204.64319081645226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,556  (3)",
        "box": [
          374.9062343789062,
          199.63055320516287,
          419.0595556446838,
          204.64319081645226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          478.27732757177716,
          199.63055320516287,
          490.77419198232445,
          204.64319081645226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,556 ",
        "box": [
          546.6796647216796,
          199.63055320516287,
          576.6721300782435,
          204.64319081645226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease intangibles, net",
        "box": [
          34.74609230224609,
          213.13055264265859,
          121.63832675582378,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          318.8085842163084,
          213.13055264265859,
          336.02594767483066,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,505 ",
        "box": [
          379.91014417041,
          213.13055264265859,
          404.9038647602549,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          478.27732757177716,
          213.13055264265859,
          490.77419198232445,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,505 ",
        "box": [
          551.6835745131833,
          213.13055264265859,
          576.6772951030283,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale, fair value option, commercial",
        "box": [
          34.74609230224609,
          225.88055211141182,
          235.80395222392247,
          230.8931897227012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,038 ",
        "box": [
          305.53123726953123,
          225.88055211141182,
          335.52370262609514,
          230.8931897227012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,828 ",
        "box": [
          374.9062343789062,
          225.88055211141182,
          404.89869973547013,
          230.8931897227012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,381 ",
        "box": [
          460.78123080078126,
          225.88055211141182,
          490.7736961573451,
          230.8931897227012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,447 ",
        "box": [
          546.6796647216796,
          225.88055211141182,
          576.6721300782435,
          230.8931897227012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities",
        "box": [
          34.74609230224609,
          238.63055158016505,
          187.7349886231215,
          243.64318919145444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          318.8085842163084,
          238.63055158016505,
          336.02594767483066,
          243.64318919145444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,200  (4)",
        "box": [
          374.9062343789062,
          238.63055158016505,
          419.0595556446838,
          243.64318919145444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          478.27732757177716,
          238.63055158016505,
          490.77419198232445,
          243.64318919145444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,200 ",
        "box": [
          546.6796647216796,
          238.63055158016505,
          576.6721300782435,
          243.64318919145444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, net",
        "box": [
          34.74609230224609,
          252.13055101766076,
          92.49523874511914,
          257.14318862895016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          318.8085842163084,
          251.38055104891828,
          336.02594767483066,
          256.39318866020767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,743 ",
        "box": [
          374.9062343789062,
          251.38055104891828,
          404.89869973547013,
          256.39318866020767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,289 ",
        "box": [
          460.78123080078126,
          251.38055104891828,
          490.7736961573451,
          256.39318866020767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,546)",
        "box": [
          547.5234146865233,
          251.38055104891828,
          576.6762407523216,
          256.39318866020767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          274.45311356445313,
          265.6305504551565,
          279.4518633186718,
          270.6431880664604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,858,641 ",
        "box": [
          293.0390502900391,
          265.6305504551565,
          335.5283718259006,
          270.6431880664604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          343.8281106738281,
          265.6305504551565,
          348.82686042804687,
          270.6431880664604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,461,735 ",
        "box": [
          362.4140473994141,
          265.6305504551565,
          404.9033689352756,
          270.6431880664604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.124981953125,
          265.6305504551565,
          438.1237317073438,
          270.6431880664604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "583,078 ",
        "box": [
          455.78904350878906,
          265.6305504551565,
          490.7802536320719,
          270.6431880664604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          518.999978375,
          265.6305504551565,
          523.9987281292188,
          270.6431880664604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "878,657 ",
        "box": [
          541.6874774296874,
          265.6305504551565,
          576.6786875529702,
          270.6431880664604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          34.74609230224609,
          278.9564239830215,
          99.20569064142938,
          282.9650298596098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS, fair value option",
        "box": [
          34.74609230224609,
          291.13054939266294,
          133.6030533207059,
          296.14318700395233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          274.45311356445313,
          291.13054939266294,
          279.4518633186718,
          296.14318700395233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,871,255 ",
        "box": [
          293.0390502900391,
          291.13054939266294,
          335.5283718259006,
          296.14318700395233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          343.8281106738281,
          291.13054939266294,
          348.82686042804687,
          296.14318700395233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,284,863  (1)",
        "box": [
          362.4140473994141,
          291.13054939266294,
          419.0595556446838,
          296.14318700395233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.124981953125,
          291.13054939266294,
          438.1237317073438,
          296.14318700395233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "480,378  (2)",
        "box": [
          455.78904350878906,
          291.13054939266294,
          504.9345520665588,
          296.14318700395233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          518.999978375,
          291.13054939266294,
          523.9987281292188,
          296.14318700395233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "804,485 ",
        "box": [
          541.6874774296874,
          291.13054939266294,
          576.6786875529702,
          296.14318700395233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets - servicing rights",
        "box": [
          34.74609230224609,
          303.8805488614162,
          171.34747325593463,
          308.89318647270557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          318.8085842163084,
          303.8805488614162,
          336.02594767483066,
          308.89318647270557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,533  (3)",
        "box": [
          374.9062343789062,
          303.8805488614162,
          419.0595556446838,
          308.89318647270557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          478.27732757177716,
          303.8805488614162,
          490.77419198232445,
          308.89318647270557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,533 ",
        "box": [
          546.6796647216796,
          303.8805488614162,
          576.6721300782435,
          308.89318647270557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease intangibles, net",
        "box": [
          34.74609230224609,
          316.6305483301694,
          121.63832675582378,
          321.6431859414588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          318.8085842163084,
          316.6305483301694,
          336.02594767483066,
          321.6431859414588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,691 ",
        "box": [
          379.91014417041,
          316.6305483301694,
          404.9038647602549,
          321.6431859414588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          478.27732757177716,
          316.6305483301694,
          490.77419198232445,
          321.6431859414588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,691 ",
        "box": [
          551.6835745131833,
          316.6305483301694,
          576.6772951030283,
          321.6431859414588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale, fair value option, commercial",
        "box": [
          34.74609230224609,
          330.1305477676651,
          235.80395222392247,
          335.1431853789545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,300 ",
        "box": [
          305.53123726953123,
          330.1305477676651,
          335.52370262609514,
          335.1431853789545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,476 ",
        "box": [
          374.9062343789062,
          330.1305477676651,
          404.89869973547013,
          335.1431853789545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          478.27732757177716,
          330.1305477676651,
          490.77419198232445,
          335.1431853789545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,476 ",
        "box": [
          546.6796647216796,
          330.1305477676651,
          576.6721300782435,
          335.1431853789545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities",
        "box": [
          34.74609230224609,
          342.88054723641835,
          187.7349886231215,
          347.89318484770774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          318.8085842163084,
          342.88054723641835,
          336.02594767483066,
          347.89318484770774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,203  (4)",
        "box": [
          374.9062343789062,
          342.88054723641835,
          419.0595556446838,
          347.89318484770774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          478.27732757177716,
          342.88054723641835,
          490.77419198232445,
          347.89318484770774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,203 ",
        "box": [
          546.6796647216796,
          342.88054723641835,
          576.6721300782435,
          347.89318484770774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties, net",
        "box": [
          34.74609230224609,
          356.38054667391407,
          92.49523874511914,
          361.39318428520346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          318.8085842163084,
          355.63054670515703,
          336.02594767483066,
          360.643184316461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,662 ",
        "box": [
          374.9062343789062,
          355.63054670515703,
          404.89869973547013,
          360.643184316461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,519 ",
        "box": [
          460.78123080078126,
          355.63054670515703,
          490.7736961573451,
          360.643184316461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,143 ",
        "box": [
          551.6835745131833,
          355.63054670515703,
          576.6772951030283,
          360.643184316461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          274.45311356445313,
          369.8805461114098,
          279.4518633186718,
          374.8931837226992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,918,555 ",
        "box": [
          293.0390502900391,
          369.8805461114098,
          335.5283718259006,
          374.8931837226992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          343.8281106738281,
          369.8805461114098,
          348.82686042804687,
          374.8931837226992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,474,428 ",
        "box": [
          362.4140473994141,
          369.8805461114098,
          404.9033689352756,
          374.8931837226992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          433.124981953125,
          369.8805461114098,
          438.1237317073438,
          374.8931837226992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "517,897 ",
        "box": [
          455.78904350878906,
          369.8805461114098,
          490.7802536320719,
          374.8931837226992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          518.999978375,
          369.8805461114098,
          523.9987281292188,
          374.8931837226992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "956,531 ",
        "box": [
          541.6874774296874,
          369.8805461114098,
          576.6786875529702,
          374.8931837226992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________",
        "box": [
          33.74999859375,
          389.02732751052827,
          171.74999284375,
          392.0356621835235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          410.3805444239115,
          45.40722371353168,
          415.3931820352009
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $1.23 billion and $1.25 billion of CMBS eliminated in consolidation against VIE liabilities pursuant to ASC 810 as of",
        "box": [
          69.74999709375,
          410.3805444239115,
          577.4543124699019,
          415.3931820352009
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and December 31, 2025, respectively. Also includes $144.6 million and $146.5 million of non-controlling",
        "box": [
          69.74999709375,
          422.3805439239077,
          550.5714951470202,
          427.3931815352116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests in the consolidated entities which hold certain of these CMBS as of June 30, 2026 and December 31, 2025,",
        "box": [
          69.74999709375,
          434.3805434239184,
          533.9789964821241,
          439.3931810352078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively.",
        "box": [
          69.74999709375,
          446.3805429239146,
          119.89853978547731,
          451.393180535204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          470.380541923907,
          45.40722371353168,
          475.39317953521095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $24.5 million and $25.8 million of non-controlling interests in the consolidated entities which hold certain debt",
        "box": [
          69.74999709375,
          470.380541923907,
          550.6495809303539,
          475.39317953521095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balances as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          69.74999709375,
          482.38054142391775,
          337.2804502778972,
          487.39317903520714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
          506.38054042391013,
          45.40722371353168,
          511.3931780351995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $38.1 million and $37.3 million of servicing rights intangibles eliminated in consolidation against VIE assets",
        "box": [
          69.74999709375,
          506.38054042391013,
          541.8773606171884,
          511.3931780351995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pursuant to ASC 810 as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          69.74999709375,
          518.3805399239063,
          386.46239407864954,
          523.3931775352103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          33.74999859375,
          542.3805389239133,
          45.40722371353168,
          547.3931765352027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $15.0 million of investments in unconsolidated entities eliminated in consolidation against VIE assets pursuant to",
        "box": [
          69.74999709375,
          542.3805389239133,
          559.9197158575106,
          547.3931765352027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASC 810 as of both June 30, 2026 and December 31, 2025.",
        "box": [
          69.74999709375,
          554.3805384239095,
          307.4343976464829,
          559.3931760351988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102",
        "box": [
          298.4999875625,
          622.6305355801596,
          313.49622685015663,
          627.643173191449
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 154,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Borrowings",
        "box": [
          33.74999859375,
          93.130557642653,
          114.92589450683386,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table is a summary of our secured borrowings as of June 30, 2026 (dollars in thousands):",
        "box": [
          69.74999709375,
          117.13055664265994,
          484.0110489319597,
          122.14319425394933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current",
        "box": [
          135.3281193613281,
          149.1168834498967,
          159.6860884969121,
          152.62535372469574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          133.89843192089845,
          156.61688313739432,
          161.10252974989427,
          160.12535341219336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Extended",
        "box": [
          190.0546795810547,
          149.1168834498967,
          218.43755763087327,
          152.62535372469574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (a)",
        "box": [
          185.69530476269532,
          156.61688313739432,
          222.80794271683467,
          160.12535341219336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted",
        "box": [
          250.92186454492187,
          142.36688373114157,
          279.3013322698826,
          145.87535400595516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average",
        "box": [
          252.93748946093748,
          149.1168834498967,
          277.28521763901017,
          152.62535372469574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon",
        "box": [
          253.25389944775372,
          156.61688313739432,
          276.97976474161453,
          160.12535341219336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pledged",
        "box": [
          316.7929593002928,
          135.61688401238644,
          340.505160344723,
          139.12535428720003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset",
        "box": [
          320.68358413818345,
          142.36688373114157,
          336.6192858246952,
          145.87535400595516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          314.8476468813475,
          149.1168834498967,
          342.44468896897064,
          152.62535372469574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          320.22654915722654,
          156.61688313739432,
          337.07792827264717,
          160.12535341219336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum",
        "box": [
          374.51951939501936,
          142.36688373114157,
          405.61530536236097,
          145.87535400595516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility",
        "box": [
          378.79685921679686,
          149.1168834498967,
          401.3371007651201,
          152.62535372469574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Size",
        "box": [
          384.04685899804684,
          156.61688313739432,
          396.0942946636318,
          160.12535341219336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding",
        "box": [
          430.3476420688475,
          149.1168834498967,
          467.6823698757336,
          152.62535372469574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          437.15623178515625,
          156.61688313739432,
          460.8684237897096,
          160.12535341219336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Approved",
        "box": [
          492.1757644926756,
          135.61688401238644,
          521.9868536829854,
          139.12535428720003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "but",
        "box": [
          502.0195140825194,
          142.36688373114157,
          512.1330685366205,
          145.87535400595516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undrawn",
        "box": [
          492.8906044628906,
          149.1168834498967,
          521.276915712566,
          152.62535372469574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capacity (b)",
        "box": [
          488.51951464501934,
          156.61688313739432,
          525.6424064487315,
          160.12535341219336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unallocated",
        "box": [
          538.4413875649412,
          142.36688373114157,
          574.2044342822527,
          145.87535400595516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          541.3593524433593,
          149.1168834498967,
          571.3002588083215,
          152.62535372469574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount (c)",
        "box": [
          539.3202900283203,
          156.61688313739432,
          573.330537736726,
          160.12535341219336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase Agreements:",
        "box": [
          34.74609230224609,
          166.36688273113396,
          109.30969054592879,
          169.87535300594755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Loans",
        "box": [
          45.996091833496095,
          183.61688201238576,
          99.43395947233117,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aug 2026 to",
        "box": [
          130.0078070830078,
          176.86688229364518,
          164.99524888769764,
          180.3753525684442
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2031",
        "box": [
          133.21874444921875,
          183.61688201238576,
          161.78955289626836,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          172.66405530566405,
          184.27733604177774,
          179.66014873416017,
          187.285670714773
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jun 2029 to",
        "box": [
          187.92186716992188,
          176.86688229364518,
          220.57908599670435,
          180.3753525684442
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb 2035",
        "box": [
          191.13280453613282,
          183.61688201238576,
          217.373389930275,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          228.84374046484373,
          184.27733604177774,
          235.83983389333983,
          187.285670714773
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index + 1.81%",
        "box": [
          244.3828023173828,
          183.61688201238576,
          285.83471280321925,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(e)",
        "box": [
          291.5156128535156,
          184.69959198040306,
          298.72416395415814,
          187.9561141887243
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          307.0429597065428,
          183.61688201238576,
          310.54170952326155,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,135,932 ",
        "box": [
          316.7695218012694,
          183.61688201238576,
          349.7479108084197,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          369.4804571049803,
          183.61688201238576,
          372.979206921699,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,336,490 ",
        "box": [
          376.9218592949219,
          183.61688201238576,
          410.15992619125234,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(f)",
        "box": [
          412.66404530566405,
          184.27733604177774,
          418.6581856359082,
          187.285670714773
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          427.4062321914062,
          183.61688201238576,
          430.90498200812505,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,884,783 ",
        "box": [
          440.37889165087876,
          183.61688201238576,
          470.1182137179902,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.75388976025374,
          183.61688201238576,
          489.2526395769725,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,075,489 ",
        "box": [
          498.1757642426756,
          183.61688201238576,
          527.9150863097871,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          535.4062276914062,
          183.61688201238576,
          538.904977508125,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,376,218 ",
        "box": [
          546.8320122153318,
          183.61688201238576,
          576.5713342824433,
          187.12535228719935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential Loans",
        "box": [
          45.996091833496095,
          200.86688129363756,
          96.32812470174096,
          204.37535156845115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb 2027 to",
        "box": [
          130.79296330029297,
          193.36688160613994,
          164.22578244475875,
          196.87535188095353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2027",
        "box": [
          134.57811939257812,
          200.86688129363756,
          160.42578340309205,
          204.37535156845115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2027 to",
        "box": [
          186.94921471044904,
          193.36688160613994,
          221.5437236565111,
          196.87535188095353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2028",
        "box": [
          191.13280453613282,
          200.86688129363756,
          217.373389930275,
          204.37535156845115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.61%",
        "box": [
          243.5976498500975,
          200.86688129363756,
          286.62125742044657,
          204.37535156845115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,380,163 ",
        "box": [
          320.0156116660156,
          200.86688129363756,
          349.75493373312713,
          204.37535156845115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,950,000 ",
        "box": [
          380.4257691489256,
          200.86688129363756,
          410.1650912160371,
          204.37535156845115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,050,076 ",
        "box": [
          440.37889165087876,
          200.86688129363756,
          470.1182137179902,
          204.37535156845115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,843 ",
        "box": [
          506.9179513784178,
          200.86688129363756,
          527.9104171099816,
          204.37535156845115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "835,081 ",
        "box": [
          552.0820119965817,
          200.86688129363756,
          576.5732225573646,
          204.37535156845115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Loans",
        "box": [
          45.996091833496095,
          210.61688088739174,
          102.9224162519788,
          214.12535116220533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2027",
        "box": [
          134.3789006508789,
          210.61688088739174,
          160.61948604502112,
          214.12535116220533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2029",
        "box": [
          191.13280453613282,
          210.61688088739174,
          217.373389930275,
          214.12535116220533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.00%",
        "box": [
          243.5976498500975,
          210.61688088739174,
          286.62125742044657,
          214.12535116220533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "238,641 ",
        "box": [
          325.2656114472656,
          210.61688088739174,
          349.75682200804846,
          214.12535116220533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "650,000 ",
        "box": [
          385.6757689301756,
          210.61688088739174,
          410.16697949095845,
          214.12535116220533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "157,074 ",
        "box": [
          445.62889143212874,
          210.61688088739174,
          470.12010199291154,
          214.12535116220533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          210.61688088739174,
          527.9109054349614,
          214.12535116220533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "492,926 ",
        "box": [
          552.0820119965817,
          210.61688088739174,
          576.5732225573646,
          214.12535116220533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conduit Loans",
        "box": [
          45.996091833496095,
          227.86688016864355,
          87.39675532388137,
          231.37535044344258
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec 2026 to",
        "box": [
          130.40624456640626,
          220.36688048114593,
          164.60784345383956,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jun 2028",
        "box": [
          134.7656193847656,
          227.86688016864355,
          160.23060446122452,
          231.37535044344258
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec 2027 to",
        "box": [
          187.14842970214843,
          220.36688048114593,
          221.3500285895817,
          223.87535075594496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jun 2029",
        "box": [
          191.51952702001935,
          227.86688016864355,
          216.98451209647826,
          231.37535044344258
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.00%",
        "box": [
          243.5976498500975,
          227.86688016864355,
          286.62125742044657,
          231.37535044344258
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,006 ",
        "box": [
          328.7577988017578,
          227.86688016864355,
          349.7502645333217,
          231.37535044344258
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "375,000 ",
        "box": [
          385.6757689301756,
          227.86688016864355,
          410.16697949095845,
          231.37535044344258
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,125 ",
        "box": [
          449.1210787866209,
          227.86688016864355,
          470.1135445181848,
          231.37535044344258
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          227.86688016864355,
          527.9109054349614,
          231.37535044344258
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "358,875 ",
        "box": [
          552.0820119965817,
          227.86688016864355,
          576.5732225573646,
          231.37535044344258
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS/RMBS",
        "box": [
          45.996091833496095,
          244.3668794811383,
          86.83640133925502,
          247.8753497559519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2026 to",
        "box": [
          130.0078070830078,
          237.61687976238318,
          164.99524888769764,
          241.12535003719677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr 2032",
        "box": [
          134.1914006586914,
          244.3668794811383,
          160.81807546174656,
          247.8753497559519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(g)",
        "box": [
          172.66405530566405,
          245.77733347928734,
          179.66014873416017,
          248.78566815226804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2026 to",
        "box": [
          186.76171471826154,
          237.61687976238318,
          221.74915652295135,
          241.12535003719677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2032",
        "box": [
          191.33202702783186,
          244.3668794811383,
          217.1796910383458,
          247.8753497559519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(g)",
        "box": [
          228.84374046484373,
          245.77733347928734,
          235.83983389333983,
          248.78566815226804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(h)",
        "box": [
          261.03514912353495,
          244.3668794811383,
          269.1943275590686,
          247.8753497559519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,040,989 ",
        "box": [
          320.0156116660156,
          244.3668794811383,
          349.75493373312713,
          247.8753497559519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "846,563 ",
        "box": [
          385.6757689301756,
          244.3668794811383,
          410.16697949095845,
          247.8753497559519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "651,371 ",
        "box": [
          445.62889143212874,
          244.3668794811383,
          470.12010199291154,
          247.8753497559519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i)",
        "box": [
          472.6288903071287,
          245.77733347928734,
          478.2919759711668,
          248.78566815226804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,071 ",
        "box": [
          510.4218537324219,
          244.3668794811383,
          527.9155746347668,
          247.8753497559519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,121 ",
        "box": [
          552.0820119965817,
          244.3668794811383,
          576.5732225573646,
          247.8753497559519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Repurchase",
        "box": [
          52.74609155224609,
          254.86687904363498,
          105.03932939092255,
          258.37534931844857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreements",
        "box": [
          61.74609117724609,
          261.6168787623901,
          97.36906773336833,
          265.1253490372037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,816,731 ",
        "box": [
          316.51170931201153,
          261.6168787623901,
          349.74977620834204,
          265.1253490372037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,158,053 ",
        "box": [
          376.9218592949219,
          261.6168787623901,
          410.15992619125234,
          265.1253490372037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,759,429 ",
        "box": [
          440.37889165087876,
          261.6168787623901,
          470.1182137179902,
          265.1253490372037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,148,403 ",
        "box": [
          498.1757642426756,
          261.6168787623901,
          527.9150863097871,
          265.1253490372037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,250,221 ",
        "box": [
          546.8320122153318,
          261.6168787623901,
          576.5713342824433,
          265.1253490372037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Secured Financing:",
        "box": [
          34.74609230224609,
          271.3668783561443,
          112.23779849892429,
          274.87534863094334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowing Base Facility",
        "box": [
          45.996091833496095,
          281.86687791864097,
          114.79559360435002,
          285.37534819345456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2027",
        "box": [
          134.57811939257812,
          281.86687791864097,
          160.42578340309205,
          285.37534819345456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2029",
        "box": [
          191.33202702783186,
          281.86687791864097,
          217.1796910383458,
          285.37534819345456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.00%",
        "box": [
          243.5976498500975,
          281.86687791864097,
          286.62125742044657,
          285.37534819345456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,811 ",
        "box": [
          329.0156112910156,
          281.86687791864097,
          349.7483991333994,
          285.37534819345456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,250,000 ",
        "box": [
          380.4257691489256,
          281.86687791864097,
          410.1650912160371,
          285.37534819345456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(j)",
        "box": [
          412.66404530566405,
          282.52733194803295,
          418.3271309697021,
          285.5356666210282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,000 ",
        "box": [
          452.624981140625,
          281.86687791864097,
          470.1187020429699,
          285.37534819345456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,321 ",
        "box": [
          506.9179513784178,
          281.86687791864097,
          527.9104171099816,
          285.37534819345456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,231,679 ",
        "box": [
          546.8320122153318,
          281.86687791864097,
          576.5713342824433,
          285.37534819345456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Financing",
        "box": [
          45.996091833496095,
          291.61687751239515,
          110.31969489084585,
          295.1253477871942
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facilities",
        "box": [
          57.24609136474609,
          298.36687723113573,
          82.89898698628838,
          301.8753475059493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan 2027 to",
        "box": [
          131.36718202636717,
          291.61687751239515,
          163.6314793945214,
          295.1253477871942
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr 2030",
        "box": [
          134.1914006586914,
          298.36687723113573,
          160.81807546174656,
          301.8753475059493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan 2027 to",
        "box": [
          188.1210896616209,
          291.61687751239515,
          220.38538702977513,
          295.1253477871942
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb 2035",
        "box": [
          191.13280453613282,
          298.36687723113573,
          217.373389930275,
          301.8753475059493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index + 1.9%",
        "box": [
          246.14061474414063,
          298.36687723113573,
          284.0937804007581,
          301.8753475059493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "703,416 ",
        "box": [
          325.2656114472656,
          298.36687723113573,
          349.75682200804846,
          301.8753475059493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,098,350 ",
        "box": [
          380.4257691489256,
          298.36687723113573,
          410.1650912160371,
          301.8753475059493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(k)",
        "box": [
          412.66404530566405,
          299.77733122928475,
          419.6601387341601,
          302.78566590226546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474,955 ",
        "box": [
          445.62889143212874,
          298.36687723113573,
          470.12010199291154,
          301.8753475059493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          298.36687723113573,
          527.9109054349614,
          301.8753475059493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "623,395 ",
        "box": [
          552.0820119965817,
          298.36687723113573,
          576.5732225573646,
          301.8753475059493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Financing",
        "box": [
          45.996091833496095,
          308.86687679364695,
          113.80815167049349,
          312.375347068446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facilities",
        "box": [
          57.24609136474609,
          315.61687651238753,
          82.89898698628838,
          319.1253467872011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2028 to",
        "box": [
          131.95311950195313,
          308.86687679364695,
          163.05571574351154,
          312.375347068446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2028",
        "box": [
          134.57811939257812,
          315.61687651238753,
          160.42578340309205,
          319.1253467872011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aug 2030 to",
        "box": [
          186.76171471826154,
          308.86687679364695,
          221.74915652295135,
          312.375347068446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2033",
        "box": [
          192.2929644877928,
          315.61687651238753,
          216.20332697902762,
          319.1253467872011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.97%",
        "box": [
          243.5976498500975,
          315.61687651238753,
          286.62125742044657,
          319.1253467872011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "696,154 ",
        "box": [
          325.2656114472656,
          315.61687651238753,
          349.75682200804846,
          319.1253467872011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,175,000 ",
        "box": [
          380.4257691489256,
          315.61687651238753,
          410.1650912160371,
          319.1253467872011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "564,909 ",
        "box": [
          445.62889143212874,
          315.61687651238753,
          470.12010199291154,
          319.1253467872011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,322 ",
        "box": [
          506.9179513784178,
          315.61687651238753,
          527.9104171099816,
          319.1253467872011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "574,769 ",
        "box": [
          552.0820119965817,
          315.61687651238753,
          576.5732225573646,
          319.1253467872011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Financing",
        "box": [
          45.996091833496095,
          332.86687579363934,
          99.83026972790526,
          336.3753460684529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2026 to",
        "box": [
          131.95311950195313,
          325.3668761061417,
          163.05571574351154,
          328.8753463809553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr 2031",
        "box": [
          134.1914006586914,
          332.86687579363934,
          160.81807546174656,
          336.3753460684529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul 2026 to",
        "box": [
          188.6953046376953,
          325.3668761061417,
          219.79790087925372,
          328.8753463809553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr 2031",
        "box": [
          190.93358954443343,
          332.86687579363934,
          217.56026434748858,
          336.3753460684529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.10%",
        "box": [
          243.5976498500975,
          332.86687579363934,
          286.62125742044657,
          336.3753460684529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,018,646 ",
        "box": [
          320.0156116660156,
          332.86687579363934,
          349.75493373312713,
          336.3753460684529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,070,691 ",
        "box": [
          380.4257691489256,
          332.86687579363934,
          410.1650912160371,
          336.3753460684529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "757,821 ",
        "box": [
          445.62889143212874,
          332.86687579363934,
          470.12010199291154,
          336.3753460684529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(l)",
        "box": [
          472.6288903071287,
          333.5273298230313,
          478.2919759711668,
          336.5356644960266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          332.86687579363934,
          527.9109054349614,
          336.3753460684529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,312,870 ",
        "box": [
          546.8320122153318,
          332.86687579363934,
          576.5713342824433,
          336.3753460684529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans and Revolver",
        "box": [
          45.996091833496095,
          349.3668751061341,
          118.76246440206319,
          352.8753453809477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2027 to",
        "box": [
          130.0078070830078,
          342.6168753873935,
          164.99524888769764,
          346.12534566219256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2032",
        "box": [
          134.3789006508789,
          349.3668751061341,
          160.61948604502112,
          352.8753453809477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          198.22265174072248,
          349.3668751061341,
          210.2735115045157,
          352.8753453809477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.93%",
        "box": [
          243.5976498500975,
          349.3668751061341,
          286.62125742044657,
          352.8753453809477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          322.6171740576172,
          349.3668751061341,
          334.6680338214104,
          352.8753453809477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(m)",
        "box": [
          355.17186020117185,
          350.4495850741514,
          364.5496387614299,
          353.70610728247266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,733,102 ",
        "box": [
          380.4257691489256,
          349.3668751061341,
          410.1650912160371,
          352.8753453809477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,533,102 ",
        "box": [
          440.37889165087876,
          349.3668751061341,
          470.1182137179902,
          352.8753453809477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200,000 ",
        "box": [
          503.4257640239256,
          349.3668751061341,
          527.9169745847084,
          352.8753453809477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          349.3668751061341,
          576.5671534076175,
          352.8753453809477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2025-FL4 CLO",
        "box": [
          45.996091833496095,
          359.8668746686453,
          111.303701403258,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec 2042",
        "box": [
          134.0039006665039,
          359.8668746686453,
          161.01326580361362,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          198.22265174072248,
          359.8668746686453,
          210.2735115045157,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.65%",
        "box": [
          243.5976498500975,
          359.8668746686453,
          286.62125742044657,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,108,010 ",
        "box": [
          320.0156116660156,
          359.8668746686453,
          349.75493373312713,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "968,628 ",
        "box": [
          385.6757689301756,
          359.8668746686453,
          410.16697949095845,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "968,628 ",
        "box": [
          445.62889143212874,
          359.8668746686453,
          470.12010199291154,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          359.8668746686453,
          527.9109054349614,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          359.8668746686453,
          576.5671534076175,
          363.37534494344436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2022-FL3 CLO",
        "box": [
          45.996091833496095,
          369.61687426238495,
          111.303701403258,
          373.12534453719854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov 2038",
        "box": [
          133.60546318310546,
          369.61687426238495,
          161.40067123747173,
          373.12534453719854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          198.22265174072248,
          369.61687426238495,
          210.2735115045157,
          373.12534453719854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.13%",
        "box": [
          243.5976498500975,
          369.61687426238495,
          286.62125742044657,
          373.12534453719854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "460,493 ",
        "box": [
          325.2656114472656,
          369.61687426238495,
          349.75682200804846,
          373.12534453719854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "299,196 ",
        "box": [
          385.6757689301756,
          369.61687426238495,
          410.16697949095845,
          373.12534453719854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "299,196 ",
        "box": [
          445.62889143212874,
          369.61687426238495,
          470.12010199291154,
          373.12534453719854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          369.61687426238495,
          527.9109054349614,
          373.12534453719854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          369.61687426238495,
          576.5671534076175,
          373.12534453719854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2021-HTS SASB",
        "box": [
          45.996091833496095,
          379.36687385613914,
          116.36731942586209,
          382.8753441309527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          141.48046285498046,
          379.36687385613914,
          153.5313226187737,
          382.8753441309527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          198.22265174072248,
          379.36687385613914,
          210.2735115045157,
          382.8753441309527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.92%",
        "box": [
          243.5976498500975,
          379.36687385613914,
          286.62125742044657,
          382.8753441309527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,982 ",
        "box": [
          328.7577988017578,
          379.36687385613914,
          349.7502645333217,
          382.8753441309527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,694 ",
        "box": [
          389.1679562846678,
          379.36687385613914,
          410.1604220162317,
          382.8753441309527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,694 ",
        "box": [
          449.1210787866209,
          379.36687385613914,
          470.1135445181848,
          382.8753441309527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          379.36687385613914,
          527.9109054349614,
          382.8753441309527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          379.36687385613914,
          576.5671534076175,
          382.8753441309527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STWD 2021-FL2 CLO",
        "box": [
          45.996091833496095,
          389.8668734186358,
          111.303701403258,
          393.3753436934494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr 2038",
        "box": [
          134.1914006586914,
          389.8668734186358,
          160.81807546174656,
          393.3753436934494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          198.22265174072248,
          389.8668734186358,
          210.2735115045157,
          393.3753436934494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 2.31%",
        "box": [
          243.5976498500975,
          389.8668734186358,
          286.62125742044657,
          393.3753436934494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "501,172 ",
        "box": [
          325.2656114472656,
          389.8668734186358,
          349.75682200804846,
          393.3753436934494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "279,896 ",
        "box": [
          385.6757689301756,
          389.8668734186358,
          410.16697949095845,
          393.3753436934494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "279,896 ",
        "box": [
          445.62889143212874,
          389.8668734186358,
          470.12010199291154,
          393.3753436934494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          389.8668734186358,
          527.9109054349614,
          393.3753436934494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          389.8668734186358,
          576.5671534076175,
          393.3753436934494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2026-SIF7 CLO",
        "box": [
          45.996091833496095,
          399.61687301239,
          120.24871223054922,
          403.1253432872036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan 2038",
        "box": [
          134.96483812646483,
          399.61687301239,
          160.03690174429548,
          403.1253432872036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          198.22265174072248,
          399.61687301239,
          210.2735115045157,
          403.1253432872036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.68%",
        "box": [
          243.5976498500975,
          399.61687301239,
          286.62125742044657,
          403.1253432872036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "619,563 ",
        "box": [
          325.2656114472656,
          399.61687301239,
          349.75682200804846,
          403.1253432872036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496,200 ",
        "box": [
          385.6757689301756,
          399.61687301239,
          410.16697949095845,
          403.1253432872036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496,200 ",
        "box": [
          445.62889143212874,
          399.61687301239,
          470.12010199291154,
          403.1253432872036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          399.61687301239,
          527.9109054349614,
          403.1253432872036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          399.61687301239,
          576.5671534076175,
          403.1253432872036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2025-SIF6 CLO",
        "box": [
          45.996091833496095,
          409.36687260614417,
          120.24871223054922,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2037",
        "box": [
          134.57811939257812,
          409.36687260614417,
          160.42578340309205,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          198.22265174072248,
          409.36687260614417,
          210.2735115045157,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.72%",
        "box": [
          243.5976498500975,
          409.36687260614417,
          286.62125742044657,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "509,053 ",
        "box": [
          325.2656114472656,
          409.36687260614417,
          349.75682200804846,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,500 ",
        "box": [
          385.6757689301756,
          409.36687260614417,
          410.16697949095845,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,500 ",
        "box": [
          445.62889143212874,
          409.36687260614417,
          470.12010199291154,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          409.36687260614417,
          527.9109054349614,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          409.36687260614417,
          576.5671534076175,
          412.8753428809432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2025-SIF5 CLO",
        "box": [
          45.996091833496095,
          419.86687216864084,
          120.24871223054922,
          423.37534244345443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr 2037",
        "box": [
          134.1914006586914,
          419.86687216864084,
          160.81807546174656,
          423.37534244345443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          198.22265174072248,
          419.86687216864084,
          210.2735115045157,
          423.37534244345443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.73%",
        "box": [
          243.5976498500975,
          419.86687216864084,
          286.62125742044657,
          423.37534244345443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "509,239 ",
        "box": [
          325.2656114472656,
          419.86687216864084,
          349.75682200804846,
          423.37534244345443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,500 ",
        "box": [
          385.6757689301756,
          419.86687216864084,
          410.16697949095845,
          423.37534244345443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,500 ",
        "box": [
          445.62889143212874,
          419.86687216864084,
          470.12010199291154,
          423.37534244345443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          419.86687216864084,
          527.9109054349614,
          423.37534244345443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          419.86687216864084,
          576.5671534076175,
          423.37534244345443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Starwood 2024-SIF4 CLO",
        "box": [
          45.996091833496095,
          429.616871762395,
          120.24871223054922,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2036",
        "box": [
          134.57811939257812,
          429.616871762395,
          160.42578340309205,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          198.22265174072248,
          429.616871762395,
          210.2735115045157,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.93%",
        "box": [
          243.5976498500975,
          429.616871762395,
          286.62125742044657,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "611,134 ",
        "box": [
          325.52342393652344,
          429.616871762395,
          349.7549566081262,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496,200 ",
        "box": [
          385.6757689301756,
          429.616871762395,
          410.16697949095845,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496,200 ",
        "box": [
          445.62889143212874,
          429.616871762395,
          470.12010199291154,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          429.616871762395,
          527.9109054349614,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          429.616871762395,
          576.5671534076175,
          433.12534203719406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ABS Master Series",
        "box": [
          45.996091833496095,
          446.8668710436468,
          99.63893461379052,
          450.37534131844586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2028 to",
        "box": [
          130.98046329248047,
          439.36687135613465,
          164.020361053318,
          442.87534163094824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2033",
        "box": [
          133.80468192480467,
          446.8668710436468,
          161.20695712054317,
          450.37534131844586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct 2053 to",
        "box": [
          187.73436717773438,
          439.36687135613465,
          220.77426493857186,
          442.87534163094824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar 2056",
        "box": [
          190.54686706054687,
          446.8668710436468,
          217.94914225628537,
          450.37534131844586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.29%",
        "box": [
          256.0781143300781,
          446.8668710436468,
          274.15268733997027,
          450.37534131844586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(n)",
        "box": [
          294.4921752294922,
          447.19958104289253,
          302.06542663993883,
          450.45610325122834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,010,583 ",
        "box": [
          320.0156116660156,
          446.1168710748898,
          349.75493373312713,
          449.6253413497034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,409,331 ",
        "box": [
          380.4257691489256,
          446.1168710748898,
          410.1650912160371,
          449.6253413497034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,409,331 ",
        "box": [
          440.37889165087876,
          446.1168710748898,
          470.1182137179902,
          449.6253413497034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          519.164040868164,
          446.1168710748898,
          527.9109054349614,
          449.6253413497034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          567.8202888408202,
          446.1168710748898,
          576.5671534076175,
          449.6253413497034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Other Secured",
        "box": [
          52.74609155224609,
          456.61687063738646,
          113.26342866312885,
          460.12534091220004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing",
        "box": [
          61.74609117724609,
          463.3668703561416,
          91.68699754220827,
          466.8753406309552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,858,256 ",
        "box": [
          320.0156116660156,
          463.3668703561416,
          349.75493373312713,
          466.8753406309552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,166,288 ",
        "box": [
          376.9218592949219,
          463.3668703561416,
          410.15992619125234,
          466.8753406309552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,172,932 ",
        "box": [
          440.37889165087876,
          463.3668703561416,
          470.1182137179902,
          466.8753406309552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "250,643 ",
        "box": [
          503.4257640239256,
          463.3668703561416,
          527.9169745847084,
          466.8753406309552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,742,713 ",
        "box": [
          546.8320122153318,
          463.3668703561416,
          576.5713342824433,
          466.8753406309552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          307.0429597065428,
          473.86686991863826,
          310.54170952326155,
          477.37534019345185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,674,987 ",
        "box": [
          316.51170931201153,
          473.86686991863826,
          349.74977620834204,
          477.37534019345185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          369.4804571049803,
          473.86686991863826,
          372.979206921699,
          477.37534019345185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,324,341 ",
        "box": [
          376.9218592949219,
          473.86686991863826,
          410.15992619125234,
          477.37534019345185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          427.4062321914062,
          475.3668698561378,
          430.90498200812505,
          478.8753401309514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,932,361 ",
        "box": [
          436.874981796875,
          475.3668698561378,
          470.1130486932054,
          478.8753401309514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.75388976025374,
          473.86686991863826,
          489.2526395769725,
          477.37534019345185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,399,046 ",
        "box": [
          498.1757642426756,
          473.86686991863826,
          527.9150863097871,
          477.37534019345185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          535.4062276914062,
          473.86686991863826,
          538.904977508125,
          477.37534019345185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,992,934 ",
        "box": [
          546.8320122153318,
          473.86686991863826,
          576.5713342824433,
          477.37534019345185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized net discount",
        "box": [
          34.74609230224609,
          485.11686944989196,
          107.03412154933235,
          488.62533972470555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,230)",
        "box": [
          446.21482890771466,
          485.11686944989196,
          470.1183533372338,
          488.62533972470555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized deferred financing costs",
        "box": [
          34.74609230224609,
          495.61686901238863,
          140.2482584717353,
          499.1253392872022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(104,729)",
        "box": [
          442.71091905371094,
          495.61686901238863,
          470.11318831244904,
          499.1253392872022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          427.4062321914062,
          506.1168685748853,
          430.90498200812505,
          509.6253388496989
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,811,402 ",
        "box": [
          437.1327942861328,
          506.1168685748853,
          470.11118329328315,
          509.6253388496989
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "___________________________________________",
        "box": [
          33.74999859375,
          527.3805395489035,
          248.696028400165,
          532.3931771602074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          33.74999859375,
          542.3805389239133,
          44.84584521192245,
          547.3931765352027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subject to certain conditions as defined in the respective facility agreement.",
        "box": [
          69.74999709375,
          542.3805389239133,
          372.6181790054917,
          547.3931765352027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          33.74999859375,
          557.3805382989085,
          45.40722371353168,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Approved but undrawn capacity represents the total draw amount that has been approved by the lenders related to those assets",
        "box": [
          69.74999709375,
          557.3805382989085,
          573.6272525442762,
          562.3931759101979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that have been pledged as collateral, less the drawn amount.",
        "box": [
          69.74999709375,
          569.3805377989047,
          309.3235878677666,
          574.3931754102086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          33.74999859375,
          584.3805371739145,
          44.84584521192245,
          589.3931747852039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unallocated financing amount represents the maximum facility size less the total draw capacity that has been approved by the",
        "box": [
          69.74999709375,
          584.3805371739145,
          572.7827554066117,
          589.3931747852039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lenders.",
        "box": [
          69.74999709375,
          596.3805366739107,
          101.11907209295515,
          601.3931742852001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          33.74999859375,
          611.3805360489059,
          45.40722371353168,
          616.3931736601953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral",
        "box": [
          69.74999709375,
          611.3805360489059,
          573.6467108721401,
          616.3931736601953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "matures, subject to certain specified conditions.",
        "box": [
          69.74999709375,
          623.3805355489021,
          259.9219177761696,
          628.3931731602061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(e)",
        "box": [
          33.74999859375,
          638.3805349239119,
          44.84584521192245,
          643.3931725352013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain facilities with an outstanding balance of $3.0 billion as of June 30, 2026 are indexed to EURIBOR, BBSY, SARON,",
        "box": [
          69.74999709375,
          638.3805349239119,
          566.5976777980126,
          643.3931725352013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SONIA and STIBOR. The remainder are indexed to SOFR.",
        "box": [
          69.74999709375,
          650.3805344239081,
          307.2488888292124,
          655.3931720351975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(f)",
        "box": [
          33.74999859375,
          665.3805337989033,
          43.73771388309459,
          670.3931714102073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain facilities with an aggregate initial maximum facility size of $11.9 billion may be increased to $12.3 billion, subject to",
        "box": [
          69.74999709375,
          665.3805337989033,
          570.7909614295421,
          670.3931714102073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain conditions. The $12.3 billion amount includes such upsizes.",
        "box": [
          69.74999709375,
          677.3805332989141,
          338.6179670721674,
          682.3931709102035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(g)",
        "box": [
          33.74999859375,
          692.3805326739093,
          45.40722371353168,
          697.3931702851987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain facilities with an outstanding balance of $215.4 million as of June 30, 2026 carry a rolling 6 or 12-month term which",
        "box": [
          69.74999709375,
          692.3805326739093,
          569.2337409944265,
          697.3931702851987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may reset monthly or quarterly with the lender's consent. These facilities carry no maximum facility size.",
        "box": [
          69.74999709375,
          704.3805321739055,
          491.64588394600395,
          709.3931697851949
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(h)",
        "box": [
          33.74999859375,
          719.3805315489153,
          45.40722371353168,
          724.3931691602047
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain facilities with an outstanding balance of $333.9 million as of June 30, 2026 have weighted average fixed annual",
        "box": [
          69.74999709375,
          719.3805315489153,
          548.9361709767459,
          724.3931691602047
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rate of 4.06%. All other facilities are variable rate with a weighted average rate of SOFR + 1.55%.",
        "box": [
          69.74999709375,
          731.3805310489115,
          494.57479297396594,
          736.3931686602009
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 155,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "103",
        "box": [
          298.4999875625,
          54.130559267650824,
          313.49622685015663,
          59.143196878940216
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 156,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i)",
        "box": [
          33.74999859375,
          84.13055801767041,
          43.18609723107862,
          89.1431956289598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes: (i) $312.9 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $24.5 million",
        "box": [
          69.76171584326173,
          84.13055801767041,
          550.1974566626048,
          89.1431956289598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a",
        "box": [
          69.74999709375,
          96.1305575176666,
          564.4595593534119,
          101.143195128956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated joint venture (see Note 15 to the Condensed Consolidated Financial Statements).",
        "box": [
          69.74999709375,
          108.1305570176628,
          445.6857723110086,
          113.14319462895219
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(j)",
        "box": [
          33.74999859375,
          123.13055639265804,
          43.18609723107862,
          128.14319400396198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The maximum facility size as of June 30, 2026 of $615.0 million may be increased to $1.3 billion, subject to certain",
        "box": [
          69.76171584326173,
          123.13055639265804,
          533.4292993612784,
          128.14319400396198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions. The $1.3 billion amount includes such upsize.",
        "box": [
          69.74999709375,
          135.13055589266878,
          300.03389287983714,
          140.14319350395817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(k)",
        "box": [
          33.74999859375,
          150.13055526766402,
          45.40722371353168,
          155.1431928789534
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain facilities with an aggregate initial maximum facility size of $998.4 million may be increased to $1.1 billion, subject to",
        "box": [
          69.74999709375,
          150.13055526766402,
          573.9395971983489,
          155.1431928789534
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain conditions. The $1.1 billion amount includes such upsizes.",
        "box": [
          69.74999709375,
          162.13055476766021,
          333.6192108304489,
          167.14319237896416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(l)",
        "box": [
          33.74999859375,
          177.13055414267,
          43.18609723107862,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Of the total balance, $289.7 million relates to Fundamental.",
        "box": [
          69.76171584326173,
          177.13055414267,
          308.2515742124338,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(m)",
        "box": [
          33.74999859375,
          192.13055351766525,
          48.1848534727971,
          197.14319112895464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These facilities are secured by the equity interests in certain of our subsidiaries which totaled $8.0 billion as of June 30, 2026.",
        "box": [
          69.74999709375,
          192.13055351766525,
          572.8217067386779,
          197.14319112895464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(n)",
        "box": [
          33.74999859375,
          207.1305528926605,
          45.40722371353168,
          212.14319050394988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes: (i) $466.1 million outstanding under ABS Series 2026-1 with a weighted average fixed rate of 5.06%; (ii) $390.4",
        "box": [
          69.74999709375,
          207.1305528926605,
          560.3589859642077,
          212.14319050394988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million outstanding under ABS Series 2025-1 with a weighted average fixed rate of 5.25%; (iii) $240.0 million outstanding",
        "box": [
          69.74999709375,
          219.13055239267123,
          562.5996473958471,
          224.14319000396063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under ABS Series 2024-1 with a weighted average fixed rate of 5.03% and (iv) $312.8 million outstanding under ABS Series",
        "box": [
          69.74999709375,
          231.13055189266743,
          569.2532746265257,
          236.14318950395682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023-2 with a weighted average fixed rate of 5.89%.",
        "box": [
          69.74999709375,
          243.13055139266362,
          280.1756019822661,
          248.143189003953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 10 to the Condensed Consolidated Financial Statements for further disclosure regarding the terms of our secured",
        "box": [
          69.74999709375,
          267.13055039267056,
          576.7074654080209,
          272.14318800395995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing arrangements, including a detailed discussion of new credit facilities and amendments to existing credit facilities executed",
        "box": [
          33.74999859375,
          279.13054989266675,
          562.6063305705684,
          284.14318750395614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "since December 31, 2025.",
        "box": [
          33.74999859375,
          291.13054939266294,
          137.8547196123031,
          296.14318700395233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variance between Average and Quarter-End Credit Facility Borrowings Outstanding",
        "box": [
          33.74999859375,
          315.1305483926699,
          373.61087062037944,
          320.1431860039593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table compares the average amount outstanding under our secured financing agreements during each quarter",
        "box": [
          69.74999709375,
          339.13054739266227,
          561.9407934412985,
          344.14318500395166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the amount outstanding as of the end of each quarter, together with an explanation of significant variances (amounts in thousands):",
        "box": [
          33.74999859375,
          351.13054689265846,
          573.3360266100854,
          356.1431845039624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarter Ended",
        "box": [
          34.74609230224609,
          380.2064197642758,
          86.79160718356002,
          384.21502564086404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarter-End",
        "box": [
          300.91404996191403,
          372.70642007677816,
          345.4759645800446,
          376.7150259533664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          309.65623709765623,
          380.2064197642758,
          336.74862506892947,
          384.21502564086404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-Average",
        "box": [
          394.24217107324216,
          364.4564204205235,
          457.1480418522871,
          368.46502629711176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance During",
        "box": [
          398.92967087792965,
          372.70642007677816,
          452.4547145727196,
          376.7150259533664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarter",
        "box": [
          411.70310784570313,
          380.2064197642758,
          439.67386413037786,
          384.21502564086404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variance",
        "box": [
          498.7031042207031,
          380.2064197642758,
          529.0512789563187,
          384.21502564086404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          34.74609230224609,
          393.1305451426597,
          113.31035636623497,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,934,109 ",
        "box": [
          326.10936141210937,
          393.1305451426597,
          373.59742771468984,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,281,610 ",
        "box": [
          421.4179549409178,
          393.1305451426597,
          468.90602124349823,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "652,499 ",
        "box": [
          514.9804510424802,
          393.1305451426597,
          549.9716611657631,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          558.2929492377928,
          393.1305451426597,
          569.3887958559651,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          34.74609230224609,
          405.8805446114129,
          98.32874766546868,
          410.8931822227023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,974,419 ",
        "box": [
          326.10936141210937,
          405.8805446114129,
          373.59742771468984,
          410.8931822227023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,352,109 ",
        "box": [
          421.4179549409178,
          405.8805446114129,
          468.90602124349823,
          410.8931822227023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "622,310 ",
        "box": [
          514.9804510424802,
          405.8805446114129,
          549.9716611657631,
          410.8931822227023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          558.2929492377928,
          405.8805446114129,
          569.3887958559651,
          410.8931822227023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          419.38054404890863,
          90.56214646407707,
          424.3931816602126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,932,361 ",
        "box": [
          326.10936141210937,
          419.38054404890863,
          373.59742771468984,
          424.3931816602126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,201,008 ",
        "box": [
          421.4179549409178,
          419.38054404890863,
          468.90602124349823,
          424.3931816602126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(268,647)",
        "box": [
          510.8202912158203,
          419.38054404890863,
          549.9706068150564,
          424.3931816602126
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "__________________________________________________",
        "box": [
          33.74999859375,
          435.5273255730426,
          183.74999234375,
          438.5356602460233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          33.74999859375,
          446.3805429239146,
          44.84584521192245,
          451.393180535204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variance primarily due to borrowings on secured debt needed to fund commercial loans that were newly originated close to the end",
        "box": [
          51.749997843749995,
          446.3805429239146,
          576.4423283440684,
          451.393180535204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the quarter.",
        "box": [
          51.749997843749995,
          458.3805424239108,
          107.5465086001453,
          463.3931800352002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings under Unsecured Senior Notes",
        "box": [
          33.74999859375,
          482.38054142391775,
          205.7331568981978,
          487.39317903520714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, the weighted average effective borrowing rate on our unsecured senior",
        "box": [
          69.74999709375,
          506.38054042391013,
          570.117367875608,
          511.3931780352141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "notes was 6.2%. During the three and six months ended June 30, 2025, the weighted average effective borrowing rate on our unsecured",
        "box": [
          33.74999859375,
          518.3805399239209,
          574.6589727933751,
          523.3931775352103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior notes was 6.3% and 6.2%, respectively. The effective borrowing rate includes the effects of underwriter purchase discount.",
        "box": [
          33.74999859375,
          530.3805394239171,
          551.6861643193254,
          535.3931770352065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 11 to the Condensed Consolidated Financial Statements for further disclosure regarding the terms of our",
        "box": [
          69.74999709375,
          554.3805384239095,
          543.3076615426789,
          559.3931760352134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unsecured senior notes.",
        "box": [
          33.74999859375,
          566.3805379239202,
          127.31047717664654,
          571.3931755352096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
          298.4999875625,
          609.1305361426639,
          313.49622685015663,
          614.1431737539533
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 157,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Scheduled Principal Repayments on Investments and Overhang on Financing Facilities",
        "box": [
          33.74999859375,
          93.130557642653,
          384.2332176356948,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following scheduled and/or projected principal repayments on our investments were based on amounts outstanding and",
        "box": [
          69.74999709375,
          117.13055664265994,
          564.2204508783133,
          122.14319425394933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extended contractual maturities of those investments as of June 30, 2026. The column entitled 'Projected/Required Repayments of",
        "box": [
          33.74999859375,
          129.13055614265613,
          556.0747808857157,
          134.14319375394552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing' generally represents the extended contractual maturity of each credit facility. However, in the case of commercial loans, if",
        "box": [
          33.74999859375,
          141.13055564265233,
          568.1762208064888,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management expects the underlying collateral to repay earlier than its fully extended maturity, this earlier date was utilized. If",
        "box": [
          33.74999859375,
          153.13055514266307,
          536.6704085692315,
          158.14319275395246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management expects the underlying collateral to repay later than its fully extended maturity, we assume the facility is not extended,",
        "box": [
          33.74999859375,
          165.13055464265926,
          559.7359380589181,
          170.14319225394865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "even though some form of extension is often granted by the lender (amounts in thousands):",
        "box": [
          33.74999859375,
          177.13055414265546,
          398.02364873976825,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Scheduled/Projected",
        "box": [
          201.02342912402344,
          195.7064274517761,
          271.0459635562947,
          199.71503332834982
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Principal",
        "box": [
          219.26952586376936,
          203.20642713927373,
          252.80320000470795,
          207.215033015862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments on Loans",
        "box": [
          198.26952673876937,
          211.4564267955284,
          273.7885663629684,
          215.4650326721021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and HTM Securities",
        "box": [
          201.38671410888657,
          219.7064264517685,
          270.6753157426872,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Scheduled/Projected",
        "box": [
          300.3398349858397,
          203.20642713927373,
          370.36236941811086,
          207.215033015862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal Repayments",
        "box": [
          297.49217510449216,
          211.4564267955284,
          373.218146770069,
          215.4650326721021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on RMBS and CMBS",
        "box": [
          298.5937375585938,
          219.7064264517685,
          372.12184894479935,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Projected/Required",
        "box": [
          400.535143311035,
          203.20642713927373,
          467.2941089792888,
          207.215033015862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments of",
        "box": [
          408.4921704794922,
          211.4564267955284,
          459.34309580170253,
          215.4650326721021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing (a)",
        "box": [
          411.15233036865214,
          219.7064264517685,
          456.68237123756603,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Principal",
        "box": [
          506.40232639990217,
          203.20642713927373,
          557.4133138626197,
          207.215033015862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inflows Net of",
        "box": [
          507.9257638364256,
          211.4564267955284,
          555.8917710788409,
          215.4650326721021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Outflows",
        "box": [
          498.2577917392578,
          219.7064264517685,
          565.5593443558525,
          223.71503232835676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Third Quarter 2026",
        "box": [
          34.74609230224609,
          231.8805518614099,
          112.48045380081422,
          236.8931894726993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          190.37108956787094,
          231.8805518614099,
          195.3698393220897,
          236.8931894726993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,371,910 ",
        "box": [
          238.53515006103498,
          231.8805518614099,
          281.0244715968965,
          236.8931894726993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          289.4531129394531,
          231.8805518614099,
          294.45186269367184,
          236.8931894726993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,854 ",
        "box": [
          350.5429578940428,
          231.8805518614099,
          380.5354232506067,
          236.8931894726993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          389.0156087910156,
          231.8805518614099,
          394.01435854523436,
          236.8931894726993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,187,209)",
        "box": [
          431.57810701757813,
          231.8805518614099,
          478.22653402939295,
          236.8931894726993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          486.574202226074,
          231.8805518614099,
          491.5729519802928,
          236.8931894726993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "199,555 ",
        "box": [
          541.5234149365234,
          231.8805518614099,
          576.5146250598062,
          236.8931894726993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fourth Quarter 2026",
        "box": [
          34.74609230224609,
          245.38055129890563,
          116.93245706531408,
          250.39318891020957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,249,316 ",
        "box": [
          238.53515006103498,
          245.38055129890563,
          281.0244715968965,
          250.39318891020957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,248 ",
        "box": [
          350.5429578940428,
          245.38055129890563,
          380.5354232506067,
          250.39318891020957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,024,674)",
        "box": [
          431.57810701757813,
          245.38055129890563,
          478.22653402939295,
          250.39318891020957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "261,890 ",
        "box": [
          541.5234149365234,
          245.38055129890563,
          576.5146250598062,
          250.39318891020957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "First Quarter 2027",
        "box": [
          34.74609230224609,
          258.13055076765886,
          108.60446588731372,
          263.14318837894825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,387,562 ",
        "box": [
          238.53515006103498,
          258.13055076765886,
          281.0244715968965,
          263.14318837894825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,101 ",
        "box": [
          350.5429578940428,
          258.13055076765886,
          380.5354232506067,
          263.14318837894825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,099,752)",
        "box": [
          431.57810701757813,
          258.13055076765886,
          478.22653402939295,
          263.14318837894825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "320,911 ",
        "box": [
          541.8866999213865,
          258.13055076765886,
          576.5069040351278,
          263.14318837894825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Second Quarter 2027",
        "box": [
          34.74609230224609,
          271.6305502051546,
          119.70033637498577,
          276.6431878164585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "928,767 ",
        "box": [
          246.035149748535,
          270.8805502364121,
          281.0263598718178,
          275.8931878477015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,978 ",
        "box": [
          350.5429578940428,
          270.8805502364121,
          380.5354232506067,
          275.8931878477015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(967,034)",
        "box": [
          439.07810670507814,
          270.8805502364121,
          478.2284223043142,
          275.8931878477015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,711 ",
        "box": [
          551.8827895048828,
          270.8805502364121,
          576.5055040851862,
          275.8931878477015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          34.74609230224609,
          286.63054958016437,
          55.14624522632728,
          291.64318719145376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          190.37108956787094,
          285.13054964266485,
          195.3698393220897,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,937,555 ",
        "box": [
          238.53515006103498,
          285.13054964266485,
          281.0244715968965,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          289.4531129394531,
          285.13054964266485,
          294.45186269367184,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,181 ",
        "box": [
          345.5507706020506,
          285.13054964266485,
          380.5419807253334,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          389.0156087910156,
          285.13054964266485,
          394.01435854523436,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,278,669)",
        "box": [
          431.57810701757813,
          285.13054964266485,
          478.22653402939295,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          486.574202226074,
          285.13054964266485,
          491.5729519802928,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,067 ",
        "box": [
          541.5234149365234,
          285.13054964266485,
          576.5146250598062,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "__________________________________________________",
        "box": [
          33.74999859375,
          304.2773310417833,
          183.74999234375,
          307.2856657147786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          33.74999859375,
          315.1305483926553,
          44.84584521192245,
          320.1431860039593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes the $500.0 million unsecured senior notes due January 2027 that were early repaid in July 2026 with proceeds received",
        "box": [
          51.749997843749995,
          315.1305483926553,
          567.0257642614254,
          320.1431860039593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from the $500.0 million unsecured senior notes that settled in July 2026 (see Note 24 to the Condensed Consolidated Financial",
        "box": [
          51.749997843749995,
          327.1305478926661,
          558.7563002925738,
          332.14318550395546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statements).",
        "box": [
          51.749997843749995,
          339.13054739266227,
          101.4494286291903,
          344.14318500395166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the normal course of business, the Company is in discussions with its lenders to extend, amend or replace any financing",
        "box": [
          69.74999709375,
          363.13054639265465,
          559.5194473991884,
          368.1431840039586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilities which contain near term expirations.",
        "box": [
          33.74999859375,
          375.1305458926654,
          216.9705378908106,
          380.1431835039548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuances of Equity Securities",
        "box": [
          33.74999859375,
          399.1305448926578,
          153.41719145302974,
          404.1431825039472
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We may raise funds through capital market transactions by issuing capital stock. There can be no assurance, however, that we",
        "box": [
          69.74999709375,
          423.1305438926647,
          571.4012703891739,
          428.1431815039541
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will be able to access the capital markets at any particular time or on any particular terms. We have authorized 100,000,000 shares of",
        "box": [
          33.74999859375,
          435.1305433926609,
          564.9348422915464,
          440.1431810039503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preferred stock and 500,000,000 shares of common stock. At June 30, 2026, we had 100,000,000 shares of preferred stock available for",
        "box": [
          33.74999859375,
          447.1305428926571,
          575.4106720550539,
          452.1431805039465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuance and 129,371,690 shares of common stock available for issuance.",
        "box": [
          33.74999859375,
          459.1305423926533,
          328.04129216286213,
          464.14318000395724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Potential Sources of Financing",
        "box": [
          33.74999859375,
          483.13054139266023,
          183.87339887610807,
          488.1431790039496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the future, we may also use other sources of financing to fund the acquisition of our target assets and maturities of our",
        "box": [
          69.74999709375,
          507.1305403926526,
          552.3678566901708,
          512.1431780039566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unsecured senior notes, including other secured as well as unsecured forms of borrowing and sale of senior loan interests and other",
        "box": [
          33.74999859375,
          519.1305398926634,
          557.0754523690213,
          524.1431775039528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets.",
        "box": [
          33.74999859375,
          531.1305393926596,
          59.57359879901661,
          536.143177003949
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchases of Equity Securities and Convertible Senior Notes",
        "box": [
          33.74999859375,
          555.1305383926665,
          286.32812399007395,
          560.1431760039559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In February 2026, our board of directors authorized the repurchase of up to $400.0 million of our outstanding common shares",
        "box": [
          69.74999709375,
          579.1305373926589,
          572.0015962620122,
          584.1431750039483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and convertible senior notes over a period of one year. Purchases made pursuant to the program will be made either in the open market",
        "box": [
          33.74999859375,
          591.1305368926551,
          572.3255592271881,
          596.143174503959
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The",
        "box": [
          33.74999859375,
          603.1305363926658,
          549.9336659336576,
          608.1431740039552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "timing, manner, price and amount of any repurchases are discretionary and will be subject to economic and market conditions, stock",
        "box": [
          33.74999859375,
          615.130535892662,
          562.494041325247,
          620.1431735039514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. During the three and",
        "box": [
          33.74999859375,
          627.1305353926582,
          577.4072941288616,
          632.1431730039476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "six months ended June 30, 2026, we repurchased 581,795 and 1,708,338 shares of common stock for $10.0 million and $29.9 million,",
        "box": [
          33.74999859375,
          639.1305348926544,
          569.6504121958153,
          644.1431725039583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, under the repurchase program. There were no repurchases of our outstanding Convertible Notes during the three and six",
        "box": [
          33.74999859375,
          651.1305343926651,
          566.4920115586652,
          656.1431720039545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026. As of June 30, 2026, we had $370.1 million of remaining capacity to repurchase common stock and/or",
        "box": [
          33.74999859375,
          663.1305338926613,
          562.4013038471106,
          668.1431715039507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "convertible senior notes under the repurchase program.",
        "box": [
          33.74999859375,
          675.1305333926575,
          253.8899891025001,
          680.1431710039469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leverage Policies",
        "box": [
          33.74999859375,
          699.1305323926645,
          105.65089321829225,
          704.1431700039539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our strategies with regards to use of leverage have not changed significantly since December 31, 2025. Refer to our Form 10-",
        "box": [
          69.74999709375,
          723.1305313926568,
          573.3538482907546,
          728.1431690039462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "K for a description of our strategies regarding use of leverage.",
        "box": [
          33.74999859375,
          735.130530892653,
          282.2031287227859,
          740.143168503957
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 158,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "105",
        "box": [
          298.4999875625,
          57.88055911140691,
          313.49622685015663,
          62.8931967226963
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 159,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Requirements",
        "box": [
          33.74999859375,
          93.13055764266755,
          114.57929867127532,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends",
        "box": [
          33.74999859375,
          117.13055664265994,
          74.28670175013362,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income,",
        "box": [
          69.74999709375,
          141.13055564266688,
          546.3342207923229,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate rates to the",
        "box": [
          33.74999859375,
          153.13055514266307,
          564.5539957494768,
          158.14319275395246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extent that it annually distributes less than 100% of its net taxable income. We generally intend to distribute substantially all of our",
        "box": [
          33.74999859375,
          165.13055464265926,
          556.4017615220918,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable income (which does not necessarily equal our GAAP net income) to our stockholders each year, if and to the extent authorized",
        "box": [
          33.74999859375,
          177.13055414267,
          570.9977790209248,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by our board of directors. Before we pay any dividend, whether for U.S. federal income tax purposes or otherwise, we must first meet",
        "box": [
          33.74999859375,
          189.1305536426662,
          568.7326182268939,
          194.1431912539556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "both our operating and debt service requirements. If our cash available for distribution is less than our net taxable income, we could be",
        "box": [
          33.74999859375,
          201.1305531426624,
          572.3352454252583,
          206.14319075395179
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "required to sell assets or borrow funds to make cash distributions or we may make a portion of the required distribution in the form of a",
        "box": [
          33.74999859375,
          213.13055264265859,
          575.4301396463046,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable stock distribution or distribution of debt securities. Refer to Note 17 to the Condensed Consolidated Financial Statements and",
        "box": [
          33.74999859375,
          225.13055214266933,
          567.1266093322232,
          230.14318975395872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our Form 10-K for a detailed dividend history.",
        "box": [
          33.74999859375,
          237.13055164266552,
          219.12817282590908,
          242.14318925395492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual Obligations and Commitments",
        "box": [
          33.74999859375,
          261.13055064267246,
          206.76803483007788,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our material contractual obligations and commitments as of June 30, 2026 are as follows (amounts in thousands):",
        "box": [
          69.74999709375,
          285.13054964266485,
          524.8162841067414,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          216.69140097119123,
          306.70642282678455,
          234.16871743114484,
          310.71502870335826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less than",
        "box": [
          284.27342565527346,
          298.4564231705299,
          316.928724544513,
          302.46502904711815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 year",
        "box": [
          290.05077291455063,
          306.70642282678455,
          311.1391099359927,
          310.71502870335826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 to 3 years",
        "box": [
          369.374984609375,
          306.70642282678455,
          408.2295131612621,
          310.71502870335826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 to 5 years",
        "box": [
          444.35154398535155,
          306.70642282678455,
          483.2060725372388,
          310.71502870335826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "More than",
        "box": [
          520.7812283007812,
          298.4564231705299,
          556.8289449736702,
          302.46502904711815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 years",
        "box": [
          526.710915553711,
          306.70642282678455,
          550.9105869912172,
          310.71502870335826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financings (a)",
        "box": [
          34.74609230224609,
          318.8805482364114,
          124.68442661031474,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          191.63671451513656,
          318.8805482364114,
          196.6354642693553,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,093,216 ",
        "box": [
          211.2304636987303,
          318.8805482364114,
          258.71853000131074,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          266.999988875,
          318.8805482364114,
          271.99873862921874,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,740,378 ",
        "box": [
          291.2109253662109,
          318.8805482364114,
          333.7002469020724,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          355.20702019970685,
          318.8805482364114,
          360.2057699539256,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,861,926 ",
        "box": [
          379.4179566909178,
          318.8805482364114,
          421.9072782267793,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          430.18357957568344,
          318.8805482364114,
          435.1823293299022,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,355,336 ",
        "box": [
          454.39451606689437,
          318.8805482364114,
          496.8838376027559,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          505.16013895166,
          318.8805482364114,
          510.1588887058788,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,135,576 ",
        "box": [
          529.4062279414062,
          318.8805482364114,
          571.8955494772677,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized financing (b)",
        "box": [
          34.74609230224609,
          332.3805476739217,
          134.12540139194078,
          337.3931852852111
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,839,145 ",
        "box": [
          216.23436599023438,
          332.3805476739217,
          258.7236875260959,
          337.3931852852111
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "590,384 ",
        "box": [
          298.7109250537109,
          332.3805476739217,
          333.70213517699375,
          337.3931852852111
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "633,177 ",
        "box": [
          386.9179563784178,
          332.3805476739217,
          421.9091665017006,
          337.3931852852111
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "979,875 ",
        "box": [
          461.8945157543944,
          332.3805476739217,
          496.8857258776772,
          337.3931852852111
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,635,709 ",
        "box": [
          529.4062279414062,
          332.3805476739217,
          571.8955494772677,
          337.3931852852111
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured senior notes",
        "box": [
          34.74609230224609,
          345.13054714266036,
          128.02832616089918,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,930,750 ",
        "box": [
          216.23436599023438,
          345.13054714266036,
          258.7236875260959,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "900,000 ",
        "box": [
          298.7109250537109,
          345.13054714266036,
          333.70213517699375,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          342.11717324511716,
          345.13054714266036,
          353.21301986328956,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,480,750 ",
        "box": [
          379.4179566909178,
          345.13054714266036,
          421.9072782267793,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,550,000 ",
        "box": [
          454.39451606689437,
          345.13054714266036,
          496.8838376027559,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          559.3945116918943,
          345.13054714266036,
          571.8913761024415,
          350.1431847539643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Future funding commitments:",
        "box": [
          34.74609230224609,
          357.8805466114136,
          154.14968577618376,
          362.893184222703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Lending (d)",
        "box": [
          45.996091833496095,
          371.3805460489093,
          145.3851857977831,
          376.39318366021325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,292,663 ",
        "box": [
          216.23436599023438,
          371.3805460489093,
          258.7236875260959,
          376.39318366021325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,554,213 ",
        "box": [
          291.2109253662109,
          371.3805460489093,
          333.7002469020724,
          376.39318366021325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "738,450 ",
        "box": [
          386.9179563784178,
          371.3805460489093,
          421.9091665017006,
          376.39318366021325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          484.3827923173828,
          371.3805460489093,
          496.87965672793007,
          376.39318366021325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          559.3945116918943,
          371.3805460489093,
          571.8913761024415,
          376.39318366021325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Infrastructure Lending (e)",
        "box": [
          45.996091833496095,
          384.13054551766254,
          149.80786923850462,
          389.14318312895193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,411,425 ",
        "box": [
          216.59765097509748,
          384.13054551766254,
          258.71596650141754,
          389.14318312895193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,318,174 ",
        "box": [
          291.2109253662109,
          384.13054551766254,
          333.7002469020724,
          389.14318312895193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93,251 ",
        "box": [
          391.91014367041,
          384.13054551766254,
          421.90260902697383,
          389.14318312895193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          484.3827923173828,
          384.13054551766254,
          496.87965672793007,
          389.14318312895193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          559.3945116918943,
          384.13054551766254,
          571.8913761024415,
          389.14318312895193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Segment (f)",
        "box": [
          45.996091833496095,
          396.88054498641577,
          130.3986903972204,
          401.89318259770516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,620 ",
        "box": [
          228.72655296972655,
          396.88054498641577,
          258.71901832629044,
          401.89318259770516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,965 ",
        "box": [
          303.7031123457031,
          396.88054498641577,
          333.695577702267,
          401.89318259770516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,655 ",
        "box": [
          396.91404596191404,
          396.88054498641577,
          421.907766551759,
          401.89318259770516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          484.3827923173828,
          396.88054498641577,
          496.87965672793007,
          401.89318259770516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          559.3945116918943,
          396.88054498641577,
          571.8913761024415,
          401.89318259770516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "__________________________________________________",
        "box": [
          33.74999859375,
          413.0273265105352,
          183.74999234375,
          416.03566118353046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          33.74999859375,
          435.1305433926609,
          44.84584521192245,
          440.14318100396486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the earlier of (i) the fully extended contractual maturity of each credit facility or (ii) the contractual maturity, on a fully",
        "box": [
          51.749997843749995,
          435.1305433926609,
          572.9811771882831,
          440.14318100396486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extended basis as applicable, of each of the investments that have been pledged as collateral under the respective credit facility.",
        "box": [
          51.749997843749995,
          447.13054289267166,
          560.4844273777309,
          452.14318050396105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 10 to the Condensed Consolidated Financial Statements for the expected maturities by year.",
        "box": [
          51.749997843749995,
          459.13054239266785,
          475.42278597196616,
          464.14318000395724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(b)",
        "box": [
          33.74999859375,
          484.63054133015976,
          45.40722371353168,
          489.6431789414637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the fully extended maturity of the underlying collateral.",
        "box": [
          51.749997843749995,
          484.63054133015976,
          320.20788021425426,
          489.6431789414637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
          33.74999859375,
          510.1305402676662,
          44.84584521192245,
          515.1431778789556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents (i) $500.0 million of unsecured senior notes due January 2027 that were early repaid in July 2026 with proceeds",
        "box": [
          51.749997843749995,
          510.1305402676662,
          545.9421184228238,
          515.1431778789556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received from the $500.0 million unsecured senior notes that settled in July 2026 and (ii) $400.0 million of unsecured senior notes",
        "box": [
          51.749997843749995,
          522.1305397676624,
          572.6199890862456,
          527.1431773789518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due July 2026 that were repaid at maturity with proceeds received from the senior note issuance that occurred during the three",
        "box": [
          51.749997843749995,
          534.1305392676586,
          555.8859209106471,
          539.1431768789625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026 (see Note 24 to the Condensed Consolidated Financial Statements).",
        "box": [
          51.749997843749995,
          546.1305387676693,
          437.9761628572423,
          551.1431763789587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(d)",
        "box": [
          33.74999859375,
          571.6305377051613,
          45.40722371353168,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes $222.4 million of loan funding commitments in which management projects the Company will not be obligated to fund in",
        "box": [
          51.749997843749995,
          571.6305377051613,
          578.1948312210478,
          576.6431753164652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the future due to repayments made by the borrower earlier than, or in excess of, expectations.",
        "box": [
          51.749997843749995,
          583.630537205172,
          424.849561254184,
          588.6431748164614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(e)",
        "box": [
          33.74999859375,
          609.1305361426639,
          44.84584521192245,
          614.1431737539533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents contractual commitments of $291.7 million under revolvers and letters of credit, $270.7 million under delayed draw",
        "box": [
          51.749997843749995,
          609.1305361426639,
          561.7633679691044,
          614.1431737539533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term loans and $849.0 million of outstanding infrastructure loan purchase commitments.",
        "box": [
          51.749997843749995,
          621.1305356426601,
          405.4745546614761,
          626.143173253964
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(f)",
        "box": [
          33.74999859375,
          646.6305345801666,
          43.73771388309459,
          651.643172191456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents future construction funding commitments in our Property Segment related to development projects which have",
        "box": [
          51.749997843749995,
          646.6305345801666,
          541.5048178348594,
          651.643172191456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated rental revenue commencement dates between July 2026 and September 2027.",
        "box": [
          51.749997843749995,
          658.6305340801628,
          402.9313337174436,
          663.6431716914522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table above does not include interest payable, amounts due under our management agreement, amounts due under our",
        "box": [
          69.74999709375,
          682.6305330801697,
          558.6310703542039,
          687.6431706914591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative agreements or amounts due under guarantees as those contracts do not have fixed and determinable payments.",
        "box": [
          33.74999859375,
          694.6305325801659,
          516.5144436598138,
          699.6431701914553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our secured financings and the CLO and SASB portions of our securitized financing consist primarily of matched-term",
        "box": [
          69.74999709375,
          718.6305315801583,
          547.8426821598084,
          723.6431691914622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funding for our loans and investment securities and long-term mortgages on our owned properties. Repayments of such facilities are",
        "box": [
          33.74999859375,
          730.630531080169,
          562.6404523542082,
          735.6431686914584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally made from proceeds from maturities, prepayments or sales of such investments and operating cash flows from owned",
        "box": [
          33.74999859375,
          742.6305305801652,
          543.4705280678937,
          747.6431681914546
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 160,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "properties. In the normal course of business, we are in discussions with our lenders to extend, amend or replace any financing facilities",
        "box": [
          33.74999859375,
          38.3805599239131,
          572.8966618247175,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which contain near term expirations. The ABS securitized financing of Fundamental's properties is expected to be refinanced with",
        "box": [
          33.74999859375,
          50.38055942390929,
          554.3857191380938,
          55.39319703519868
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "similar ABS financing at or prior to its respective maturity.",
        "box": [
          33.74999859375,
          62.38055892390548,
          269.1058239935069,
          67.39319653520943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106",
        "box": [
          298.4999875625,
          105.13055714266375,
          313.49622685015663,
          110.14319475395314
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 161,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our unsecured senior notes are expected to be repaid from a combination of available cash on hand, approved but undrawn",
        "box": [
          69.74999709375,
          93.130557642653,
          561.672263434488,
          98.1431952539424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capacity under our secured financing agreements, and/or equity issuances or other potential sources of financing, as discussed above,",
        "box": [
          33.74999859375,
          105.1305571426492,
          565.6573396871929,
          110.14319475395314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including issuances of new unsecured senior notes.",
        "box": [
          33.74999859375,
          117.13055664265994,
          237.81493189729414,
          122.14319425394933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our future funding commitments are expected to be primarily matched-term funded with secured or securitized financing, with",
        "box": [
          69.74999709375,
          141.13055564265233,
          578.0596993766778,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any difference funded from available cash on hand or other potential sources of financing discussed above.",
        "box": [
          33.74999859375,
          153.13055514266307,
          461.0839800444165,
          158.14319275395246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Critical Accounting Estimates",
        "box": [
          33.74999859375,
          177.13055414265546,
          161.48155644201452,
          182.14319175394485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to the section of our Form 10-K entitled 'Management's Discussion and Analysis of Financial Condition and Results of",
        "box": [
          69.74999709375,
          201.1305531426624,
          572.8754395106884,
          206.14319075395179
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operations-Critical Accounting Estimates' for a full discussion of our critical accounting estimates. Our critical accounting estimates",
        "box": [
          33.74999859375,
          213.13055264265859,
          573.4580629763259,
          218.14319025394798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have not materially changed since December 31, 2025.",
        "box": [
          33.74999859375,
          225.13055214265478,
          253.3335313506858,
          230.14318975394417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recent Accounting Developments",
        "box": [
          33.74999859375,
          249.13055114266172,
          176.4729383173736,
          254.1431887539511
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 2 to the Condensed Consolidated Financial Statements for a discussion of recent accounting developments and",
        "box": [
          69.74999709375,
          273.1305501426541,
          569.2240366698303,
          278.1431877539435
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the expected impact to the Company.",
        "box": [
          33.74999859375,
          285.1305496426503,
          181.9061512268267,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 3.",
        "box": [
          33.74999859375,
          309.13054864265723,
          63.73270202572064,
          314.1431862539466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          63.73827859423828,
          309.13054864265723,
          66.23765347134766,
          314.1431862539466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quantitative and Qualitative",
        "box": [
          66.2460909897461,
          309.13054864265723,
          188.9984017976277,
          314.1431862539466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          188.999992125,
          309.13054864265723,
          191.49936700210938,
          314.1431862539466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disclosures About Market Risk",
        "box": [
          191.50780452050782,
          309.13054864265723,
          324.9069057646501,
          314.1431862539466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We seek to manage our risks related to the credit quality of our assets, interest rates, liquidity, prepayment speeds and market",
        "box": [
          69.74999709375,
          333.1305476426496,
          569.4046151238939,
          338.14318525395356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value while, at the same time, seeking to provide an opportunity to stockholders to realize attractive risk-adjusted returns through",
        "box": [
          33.74999859375,
          345.13054714266036,
          550.6951825168665,
          350.14318475394975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ownership of our capital stock. While we do not seek to avoid risk completely, we believe the risk can be quantified from historical",
        "box": [
          33.74999859375,
          357.13054664265655,
          558.1884444162346,
          362.14318425394595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "experience and seek to actively manage that risk, to earn sufficient compensation to justify taking those risks and to maintain capital",
        "box": [
          33.74999859375,
          369.13054614265275,
          562.4403359890724,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "levels consistent with the risks we undertake. Our strategies for managing risk and our exposure to such risks, as described in Item 7A",
        "box": [
          33.74999859375,
          381.1305456426635,
          570.1532143445274,
          386.1431832539529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our Form 10-K, have not changed materially since December 31, 2025 except as described below.",
        "box": [
          33.74999859375,
          393.1305451426597,
          436.1976595063467,
          398.1431827539491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Risk",
        "box": [
          33.74999859375,
          417.13054414265207,
          78.64104937085091,
          422.143181753956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans and investments are subject to credit risk. The performance and value of our loans and investments depend upon the",
        "box": [
          69.74999709375,
          441.130543142659,
          575.1259099589805,
          446.1431807539484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owners' ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay interest and",
        "box": [
          33.74999859375,
          453.1305426426552,
          542.4209217116272,
          458.1431802539446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal due to us. To monitor this risk, our asset management team reviews our investment portfolios and is in regular contact with",
        "box": [
          33.74999859375,
          465.1305421426514,
          563.4507673853836,
          470.14317975395534
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our borrowers, monitoring performance of the collateral and enforcing our rights as necessary.",
        "box": [
          33.74999859375,
          477.13054164266214,
          410.64742092094,
          482.14317925395153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We seek to further manage credit risk associated with our Investing and Servicing Segment loans held-for-sale through the",
        "box": [
          69.74999709375,
          501.1305406426545,
          559.3095349429964,
          506.1431782539439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchase of credit instruments. The following table presents our credit instruments as of June 30, 2026 and December 31, 2025 (dollars",
        "box": [
          33.74999859375,
          513.1305401426507,
          574.683313250274,
          518.1431777539547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in thousands):",
        "box": [
          33.74999859375,
          525.1305396426615,
          90.12254686898132,
          530.1431772539509
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Value of",
        "box": [
          287.4843630214844,
          549.7064127017657,
          333.2291408064506,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Held-for-Sale",
        "box": [
          275.9648360014647,
          557.2064123892633,
          344.734201436197,
          561.2150182658515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aggregate Notional Value of",
        "box": [
          366.4804572299803,
          549.7064127017657,
          462.4905681705578,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Instruments",
        "box": [
          381.574206601074,
          557.2064123892633,
          447.38451395480394,
          561.2150182658515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          508.2187288242187,
          549.7064127017657,
          545.1565229261428,
          553.7150185783539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Instruments",
        "box": [
          493.78122942578125,
          557.2064123892633,
          559.5915367795113,
          561.2150182658515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          34.74609230224609,
          570.7909917970246,
          84.99316058861817,
          575.3034938065393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.68748880468746,
          570.7909917970246,
          273.18748861718746,
          575.3034938065393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,038 ",
        "box": [
          324.4804589799803,
          570.7909917970246,
          351.4804578549803,
          575.3034938065393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          359.8710825053709,
          570.7909917970246,
          364.3710823178709,
          575.3034938065393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,000 ",
        "box": [
          441.53904410253904,
          570.7909917970246,
          468.53904297753905,
          575.3034938065393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          571.4413861899411,
          570.1305377676617,
          576.4401359441599,
          575.1431753789511
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          34.74609230224609,
          584.2909912345203,
          105.47167540534667,
          588.8034932440496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          268.68748880468746,
          584.2909912345203,
          273.18748861718746,
          588.8034932440496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,300 ",
        "box": [
          324.4804589799803,
          584.2909912345203,
          351.4804578549803,
          588.8034932440496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          359.8710825053709,
          584.2909912345203,
          364.3710823178709,
          588.8034932440496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70,000 ",
        "box": [
          441.53904410253904,
          584.2909912345203,
          468.53904297753905,
          588.8034932440496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          571.4413861899411,
          582.8805372364004,
          576.4401359441599,
          587.8931748477044
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In 2025, we entered into a credit default swap with a notional amount of $20.0 million to hedge a portion of credit risk on a",
        "box": [
          69.74999709375,
          611.3805360489059,
          562.8339487461459,
          616.3931736601953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "large commercial loan held-for-investment. As of both June 30, 2026 and December 31, 2025, the notional amount of this credit default",
        "box": [
          33.74999859375,
          623.3805355489021,
          575.8646670297256,
          628.3931731602061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "swap was $20.0 million.",
        "box": [
          33.74999859375,
          635.3805350489129,
          131.2206257887237,
          640.3931726602023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "107",
        "box": [
          298.4999875625,
          678.1305332676566,
          313.49622685015663,
          683.143170878946
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 162,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Risk",
        "box": [
          33.74999859375,
          93.13055764266755,
          104.44999294547821,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rates are highly sensitive to many factors, including fiscal and monetary policies and domestic and international",
        "box": [
          69.74999709375,
          117.13055664265994,
          549.2046495155593,
          122.14319425396388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic and political considerations, as well as other factors beyond our control. We are subject to interest rate risk in connection with",
        "box": [
          33.74999859375,
          129.13055614267068,
          577.7343205152357,
          134.14319375396008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our investments and the related financing obligations. In general, we seek to match the interest rate characteristics of our investments",
        "box": [
          33.74999859375,
          141.13055564266688,
          565.9355413147641,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with the interest rate characteristics of any related financing obligations such as repurchase agreements, bank credit facilities, term",
        "box": [
          33.74999859375,
          153.13055514266307,
          555.3522483219093,
          158.14319275395246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans, revolving facilities and securitizations. In instances where the interest rate characteristics of an investment and the related",
        "box": [
          33.74999859375,
          165.13055464265926,
          545.9258809655871,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing obligation are not matched, we mitigate such interest rate risk through the utilization of interest rate derivatives of the same",
        "box": [
          33.74999859375,
          177.13055414267,
          567.0533854203359,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "duration. As discussed in Note 13 to the Condensed Consolidated Financial Statements, we entered into a series of derivative",
        "box": [
          33.74999859375,
          189.1305536426662,
          533.5169337926878,
          194.1431912539556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions during 2024 related to our residential loan portfolio in an effort to extend hedge duration. These transactions involved a",
        "box": [
          33.74999859375,
          201.1305531426624,
          561.4346568544496,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "series of reverse swap trades which effectively locked a portion of positive cash flows from our original hedges for a period of time. We",
        "box": [
          33.74999859375,
          213.13055264267314,
          577.2656801198236,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "simultaneously entered into a forward starting swap which will not be effective until June 2027. While the fair value of the forward",
        "box": [
          33.74999859375,
          225.13055214266933,
          558.6521679853254,
          230.14318975395872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "starting swap will impact earnings, it will not impact net investment income until its effective date.",
        "box": [
          33.74999859375,
          237.13055164266552,
          429.2071963726158,
          242.14318925395492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents financial instruments where we have utilized interest rate derivatives to hedge interest rate risk",
        "box": [
          69.74999709375,
          261.13055064267246,
          564.7280652571627,
          266.14318825396185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the related interest rate derivatives as of June 30, 2026 and December 31, 2025 (dollars in thousands); however, consistent with",
        "box": [
          33.74999859375,
          273.13055014266865,
          560.0141517285763,
          278.14318775395805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 13 to the Condensed Consolidated Financial Statements, the notional value and number of interest rate derivatives excludes the",
        "box": [
          33.74999859375,
          285.13054964266485,
          564.3099623346449,
          290.14318725395424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "residential lending reverse swap trades and forward starting swaps as well as certain other interest rate swaps that were not effective as",
        "box": [
          33.74999859375,
          297.13054914266104,
          572.3938541206679,
          302.143186753965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of June 30, 2026 and December 31, 2025:",
        "box": [
          33.74999859375,
          309.1305486426718,
          201.16886786705112,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Value of",
        "box": [
          288.65623797265624,
          322.4564221705368,
          334.4010157576224,
          326.46502804711054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hedged Instruments",
        "box": [
          276.5507734770506,
          330.70642182677693,
          346.5108227828743,
          334.7150277033652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aggregate Notional Value of",
        "box": [
          367.6757696801756,
          322.4564221705368,
          463.6858806207531,
          326.46502804711054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Derivatives",
        "box": [
          373.12498445312497,
          330.70642182677693,
          458.22787842799704,
          334.7150277033652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          508.76951380126934,
          322.4564221705368,
          545.7073079031934,
          326.46502804711054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Derivatives",
        "box": [
          484.6874798046875,
          330.70642182677693,
          569.7903737795598,
          334.7150277033652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instrument hedged as of June 30, 2026",
        "box": [
          34.74609230224609,
          341.95642135803064,
          166.00749545802074,
          345.9650272346189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale",
        "box": [
          34.74609230224609,
          354.13054676767206,
          112.54879328302817,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          269.74217626074216,
          354.13054676767206,
          274.7409260149609,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,429,935 ",
        "box": [
          310.32420956982406,
          354.13054676767206,
          352.81353110568557,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.14842245214845,
          354.13054676767206,
          366.14717220636715,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,459,800 ",
        "box": [
          427.2187321992187,
          354.13054676767206,
          469.7080537350802,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          566.4374763984374,
          354.13054676767206,
          576.4349709193751,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, available-for-sale",
        "box": [
          34.74609230224609,
          366.88054623641074,
          137.26912900301414,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,814 ",
        "box": [
          317.82420925732407,
          366.88054623641074,
          352.8154193806069,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,000 ",
        "box": [
          439.7109191787109,
          366.88054623641074,
          469.70338453527484,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          571.4413861899411,
          366.88054623641074,
          576.4401359441599,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS, fair value option",
        "box": [
          34.74609230224609,
          379.63054570516397,
          133.6030533207059,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,986 ",
        "box": [
          317.82420925732407,
          379.63054570516397,
          352.8154193806069,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,380 ",
        "box": [
          439.7109191787109,
          379.63054570516397,
          469.70338453527484,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          571.4413861899411,
          379.63054570516397,
          576.4401359441599,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM debt securities",
        "box": [
          34.74609230224609,
          393.1305451426597,
          116.92759192342979,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115,436 ",
        "box": [
          318.1874867421875,
          393.1305451426597,
          352.8076908559289,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90,595 ",
        "box": [
          439.7109191787109,
          393.1305451426597,
          469.70338453527484,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          571.4413861899411,
          393.1305451426597,
          576.4401359441599,
          398.14318275396363
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease properties",
        "box": [
          34.74609230224609,
          405.8805446114129,
          114.13532508977423,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "466,072 ",
        "box": [
          317.82420925732407,
          405.8805446114129,
          352.8154193806069,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "385,000 ",
        "box": [
          434.71873188671873,
          405.8805446114129,
          469.70994201000155,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          571.4413861899411,
          405.8805446114129,
          576.4401359441599,
          410.89318222271686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financing agreements",
        "box": [
          34.74609230224609,
          418.63054408016615,
          155.21876600296414,
          423.64318169145554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,500 ",
        "box": [
          317.82420925732407,
          418.63054408016615,
          352.8154193806069,
          423.64318169145554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,500 ",
        "box": [
          434.71873188671873,
          418.63054408016615,
          469.70994201000155,
          423.64318169145554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          571.4413861899411,
          418.63054408016615,
          576.4401359441599,
          423.64318169145554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured senior notes",
        "box": [
          34.74609230224609,
          432.13054351766186,
          128.02832616089918,
          437.1431811289658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,875,000 ",
        "box": [
          310.32420956982406,
          431.3805435489194,
          352.81353110568557,
          436.39318116020877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,875,000 ",
        "box": [
          427.2187321992187,
          431.3805435489194,
          469.7080537350802,
          436.39318116020877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          571.4413861899411,
          431.3805435489194,
          576.4401359441599,
          436.39318116020877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          269.74217626074216,
          445.63054295517213,
          274.7409260149609,
          450.6431805664615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,606,743 ",
        "box": [
          310.32420956982406,
          445.63054295517213,
          352.81353110568557,
          450.6431805664615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.14842245214845,
          445.63054295517213,
          366.14717220636715,
          450.6431805664615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,358,275 ",
        "box": [
          427.2187321992187,
          445.63054295517213,
          469.7080537350802,
          450.6431805664615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          566.4374763984374,
          445.63054295517213,
          576.4349709193751,
          450.6431805664615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instrument hedged as of December 31, 2025",
        "box": [
          34.74609230224609,
          458.9564164830226,
          184.04699968137473,
          462.9650223596109
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-sale",
        "box": [
          34.74609230224609,
          471.13054189266404,
          112.54879328302817,
          476.14317950395343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          269.74217626074216,
          471.13054189266404,
          274.7409260149609,
          476.14317950395343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,502,852 ",
        "box": [
          310.32420956982406,
          471.13054189266404,
          352.81353110568557,
          476.14317950395343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.14842245214845,
          471.13054189266404,
          366.14717220636715,
          476.14317950395343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,238,400 ",
        "box": [
          427.2187321992187,
          471.13054189266404,
          469.7080537350802,
          476.14317950395343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          566.4374763984374,
          471.13054189266404,
          576.4349709193751,
          476.14317950395343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RMBS, available-for-sale",
        "box": [
          34.74609230224609,
          483.8805413614173,
          137.26912900301414,
          488.89317897270666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172,554 ",
        "box": [
          317.82420925732407,
          483.8805413614173,
          352.8154193806069,
          488.89317897270666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,000 ",
        "box": [
          439.7109191787109,
          483.8805413614173,
          469.70338453527484,
          488.89317897270666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          571.4413861899411,
          483.8805413614173,
          576.4401359441599,
          488.89317897270666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS, fair value option",
        "box": [
          34.74609230224609,
          496.6305408301705,
          133.6030533207059,
          501.6431784414599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,587 ",
        "box": [
          317.82420925732407,
          496.6305408301705,
          352.8154193806069,
          501.6431784414599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,380 ",
        "box": [
          439.7109191787109,
          496.6305408301705,
          469.70338453527484,
          501.6431784414599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          571.4413861899411,
          496.6305408301705,
          576.4401359441599,
          501.6431784414599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HTM debt securities",
        "box": [
          34.74609230224609,
          510.1305402676662,
          116.92759192342979,
          515.1431778789556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,302 ",
        "box": [
          322.8163965493162,
          510.1305402676662,
          352.8088619058801,
          515.1431778789556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,898 ",
        "box": [
          439.7109191787109,
          510.1305402676662,
          469.70338453527484,
          515.1431778789556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          571.4413861899411,
          510.1305402676662,
          576.4401359441599,
          515.1431778789556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease properties",
        "box": [
          34.74609230224609,
          522.8805397364195,
          114.13532508977423,
          527.8931773477088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229,246 ",
        "box": [
          317.82420925732407,
          522.8805397364195,
          352.8154193806069,
          527.8931773477088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "229,200 ",
        "box": [
          434.71873188671873,
          522.8805397364195,
          469.70994201000155,
          527.8931773477088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          571.4413861899411,
          522.8805397364195,
          576.4401359441599,
          527.8931773477088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financing agreements",
        "box": [
          34.74609230224609,
          535.6305392051727,
          155.21876600296414,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "490,000 ",
        "box": [
          317.82420925732407,
          535.6305392051727,
          352.8154193806069,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "490,000 ",
        "box": [
          434.71873188671873,
          535.6305392051727,
          469.70994201000155,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          571.4413861899411,
          535.6305392051727,
          576.4401359441599,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured senior notes",
        "box": [
          34.74609230224609,
          549.1305386426684,
          128.02832616089918,
          554.1431762539578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,275,000 ",
        "box": [
          310.32420956982406,
          549.1305386426684,
          352.81353110568557,
          554.1431762539578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,275,000 ",
        "box": [
          427.2187321992187,
          549.1305386426684,
          469.7080537350802,
          554.1431762539578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          571.4413861899411,
          549.1305386426684,
          576.4401359441599,
          554.1431762539578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          269.74217626074216,
          562.6305380801641,
          274.7409260149609,
          567.6431756914535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,794,541 ",
        "box": [
          310.32420956982406,
          562.6305380801641,
          352.81353110568557,
          567.6431756914535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.14842245214845,
          562.6305380801641,
          366.14717220636715,
          567.6431756914535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,346,878 ",
        "box": [
          427.2187321992187,
          562.6305380801641,
          469.7080537350802,
          567.6431756914535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          566.4374763984374,
          562.6305380801641,
          576.4349709193751,
          567.6431756914535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below summarizes the estimated annual change in net investment income for our variable rate investments and our",
        "box": [
          69.74999709375,
          589.6305369551701,
          568.3454102994393,
          594.6431745664595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "variable rate debt assuming increases or decreases in SOFR or other applicable index rates and adjusted for the effects of our interest",
        "box": [
          33.74999859375,
          601.6305364551663,
          564.6321543477466,
          606.6431740664557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate hedging activities (amounts in thousands). However, this table excludes: (i) our floating rate residential loan debt along with its",
        "box": [
          33.74999859375,
          613.6305359551625,
          560.0238897610832,
          618.6431735664664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related hedges (see Note 13); (ii) certain other interest rate swaps that were not effective as of June 30, 2026 (see Note 13); and (iii)",
        "box": [
          33.74999859375,
          625.6305354551732,
          559.6235936878487,
          630.6431730664626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonaccrual loans (see Note 4).",
        "box": [
          33.74999859375,
          637.6305349551694,
          155.05740889552433,
          642.6431725664588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (Expense) Subject to Interest Rate Sensitivity",
        "box": [
          34.74609230224609,
          667.4564077955292,
          216.2416319899316,
          671.4650136721175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variable rate",
        "box": [
          322.27733407177715,
          650.9564084830345,
          367.0539560062072,
          654.9650143596082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments and",
        "box": [
          317.0156117910156,
          659.2064081392746,
          372.32077016151095,
          663.2150140158628
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indebtedness (1)",
        "box": [
          317.0156117910156,
          667.4564077955292,
          372.32077200263257,
          671.4650136721175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50% Decrease",
        "box": [
          394.3124835703125,
          667.4564077955292,
          448.77834835102425,
          671.4650136721175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50% Increase",
        "box": [
          458.92966837792966,
          667.4564077955292,
          511.63100305716347,
          671.4650136721175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00% Increase",
        "box": [
          522.7382632192381,
          667.4564077955292,
          575.4395978984719,
          671.4650136721175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment income from variable rate investments",
        "box": [
          34.74609230224609,
          679.6305332051707,
          235.46227380948454,
          684.64317081646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          303.6210848491209,
          679.6305332051707,
          308.61983460333965,
          684.64317081646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,012,710 ",
        "box": [
          337.7226459282225,
          679.6305332051707,
          385.2107122308029,
          684.64317081646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          393.4804561049803,
          679.6305332051707,
          398.47920585919906,
          684.64317081646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(85,948)",
        "box": [
          414.96092020996093,
          679.6305332051707,
          449.1124910424781,
          684.64317081646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          457.3827934423828,
          679.6305332051707,
          462.38154319660157,
          684.64317081646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,552 ",
        "box": [
          482.68357738818344,
          679.6305332051707,
          512.6760427447473,
          684.64317081646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          520.9452907939452,
          679.6305332051707,
          525.944040548164,
          684.64317081646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,132 ",
        "box": [
          541.6991999291989,
          679.6305332051707,
          576.6904100524819,
          684.64317081646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense from variable rate debt, net of interest rate",
        "box": [
          34.74609230224609,
          693.1305326426664,
          270.6877213689059,
          698.1431702539558
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivatives",
        "box": [
          43.74609192724609,
          702.8805322364205,
          87.6071433201152,
          707.8931698477099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,995,086)",
        "box": [
          333.5624861015625,
          702.8805322364205,
          385.20965788009624,
          707.8931698477099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,803 ",
        "box": [
          419.1210800366209,
          702.8805322364205,
          449.1135453931848,
          707.8931698477099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(89,831)",
        "box": [
          478.52341756152344,
          702.8805322364205,
          512.6749883940406,
          707.8931698477099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(179,661)",
        "box": [
          537.539040102539,
          702.8805322364205,
          576.6893557017751,
          707.8931698477099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net investment income from variable rate instruments",
        "box": [
          34.74609230224609,
          717.8805316114158,
          250.73674827304808,
          722.8931692227052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          303.6210848491209,
          716.3805316739163,
          308.61983460333965,
          721.3931692852057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,017,624 ",
        "box": [
          342.72654821972657,
          716.3805316739163,
          385.2158697555881,
          721.3931692852057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          393.4804561049803,
          716.3805316739163,
          398.47920585919906,
          721.3931692852057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,855 ",
        "box": [
          424.124982328125,
          716.3805316739163,
          449.1187029179699,
          721.3931692852057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          457.3827934423828,
          716.3805316739163,
          462.38154319660157,
          721.3931692852057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,721 ",
        "box": [
          487.6874796796875,
          716.3805316739163,
          512.6812002695324,
          721.3931692852057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          520.9452907939452,
          716.3805316739163,
          525.944040548164,
          721.3931692852057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,471 ",
        "box": [
          551.6952895126952,
          716.3805316739163,
          576.6890101025401,
          721.3931692852057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          734.5136412552674,
          210.74999121875,
          736.0178085917723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          743.3805305489223,
          45.40722371353168,
          748.3931681602116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes the notional value of interest rate derivatives.",
        "box": [
          51.749997843749995,
          743.3805305489223,
          268.83894767962664,
          748.3931681602116
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 163,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "108",
        "box": [
          298.4999875625,
          66.13055876766157,
          313.49622685015663,
          71.14319637895096
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 164,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign Currency Risk",
        "box": [
          33.74999859375,
          93.130557642653,
          125.18698395643685,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans and investments that are denominated in a foreign currency are also subject to risks related to fluctuations in",
        "box": [
          69.74999709375,
          111.13055689266184,
          544.2058797122542,
          116.14319450395124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exchange rates. We generally mitigate this exposure by matching the currency of our foreign currency assets to the currency of the",
        "box": [
          33.74999859375,
          123.13055639265804,
          554.9275464255792,
          128.14319400394743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings that finance those assets. As a result, we substantially reduce our exposure to changes in portfolio value related to changes",
        "box": [
          33.74999859375,
          135.13055589265423,
          570.1287935400455,
          140.14319350394362
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in foreign exchange rates.",
        "box": [
          33.74999859375,
          147.13055539265042,
          137.01017989749226,
          152.14319300395437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We intend to hedge our net currency exposures in a prudent manner. However, our currency hedging strategies may not",
        "box": [
          69.74999709375,
          171.13055439265736,
          546.5979142991735,
          176.14319200394675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "eliminate all of our currency risk due to, among other things, uncertainties in the timing and/or amount of payments received on the",
        "box": [
          33.74999859375,
          183.13055389265355,
          559.857935670146,
          188.1431915039575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related investments, and/or unequal, inaccurate, or unavailable hedges to perfectly offset changes in future exchange rates. Additionally,",
        "box": [
          33.74999859375,
          195.1305533926643,
          577.2999174020856,
          200.1431910039537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we may be required under certain circumstances to collateralize our currency hedges for the benefit of the hedge counterparty, which",
        "box": [
          33.74999859375,
          207.1305528926605,
          564.9494850479372,
          212.14319050394988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "could adversely affect our liquidity.",
        "box": [
          33.74999859375,
          219.13055239265668,
          175.89198367741702,
          224.14319000394607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consistent with our strategy of hedging foreign currency exposure on certain investments, we typically enter into a series of",
        "box": [
          69.74999709375,
          243.13055139266362,
          565.3187231755516,
          248.143189003953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "forwards to fix the U.S. dollar amount of foreign currency denominated cash flows (interest income and principal payments) we expect",
        "box": [
          33.74999859375,
          255.1305508926598,
          574.2732981210323,
          260.1431885039492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to receive from our foreign currency denominated investments. Accordingly, the notional values and expiration dates of our foreign",
        "box": [
          33.74999859375,
          267.130550392656,
          559.1891706629501,
          272.1431880039454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currency hedges approximate the amounts and timing of future payments we expect to receive on the related investments.",
        "box": [
          33.74999859375,
          279.1305498926522,
          520.1267938342993,
          284.14318750395614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table represents our assets and liabilities that are denominated in Pounds Sterling ('GBP'), Euros ('EUR'),",
        "box": [
          69.74999709375,
          303.13054889265914,
          558.9531165915357,
          308.1431865039485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Australian dollars ('AUD'), Swiss Francs ('CHF') and Swedish Kronas ('SEK') as well as our expected future net interest receipts",
        "box": [
          33.74999859375,
          315.1305483926553,
          563.1872200542776,
          320.1431860039447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amounts in thousands):",
        "box": [
          33.74999859375,
          327.1305478926515,
          129.82936666453045,
          332.14318550395546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          367.6054571831053,
          341.29100135952467,
          419.86082606579816,
          345.8035033690394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          233.26171278076154,
          354.0410008282779,
          251.76268854988754,
          358.5535028377926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          305.27342478027344,
          354.0410008282779,
          324.27537715852543,
          358.5535028377926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AUD",
        "box": [
          380.8945191293944,
          354.0410008282779,
          400.3930535069554,
          358.5535028377926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CHF",
        "box": [
          458.3906059003906,
          354.0410008282779,
          477.3881636688257,
          358.5535028377926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SEK",
        "box": [
          534.2460752397459,
          354.0410008282779,
          552.2548635293797,
          358.5535028377926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency assets",
        "box": [
          34.74609230224609,
          366.88054623641074,
          129.13643453972796,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3",
        "box": [
          210.23436624023438,
          366.88054623641074,
          215.23311599445313,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,220,100 ",
        "box": [
          231.80858784130842,
          366.88054623641074,
          274.2979093771699,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac",
        "box": [
          282.49217572949215,
          366.88054623641074,
          287.4909254837109,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,515,800 ",
        "box": [
          304.06639733056625,
          366.88054623641074,
          346.55571886642775,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$",
        "box": [
          354.74998521875,
          366.88054623641074,
          366.96860622214075,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,942,086 ",
        "box": [
          383.5429565190428,
          366.88054623641074,
          426.0322780549043,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fr.",
        "box": [
          433.53514193603496,
          366.88054623641074,
          444.3722582907385,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,513 ",
        "box": [
          471.74998034375,
          366.88054623641074,
          501.74244570031385,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "kr",
        "box": [
          509.24997878125,
          366.88054623641074,
          517.5779689647497,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,289,533 ",
        "box": [
          534.199200241699,
          366.88054623641074,
          576.6885217775605,
          371.89318384770013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency liabilities",
        "box": [
          34.74609230224609,
          379.63054570516397,
          143.0196393362611,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(832,326)",
        "box": [
          235.14842770214844,
          379.63054570516397,
          274.29874330138455,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,123,441)",
        "box": [
          299.90623750390625,
          379.63054570516397,
          346.5546645157211,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,358,090)",
        "box": [
          379.3827966923828,
          379.63054570516397,
          426.0312237041976,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,016)",
        "box": [
          467.58982801708964,
          379.63054570516397,
          501.74139884960687,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,002,679)",
        "box": [
          530.039040415039,
          379.63054570516397,
          576.6874674268538,
          384.64318331645336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency contracts - notional, net",
        "box": [
          34.74609230224609,
          393.1305451426597,
          200.20252853231526,
          398.1431827539491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(433,743)",
        "box": [
          235.14842770214844,
          393.1305451426597,
          274.29874330138455,
          398.1431827539491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(434,076)",
        "box": [
          307.40623719140626,
          393.1305451426597,
          346.5565527906424,
          398.1431827539491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(829,998)",
        "box": [
          386.8827963798828,
          393.1305451426597,
          426.0331119791189,
          398.1431827539491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,243)",
        "box": [
          467.96482800146464,
          393.1305451426597,
          501.74539282444044,
          398.1431827539491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(355,800)",
        "box": [
          537.539040102539,
          393.1305451426597,
          576.6893557017751,
          398.1431827539491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal (1)",
        "box": [
          46.74609180224609,
          408.1305445176549,
          94.22926217928,
          413.1431821289443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3",
        "box": [
          210.23436624023438,
          406.6305445801554,
          215.23311599445313,
          411.6431821914448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,969)",
        "box": [
          240.14061499414063,
          406.6305445801554,
          274.29218582665777,
          411.6431821914448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac",
        "box": [
          282.49217572949215,
          406.6305445801554,
          287.4909254837109,
          411.6431821914448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,717)",
        "box": [
          312.39842448339846,
          406.6305445801554,
          346.5499953159156,
          411.6431821914448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$",
        "box": [
          354.74998521875,
          406.6305445801554,
          366.96860622214075,
          411.6431821914448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(246,002)",
        "box": [
          386.8827963798828,
          406.6305445801554,
          426.0331119791189,
          411.6431821914448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fr.",
        "box": [
          433.53514193603496,
          406.6305445801554,
          444.3722582907385,
          411.6431821914448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "254 ",
        "box": [
          484.2538898227537,
          406.6305445801554,
          501.74949900001997,
          411.6431821914448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "kr",
        "box": [
          509.24997878125,
          406.6305445801554,
          517.5779689647497,
          411.6431821914448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(68,946)",
        "box": [
          542.5312273945311,
          406.6305445801554,
          576.6827982270484,
          411.6431821914448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          427.7636540365056,
          210.74999121875,
          429.2678213730251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)     Primarily relates to expected net interest cash flows on the respective assets and liabilities over their term.",
        "box": [
          33.74999859375,
          453.1305426426552,
          481.2692512033635,
          458.1431802539446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Substantially all of our net asset exposure to the GBP, EUR, AUD, CHF and SEK has been hedged with foreign currency",
        "box": [
          69.74999709375,
          481.6305414551607,
          553.710335166235,
          486.6431790664501
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "forward contracts as of June 30, 2026, as indicated in the table above. Refer to Note 13 to the Condensed Consolidated Financial",
        "box": [
          33.74999859375,
          493.6305409551569,
          548.4838550705924,
          498.6431785664463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statements for further detail regarding our foreign currency derivatives and their contractual maturities.",
        "box": [
          33.74999859375,
          505.6305404551531,
          447.64980712917395,
          510.64317806645704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 4. Controls and Procedures.",
        "box": [
          33.74999859375,
          529.63053945516,
          174.82293394696086,
          534.6431770664494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disclosure Controls and Procedures.",
        "box": [
          69.74999709375,
          553.6305384551524,
          217.66692253679452,
          558.6431760664564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " We maintain disclosure controls and procedures that are designed to ensure that",
        "box": [
          217.6757759301756,
          553.6305384551524,
          538.1713823502785,
          558.6431760664564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information required to be disclosed in our reports filed pursuant to the Securities Exchange Act of 1934, as amended (the 'Exchange",
        "box": [
          33.74999859375,
          565.6305379551632,
          567.61968512174,
          570.6431755664526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Act'), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's",
        "box": [
          33.74999859375,
          577.6305374551594,
          575.1276182567611,
          582.6431750664487
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive",
        "box": [
          33.74999859375,
          589.6305369551555,
          546.8046682390327,
          594.6431745664449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Officer, as appropriate, to allow timely decisions regarding required disclosures.",
        "box": [
          33.74999859375,
          601.6305364551517,
          354.6507266791359,
          606.6431740664557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the",
        "box": [
          69.74999709375,
          625.6305354551587,
          526.1684538238746,
          630.6431730664481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design",
        "box": [
          33.74999859375,
          637.6305349551549,
          570.2556988268449,
          642.6431725664443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and operation of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial",
        "box": [
          33.74999859375,
          649.6305344551511,
          557.7148879859659,
          654.643172066455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.",
        "box": [
          33.74999859375,
          661.6305339551618,
          538.8963850022329,
          666.6431715664512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in Internal Control Over Financial Reporting.",
        "box": [
          69.74999709375,
          685.6305329551542,
          291.803531297769,
          690.6431705664436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " No change in internal control over financial reporting (as defined in",
        "box": [
          291.8085853413084,
          685.6305329551542,
          565.250560535392,
          690.6431705664436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rule 13a-15(f) under the Exchange Act) occurred during the quarter ended June 30, 2026 that has materially affected, or is reasonably",
        "box": [
          33.74999859375,
          697.6305324551504,
          569.8993749666915,
          702.6431700664543
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "likely to materially affect, our internal control over financial reporting.",
        "box": [
          33.74999859375,
          709.6305319551611,
          316.44252217114445,
          714.6431695664505
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 165,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "109",
        "box": [
          298.4999875625,
          38.380559923898545,
          313.49622685015663,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 166,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PART II-OTHER INFORMATION",
        "box": [
          226.73436555273437,
          93.13055764266755,
          385.2444059740614,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 1.    Legal Proceedings.",
        "box": [
          33.74999859375,
          114.13055676766089,
          154.07130586161202,
          119.14319437895028
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Currently, no material legal proceedings are pending or, to our knowledge, threatened or contemplated against us, that could",
        "box": [
          69.74999709375,
          135.88055586141127,
          565.914313507736,
          140.89319347270066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have a material adverse effect on our business, financial position or results of operations.",
        "box": [
          33.74999859375,
          147.88055536140746,
          389.19771431467785,
          152.8931929727114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 1A. Risk Factors.",
        "box": [
          33.74999859375,
          170.38055442391487,
          130.0978573105057,
          175.39319203520427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There have been no material changes to the risk factors previously disclosed in our Form 10-K.",
        "box": [
          69.74999709375,
          192.13055351766525,
          450.6552087289487,
          197.14319112895464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 2.    Unregistered Sales of Equity",
        "box": [
          33.74999859375,
          213.88055261141562,
          195.276737550969,
          218.89319022270502
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          195.28124186328125,
          213.88055261141562,
          197.78061674039063,
          218.89319022270502
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities and Use of Proceeds.",
        "box": [
          197.78905425878906,
          213.88055261141562,
          330.0507372291352,
          218.89319022270502
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There were no unregistered sales of securities during the three months ended June 30, 2026.",
        "box": [
          69.74999709375,
          236.38055167390849,
          437.3236202094316,
          241.39318928521243
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuer Purchases of Equity Securities",
        "box": [
          33.74999859375,
          258.13055076765886,
          191.67903430878627,
          263.1431883789628
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides information regarding our purchases of common stock during the three months ended June 30,",
        "box": [
          69.74999709375,
          279.88054986140924,
          565.6165531138926,
          284.8931874727132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026:",
        "box": [
          33.74999859375,
          291.88054936142,
          56.52260324397903,
          296.8931869727094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Period",
        "box": [
          97.07812095507813,
          343.54100126578123,
          122.57079566288331,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total number of",
        "box": [
          199.76952667626935,
          334.5410016407841,
          261.78075448246807,
          339.0535036502988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares purchased",
        "box": [
          197.56640176806624,
          343.54100126578123,
          263.99852794006085,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average",
        "box": [
          296.8124876328125,
          325.54100201578694,
          328.12791609800286,
          330.05350402530166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase price",
        "box": [
          280.2656133222656,
          334.5410016407841,
          344.6718606686718,
          339.0535036502988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share",
        "box": [
          294.51561272851563,
          343.54100126578123,
          330.4321151719946,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total number of shares",
        "box": [
          362.4726448969725,
          316.54100239077525,
          451.07078593538307,
          321.0535044003045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchased as part of",
        "box": [
          367.47654718847656,
          325.54100201578694,
          446.0683406238183,
          330.05350402530166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "publicly announced plans",
        "box": [
          357.74998509375,
          334.5410016407841,
          455.791972948667,
          339.0535036502988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or programs (1)",
        "box": [
          376.44139431494125,
          343.54100126578123,
          437.0991066125363,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value of shares available for",
        "box": [
          467.0038905415037,
          325.54100201578694,
          575.5048625156297,
          330.05350402530166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchase under the plans or",
        "box": [
          467.41404302441407,
          334.5410016407841,
          575.1020265974146,
          339.0535036502988
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "programs (in thousands) (1)",
        "box": [
          467.70701551220685,
          343.54100126578123,
          574.8061319447434,
          348.05350327529595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2026",
        "box": [
          88.01952758251953,
          356.38054667391407,
          131.61696580345952,
          361.39318428520346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          255.79686434179686,
          356.38054667391407,
          268.2937287523442,
          361.39318428520346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          276.65623847265624,
          356.38054667391407,
          281.654988226875,
          361.39318428520346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          335.1913960336912,
          356.38054667391407,
          347.68826044423855,
          361.39318428520346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          444.41014148291,
          356.38054667391407,
          456.90700589345727,
          361.39318428520346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          465.26951561376933,
          356.38054667391407,
          470.26826536798814,
          361.39318428520346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "380,098 ",
        "box": [
          541.6406024316406,
          356.38054667391407,
          576.6318125549234,
          361.39318428520346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2026",
        "box": [
          89.41405877441406,
          369.1305461426673,
          130.2338901110877,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "581,795 ",
        "box": [
          233.30858777880843,
          369.1305461426673,
          268.29979790209126,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          276.65623847265624,
          369.1305461426673,
          281.654988226875,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.16 ",
        "box": [
          322.69920905419906,
          369.1305461426673,
          347.692929644044,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "581,795 ",
        "box": [
          421.9218574199219,
          369.1305461426673,
          456.9130675432047,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          465.26951561376933,
          369.1305461426673,
          470.26826536798814,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "370,112 ",
        "box": [
          542.0038874165036,
          369.1305461426673,
          576.6240915302451,
          374.1431837539567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2026",
        "box": [
          89.41405877441406,
          381.88054561142053,
          130.2338901110877,
          386.8931832227099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          255.79686434179686,
          381.88054561142053,
          268.2937287523442,
          386.8931832227099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          276.65623847265624,
          381.88054561142053,
          281.654988226875,
          386.8931832227099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          335.1913960336912,
          381.88054561142053,
          347.68826044423855,
          386.8931832227099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          444.41014148291,
          381.88054561142053,
          456.90700589345727,
          386.8931832227099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          465.26951561376933,
          381.88054561142053,
          470.26826536798814,
          386.8931832227099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "370,112 ",
        "box": [
          542.0038874165036,
          381.88054561142053,
          576.6240915302451,
          386.8931832227099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________________________________________________________________________________________________________________",
        "box": [
          33.74999859375,
          397.01365531777265,
          210.74999121875,
          398.51782265427755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          408.88054448641196,
          45.40722371353168,
          413.89318209770136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On February 26, 2026, we announced that our board of directors has authorized the repurchase of up to $400.0 million of our",
        "box": [
          51.749997843749995,
          408.88054448641196,
          552.0441264036599,
          413.89318209770136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding shares of common stock and convertible senior notes over a period of one year. Purchases made pursuant to the",
        "box": [
          51.749997843749995,
          420.88054398640816,
          545.9372975501728,
          425.8931815977121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "program will be made either in the open market or in privately negotiated transactions from time to time as permitted by federal",
        "box": [
          51.749997843749995,
          432.8805434864189,
          562.8422069723279,
          437.8931810977083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by us in",
        "box": [
          51.749997843749995,
          444.8805429864151,
          573.92829034882,
          449.8931805977045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors.",
        "box": [
          51.749997843749995,
          456.8805424864113,
          571.1701877574909,
          461.8931800977007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The program may be suspended or discontinued at any time.",
        "box": [
          51.749997843749995,
          468.8805419864075,
          293.2908740857962,
          473.8931795977114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 3.    Defaults Upon Senior Securities.",
        "box": [
          33.74999859375,
          501.1305406426691,
          211.84484377938122,
          506.14317825395847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "None.",
        "box": [
          69.74999709375,
          523.6305397051619,
          93.90409901857905,
          528.6431773164513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 4.    Mine Safety Disclosures.",
        "box": [
          33.74999859375,
          545.3805387989123,
          178.23026322998874,
          550.3931764102017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Not applicable.",
        "box": [
          69.74999709375,
          567.1305378926627,
          130.82352713026947,
          572.1431755039521
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 5.    Other Information.",
        "box": [
          33.74999859375,
          589.6305369551701,
          156.2972960938624,
          594.6431745664595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, no director or officer of the Company adopted or terminated a 'Rule 10b5-1",
        "box": [
          69.74999709375,
          611.3805360489205,
          560.9918104378402,
          616.3931736602099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trading arrangement' or 'non-Rule 10b5-1 trading arrangement,' as each term is defined in Item 408(a) of Regulation S-K.",
        "box": [
          33.74999859375,
          623.3805355489167,
          527.0634696702713,
          628.3931731602061
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110",
        "box": [
          298.6757725551756,
          678.1305332676566,
          313.30100583329084,
          683.1431708789605
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 167,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.3805599239131,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 6.    Exhibits.",
        "box": [
          33.74999859375,
          93.130557642653,
          111.7918658732554,
          98.14319525395695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(a)",
        "box": [
          51.749997843749995,
          117.13055664265994,
          63.40722296353168,
          122.14319425394933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index to Exhibits",
        "box": [
          69.74999709375,
          117.13055664265994,
          143.08602663349495,
          122.14319425394933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "INDEX TO EXHIBITS",
        "box": [
          256.1718643261719,
          141.13055564265233,
          355.8148103018208,
          146.14319325395627
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exhibit No.",
        "box": [
          34.74609230224609,
          159.70642895177298,
          73.84266101072231,
          163.71503482836124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Description",
        "box": [
          314.7773343842772,
          159.70642895177298,
          354.30334526223703,
          163.71503482836124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.1 ",
        "box": [
          68.27343465527343,
          177.8805541114125,
          83.26966571168046,
          182.89319172270189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indenture, dated as of May 26, 2026, between Starwood Property Trust, Inc. and The Bank of New York Mellon, as",
        "box": [
          91.83983992333984,
          177.8805541114125,
          553.1349589231221,
          182.89319172270189
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trustee (including the form of Starwood Property Trust, Inc.'s 6.125% Senior Notes due 2031) (incorporated by reference",
        "box": [
          91.83983992333984,
          187.63055370515212,
          576.3301153838054,
          192.64319131645607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to Exhibit 4.1 of the Company's Current Report on Form 8-K filed May 26, 2026)",
        "box": [
          91.83983992333984,
          197.3805532989063,
          420.0531502782839,
          202.3931909101957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.2 ",
        "box": [
          68.27343465527343,
          210.88055273640202,
          83.26966571168046,
          215.89319034770597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indenture, dated as of July 10, 2026, between Starwood Property Trust, Inc. and The Bank of New York Mellon, as",
        "box": [
          91.83983992333984,
          210.88055273640202,
          551.4786142171362,
          215.89319034770597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trustee (including the form of Starwood Property Trust, Inc.'s 5.875% Senior Notes due 2029) (incorporated by reference",
        "box": [
          91.83983992333984,
          220.6305523301562,
          576.3418378833169,
          225.6431899414456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to Exhibit 4.1 of the Company's Current Report on Form 8-K filed July 10, 2026)",
        "box": [
          91.83983992333984,
          230.3805519239104,
          418.3934136974396,
          235.39318953519978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31.1 ",
        "box": [
          63.26952861376953,
          243.8805513614061,
          83.2645044368955,
          248.8931889726955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002",
        "box": [
          91.83983992333984,
          243.8805513614061,
          392.24281264404874,
          248.8931889726955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31.2 ",
        "box": [
          63.26952861376953,
          259.6305507051584,
          83.2645044368955,
          264.6431883164478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002",
        "box": [
          91.83983992333984,
          259.6305507051584,
          392.24281264404874,
          264.6431883164478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32.1 ",
        "box": [
          63.26952861376953,
          275.38055004891066,
          83.2645044368955,
          280.39318766020006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002",
        "box": [
          91.83983992333984,
          275.38055004891066,
          381.14696503137566,
          280.39318766020006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32.2 ",
        "box": [
          63.26952861376953,
          291.88054936140543,
          83.2645044368955,
          296.8931869726948
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002",
        "box": [
          91.83983992333984,
          291.88054936140543,
          381.14696503137566,
          296.8931869726948
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.INS",
        "box": [
          50.37890415087891,
          307.6305487051577,
          83.98374402811575,
          312.6431863164471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags",
        "box": [
          91.83983992333984,
          307.6305487051577,
          565.8369391188726,
          312.6431863164471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are embedded within the Inline XBRL document.",
        "box": [
          91.83983992333984,
          318.8805482364114,
          289.42201589699874,
          323.8931858477008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.SCH",
        "box": [
          47.03906054003906,
          335.3805475489062,
          83.98290172662468,
          340.39318516019557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inline XBRL Taxonomy Extension Schema Document",
        "box": [
          91.83983992333984,
          335.3805475489062,
          309.66109652154125,
          340.39318516019557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.CAL",
        "box": [
          46.48827931298828,
          351.8805468614155,
          83.97886563046747,
          356.8931844727049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inline XBRL Taxonomy Extension Calculation Linkbase Document",
        "box": [
          91.83983992333984,
          351.8805468614155,
          363.2462687638255,
          356.8931844727049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.DEF",
        "box": [
          47.601560516601566,
          367.6305462051532,
          83.98403015310382,
          372.64318381645717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inline XBRL Taxonomy Extension Definition Linkbase Document",
        "box": [
          91.83983992333984,
          367.6305462051532,
          358.25238782190394,
          372.64318381645717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.LAB",
        "box": [
          46.48827931298828,
          383.3805455489055,
          83.97887029538083,
          388.3931831601949
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inline XBRL Taxonomy Extension Label Linkbase Document",
        "box": [
          91.83983992333984,
          383.3805455489055,
          339.91716828587147,
          388.3931831601949
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101.PRE",
        "box": [
          48.15234174365234,
          399.8805448614148,
          83.98318000528769,
          404.8931824727042
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inline XBRL Taxonomy Extension Presentation Linkbase Document",
        "box": [
          91.83983992333984,
          399.8805448614148,
          366.5803903999038,
          404.8931824727042
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104 ",
        "box": [
          65.77734100927734,
          415.63054420515255,
          83.2729501865436,
          420.6431818164565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cover Page Interactive Data File (embedded within the Inline XBRL document)",
        "box": [
          91.83983992333984,
          415.63054420515255,
          412.4037820220077,
          420.6431818164565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111",
        "box": [
          298.8632725473631,
          463.63054220515187,
          313.11749981593687,
          468.6431798164558
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 168,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Table of Contents",
        "box": [
          33.74999859375,
          38.380559923898545,
          104.6843139585664,
          43.39319753520249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SIGNATURES",
        "box": [
          273.86717608886715,
          93.130557642653,
          338.1284020887545,
          98.1431952539424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on",
        "box": [
          69.74999709375,
          117.13055664265994,
          573.3879920963327,
          122.14319425394933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its behalf by the undersigned thereunto duly authorized.",
        "box": [
          33.74999859375,
          129.13055614265613,
          256.9653597743595,
          134.14319375394552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "STARWOOD PROPERTY TRUST, INC.",
        "box": [
          306.9609247099609,
          148.63055533014995,
          482.8103368141517,
          153.6431929414539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date: August 6, 2026",
        "box": [
          34.74609230224609,
          175.63055420515593,
          119.71986007417229,
          180.64319181644532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "By:",
        "box": [
          306.9609247099609,
          175.63055420515593,
          321.4055381821896,
          180.64319181644532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "/s/ BARRY S. STERNLICHT",
        "box": [
          395.57810851757813,
          175.63055420515593,
          515.1964608630669,
          180.64319181644532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Barry S. Sternlicht",
        "box": [
          418.0429550815428,
          190.63055358015117,
          492.7360628684175,
          195.64319119144056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chief Executive Officer",
        "box": [
          408.4804554799803,
          200.38055317390535,
          502.3045439910561,
          205.39319078519475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal Executive Officer",
        "box": [
          400.4296708154297,
          210.13055276765954,
          510.3581135554907,
          215.14319037894893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date: August 6, 2026",
        "box": [
          34.74609230224609,
          237.13055164265097,
          119.71986007417229,
          242.14318925394036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "By:",
        "box": [
          306.9609247099609,
          237.13055164265097,
          321.4055381821896,
          242.14318925394036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "/s/ RINA PANIRY",
        "box": [
          418.3476425688475,
          237.13055164265097,
          492.4257062331737,
          242.14318925394036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rina Paniry",
        "box": [
          431.6484195146484,
          252.13055101766076,
          479.1315957986827,
          257.14318862895016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chief Financial Officer, Treasurer, Chief Accounting Officer",
        "box": [
          335.0624860390625,
          261.8805506114004,
          575.7197362570895,
          266.89318822270434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Principal Financial Officer",
        "box": [
          391.66404618066406,
          272.3805501739116,
          519.1124773907255,
          277.393187785201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112",
        "box": [
          298.6757725551756,
          333.88054761140666,
          313.30100583329084,
          338.89318522269605
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  }
]