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        "text": "UNITED STATES ",
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        "text": "SECURITIES AND EXCHANGE COMMISSION ",
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        "text": "WASHINGTON, D.C. 20549",
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        "text": " ",
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        "text": "FORM 10-Q",
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        "text": " ",
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        "text": "(Mark One) ",
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        "text": "\u2612",
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        "text": "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934",
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        "text": "FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026",
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        "text": "OR",
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        "text": "\u2610",
        "box": [
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      {
        "text": "TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ",
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        "text": "FOR THE TRANSITION PERIOD FROM ______ TO ______",
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        "text": "Commission File Number: 001-14788 ",
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      {
        "text": "Blackstone Mortgage Trust, Inc.",
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      {
        "text": "(Exact name of Registrant as specified in its charter)",
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        "text": "Maryland",
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        "text": "94-6181186",
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        "text": "(State or other jurisdiction of",
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        "text": "incorporation or organization)",
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        "text": "(I.R.S. Employer",
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        "text": "Identification No.)",
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      {
        "text": "345 Park Avenue",
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        "text": "New York, New York 10154",
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        "text": "(Address of principal executive offices)(Zip Code) ",
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        "text": "(212) 655-0220",
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        "text": "(Registrant's telephone number, including area code) ",
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        "text": "N/A ",
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        "text": "(Former name, former address and former fiscal year, if changed since last report) ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "Securities registered pursuant to Section 12(b) of the Act:",
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      {
        "text": "Title of each class",
        "box": [
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        "text": "Trading",
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      {
        "text": "symbol(s)",
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      {
        "text": "Name of each exchange",
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      {
        "text": "on which registered",
        "box": [
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      {
        "text": "Class A common stock, par value $0.01 per share",
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      {
        "text": "BXMT",
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      {
        "text": "New York Stock Exchange",
        "box": [
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        "text": "Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 ",
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        "text": "during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing ",
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      {
        "text": "requirements for the past 90 days. Yes ",
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        "confidence": 1.0
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      {
        "text": "\u2612",
        "box": [
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      {
        "text": " No ",
        "box": [
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      {
        "text": "\u2610",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Regulation S-T (\u00a7232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "files). Yes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2612",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " No ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "emerging  growth  company.  See  the  definitions  of  'large  accelerated  filer,'  'accelerated  filer,'  'smaller  reporting  company'  and  'emerging  growth ",
        "box": [
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      {
        "text": "company' in Rule 12b-2 of the Exchange Act.",
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      {
        "text": "Large accelerated filer",
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      {
        "text": " ",
        "box": [
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      {
        "text": "\u2612",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "text": "Accelerated filer",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
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        "text": "Non-accelerated filer",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "text": "Smaller reporting company",
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Emerging growth company",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u2610",
        "box": [
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      {
        "text": " No ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u2612",
        "box": [
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        "from_ocr": false,
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      {
        "text": "The number of the registrant's shares of class A common stock, par value $0.01 per share, outstanding as of April 22, 2026 was 168,683,520",
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Blackstone",
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        "from_ocr": true,
        "confidence": 0.99998
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      {
        "text": "TABLE OF CONTENTS ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          62.25,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "SIGNATURES",
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        "text": "TABLE OF CONTENTS",
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        "text": "Website Disclosure ",
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        "text": "We  use  our  website  (",
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        "text": "www.blackstonemortgagetrust.com",
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        "text": ")  as  a  channel  of  distribution  of  company  information.  The ",
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        "text": "information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in ",
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        "text": "addition to following our press releases, Securities and Exchange Commission, or SEC, filings and public conference calls, ",
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        "text": "and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone Mortgage ",
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        "text": "Trust when you enroll your email address by visiting the 'Contact Us and Email Alerts' section of our website at ",
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        "text": ". The contents of our website and any alerts are not, however, a part of this report. ",
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        "text": "PART I.",
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        "text": "ITEM 1. FINANCIAL STATEMENTS ",
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        "box": [
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          214.10888599999998,
          550.87,
          222.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned real estate, net",
        "box": [
          61.13,
          229.10888599999998,
          149.89,
          237.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          229.77892600000007,
          407.88,
          238.00722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,149,085 ",
        "box": [
          432.17,
          229.77892600000007,
          474.67,
          238.00722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,134,975",
        "box": [
          510.87,
          229.10888599999998,
          550.87,
          237.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities (includes $101,328 and $111,010 at fair ",
        "box": [
          61.13,
          244.10888599999998,
          378.61001999999996,
          252.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value as of March 31, 2026 and December 31, 2025, respectively)",
        "box": [
          71.13,
          255.50890600000002,
          335.03998999999993,
          263.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244,400",
        "box": [
          441.12,
          244.10888599999998,
          473.62,
          252.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "217,488",
        "box": [
          518.37,
          244.10888599999998,
          550.87,
          252.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          61.13,
          270.358886,
          109.67999999999998,
          278.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "420,824",
        "box": [
          441.12,
          270.358886,
          473.62,
          278.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,263",
        "box": [
          518.37,
          270.358886,
          550.87,
          278.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          78.5,
          285.198916,
          130.40999999999997,
          293.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          285.35891599999997,
          412.88,
          293.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,629,808 ",
        "box": [
          427.17,
          285.35891599999997,
          474.67,
          293.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          285.35891599999997,
          489.38,
          293.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,002,946 ",
        "box": [
          504.42,
          285.35891599999997,
          551.9200000000001,
          293.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities and Equity",
        "box": [
          61.13,
          300.198916,
          153.85,
          308.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt, net",
        "box": [
          61.13,
          314.60891599999997,
          130.21999999999994,
          322.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          314.60891599999997,
          412.88,
          322.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,089,438 ",
        "box": [
          432.17,
          314.60891599999997,
          474.67,
          322.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          314.60891599999997,
          489.38,
          322.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,117,292 ",
        "box": [
          504.42,
          314.60891599999997,
          551.9200000000001,
          322.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations, net",
        "box": [
          61.13,
          329.60891599999997,
          189.85999999999999,
          337.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,874,489",
        "box": [
          433.62,
          329.60891599999997,
          473.62,
          337.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,139,719",
        "box": [
          510.87,
          329.60891599999997,
          550.87,
          337.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific debt, net",
        "box": [
          61.13,
          344.60891599999997,
          154.62,
          352.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "959,352",
        "box": [
          441.12,
          344.60891599999997,
          473.62,
          352.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,746",
        "box": [
          518.37,
          344.60891599999997,
          550.87,
          352.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term loans, net",
        "box": [
          61.13,
          359.60891599999997,
          123.55999999999997,
          367.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,881,392",
        "box": [
          433.62,
          359.60891599999997,
          473.62,
          367.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,808,000",
        "box": [
          510.87,
          359.60891599999997,
          550.87,
          367.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          61.13,
          374.60891599999997,
          161.02999999999997,
          382.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "782,215",
        "box": [
          441.12,
          374.60891599999997,
          473.62,
          382.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "784,876",
        "box": [
          518.37,
          374.60891599999997,
          550.87,
          382.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible notes, net",
        "box": [
          61.13,
          389.60891599999997,
          149.08999999999995,
          397.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "265,028",
        "box": [
          441.12,
          389.60891599999997,
          473.62,
          397.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,745",
        "box": [
          518.37,
          389.60891599999997,
          550.87,
          397.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          61.13,
          404.60891599999997,
          123.51999999999995,
          412.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "359,842",
        "box": [
          441.12,
          404.60891599999997,
          473.62,
          412.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "386,178",
        "box": [
          518.37,
          404.60891599999997,
          550.87,
          412.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          78.5,
          419.448916,
          146.48000000000002,
          427.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,211,756",
        "box": [
          428.62,
          419.60891599999997,
          473.62,
          427.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,498,556",
        "box": [
          505.87,
          419.60891599999997,
          550.87,
          427.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments and contingencies (Note 21)",
        "box": [
          61.13,
          434.60891599999997,
          233.16000000000003,
          442.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          61.13,
          449.448916,
          90.00999999999999,
          457.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A common stock, $0.01 par value, 400,000,000 shares authorized, ",
        "box": [
          61.13,
          464.60891599999997,
          352.56999999999994,
          472.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,683,520 and 168,259,023 shares issued and outstanding as of March 31, 2026 ",
        "box": [
          71.13,
          476.00890599999997,
          401.80002,
          484.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and December 31, 2025, respectively",
        "box": [
          71.13,
          487.40890599999994,
          219.85001000000005,
          495.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,687",
        "box": [
          451.12,
          464.60891599999997,
          473.62,
          472.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,683",
        "box": [
          528.37,
          464.60891599999997,
          550.87,
          472.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          61.13,
          503.60891599999997,
          163.77,
          511.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,436,583",
        "box": [
          433.62,
          503.60891599999997,
          473.62,
          511.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,430,542",
        "box": [
          510.87,
          503.60891599999997,
          550.87,
          511.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive income",
        "box": [
          61.13,
          518.608886,
          232.30000000000007,
          526.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,857",
        "box": [
          451.12,
          518.608886,
          473.62,
          526.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,113",
        "box": [
          523.37,
          518.608886,
          550.87,
          526.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated deficit",
        "box": [
          61.13,
          533.608886,
          142.39,
          541.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,031,167)",
        "box": [
          426.95999,
          533.608886,
          473.61999,
          541.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,945,428)",
        "box": [
          504.20999,
          533.608886,
          550.86999,
          541.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Blackstone Mortgage Trust, Inc. stockholders' equity",
        "box": [
          61.13,
          548.608886,
          298.09000000000003,
          556.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,414,960",
        "box": [
          433.62,
          548.608886,
          473.62,
          556.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,498,910",
        "box": [
          510.87,
          548.608886,
          550.87,
          556.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests",
        "box": [
          61.13,
          563.608886,
          161.3,
          571.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,092",
        "box": [
          451.12,
          563.608886,
          473.62,
          571.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,480",
        "box": [
          528.37,
          563.608886,
          550.87,
          571.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Equity",
        "box": [
          78.5,
          578.448916,
          132.64,
          586.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,418,052",
        "box": [
          433.62,
          578.608886,
          473.62,
          586.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,504,390",
        "box": [
          510.87,
          578.608886,
          550.87,
          586.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities and Equity",
        "box": [
          98.5,
          593.448916,
          216.48000000000008,
          601.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          593.608886,
          412.88,
          601.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,629,808 ",
        "box": [
          427.17,
          593.608886,
          474.67,
          601.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          593.608886,
          489.38,
          601.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,002,946 ",
        "box": [
          504.42,
          593.608886,
          551.9200000000001,
          601.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note: The consolidated balance sheets as of March 31, 2026 and December 31, 2025 include assets of consolidated variable ",
        "box": [
          58.5,
          621.358886,
          555.9900000000001,
          629.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of consolidated ",
        "box": [
          58.5,
          632.858886,
          555.8299999999998,
          641.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of March 31, 2026 and December 31, ",
        "box": [
          58.5,
          644.358886,
          555.8799900000002,
          652.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, assets of the consolidated VIEs totaled $4.1 billion and $3.3 billion, respectively, and liabilities of the consolidated ",
        "box": [
          58.5,
          655.858886,
          555.9999999999999,
          664.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs totaled $2.9 billion and $2.2 billion, respectively. Refer to Note 19 for further discussion of the VIEs.",
        "box": [
          58.5,
          667.358886,
          486.9800099999998,
          675.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See accompanying notes to consolidated financial statements.",
        "box": [
          182.38,
          690.868896,
          429.61999999999983,
          699.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 5,
    "width": 612.0,
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    "cells": [
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
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          377.75,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Operations (Unaudited)",
        "box": [
          195.5,
          65.64892600000007,
          416.4999999999999,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands, except share and per share data) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          58.5,
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          61.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          112.48315479999997,
          63.13,
          119.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          441.34,
          104.48315479999997,
          514.1960000000001,
          111.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31,",
        "box": [
          460.20001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          125.23315479999997,
          63.13,
          131.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          432.06,
          125.23315479999997,
          448.06,
          131.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          509.31,
          125.23315479999997,
          525.31,
          131.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments",
        "box": [
          61.13,
          137.64892600000007,
          237.97000000000003,
          145.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest and related income",
        "box": [
          78.5,
          152.058896,
          186.95000000000005,
          160.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          152.058896,
          412.13,
          160.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "305,557 ",
        "box": [
          439.67,
          152.058896,
          474.67,
          160.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          152.058896,
          489.38,
          160.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "332,057 ",
        "box": [
          516.92,
          152.058896,
          551.92,
          160.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Interest and related expenses",
        "box": [
          78.5,
          167.058896,
          217.19000000000003,
          175.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220,736",
        "box": [
          441.12,
          167.058896,
          473.62,
          175.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,233",
        "box": [
          518.37,
          167.058896,
          550.87,
          175.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net",
        "box": [
          98.5,
          181.89892600000007,
          293.6600000000001,
          190.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,821",
        "box": [
          446.12,
          182.058896,
          473.62,
          190.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,824",
        "box": [
          523.37,
          182.058896,
          550.87,
          190.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          78.5,
          197.058896,
          207.22000000000003,
          205.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,594",
        "box": [
          446.12,
          197.058896,
          473.62,
          205.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,033",
        "box": [
          523.37,
          197.058896,
          550.87,
          205.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenue",
        "box": [
          98.5,
          211.89892600000007,
          173.43000000000004,
          220.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159,415",
        "box": [
          441.12,
          212.058896,
          473.62,
          220.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,857",
        "box": [
          518.37,
          212.058896,
          550.87,
          220.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          61.13,
          226.89892600000007,
          100.54999999999998,
          235.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and incentive fees",
        "box": [
          78.5,
          241.308896,
          205.26000000000005,
          249.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,813",
        "box": [
          446.12,
          241.308896,
          473.62,
          249.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,235",
        "box": [
          523.37,
          241.308896,
          550.87,
          249.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          78.5,
          256.308896,
          225.24000000000004,
          264.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,981",
        "box": [
          446.12,
          256.308896,
          473.62,
          264.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,664",
        "box": [
          523.37,
          256.308896,
          550.87,
          264.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from owned real estate",
        "box": [
          78.5,
          271.308896,
          210.01000000000005,
          279.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,975",
        "box": [
          446.12,
          271.308896,
          473.62,
          279.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,302",
        "box": [
          523.37,
          271.308896,
          550.87,
          279.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          98.5,
          286.148896,
          160.95,
          294.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,769",
        "box": [
          441.12,
          286.30889599999995,
          473.62,
          294.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,201",
        "box": [
          523.37,
          286.30889599999995,
          550.87,
          294.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in current expected credit loss reserve",
        "box": [
          61.13,
          301.30889599999995,
          248.08000000000004,
          309.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(55,055)",
        "box": [
          439.45999,
          301.30889599999995,
          473.61999,
          309.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(49,505)",
        "box": [
          516.71002,
          301.30889599999995,
          550.8700200000001,
          309.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from unconsolidated entities",
        "box": [
          61.13,
          316.30889599999995,
          232.05000000000007,
          324.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,383",
        "box": [
          451.12,
          316.30889599999995,
          473.62,
          324.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(874)",
        "box": [
          529.21002,
          316.30889599999995,
          550.8700200000001,
          324.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss on disposition of owned real estate",
        "box": [
          61.13,
          331.30889599999995,
          235.13000000000008,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160)",
        "box": [
          451.95999,
          331.30889599999995,
          473.61999,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          540.87,
          331.30889599999995,
          550.87,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income, net",
        "box": [
          61.13,
          346.30889599999995,
          132.98999999999998,
          354.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          468.62,
          346.30889599999995,
          473.62,
          354.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90",
        "box": [
          540.87,
          346.30889599999995,
          550.87,
          354.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss) income before income taxes",
        "box": [
          61.13,
          361.148896,
          207.10000000000005,
          369.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,182)",
        "box": [
          444.45999,
          361.30889599999995,
          473.61999,
          369.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367",
        "box": [
          535.87,
          361.30889599999995,
          550.87,
          369.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          61.13,
          376.30889599999995,
          146.04999999999998,
          384.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,158",
        "box": [
          451.12,
          376.30889599999995,
          473.62,
          384.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "718",
        "box": [
          535.87,
          376.30889599999995,
          550.87,
          384.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss",
        "box": [
          61.13,
          391.148896,
          94.16,
          399.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,340)",
        "box": [
          444.45999,
          391.30889599999995,
          473.61999,
          399.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(351)",
        "box": [
          529.21002,
          391.30889599999995,
          550.8700200000001,
          399.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss (income) attributable to non-controlling interests",
        "box": [
          61.13,
          406.30889599999995,
          290.8500000000001,
          414.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43",
        "box": [
          463.62,
          406.30889599999995,
          473.62,
          414.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          539.21002,
          406.30889599999995,
          550.8700200000001,
          414.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss attributable to Blackstone Mortgage Trust, Inc.",
        "box": [
          61.13,
          421.148896,
          299.56000000000006,
          429.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          421.30889599999995,
          412.13,
          429.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297)  $ ",
        "box": [
          446.34,
          421.30889599999995,
          489.38,
          429.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(357) ",
        "box": [
          531.09,
          421.30889599999995,
          555.2500000000001,
          429.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss per share of common stock, basic and diluted",
        "box": [
          61.13,
          436.148896,
          289.33,
          444.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          436.30889599999995,
          412.13,
          444.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.04) ",
        "box": [
          451.34,
          436.30889599999995,
          477.99999999999994,
          444.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          436.30889599999995,
          489.38,
          444.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.00) ",
        "box": [
          528.59,
          436.30889599999995,
          555.2500000000001,
          444.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares of common stock outstanding, basic and diluted",
        "box": [
          61.13,
          451.148896,
          374.0299999999999,
          459.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078,373",
        "box": [
          423.62,
          451.30889599999995,
          473.62,
          459.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172,004,888",
        "box": [
          500.87,
          451.30889599999995,
          550.87,
          459.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See accompanying notes to consolidated financial statements.",
        "box": [
          182.38,
          479.06890599999997,
          429.61999999999983,
          487.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 6,
    "width": 612.0,
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    "cells": [
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          54.148926000000074,
          377.75,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Comprehensive Income (Unaudited) ",
        "box": [
          168.99001,
          65.64892600000007,
          445.50001999999995,
          73.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
          275.57999,
          77.14892600000007,
          336.4199899999999,
          85.37722255618269
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          58.5,
          88.87469720000001,
          61.5,
          98.74865306741924
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          114.78314479999995,
          63.13,
          121.36578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          441.34,
          106.78314479999995,
          514.1960000000001,
          113.36578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31,",
        "box": [
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          495.2960100000001,
          121.36578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          127.53314479999995,
          63.13,
          134.11578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
          127.53314479999995,
          447.12,
          134.11578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          127.53314479999995,
          524.37,
          134.11578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss",
        "box": [
          61.13,
          140.10888599999998,
          93.6,
          148.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          140.10888599999998,
          412.13,
          148.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,340)  $ ",
        "box": [
          446.34,
          140.10888599999998,
          489.38,
          148.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(351) ",
        "box": [
          531.09,
          140.10888599999998,
          555.2500000000001,
          148.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive (loss) income",
        "box": [
          61.13,
          155.10888599999998,
          203.48000000000002,
          163.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized (loss) gain on foreign currency translation",
        "box": [
          78.5,
          170.10888599999998,
          292.69,
          178.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(28,400)",
        "box": [
          439.45999,
          170.10888599999998,
          473.61999,
          178.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,901",
        "box": [
          523.37,
          170.10888599999998,
          550.87,
          178.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized and unrealized gain (loss) on derivative financial instruments",
        "box": [
          78.5,
          185.10888599999998,
          360.3299999999999,
          193.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,471",
        "box": [
          446.12,
          185.10888599999998,
          473.62,
          193.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(60,394)",
        "box": [
          516.71002,
          185.10888599999998,
          550.8700200000001,
          193.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized loss on derivative financial instruments from unconsolidated entities",
        "box": [
          78.5,
          200.10888599999998,
          398.08999999999986,
          208.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(327)",
        "box": [
          451.95999,
          200.10888599999998,
          473.61999,
          208.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(184)",
        "box": [
          529.21002,
          200.10888599999998,
          550.8700200000001,
          208.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive (loss) income",
        "box": [
          61.13,
          215.10888599999998,
          203.48000000000002,
          223.3371825561826
        ],
        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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          163.34201,
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        "text": "$  3,418,052 ",
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          553.13,
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          176.32901,
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          279.38,
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      {
        "text": "$ ",
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          292.13,
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        "text": "$ ",
        "box": [
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        "from_ocr": false,
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        "text": "$ ",
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      {
        "text": "$  3,794,189 ",
        "box": [
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          553.13,
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        "box": [
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          340.87,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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          397.12,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "-",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "(31,629)",
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        "from_ocr": false,
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        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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          404.8310254,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(31,647)",
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        "from_ocr": false,
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        "text": "-",
        "box": [
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          502.12,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(31,647)",
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        "from_ocr": false,
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        "text": "Restricted class A common ",
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        "text": "stock earned",
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        "text": "5",
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        "text": "-",
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        "from_ocr": false,
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        "text": "-",
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        "text": "6,792",
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        "from_ocr": false,
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        "text": "6,792",
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        "from_ocr": false,
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      {
        "text": "-",
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        "from_ocr": false,
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      {
        "text": "213",
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        "from_ocr": false,
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-",
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          397.12,
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        "from_ocr": false,
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      {
        "text": "213",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-",
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        "from_ocr": false,
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        "text": "213",
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        "from_ocr": false,
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        "text": "compensation",
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      {
        "text": "-",
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        "from_ocr": false,
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      {
        "text": "173",
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        "from_ocr": false,
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-",
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        "from_ocr": false,
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        "text": "173",
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        "from_ocr": false,
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      {
        "text": "-",
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        "from_ocr": false,
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        "text": "173",
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      {
        "text": "-",
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        "from_ocr": false,
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(357)",
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      {
        "text": " ",
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      {
        "text": "(357) ",
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      {
        "text": "6",
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      {
        "text": "(351)",
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
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      {
        "text": "323",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "-",
        "box": [
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        "from_ocr": false,
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      {
        "text": "323",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
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      {
        "text": "323",
        "box": [
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        "from_ocr": false,
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        "text": "common stock and deferred ",
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      {
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        "from_ocr": false,
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      {
        "text": "-",
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        "from_ocr": false,
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      {
        "text": "-",
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        "from_ocr": false,
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      {
        "text": "-",
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      {
        "text": "(80,837)",
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      {
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      {
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      {
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      {
        "text": "-",
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        "from_ocr": false,
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      {
        "text": "-",
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        "from_ocr": false,
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      {
        "text": "-",
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        "from_ocr": false,
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      {
        "text": "- ",
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      {
        "text": "$ ",
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      {
        "text": "$  5,486,596 ",
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      {
        "text": "$ ",
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      {
        "text": "$  (1,814,935) ",
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      {
        "text": "$ ",
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        "text": "3,681,968 ",
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      {
        "text": "$ ",
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        "text": "6,750 ",
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      {
        "text": "$  3,688,718 ",
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      {
        "text": "Equity",
        "box": [
          519.08002,
          137.28314479999995,
          542.1840199999999,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          542.17004,
          137.28314479999995,
          544.17004,
          143.86578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                  ",
        "box": [
          58.5,
          585.3120701,
          96.75,
          592.3061221727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          179.2,
          596.1320800999999,
          185.575,
          603.1261321727553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See accompanying notes to consolidated financial statements.",
        "box": [
          185.56,
          595.138916,
          432.79999999999984,
          603.3672125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          54.148926000000074,
          377.75,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Changes in Equity (Unaudited)",
        "box": [
          179.92999,
          65.64892600000007,
          432.05999,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands) ",
        "box": [
          275.57999,
          77.14892600000007,
          338.9199899999999,
          85.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 8,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          54.148926000000074,
          377.75,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Cash Flows (Unaudited)",
        "box": [
          194.78999,
          65.64892600000007,
          417.19998999999996,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands)",
        "box": [
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          336.4199899999999,
          85.37722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          422.79001,
          92.73315479999997,
          532.7340100000001,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
          105.48315479999997,
          447.12,
          112.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          105.48315479999997,
          524.37,
          112.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows from operating activities",
        "box": [
          61.13,
          117.89892600000007,
          214.9000000000001,
          126.12722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss",
        "box": [
          78.5,
          132.308896,
          110.96999999999998,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          132.308896,
          412.13,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,340)  $ ",
        "box": [
          446.34,
          132.308896,
          489.38,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(351) ",
        "box": [
          531.09,
          132.308896,
          555.2500000000001,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments to reconcile net loss to net cash provided by operating activities",
        "box": [
          78.5,
          147.308896,
          385.6299999999999,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash compensation expense",
        "box": [
          98.5,
          162.308896,
          229.48000000000002,
          170.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,687",
        "box": [
          449.75,
          162.308896,
          472.25,
          170.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,965",
        "box": [
          527.0,
          162.308896,
          549.5,
          170.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of deferred fees on loans",
        "box": [
          98.5,
          177.308896,
          253.0400000000001,
          185.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,430)",
        "box": [
          439.45999,
          177.308896,
          473.61999,
          185.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,622)",
        "box": [
          516.71002,
          177.308896,
          550.8700200000001,
          185.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of deferred financing costs and premiums/discounts on debt ",
        "box": [
          98.5,
          192.308896,
          395.68999999999994,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations",
        "box": [
          108.5,
          203.70892600000002,
          152.9,
          211.93722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,087",
        "box": [
          451.12,
          192.308896,
          473.62,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,345",
        "box": [
          528.37,
          192.308896,
          550.87,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment-in-kind interest, net of interest received",
        "box": [
          98.5,
          218.558896,
          293.79000000000013,
          226.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,106)",
        "box": [
          444.45999,
          218.558896,
          473.61999,
          226.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,570)",
        "box": [
          521.71002,
          218.558896,
          550.8700200000001,
          226.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in current expected credit loss reserve",
        "box": [
          98.5,
          233.558896,
          285.4500000000001,
          241.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,055",
        "box": [
          446.12,
          233.558896,
          473.62,
          241.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,505",
        "box": [
          522.0,
          233.558896,
          549.5,
          241.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Straight-line rental income",
        "box": [
          98.5,
          248.558896,
          205.5700000000001,
          256.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,775)",
        "box": [
          444.45999,
          248.558896,
          473.61999,
          256.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "901",
        "box": [
          534.5,
          248.558896,
          549.5,
          256.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization of owned real estate",
        "box": [
          98.5,
          263.558896,
          302.6500000000001,
          271.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,885",
        "box": [
          446.12,
          263.558896,
          473.62,
          271.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,279",
        "box": [
          522.0,
          263.558896,
          549.5,
          271.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss on disposition of owned real estate",
        "box": [
          98.5,
          278.558896,
          272.5,
          286.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160",
        "box": [
          458.62,
          278.558896,
          473.62,
          286.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          539.5,
          278.558896,
          549.5,
          286.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Income) loss from unconsolidated entities",
        "box": [
          98.5,
          293.55889599999995,
          269.4200000000001,
          301.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,383)",
        "box": [
          444.45999,
          293.55889599999995,
          473.61999,
          301.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "874",
        "box": [
          535.87,
          293.55889599999995,
          550.87,
          301.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions of earnings from unconsolidated entities",
        "box": [
          98.5,
          308.55889599999995,
          314.10999999999996,
          316.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,291",
        "box": [
          446.12,
          308.55889599999995,
          473.62,
          316.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          539.5,
          309.22891599999997,
          549.5,
          317.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized loss on derivative financial instruments, net",
        "box": [
          98.5,
          323.55889599999995,
          319.05,
          331.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,520",
        "box": [
          451.12,
          323.55889599999995,
          473.62,
          331.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,526",
        "box": [
          528.37,
          323.55889599999995,
          550.87,
          331.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gain on derivative financial instruments, net",
        "box": [
          98.5,
          338.55889599999995,
          311.81000000000006,
          346.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,481)",
        "box": [
          444.45999,
          338.55889599999995,
          473.61999,
          346.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,480)",
        "box": [
          521.71002,
          338.55889599999995,
          550.8700200000001,
          346.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in assets and liabilities, net",
        "box": [
          78.5,
          353.55889599999995,
          222.76000000000005,
          361.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          98.5,
          368.55889599999995,
          147.04999999999998,
          376.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99,013",
        "box": [
          446.12,
          368.55889599999995,
          473.62,
          376.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,987",
        "box": [
          523.37,
          368.55889599999995,
          550.87,
          376.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          98.5,
          383.55889599999995,
          160.89000000000004,
          391.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "544",
        "box": [
          457.25,
          383.55889599999995,
          472.25,
          391.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,843)",
        "box": [
          521.71002,
          383.55889599999995,
          550.8700200000001,
          391.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by operating activities",
        "box": [
          78.5,
          398.55889599999995,
          242.4600000000001,
          406.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,727",
        "box": [
          441.12,
          398.55889599999995,
          473.62,
          406.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,516",
        "box": [
          518.37,
          398.55889599999995,
          550.87,
          406.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows from investing activities",
        "box": [
          61.13,
          413.398896,
          212.13000000000008,
          421.6271925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal fundings of loans receivable",
        "box": [
          78.5,
          427.80889599999995,
          230.00000000000006,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(290,826)",
        "box": [
          434.45999,
          427.80889599999995,
          473.61999,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,677,727)",
        "box": [
          504.20999,
          427.80889599999995,
          550.86999,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal collections, sales proceeds, and cost-recovery proceeds from loans ",
        "box": [
          78.5,
          442.80889599999995,
          385.0699999999999,
          451.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable",
        "box": [
          88.5,
          454.208896,
          129.52999999999997,
          462.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "599,251",
        "box": [
          441.12,
          442.80889599999995,
          473.62,
          451.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,940,914",
        "box": [
          510.87,
          442.80889599999995,
          550.87,
          451.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination and other fees received on loans receivable",
        "box": [
          78.5,
          469.05889599999995,
          299.0400000000001,
          477.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,235",
        "box": [
          446.12,
          469.05889599999995,
          473.62,
          477.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,965",
        "box": [
          523.37,
          469.05889599999995,
          550.87,
          477.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in debt securities",
        "box": [
          78.5,
          484.05889599999995,
          193.07000000000002,
          492.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(66,650)",
        "box": [
          439.45999,
          484.05889599999995,
          473.61999,
          492.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          540.87,
          484.05889599999995,
          550.87,
          492.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payments under derivative financial instruments",
        "box": [
          78.5,
          499.05889599999995,
          271.59000000000015,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25,866)",
        "box": [
          439.45999,
          499.05889599999995,
          473.61999,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,384)",
        "box": [
          516.71002,
          499.05889599999995,
          550.8700200000001,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receipts under derivative financial instruments",
        "box": [
          78.5,
          514.058896,
          267.1200000000001,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,903",
        "box": [
          451.12,
          514.058896,
          473.62,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93,882",
        "box": [
          523.37,
          514.058896,
          550.87,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral deposited under derivative agreements",
        "box": [
          78.5,
          529.058896,
          274.32000000000005,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(89,090)",
        "box": [
          439.45999,
          529.058896,
          473.61999,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(135,670)",
        "box": [
          511.70999,
          529.058896,
          550.86999,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Return of collateral deposited under derivative agreements",
        "box": [
          78.5,
          544.058896,
          312.6100000000001,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "107,400",
        "box": [
          441.12,
          544.058896,
          473.62,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70,840",
        "box": [
          523.37,
          544.058896,
          550.87,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in unconsolidated entities",
        "box": [
          78.5,
          559.058896,
          227.48000000000005,
          567.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(58,893)",
        "box": [
          439.45999,
          559.058896,
          473.61999,
          567.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25,626)",
        "box": [
          516.71002,
          559.058896,
          550.8700200000001,
          567.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Return of capital from unconsolidated entities",
        "box": [
          78.5,
          574.058896,
          261.8700000000001,
          582.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,746",
        "box": [
          446.12,
          574.058896,
          473.62,
          582.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          539.5,
          574.728886,
          549.5,
          582.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from disposition of owned real estate",
        "box": [
          78.5,
          589.058896,
          265.53000000000003,
          597.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,148",
        "box": [
          446.12,
          589.058896,
          473.62,
          597.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          539.5,
          589.728886,
          549.5,
          597.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital expenditures on owned real estate",
        "box": [
          78.5,
          604.058896,
          245.22000000000006,
          612.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,532)",
        "box": [
          439.45999,
          604.058896,
          473.61999,
          612.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,255)",
        "box": [
          521.71002,
          604.058896,
          550.8700200000001,
          612.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by investing activities",
        "box": [
          78.5,
          619.058896,
          241.36000000000007,
          627.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220,826",
        "box": [
          441.12,
          619.058896,
          473.62,
          627.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260,939",
        "box": [
          518.37,
          619.058896,
          550.87,
          627.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "continued\u2026",
        "box": [
          504.10001,
          646.808896,
          553.50001,
          655.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See accompanying notes to consolidated financial statements.",
        "box": [
          182.38,
          670.318906,
          429.61999999999983,
          678.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 9,
    "width": 612.0,
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    "cells": [
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          236.75,
          54.148926000000074,
          377.75,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Cash Flows (Unaudited)",
        "box": [
          194.78999,
          65.64892600000007,
          417.19998999999996,
          73.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands) ",
        "box": [
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          77.14892600000007,
          338.9199899999999,
          85.37722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          92.73315479999997,
          63.13,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          422.79001,
          92.73315479999997,
          532.7340100000001,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          105.48315479999997,
          63.13,
          112.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
          105.48315479999997,
          447.12,
          112.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          105.48315479999997,
          524.37,
          112.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows from financing activities",
        "box": [
          61.13,
          117.89892600000007,
          213.8000000000001,
          126.12722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings under secured debt",
        "box": [
          78.5,
          132.308896,
          203.68000000000004,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          132.308896,
          412.13,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "210,868 ",
        "box": [
          439.67,
          132.308896,
          474.67,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          132.308896,
          489.38,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,029,960 ",
        "box": [
          509.42,
          132.308896,
          551.9200000000001,
          140.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments under secured debt",
        "box": [
          78.5,
          147.308896,
          205.86,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,187,050)",
        "box": [
          426.95999,
          147.308896,
          473.61999,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(905,532)",
        "box": [
          511.70999,
          147.308896,
          550.86999,
          155.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from issuance of securitized debt obligations",
        "box": [
          78.5,
          162.308896,
          296.02,
          170.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "880,000",
        "box": [
          441.12,
          162.308896,
          473.62,
          170.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "831,250",
        "box": [
          518.37,
          162.308896,
          550.87,
          170.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments of securitized debt obligations",
        "box": [
          78.5,
          177.308896,
          251.0600000000001,
          185.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(133,608)",
        "box": [
          434.45999,
          177.308896,
          473.61999,
          185.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(102,782)",
        "box": [
          511.70999,
          177.308896,
          550.86999,
          185.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings under asset-specific debt",
        "box": [
          78.5,
          192.308896,
          226.96000000000006,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,521",
        "box": [
          446.12,
          192.308896,
          473.62,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "203,941",
        "box": [
          518.37,
          192.308896,
          550.87,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments under asset-specific debt",
        "box": [
          78.5,
          207.308896,
          229.14000000000004,
          215.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,000)",
        "box": [
          439.45999,
          207.308896,
          473.61999,
          215.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(936,274)",
        "box": [
          511.70999,
          207.308896,
          550.86999,
          215.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net proceeds from term loan borrowings",
        "box": [
          78.5,
          222.308896,
          241.40000000000006,
          230.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,117",
        "box": [
          446.12,
          222.308896,
          473.62,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          540.87,
          222.308896,
          550.87,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments and repurchases of term loans",
        "box": [
          78.5,
          237.308896,
          249.69000000000005,
          245.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          463.62,
          237.308896,
          473.62,
          245.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,690)",
        "box": [
          521.71002,
          237.308896,
          550.8700200000001,
          245.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment of deferred financing costs",
        "box": [
          78.5,
          252.308896,
          222.78000000000006,
          260.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,476)",
        "box": [
          439.45999,
          252.308896,
          473.61999,
          260.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,017)",
        "box": [
          516.71002,
          252.308896,
          550.8700200000001,
          260.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions to non-controlling interests",
        "box": [
          78.5,
          267.308896,
          241.4000000000001,
          275.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,345)",
        "box": [
          444.45999,
          267.308896,
          473.61999,
          275.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(137)",
        "box": [
          529.21002,
          267.308896,
          550.8700200000001,
          275.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends paid on class A common stock",
        "box": [
          78.5,
          282.30889599999995,
          244.47000000000003,
          290.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(79,082)",
        "box": [
          439.45999,
          282.30889599999995,
          473.61999,
          290.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,214)",
        "box": [
          516.71002,
          282.30889599999995,
          550.8700200000001,
          290.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchases of class A common stock",
        "box": [
          78.5,
          297.30889599999995,
          232.51,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(802)",
        "box": [
          451.95999,
          297.30889599999995,
          473.61999,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,647)",
        "box": [
          516.71002,
          297.30889599999995,
          550.8700200000001,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash used in financing activities",
        "box": [
          78.5,
          312.30889599999995,
          223.0200000000001,
          320.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(292,857)",
        "box": [
          434.45999,
          312.30889599999995,
          473.61999,
          320.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,142)",
        "box": [
          516.71002,
          312.30889599999995,
          550.8700200000001,
          320.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net increase in cash and cash equivalents",
        "box": [
          61.13,
          327.148896,
          236.56,
          335.3771925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97,696",
        "box": [
          446.12,
          327.30889599999995,
          473.62,
          335.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "343,313",
        "box": [
          518.37,
          327.30889599999995,
          550.87,
          335.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents at beginning of period",
        "box": [
          61.13,
          342.30889599999995,
          257.31000000000006,
          350.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526",
        "box": [
          441.12,
          342.30889599999995,
          473.62,
          350.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "323,483",
        "box": [
          518.37,
          342.30889599999995,
          550.87,
          350.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effects of currency translation on cash and cash equivalents",
        "box": [
          61.13,
          357.30889599999995,
          300.27,
          365.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,069)",
        "box": [
          444.45999,
          357.30889599999995,
          473.61999,
          365.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,767",
        "box": [
          528.37,
          357.30889599999995,
          550.87,
          365.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents at end of period",
        "box": [
          61.13,
          372.30889599999995,
          231.77000000000007,
          380.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          372.30889599999995,
          412.13,
          380.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "549,153 ",
        "box": [
          439.67,
          372.30889599999995,
          474.67,
          380.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          372.30889599999995,
          489.38,
          380.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "668,563 ",
        "box": [
          516.92,
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          551.92,
          380.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Supplemental disclosure of cash flows information",
        "box": [
          61.13,
          387.148896,
          275.72,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payments of interest",
        "box": [
          61.13,
          401.55889599999995,
          142.70999999999998,
          409.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          401.55889599999995,
          412.13,
          409.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(206,004)  $ ",
        "box": [
          436.34,
          401.55889599999995,
          489.38,
          409.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(245,428) ",
        "box": [
          513.59,
          401.55889599999995,
          555.2500000000001,
          409.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payments of income taxes",
        "box": [
          61.13,
          416.55889599999995,
          165.73,
          424.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          416.55889599999995,
          412.13,
          424.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,885)  $ ",
        "box": [
          446.34,
          416.55889599999995,
          489.38,
          424.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(782) ",
        "box": [
          531.09,
          416.55889599999995,
          555.2500000000001,
          424.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Supplemental disclosure of non-cash investing and financing activities",
        "box": [
          61.13,
          431.398896,
          359.00999999999993,
          439.6271925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared, not paid",
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "(79,281)  $ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(80,644) ",
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        "text": "Loan principal payments held by servicer, net",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "6,628 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "text": "577 ",
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        "confidence": 1.0
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        "text": "Transfer of senior loans to owned real estate",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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        "text": "30,355 ",
        "box": [
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          474.67,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "34,721 ",
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        "text": "Assumption of other assets and liabilities related to owned real estate",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "10,727 ",
        "box": [
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          474.67,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          489.38,
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        "confidence": 1.0
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      {
        "text": "10,323 ",
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        "text": "Accrued capital expenditures on owned real estate",
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      {
        "text": "$ ",
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      {
        "text": "356 ",
        "box": [
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "- ",
        "box": [
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      {
        "text": "See accompanying notes to consolidated financial statements.",
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        "text": "8",
        "box": [
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    "cells": [
      {
        "text": "1. ORGANIZATION",
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      {
        "text": "References herein to 'Blackstone Mortgage Trust,' 'Company,' 'we,' 'us' or 'our' refer to Blackstone Mortgage Trust, ",
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        "confidence": 1.0
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      {
        "text": "Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.",
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        "confidence": 1.0
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      {
        "text": "Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "markets,  and  sponsored  by  experienced,  well-capitalized  real  estate  investment  owners  and  operators.  We  finance  our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "investments in a variety of ways, including borrowing under secured credit facilities, issuing collateralized loan obligations, ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or  CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing,  depending  on  our  view  of  the  most  prudent  financing  option  available  for  each  of  our  investments.  We  are ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol 'BXMT.' Our ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "principal executive offices are located at 345 Park Avenue, New York, New York 10154.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  maintain  our  qualification  as  a  REIT.  We  also  operate  our  business  in  a  manner  that  permits  us  to  maintain  an ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "exclusion  from  registration  under  the  Investment  Company  Act  of  1940,  as  amended.  We  are  organized  as  a  holding ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "company and conduct our business primarily through our various subsidiaries.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES",
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        "confidence": 1.0
      },
      {
        "text": "The  accompanying  unaudited  consolidated  financial  statements  have  been  prepared  in  accordance  with  accounting ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principles  generally  accepted  in  the  United  States  of  America,  or  GAAP,  for  interim  financial  information  and  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operating results presented for interim periods are not necessarily indicative of the results that may be expected for any ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission, or the SEC.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basis of Presentation",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  accompanying  consolidated  financial  statements  have  been  prepared  in  accordance  with  GAAP,  and  include,  on  a ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "eliminated in consolidation.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain reclassifications have been made in the presentation of the prior period statements of operations to combine other ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income and other expenses to conform to the current period presentation.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principles of Consolidation ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for the entity to finance its activities without additional subordinated financial support from other parties. The entity that ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that most significantly affect the VIE's economic performance and (ii) the right to receive benefits from the VIE or the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considered voting interest entities, or VOEs, and are evaluated for consolidation under the voting interest model. VOEs are ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "consolidated when we control the entity through a majority voting interest or other means.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
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        "confidence": 1.0
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      {
        "text": "Notes to Consolidated Financial Statements (Unaudited)",
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      {
        "text": "9",
        "box": [
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    ]
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  {
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        "text": "For consolidated entities, the non-controlling partner's share of the assets, liabilities, and operations of each joint venture is ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "included  in  non-controlling  interests  as  a  component  of  total  equity.  The  non-controlling  partner's  interest  is  generally ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "computed as the joint venture partner's ownership percentage. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which we ",
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        "confidence": 1.0
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      {
        "text": "have not elected the fair value option, or FVO, are initially recorded at cost and subsequently adjusted for our pro-rata ",
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      },
      {
        "text": "share of net income, contributions and distributions. When we elect the FVO, we record our share of the net asset value of ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the entity and any related unrealized gains and losses.",
        "box": [
          58.5,
          146.808896,
          272.94000000000005,
          155.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in ",
        "box": [
          58.5,
          170.308896,
          555.9799999999998,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other ",
        "box": [
          58.5,
          181.808896,
          555.91,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a current ",
        "box": [
          58.5,
          193.308896,
          555.97001,
          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment ",
        "box": [
          58.5,
          204.808896,
          555.9499999999999,
          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than ",
        "box": [
          58.5,
          216.308896,
          555.8700000000002,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "temporary, we will record an impairment charge sufficient to reduce the investment's carrying value to its fair value, which ",
        "box": [
          58.5,
          227.808896,
          555.8599999999998,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or ",
        "box": [
          58.5,
          239.308896,
          555.8099999999998,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss and cannot be written up to a higher value as a result of increases in fair value.",
        "box": [
          58.5,
          250.808896,
          390.31999999999994,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In 2017, we entered into a joint venture with Walker & Dunlop Inc., or Walker & Dunlop, to originate, hold, and finance ",
        "box": [
          58.5,
          274.308896,
          555.8800000000002,
          282.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "multifamily bridge loans, which we refer to as our Multifamily Joint Venture. Pursuant to the terms of the agreements ",
        "box": [
          58.5,
          285.80889599999995,
          555.8999999999997,
          294.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "governing the joint venture, Walker & Dunlop contributed 15% of the venture's equity capital and we contributed 85%. ",
        "box": [
          58.5,
          297.30889599999995,
          555.98999,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We consolidate our Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests ",
        "box": [
          58.5,
          308.80889599999995,
          555.9099999999999,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned ",
        "box": [
          58.5,
          320.30889599999995,
          555.9499999999999,
          328.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by  Walker  &  Dunlop.  A  portion  of  our  Multifamily  Joint  Venture's  consolidated  equity  and  results  of  operations  are ",
        "box": [
          58.5,
          331.80889599999995,
          555.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allocated  to  these  non-controlling  interests  based  on  Walker  &  Dunlop's  pro  rata  ownership  of  our  Multifamily  Joint ",
        "box": [
          58.5,
          343.30889599999995,
          555.9799999999999,
          351.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture. ",
        "box": [
          58.5,
          354.80889599999995,
          95.67999999999998,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  2024,  we  entered  into  a  joint  venture  with  a  Blackstone-advised  investment  vehicle  to  invest  in  triple  net  lease ",
        "box": [
          58.5,
          378.30889599999995,
          555.91,
          386.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties,  which  we  refer  to  as  our  Net  Lease  Joint  Venture.  Our  aggregate  ownership  interest  in  our  Net  Lease  Joint ",
        "box": [
          58.5,
          389.80889599999995,
          555.9999900000001,
          398.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture  was  75%  as  of  March  31,  2026.  We  do  not  consolidate  our  Net  Lease  Joint  Venture  as  we  do  not  have  a ",
        "box": [
          58.5,
          401.30889599999995,
          555.8900000000001,
          409.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling financial interest. Our investment in our Net Lease Joint Venture is accounted for under the equity method, and ",
        "box": [
          58.5,
          412.80889599999995,
          555.8699899999998,
          421.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is recorded in investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of income ",
        "box": [
          58.5,
          424.30889599999995,
          555.95999,
          432.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(loss) is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.",
        "box": [
          58.5,
          435.80889599999995,
          493.8700099999998,
          444.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In 2025, we entered into a joint venture with a Blackstone-advised investment vehicle to acquire portfolios of performing ",
        "box": [
          58.5,
          459.30889599999995,
          555.86,
          467.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial mortgage loans, which we refer to as our Bank Loan Portfolio Joint Venture. During 2025, our Bank Loan ",
        "box": [
          58.5,
          470.80889599999995,
          555.9799900000002,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio  Joint  Venture  acquired  two  portfolios  of  performing  commercial  mortgage  loans.  Our  aggregate  ownership ",
        "box": [
          58.5,
          482.30889599999995,
          555.8799999999999,
          490.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest in our Bank Loan Portfolio Joint Venture was 35% as of March 31, 2026. We do not consolidate our Bank Loan ",
        "box": [
          58.5,
          493.80889599999995,
          555.9100100000002,
          502.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio Joint Venture as we do not have a controlling financial interest. Our investment in our Bank Loan Portfolio Joint ",
        "box": [
          58.5,
          505.30889599999995,
          555.85,
          513.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture is accounted for using the FVO, and is recorded as an investment in unconsolidated entities on our consolidated ",
        "box": [
          58.5,
          516.808896,
          555.9200099999999,
          525.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheets, and our pro-rata share of any unrealized gains and losses is recorded in income (loss) from unconsolidated ",
        "box": [
          58.5,
          528.308896,
          555.89,
          536.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities on our consolidated statements of operations.",
        "box": [
          58.5,
          539.808896,
          270.7500000000001,
          548.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Use of Estimates",
        "box": [
          58.5,
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          128.99999999999997,
          577.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  preparation  of  consolidated  financial  statements  in  conformity  with  GAAP  requires  us  to  make  estimates  and ",
        "box": [
          58.5,
          586.808896,
          555.8700000000001,
          595.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of ",
        "box": [
          58.5,
          598.308896,
          555.8499999999999,
          606.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting ",
        "box": [
          58.5,
          609.808896,
          555.8900000000002,
          618.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period. Actual results may ultimately differ materially from those estimates.",
        "box": [
          58.5,
          621.308896,
          362.23999999999995,
          629.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Recognition",
        "box": [
          58.5,
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          148.7,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest  income  from  our  loans  receivable  portfolio  is  recognized  over  the  life  of  each  loan  using  the  effective  interest ",
        "box": [
          58.5,
          668.308896,
          555.9399999999997,
          676.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method  and  is  recorded  on  the  accrual  basis.  Recognition  of  fees,  premiums,  and  discounts  associated  with  these ",
        "box": [
          58.5,
          679.808896,
          555.97,
          688.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments  is  deferred  and  recorded  over  the  term  of  the  loan  as  an  adjustment  to  yield.  Income  accrual  is  generally ",
        "box": [
          58.5,
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          699.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery ",
        "box": [
          58.5,
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          555.8000000000001,
          711.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized ",
        "box": [
          58.5,
          714.308896,
          555.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually ",
        "box": [
          58.5,
          725.808896,
          555.9100000000003,
          734.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
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          375.0656000000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 12,
    "width": 612.0,
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    "cells": [
      {
        "text": "current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are deferred and recognized as a reduction to interest income; however, expenses related to loans we acquire are included ",
        "box": [
          58.5,
          65.808896,
          555.8800000000002,
          74.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in general and administrative expenses as incurred.",
        "box": [
          58.5,
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          262.4000000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The sources of revenue from our owned real estate assets, which is included in revenue from owned real estate on our ",
        "box": [
          58.5,
          100.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations, and the related revenue recognition policies are as follows:",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties. ",
        "box": [
          58.5,
          129.808896,
          555.94,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We determine if an arrangement is a lease at contract inception, which is subject to the provisions of ASC 842. Base rent is ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. We begin to ",
        "box": [
          58.5,
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          161.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space.",
        "box": [
          58.5,
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          523.7700000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income. ",
        "box": [
          58.5,
          187.808896,
          555.8699999999997,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. ",
        "box": [
          58.5,
          210.808896,
          555.96,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant  reimbursement  income  primarily  consists  of  amounts  due  from  tenants  for  costs  related  to  common  area ",
        "box": [
          58.5,
          222.308896,
          555.9099999999999,
          230.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maintenance, real estate taxes, and other recoverable costs included in lease agreements.",
        "box": [
          58.5,
          233.808896,
          411.2799999999999,
          242.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We evaluate the collectability of receivables related to rental revenue on an individual lease basis and exercise judgment in ",
        "box": [
          58.5,
          257.308896,
          555.89,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment ",
        "box": [
          58.5,
          268.808896,
          555.94,
          277.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "history, available information about the financial condition of the tenant, and current economic trends, among other factors. ",
        "box": [
          58.5,
          280.30889599999995,
          555.9600000000002,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.",
        "box": [
          58.5,
          291.80889599999995,
          444.54,
          300.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and Cash Equivalents",
        "box": [
          58.5,
          321.148896,
          175.99000000000004,
          329.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or ",
        "box": [
          58.5,
          338.80889599999995,
          555.9299999999996,
          347.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "less.  We  may  have  bank  balances  in  excess  of  federally  insured  amounts;  however,  we  deposit  our  cash  and  cash ",
        "box": [
          58.5,
          350.30889599999995,
          555.88,
          358.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not ",
        "box": [
          58.5,
          361.80889599999995,
          555.9199999999996,
          370.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expect,  any  losses  on  our  cash  or  cash  equivalents.  As  of  both  March  31,  2026  and  December  31,  2025,  we  had  no ",
        "box": [
          58.5,
          373.30889599999995,
          555.85999,
          381.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "restricted cash on our consolidated balance sheets.",
        "box": [
          58.5,
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          259.62,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  originate  and  purchase  commercial  real  estate  debt  and  related  instruments  generally  to  be  held  as  long-term ",
        "box": [
          58.5,
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          555.8799999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments at amortized cost. ",
        "box": [
          58.5,
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          181.94,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Expected Credit Losses Reserve",
        "box": [
          58.5,
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          232.2,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB, ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounting Standards Codification, or ASC, Topic 326 'Financial Instruments - Credit Losses,' or ASC 326, reflects our ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations. ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves ",
        "box": [
          58.5,
          536.308896,
          555.9399999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "should  be  based  on  relevant  information  about  past  events,  including  historical  loss  experience,  current  portfolio  and ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than ",
        "box": [
          58.5,
          559.308896,
          555.8399999999998,
          567.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of ",
        "box": [
          58.5,
          582.308896,
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          590.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss, regardless of credit quality, subordinate capital, or other mitigating factors. ",
        "box": [
          58.5,
          593.808896,
          381.1599999999999,
          602.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which ",
        "box": [
          58.5,
          617.308896,
          555.9800000000001,
          625.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1. ",
        "box": [
          58.5,
          628.808896,
          555.9300000000003,
          637.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to ",
        "box": [
          58.5,
          640.308896,
          555.9800000000001,
          648.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "each of our loans over their expected remaining term, taking into consideration expected economic conditions over the ",
        "box": [
          58.5,
          651.808896,
          555.9300000000001,
          660.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant time frame. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share ",
        "box": [
          58.5,
          663.308896,
          555.8800000000001,
          671.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-",
        "box": [
          58.5,
          674.808896,
          553.4699999999998,
          683.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted model that considers the likelihood of default and expected loss given default for each such individual loan. ",
        "box": [
          58.5,
          686.308896,
          530.4499999999998,
          694.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical ",
        "box": [
          58.5,
          709.808896,
          555.88,
          718.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current ",
        "box": [
          58.5,
          721.308896,
          555.9700000000001,
          729.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 13,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To ",
        "box": [
          58.5,
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          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market ",
        "box": [
          58.5,
          65.808896,
          555.9799999999997,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued ",
        "box": [
          58.5,
          77.308896,
          555.8999999999999,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "since  January  1,  1999  through  February  28,  2026.  Within  this  database,  we  focused  our  historical  loss  reference ",
        "box": [
          58.5,
          88.808896,
          555.8800000000003,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most ",
        "box": [
          58.5,
          100.308896,
          555.9999999999999,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this ",
        "box": [
          58.5,
          111.808896,
          555.9599999999999,
          120.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS  data,  which  includes  month-over-month  loan  and  property  performance,  is  the  most  relevant,  available,  and ",
        "box": [
          58.5,
          123.308896,
          555.9099999999999,
          131.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comparable dataset to our portfolio. ",
        "box": [
          58.5,
          134.808896,
          203.88000000000005,
          143.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These ",
        "box": [
          58.5,
          158.308896,
          555.98,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future  funding  commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is ",
        "box": [
          58.5,
          169.808896,
          555.97,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the ",
        "box": [
          58.5,
          181.308896,
          555.94,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will ",
        "box": [
          58.5,
          192.808896,
          555.9200000000002,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our ",
        "box": [
          58.5,
          204.308896,
          555.9600000000002,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "internal risk rating of each loan as the primary credit quality indicator underlying our assessment. ",
        "box": [
          58.5,
          215.808896,
          450.24999999999983,
          224.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar ",
        "box": [
          58.5,
          239.308896,
          555.8799999999998,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets. We have identified the following pools and measure the reserve for credit losses using the following methods: ",
        "box": [
          58.5,
          250.808896,
          529.3699999999998,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          268.308896,
          80.0,
          276.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S.  Loans",
        "box": [
          94.5,
          268.308896,
          143.75,
          276.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ":  WARM  method  that  incorporates  a  subset  of  historical  loss  data,  expected  weighted-average ",
        "box": [
          143.75,
          268.308896,
          555.9300000000004,
          276.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remaining maturity of our loan pool, and an economic view. ",
        "box": [
          94.5,
          279.808896,
          337.5800000000001,
          288.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          297.30889599999995,
          80.0,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-U.S. Loans:",
        "box": [
          94.5,
          297.30889599999995,
          166.51999999999998,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  WARM method that incorporates a subset of historical loss data, expected weighted-average ",
        "box": [
          166.51999,
          297.30889599999995,
          555.8899900000001,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remaining maturity of our loan pool, and an economic view. ",
        "box": [
          94.5,
          308.80889599999995,
          337.5800000000001,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          326.30889599999995,
          80.0,
          334.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unique Loans:",
        "box": [
          94.5,
          326.30889599999995,
          157.54,
          334.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " a probability of default and loss given default model, assessed on an individual basis. ",
        "box": [
          157.54001,
          326.30889599999995,
          503.0200099999999,
          334.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          343.80889599999995,
          80.0,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impaired  Loans:",
        "box": [
          94.5,
          343.80889599999995,
          168.07999999999998,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  impairment  is  indicated  when  it  is  deemed  probable  that  we  will  not  be  able  to  collect  all ",
        "box": [
          168.08,
          343.80889599999995,
          555.9600000000003,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts due to us  pursuant  to  the  contractual  terms  of  the  loan.  Determining  that  a  loan  is  impaired  requires ",
        "box": [
          94.5,
          355.30889599999995,
          555.8299999999998,
          363.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant  judgment  from  management  and  is  based  on  several  factors  including  (i)  the  underlying  collateral ",
        "box": [
          94.5,
          366.80889599999995,
          555.9600000000002,
          375.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact ",
        "box": [
          94.5,
          378.30889599999995,
          555.9999999999999,
          386.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the borrower's ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be ",
        "box": [
          94.5,
          389.80889599999995,
          555.9400000000002,
          398.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for ",
        "box": [
          94.5,
          401.30889599999995,
          555.9000000000003,
          409.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing ",
        "box": [
          94.5,
          412.80889599999995,
          555.8799999999998,
          421.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. ",
        "box": [
          94.5,
          424.30889599999995,
          555.8299999999999,
          432.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These valuations require significant judgments, which include assumptions regarding capitalization rates, discount ",
        "box": [
          94.5,
          435.80889599999995,
          555.9199999999998,
          444.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan ",
        "box": [
          94.5,
          447.30889599999995,
          555.9199999999998,
          455.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sponsorship,  actions  of  other  lenders,  and  other  factors  deemed  relevant  by  us.  Actual  losses,  if  any,  could ",
        "box": [
          94.5,
          458.80889599999995,
          555.9399999999998,
          467.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ultimately  differ  materially  from  these  estimates.  We  only  expect  to  charge  off  the  impairment  losses  in  our ",
        "box": [
          94.5,
          470.30889599999995,
          555.9699999999999,
          478.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-",
        "box": [
          94.5,
          481.80889599999995,
          553.3700000000006,
          490.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recoverable.  This  is  generally  at  the  time  a  loan  is  repaid  or  foreclosed,  or  the  underlying  collateral  assets  are ",
        "box": [
          94.5,
          493.30889599999995,
          555.8800000000001,
          501.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "otherwise consolidated. However, non-recoverability may also be concluded if, in our determination, it is nearly ",
        "box": [
          94.5,
          504.80889599999995,
          555.9999999999998,
          513.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain that all amounts due will not be collected. ",
        "box": [
          94.5,
          516.308896,
          293.65000000000003,
          524.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual Term and Unfunded Loan Commitments ",
        "box": [
          58.5,
          545.818906,
          272.82,
          554.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of ",
        "box": [
          58.5,
          563.308896,
          555.8899999999999,
          571.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine ",
        "box": [
          58.5,
          574.808896,
          555.8700000000002,
          583.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the contractual term for purposes of computing our CECL reserves. ",
        "box": [
          58.5,
          586.308896,
          330.71000000000004,
          594.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additionally,  the  expected  credit  losses  over  the  contractual  period  of  our  loans  are  subject  to  the  obligation  to  extend ",
        "box": [
          58.5,
          609.808896,
          555.91,
          618.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, ",
        "box": [
          58.5,
          621.308896,
          555.8800000000003,
          629.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in ",
        "box": [
          58.5,
          632.808896,
          555.85,
          641.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans ",
        "box": [
          58.5,
          644.308896,
          555.9399999999995,
          652.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable. ",
        "box": [
          58.5,
          655.808896,
          104.51999999999995,
          664.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Quality Indicator ",
        "box": [
          58.5,
          685.318906,
          158.66999999999996,
          693.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a ",
        "box": [
          58.5,
          702.808896,
          555.9700000000004,
          711.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, ",
        "box": [
          58.5,
          714.308896,
          555.9699999999997,
          722.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, ",
        "box": [
          58.5,
          725.808896,
          555.9299999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
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        "confidence": 1.0
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      {
        "text": "12",
        "box": [
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        "confidence": 1.0
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  {
    "page_no": 14,
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        "text": "cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point ",
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        "confidence": 1.0
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      {
        "text": "scale, our loans are rated 'l' through '5,' from less risk to greater risk, relative to our loan portfolio in the aggregate, which ",
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        "confidence": 1.0
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        "text": "ratings are defined as follows: ",
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        "confidence": 1.0
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      {
        "text": "1 -",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Very Low Risk ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2 -",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Low Risk ",
        "box": [
          94.5,
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        "confidence": 1.0
      },
      {
        "text": "3 -",
        "box": [
          76.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Medium Risk ",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 -",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "High Risk/Potential for Loss:",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " A loan that has a risk of realizing a principal loss. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 -",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impaired/Loss Likely:",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " A loan that has a very high risk of realizing a principal loss or has otherwise incurred a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal loss.",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estimation of Economic Conditions ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "economic conditions may have on our loan portfolio's performance. We generally also incorporate information from other ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sources, including information and opinions available to our Manager, to further inform these estimations. This process ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requires significant judgments about future events that, while based on the information available to us as of the balance ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from the estimates we made as of March 31, 2026. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned Real Estate",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We may assume legal title, physical possession, or control of the collateral underlying a loan through a foreclosure, a deed-",
        "box": [
          58.5,
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          393.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in-lieu  of  foreclosure  transaction,  or  a  loan  modification  in  which  we  receive  an  equity  interest  in  and/or  control  over ",
        "box": [
          58.5,
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          555.8299999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decision-making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are  classified  as  owned  real  estate,  on  our  consolidated  balance  sheet  and  are  initially  recognized  at  fair  value  on  the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition date in accordance with the ASC Topic 805, 'Business Combinations,' or ASC 805.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon acquisition of owned real estate assets, we assess the fair value of acquired tangible and intangible assets, which may ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include land, buildings, tenant improvements, 'above-market' and 'below-market' leases, acquired in-place leases, other ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "identified  intangible  assets  and  assumed  liabilities,  as  applicable,  and  allocate  the  fair  value  to  the  acquired  assets  and ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are based on a number of factors, including the historical operating results, known and anticipated trends, and market and ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic conditions. We capitalize acquisition-related costs associated with asset acquisitions. ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real  estate  assets  held  for  investment,  except  for  land,  are  depreciated  using  the  straight-line  method  over  the  assets' ",
        "box": [
          58.5,
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          555.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated  useful  lives  of  up  to  40  years  for  buildings,  15  years  for  land  improvements,  and  10  years  for  tenant ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over their estimated useful lives. Lease intangibles are amortized over the remaining term of applicable leases on a straight-",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "line basis. The cost of ordinary repairs and maintenance are expensed as incurred.",
        "box": [
          58.5,
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          385.3100000000001,
          601.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of ",
        "box": [
          58.5,
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          648.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates, capital requirements and anticipated holding periods that could differ materially from actual results. Refer to Note 4 ",
        "box": [
          58.5,
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          671.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for further information.",
        "box": [
          58.5,
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          152.02,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 'Property, ",
        "box": [
          58.5,
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          555.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Plant,  and  Equipment.' Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a ",
        "box": [
          58.5,
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          729.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 15,
    "width": 612.0,
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    "cells": [
      {
        "text": "real  estate  asset  previously  classified  as  held  for  sale,  the  real  estate  asset  is  reclassified  as  held  for  investment.  Upon ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale,  adjusted  for  depreciation  expense  that  would  have  been  recognized  had  the  real  estate  been  classified  as  held  for ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, and (ii) its estimated fair value at the time of reclassification.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026 and December 31, 2025, we had 13 and 12 owned real estate assets, respectively, that were all ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "classified as held for investment.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Multifamily Lending Partnership",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a subsidiary of M&T Bank, that ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allows  our  borrowers  to  access  multifamily  agency  financing  through  MTRCC's  Fannie  Mae  DUS  and  Freddie  Mac ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Optigo  lending  platforms,  or  our  Agency  Multifamily  Lending  Partnership.  We  will  receive  a  portion  of  origination, ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "programs.  Additionally,  we  will  share  in  losses  with  MTRCC  and  Fannie  Mae  on  loans  that  we  refer  to  MTRCC  for ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination under the Fannie Mae program.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Recognition",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allocable  portion  of  origination,  servicing,  and  other  fees  in  other  income  when  we  have  satisfied  our  performance ",
        "box": [
          58.5,
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          295.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations  in  accordance  with  the  'Revenue  from  Contracts  with  Customers'  Topic  of  the  FASB,  or  ASC  606.  Our ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and ",
        "box": [
          58.5,
          309.80889599999995,
          555.88,
          318.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable ",
        "box": [
          58.5,
          321.30889599999995,
          555.9200000000001,
          329.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and are reevaluated for collectibility on a recurring basis. ",
        "box": [
          58.5,
          332.80889599999995,
          289.28,
          341.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss-sharing Obligation",
        "box": [
          58.5,
          362.31890599999997,
          156.52000000000004,
          370.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC's obligation ",
        "box": [
          58.5,
          379.80889599999995,
          555.9099999999999,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  partially  guarantee  the  performance  of  loans  that  they  originate  and  sell  under  the  Fannie  Mae  program.  This  loss-",
        "box": [
          58.5,
          391.30889599999995,
          553.48,
          399.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is ",
        "box": [
          58.5,
          402.80889599999995,
          555.8799999999997,
          411.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC.",
        "box": [
          58.5,
          414.30889599999995,
          435.05000000000007,
          422.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition, we will recognize a liability for these loss-sharing obligations. This liability will be initially recognized at fair ",
        "box": [
          58.5,
          437.80889599999995,
          555.8700000000001,
          446.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value with a corresponding expense at inception, and it will subsequently be amortized on a straight-line basis over the life ",
        "box": [
          58.5,
          449.30889599999995,
          555.8900000000001,
          457.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the loss-sharing obligation. This liability is included within other liabilities in our consolidated balance sheets. As of ",
        "box": [
          58.5,
          460.80889599999995,
          555.8800100000001,
          469.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March  31,  2026,  our  maximum  loss-sharing  obligation  associated  with  the  loans  referred  by  us  to  MTRCC  under  the ",
        "box": [
          58.5,
          472.30889599999995,
          555.9100000000001,
          480.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fannie Mae program was $5.5 million, and we have recorded related liabilities of $32 thousand. There have been no losses ",
        "box": [
          58.5,
          483.80889599999995,
          555.91,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incurred as a result of the loss-sharing obligations. ",
        "box": [
          58.5,
          495.30889599999995,
          262.4600000000001,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative Financial Instruments ",
        "box": [
          58.5,
          524.648926,
          202.54,
          532.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets ",
        "box": [
          58.5,
          542.308896,
          555.8900000000002,
          550.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "at fair value. ",
        "box": [
          58.5,
          553.808896,
          111.18999999999996,
          562.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign ",
        "box": [
          58.5,
          577.308896,
          555.9200000000001,
          585.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received ",
        "box": [
          58.5,
          588.808896,
          555.9699999999999,
          597.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair ",
        "box": [
          58.5,
          600.308896,
          555.92,
          608.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all ",
        "box": [
          58.5,
          611.808896,
          555.8899999999999,
          620.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivatives  other  than  those  designated  as  non-designated  hedges,  we  formally  document  our  hedge  relationships  and ",
        "box": [
          58.5,
          623.308896,
          555.9799999999999,
          631.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "designation at the contract's inception. This documentation includes the identification of the hedging instruments and the ",
        "box": [
          58.5,
          634.808896,
          555.9499999999999,
          643.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hedged items,  its  risk  management  objectives,  strategy  for  undertaking  the  hedge  transaction  and  our  evaluation  of  the ",
        "box": [
          58.5,
          646.308896,
          555.93,
          654.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effectiveness of its hedged transaction. ",
        "box": [
          58.5,
          657.808896,
          216.07000000000002,
          666.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected ",
        "box": [
          58.5,
          681.308896,
          555.9800000000002,
          689.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined ",
        "box": [
          58.5,
          692.808896,
          555.9700000000001,
          701.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  a  derivative  is  not  highly  effective  at  hedging  the  designated  exposure,  hedge  accounting  is  discontinued  and  the ",
        "box": [
          58.5,
          704.308896,
          555.8800000000001,
          712.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed ",
        "box": [
          58.5,
          715.808896,
          555.8500000000001,
          724.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from ",
        "box": [
          58.5,
          727.308896,
          555.9199999999998,
          735.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
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          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 16,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the ",
        "box": [
          58.5,
          54.308896000000004,
          555.9599999999998,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contractual  term  of  our  net  investment  hedges  on  a  systematic  and  rational  basis,  as  documented  at  hedge  inception  in ",
        "box": [
          58.5,
          65.808896,
          555.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accordance  with  our  accounting  policy  election.  All  other  changes  in  the  fair  value  of  our  derivative  instruments  that ",
        "box": [
          58.5,
          77.308896,
          555.9200000000001,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualify  as  hedges  are  reported  as  a  component  of  accumulated  other  comprehensive  income  (loss)  on  our  consolidated ",
        "box": [
          58.5,
          88.808896,
          555.9499999999999,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and ",
        "box": [
          58.5,
          100.308896,
          555.9899999999998,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the ",
        "box": [
          58.5,
          111.808896,
          555.94,
          120.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap ",
        "box": [
          58.5,
          123.308896,
          555.9200000000002,
          131.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. ",
        "box": [
          58.5,
          134.808896,
          555.97,
          143.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its ",
        "box": [
          58.5,
          146.308896,
          555.9700000000001,
          154.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value are included in net income concurrently.",
        "box": [
          58.5,
          157.808896,
          260.44000000000005,
          166.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of ",
        "box": [
          58.5,
          181.308896,
          555.9099999999999,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows in the same section as the underlying hedged item.",
        "box": [
          58.5,
          192.808896,
          305.16,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt Securities",
        "box": [
          58.5,
          222.14892600000007,
          123.13999999999996,
          230.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have elected the FVO for our debt securities, which are included in other assets on our consolidated balance sheets. ",
        "box": [
          58.5,
          239.808896,
          555.96,
          248.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 6 for further information.",
        "box": [
          58.5,
          251.308896,
          216.39000000000013,
          259.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Debt and Asset-Specific Debt",
        "box": [
          58.5,
          280.648896,
          219.47000000000006,
          288.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We record  investments  financed  with  secured  debt  or  asset-specific  debt  as  separate  assets  and  the  related  borrowings ",
        "box": [
          58.5,
          298.30889599999995,
          555.9,
          306.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest ",
        "box": [
          58.5,
          309.80889599999995,
          555.9000000000002,
          318.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported ",
        "box": [
          58.5,
          321.30889599999995,
          555.8800000000001,
          329.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "separately on our consolidated statements of operations.",
        "box": [
          58.5,
          332.80889599999995,
          282.4,
          341.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans ",
        "box": [
          58.5,
          362.148896,
          113.45999999999998,
          370.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  record  our  term  loans  as  liabilities  on  our  consolidated  balance  sheets.  Where  applicable,  any  issue  discount  or ",
        "box": [
          58.5,
          379.80889599999995,
          555.9200000000001,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest ",
        "box": [
          58.5,
          391.30889599999995,
          555.9099999999999,
          399.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense.",
        "box": [
          58.5,
          402.80889599999995,
          93.17999999999999,
          411.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Secured Notes",
        "box": [
          58.5,
          432.148896,
          149.51999999999998,
          440.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount ",
        "box": [
          58.5,
          449.80889599999995,
          555.9999999999999,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-",
        "box": [
          58.5,
          461.30889599999995,
          553.4999999999997,
          469.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash interest expense.",
        "box": [
          58.5,
          472.80889599999995,
          145.31999999999996,
          481.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes ",
        "box": [
          58.5,
          502.148896,
          137.86999999999998,
          510.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as ",
        "box": [
          58.5,
          519.808896,
          555.98,
          528.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt.  Additionally,  shares  issuable  under  our  convertible  notes  are  included  in  diluted  earnings  per  share  in  our ",
        "box": [
          58.5,
          531.308896,
          555.8499999999999,
          539.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. ",
        "box": [
          58.5,
          542.808896,
          555.8599999999998,
          551.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the ",
        "box": [
          58.5,
          554.308896,
          556.0000000000001,
          562.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "convertible notes as additional non-cash interest expense.",
        "box": [
          58.5,
          565.808896,
          287.9300000000001,
          574.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred Financing Costs ",
        "box": [
          58.5,
          595.148926,
          170.33999999999997,
          603.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  deferred  financing  costs  that  are  included  as  a  reduction  in  the  net  book  value  of  the  related  liability  on  our ",
        "box": [
          58.5,
          612.808896,
          555.8299999999996,
          621.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as ",
        "box": [
          58.5,
          624.308896,
          555.9400000000003,
          632.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense using the effective interest method over the life of the related obligations. ",
        "box": [
          58.5,
          635.808896,
          421.05999999999995,
          644.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underwriting Commissions and Offering Costs ",
        "box": [
          58.5,
          665.148926,
          262.00000000000006,
          673.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underwriting  commissions  and  offering  costs  incurred  in  connection  with  common  stock  offerings  are  reflected  as  a ",
        "box": [
          58.5,
          682.808896,
          555.92,
          691.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common ",
        "box": [
          58.5,
          694.308896,
          555.8799999999997,
          702.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock offering are expensed when incurred. ",
        "box": [
          58.5,
          705.808896,
          233.59,
          714.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 17,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Fair Value Measurements",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  'Fair  Value  Measurements  and  Disclosures'  Topic  of  the  FASB,  or  ASC  820,  defines  fair  value,  establishes  a ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "framework  for  measuring  fair  value,  and  requires  certain  disclosures  about  fair  value  measurements  under  GAAP. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.",
        "box": [
          58.5,
          106.308896,
          504.5199999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in ",
        "box": [
          58.5,
          129.808896,
          555.97,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measuring  financial  instruments.  Market  price  observability  is  affected  by  a  number  of  factors,  including  the  type  of ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the ",
        "box": [
          58.5,
          152.808896,
          556.0,
          161.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "existence and transparency of transactions between market participants. Financial instruments with readily available quoted ",
        "box": [
          58.5,
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          555.9299999999997,
          172.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment ",
        "box": [
          58.5,
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          555.8599999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "used in measuring fair value. ",
        "box": [
          58.5,
          187.308896,
          176.70000000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs ",
        "box": [
          58.5,
          210.808896,
          555.8499999999998,
          219.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "used in the determination, as follows: ",
        "box": [
          58.5,
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          210.83,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          239.808896,
          80.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level  1:  Generally  includes  only  unadjusted  quoted  prices  that  are  available  in  active  markets  for  identical ",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial instruments as of the reporting date. ",
        "box": [
          94.5,
          251.308896,
          278.1600000000001,
          259.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          268.808896,
          80.0,
          277.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active ",
        "box": [
          94.5,
          268.808896,
          555.9899999999999,
          277.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or  inactive  markets  for  identical  or  similar  instruments  where  multiple  price  quotes  can  be  obtained,  and  other ",
        "box": [
          94.5,
          280.30889599999995,
          555.9900000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "observable inputs, such as interest rates, yield curves, credit risks, and default rates. ",
        "box": [
          94.5,
          291.80889599999995,
          430.7599999999998,
          300.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          309.30889599999995,
          80.0,
          317.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if ",
        "box": [
          94.5,
          309.30889599999995,
          555.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any,  market  activity  for  the  financial  instrument.  These  inputs  require  significant  judgment  or  estimation  by ",
        "box": [
          94.5,
          320.80889599999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management of third parties when determining fair value and generally represent anything that does not meet the ",
        "box": [
          94.5,
          332.30889599999995,
          555.9300000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "criteria of Levels 1 and 2.",
        "box": [
          94.5,
          343.80889599999995,
          197.14000000000001,
          352.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain  of  our  other  assets  are  reported  at  fair  value,  as  of  quarter-end,  either  (i)  on  a  recurring  basis  or  (ii)  on  a ",
        "box": [
          58.5,
          367.30889599999995,
          555.94,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further ",
        "box": [
          58.5,
          378.80889599999995,
          555.8200000000004,
          387.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in Note 18. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on ",
        "box": [
          58.5,
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          556.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from ",
        "box": [
          58.5,
          401.80889599999995,
          555.9899999999997,
          410.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "third  parties.  For  collateral-dependent  loans  that  are  identified  as  impaired,  we  measure  impairment  by  comparing  our ",
        "box": [
          58.5,
          413.30889599999995,
          555.9200000000002,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These ",
        "box": [
          58.5,
          424.80889599999995,
          555.9999999999998,
          433.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, ",
        "box": [
          58.5,
          436.30889599999995,
          555.9999999999998,
          444.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions ",
        "box": [
          58.5,
          447.80889599999995,
          555.9399999999998,
          456.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of other lenders, and other factors.",
        "box": [
          58.5,
          459.30889599999995,
          195.85000000000005,
          467.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have elected the FVO for one of our investments in an unconsolidated entity, our Bank Loan Portfolio Joint Venture, ",
        "box": [
          58.5,
          482.80889599999995,
          555.88,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and therefore report this investment at fair value. Given the fair value of this investment is not readily determinable, the net ",
        "box": [
          58.5,
          494.30889599999995,
          555.8800000000001,
          502.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset value of the entity is used as a practical expedient.",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026,  we  had  an  aggregate  $84.9  million  asset-specific  CECL  reserve  related  to  seven  of  our  loans ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable with an aggregate amortized cost basis of $372.2 million, net of cost-recovery proceeds. The CECL reserve was ",
        "box": [
          58.5,
          540.808896,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of March 31, 2026. These ",
        "box": [
          58.5,
          552.308896,
          555.9000100000002,
          560.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are ",
        "box": [
          58.5,
          563.808896,
          555.92,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans ",
        "box": [
          58.5,
          575.308896,
          556.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable  by  considering  a  variety  of  inputs  including  property  performance,  market  data,  and  comparable  sales,  as ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable. The significant unobservable inputs employed include the exit capitalization rate assumption used to forecast ",
        "box": [
          58.5,
          598.308896,
          555.8700000000001,
          606.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the future sale price of the underlying real estate collateral, which ranged from 4.9% to 8.0%, and the unlevered discount ",
        "box": [
          58.5,
          609.808896,
          556.00001,
          618.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate assumption, which ranged from 8.0% to 15.0%.",
        "box": [
          58.5,
          621.308896,
          266.95001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we acquired legal title to one owned real estate asset through a foreclosure ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transaction. At the time of acquisition, we determined the fair value of the real estate asset based on a variety of inputs, as ",
        "box": [
          58.5,
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          664.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable, ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including, ",
        "box": [
          108.62999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "but ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not ",
        "box": [
          174.83999999999997,
          667.808896,
          190.10999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "limited ",
        "box": [
          194.20999999999998,
          667.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated ",
        "box": [
          245.96000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash ",
        "box": [
          290.82,
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          311.07,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flow  projections, ",
        "box": [
          315.17,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "leasing ",
        "box": [
          393.58,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions,  required ",
        "box": [
          428.46999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capital ",
        "box": [
          526.8699999999999,
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          555.97,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenditures, market data, and comparable sales. The owned real estate asset was measured at fair value on a nonrecurring ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "basis using significant unobservable inputs and is classified as a Level 3 asset in the fair value hierarchy. The significant ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unobservable inputs employed include (i) the exit capitalization rate assumption used to forecast the future sale price of the ",
        "box": [
          58.5,
          702.308896,
          555.8299999999998,
          710.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset, which was 6.5%, and (ii) the unlevered discount rate assumption, which was 11.0%. Refer to Notes 4 and 18 for ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "further information.",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
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          375.0656000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 18,
    "width": 612.0,
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    "cells": [
      {
        "text": "We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reported at  fair  value  in  our  consolidated  balance  sheet,  to  the  extent  it  is  practicable  to  estimate  a  fair  value  for  those ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "it is practicable to estimate that value: ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
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          80.0,
          138.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. ",
        "box": [
          94.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          147.308896,
          80.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, ",
        "box": [
          94.5,
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          555.9200000000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of ",
        "box": [
          94.5,
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          167.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "major tenants,  occupancy rates,  availability  and  cost  of  financing,  exit  plan,  loan  sponsorship,  actions  of  other ",
        "box": [
          94.5,
          170.308896,
          555.8899999999999,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lenders, and other factors. ",
        "box": [
          94.5,
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          200.49000000000004,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          199.308896,
          80.0,
          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated ",
        "box": [
          94.5,
          199.308896,
          555.9900000000002,
          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "using  advice  from  a  third-party  derivative  specialist,  based  on  contractual  cash  flows  and  observable  inputs ",
        "box": [
          94.5,
          210.808896,
          555.9,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comprising foreign currency rates and credit spreads. ",
        "box": [
          94.5,
          222.308896,
          309.25000000000006,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          239.808896,
          80.0,
          248.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt, net and other secured debt: The fair value of these instruments was estimated based on the rate at ",
        "box": [
          94.5,
          239.808896,
          555.8599999999999,
          248.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which a similar credit facility would currently be priced. Other secured debt is included in other liabilities in our ",
        "box": [
          94.5,
          251.308896,
          555.8399999999999,
          259.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets.",
        "box": [
          94.5,
          262.808896,
          207.39000000000004,
          271.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          280.30889599999995,
          80.0,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing ",
        "box": [
          94.5,
          280.30889599999995,
          555.9399999999998,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "service providers. In determining the value of a particular investment, pricing service providers may use broker-",
        "box": [
          94.5,
          291.80889599999995,
          553.3800000000003,
          300.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dealer  quotations,  reported  trades,  or  valuation  estimates  from  their  internal  pricing  models  to  determine  the ",
        "box": [
          94.5,
          303.30889599999995,
          555.9599999999999,
          311.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reported price.",
        "box": [
          94.5,
          314.80889599999995,
          152.75,
          323.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          332.30889599999995,
          80.0,
          340.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar ",
        "box": [
          94.5,
          332.30889599999995,
          555.9500000000002,
          340.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreement would currently be priced.",
        "box": [
          94.5,
          343.80889599999995,
          244.03000000000011,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          361.30889599999995,
          80.0,
          369.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related ",
        "box": [
          94.5,
          361.30889599999995,
          555.84,
          369.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan receivable asset.",
        "box": [
          94.5,
          372.80889599999995,
          179.63000000000002,
          381.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          390.30889599999995,
          80.0,
          398.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term  loans,  net:  The  fair  value  of  these  instruments  was  estimated  by  utilizing  third-party  pricing  service ",
        "box": [
          94.5,
          390.30889599999995,
          555.9699999999999,
          398.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "providers. In determining the value of a particular investment, pricing service providers may use broker-dealer ",
        "box": [
          94.5,
          401.80889599999995,
          555.9100000000002,
          410.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quotations,  reported  trades,  or  valuation  estimates  from  their  internal  pricing  models  to  determine  the  reported ",
        "box": [
          94.5,
          413.30889599999995,
          555.9000000000001,
          421.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price. ",
        "box": [
          94.5,
          424.80889599999995,
          119.45999999999998,
          433.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          442.30889599999995,
          80.0,
          450.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service ",
        "box": [
          94.5,
          442.30889599999995,
          555.9999999999999,
          450.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "providers. In determining the value of a particular investment, pricing service providers may use broker-dealer ",
        "box": [
          94.5,
          453.80889599999995,
          555.9100000000002,
          462.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quotations,  reported  trades,  or  valuation  estimates  from  their  internal  pricing  models  to  determine  the  reported ",
        "box": [
          94.5,
          465.30889599999995,
          555.9000000000001,
          473.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price. ",
        "box": [
          94.5,
          476.80889599999995,
          119.45999999999998,
          485.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          494.30889599999995,
          80.0,
          502.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained ",
        "box": [
          94.5,
          494.30889599999995,
          555.8500000000003,
          502.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "using quoted market prices. ",
        "box": [
          94.5,
          505.80889599999995,
          207.44000000000008,
          514.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Taxes ",
        "box": [
          58.5,
          535.148926,
          120.11999999999998,
          543.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. ",
        "box": [
          58.5,
          552.808896,
          556.0000000000002,
          561.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally ",
        "box": [
          58.5,
          564.308896,
          555.8100000000004,
          572.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were ",
        "box": [
          58.5,
          575.808896,
          555.8100000000002,
          584.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and ",
        "box": [
          58.5,
          587.308896,
          555.9899999999996,
          595.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "penalties. Refer to Note 16 for further information.",
        "box": [
          58.5,
          598.808896,
          261.88000000000017,
          607.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock-Based Compensation ",
        "box": [
          58.5,
          628.148926,
          177.9,
          636.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of ",
        "box": [
          58.5,
          645.808896,
          555.8800000000002,
          654.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock ",
        "box": [
          58.5,
          657.308896,
          555.8999999999999,
          665.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "units  issued  to  certain  members  of  our  board  of  directors.  Stock-based  compensation  expense  is  recognized  for  these ",
        "box": [
          58.5,
          668.808896,
          555.9300000000002,
          677.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A ",
        "box": [
          58.5,
          680.308896,
          555.9300000000001,
          688.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock. Refer to Note 17 for further information.",
        "box": [
          58.5,
          691.808896,
          284.94999000000007,
          700.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
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          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          301.0,
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          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 19,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Earnings per Share ",
        "box": [
          58.5,
          54.148926000000074,
          144.26999999999998,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net ",
        "box": [
          58.5,
          71.808896,
          555.9200000000001,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings  allocable  to  our  class  A  common  stock,  including  restricted  class  A  common  stock  and  deferred  stock  units, ",
        "box": [
          58.5,
          83.308896,
          555.8599999999997,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common ",
        "box": [
          58.5,
          94.808896,
          555.9200000000001,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock  and  deferred  stock  units  outstanding  during  the  period.  Our  restricted  class  A  common  stock  is  considered  a ",
        "box": [
          58.5,
          106.308896,
          555.9999999999999,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these ",
        "box": [
          58.5,
          117.808896,
          555.8800000000001,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or ",
        "box": [
          58.5,
          129.308896,
          555.9599999999996,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses.",
        "box": [
          58.5,
          140.808896,
          84.87,
          149.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted  earnings  per  share,  or  Diluted  EPS,  is  determined  using  the  if-converted  method,  and  is  based  on  (i)  the  net ",
        "box": [
          58.5,
          164.308896,
          555.8399999999999,
          172.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees, ",
        "box": [
          58.5,
          175.808896,
          555.96,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) ",
        "box": [
          58.5,
          187.308896,
          555.8599999999999,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred ",
        "box": [
          58.5,
          198.808896,
          555.8400000000003,
          207.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock  units,  and  shares  of  class  A  common  stock  issuable  under  our  convertible  notes.  Refer  to  Note  14  for  further ",
        "box": [
          58.5,
          210.308896,
          555.9000100000002,
          218.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of earnings per share. ",
        "box": [
          58.5,
          221.808896,
          191.16,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign Currency ",
        "box": [
          58.5,
          251.14892600000007,
          137.84999999999997,
          259.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign ",
        "box": [
          58.5,
          268.808896,
          555.8799999999998,
          277.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of ",
        "box": [
          58.5,
          280.30889599999995,
          555.9999999999998,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations.  In  addition,  we  consolidate  entities  that  have  a  non-U.S.  dollar  functional  currency.  Non-U.S.  dollar-",
        "box": [
          58.5,
          291.80889599999995,
          553.38,
          300.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and ",
        "box": [
          58.5,
          303.30889599999995,
          555.8700000000003,
          311.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income,  expenses,  gains,  and  losses  are  translated  at  the  average  exchange  rate  over  the  applicable  period.  Cumulative ",
        "box": [
          58.5,
          314.80889599999995,
          556.0000000000001,
          323.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "translation  adjustments  arising  from  the  translation  of  non-U.S.  dollar-denominated  subsidiaries  are  recorded  in  other ",
        "box": [
          58.5,
          326.30889599999995,
          555.8999999999997,
          334.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comprehensive income (loss). ",
        "box": [
          58.5,
          337.80889599999995,
          180.59,
          346.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recent Accounting Pronouncements ",
        "box": [
          58.5,
          367.148896,
          215.87,
          375.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2025, the FASB issued Accounting Standards Update, or ASU, 2025-11, 'Interim Reporting (Topic 270): ",
        "box": [
          58.5,
          384.80889599999995,
          555.9599999999999,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Narrow Scope Improvements,' which amends the guidance in ASC 270, Interim Reporting. The update enhances interim ",
        "box": [
          58.5,
          396.30889599999995,
          555.9800000000001,
          404.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disclosure  requirements  by  clarifying  the  information  that  must  be  presented  in  quarterly  periods,  including  improved ",
        "box": [
          58.5,
          407.80889599999995,
          555.9599999999999,
          416.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transparency regarding significant events, accounting policy updates, and material developments that occur between annual ",
        "box": [
          58.5,
          419.30889599999995,
          555.9500000000003,
          427.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reporting  dates.  ASU  2025-11  also  aligns  certain  interim  reporting  requirements  more  closely  with  annual  disclosure ",
        "box": [
          58.5,
          430.80889599999995,
          555.99,
          439.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "objectives  to  promote  consistency  and  comparability.  The  amendments are effective for interim periods beginning after ",
        "box": [
          58.5,
          442.30889599999995,
          555.94,
          450.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 15, 2027,  and  early  adoption  is  permitted.  We  have  not  early  adopted  ASU  2025-11  and  do  not  expect  the ",
        "box": [
          58.5,
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          555.8900000000001,
          462.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adoption of ASU 2025-11 to have a material impact on our consolidated financial statements.",
        "box": [
          58.5,
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          431.96,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  December  2025,  the  FASB  issued  ASU  2025-09,  'Derivatives  and  Hedging  (Topic  815):  Hedge  Accounting ",
        "box": [
          58.5,
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          555.8899999999999,
          497.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Improvements,'  which  amends  the  guidance  in  ASC  815,  Derivatives  and  Hedging.  The  update  refines  certain  hedge ",
        "box": [
          58.5,
          500.30889599999995,
          555.9600000000003,
          508.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounting  requirements,  including  clarifications  to  the  designation  and  documentation  criteria  for  hedge  relationships, ",
        "box": [
          58.5,
          511.80889599999995,
          555.9399999999999,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "improvements to the assessment of hedge effectiveness, and enhanced disclosures intended to provide greater transparency ",
        "box": [
          58.5,
          523.308896,
          555.99,
          531.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into an entity's risk management activities involving derivatives. ASU 2025-09 is effective for annual periods beginning ",
        "box": [
          58.5,
          534.808896,
          555.8999999999999,
          543.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. We have ",
        "box": [
          58.5,
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          555.9900000000001,
          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not  early  adopted  ASU  2025-09  and  do  not  expect  the  adoption  of  ASU  2025-09  to  have  a  material  impact  on  our ",
        "box": [
          58.5,
          557.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements.",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  December  2025,  the  FASB  issued  ASU  2025-08,  'Financial  Instruments-Credit  Losses  (Topic  326):  Purchased ",
        "box": [
          58.5,
          592.808896,
          555.9999999999998,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans,'  which  clarifies  the  application  of  the  CECL  model  to  purchased  loans,  including  purchased  credit",
        "box": [
          58.5,
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          612.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          502.2998,
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          505.7198,
          613.664365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deteriorated ",
        "box": [
          505.70981,
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          555.8999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans, and enhances related disclosure requirements. ASU 2025-08 is effective for annual reporting periods beginning after ",
        "box": [
          58.5,
          615.808896,
          555.96,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. We have not early ",
        "box": [
          58.5,
          627.308896,
          555.9699999999999,
          635.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adopted ASU 2025-08 and do not expect the adoption of ASU 2025-08 to have a material impact on our consolidated ",
        "box": [
          58.5,
          638.808896,
          555.9500000000002,
          647.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements.",
        "box": [
          58.5,
          650.308896,
          140.57999999999993,
          658.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In July 2025, the FASB issued ASU 2025-05, 'Financial Instruments - Credit Losses (Topic 326): Measurement of Credit ",
        "box": [
          58.5,
          673.808896,
          555.9599999999998,
          682.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Losses for Accounts Receivable and Contract Assets,' which amends the guidance in ASC 326, Financial Instruments-",
        "box": [
          58.5,
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          553.4899999999999,
          693.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit  Losses.  This  update  provides  a  practical  expedient  related  to  the  estimation  of  expected  credit  losses  for  current ",
        "box": [
          58.5,
          696.808896,
          555.96,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The amendment ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "notes that in developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may ",
        "box": [
          58.5,
          719.808896,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 20,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining ",
        "box": [
          58.5,
          54.308896000000004,
          555.9200000000001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, including interim periods ",
        "box": [
          58.5,
          65.808896,
          555.9199999999998,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "within those annual periods, and early adoption is permitted. The adoption of ASU 2025-05 in 2026 did not have a material ",
        "box": [
          58.5,
          77.308896,
          555.8200000000002,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impact  on  our  consolidated  financial  statements.  We  recognize  revenue  under  ASC  606  pursuant  to  our  Agency ",
        "box": [
          58.5,
          88.808896,
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          97.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily Lending Partnership and income from our hospitality owned real estate assets.",
        "box": [
          58.5,
          100.308896,
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          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  May  2025,  the  FASB  issued  ASU  2025-03,  'Business  Combinations  (Topic  805)  and  Consolidation  (Topic  810): ",
        "box": [
          58.5,
          123.808896,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity,' which amends the guidance in ASC ",
        "box": [
          58.5,
          135.308896,
          555.9599999999998,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "805, Business Combinations. This update clarifies the determination of the accounting acquirer in business combinations ",
        "box": [
          58.5,
          146.808896,
          555.9699999999998,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  are  primarily  effected  through  the  exchange  of  equity  interests  and  involve  the  acquisition  of  a  VIE.  Specifically, ",
        "box": [
          58.5,
          158.308896,
          555.9499999999999,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities  are  now  required  to  consider  the  factors  outlined  in  ASC  805-10-55-12  through  55-15  when  determining  the ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounting acquirer, rather than defaulting to the primary beneficiary of the VIE as the accounting acquirer. ASU 2025-03 ",
        "box": [
          58.5,
          181.308896,
          555.9199999999998,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods, ",
        "box": [
          58.5,
          192.808896,
          555.9999999999998,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and early adoption is permitted. We have not early adopted ASU 2025-03 and do not expect the adoption of ASU 2025-03 ",
        "box": [
          58.5,
          204.308896,
          555.8899999999998,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to have a material impact on our consolidated financial statements.",
        "box": [
          58.5,
          215.808896,
          325.33,
          224.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In November 2024, the FASB issued ASU 2024-04 'Debt with Conversion and Other Options (Subtopic 470-20): Induced ",
        "box": [
          58.5,
          239.308896,
          555.9999999999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conversions  of  Convertible  Debt  Instruments,'  or  ASU  2024-04.  ASU  2024-04  clarifies  the  accounting  treatment  for ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "settlement of a convertible debt instrument as an induced conversion. ASU 2024-04 is effective on a prospective basis, ",
        "box": [
          58.5,
          262.308896,
          555.98,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with the option for retrospective application, for fiscal years beginning after December 15, 2025. The adoption of ASU ",
        "box": [
          58.5,
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          555.9799999999999,
          282.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024-04 in 2026 did not have a material impact on our consolidated financial statements.",
        "box": [
          58.5,
          285.30889599999995,
          414.2,
          293.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In ",
        "box": [
          58.5,
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          69.33,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November  2024, ",
        "box": [
          74.1,
          308.80889599999995,
          148.54999999999995,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the ",
        "box": [
          153.31999999999996,
          308.80889599999995,
          168.01999999999998,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FASB  issued ",
        "box": [
          172.79,
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          232.54,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU  2024-03  'Expense ",
        "box": [
          237.31,
          308.80889599999995,
          345.96,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disaggregation ",
        "box": [
          350.72999999999996,
          308.80889599999995,
          414.2699999999999,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disclosures ",
        "box": [
          419.0399999999999,
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          468.15999999999985,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Subtopic ",
        "box": [
          472.92999999999984,
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          514.2899999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220-40): ",
        "box": [
          519.0599999999997,
          308.80889599999995,
          555.9899999999998,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disaggregation of Income Statement Expenses,' or ASU 2024-03. ASU 2024-03 requires disclosures in the notes to the ",
        "box": [
          58.5,
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          555.8700000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements on specified information about certain costs and expenses for each interim and annual reporting period. ",
        "box": [
          58.5,
          331.80889599999995,
          555.9699999999998,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods ",
        "box": [
          58.5,
          343.30889599999995,
          555.9499999999998,
          351.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, and ",
        "box": [
          58.5,
          354.80889599999995,
          555.94,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "early adoption is permitted. We have not early adopted ASU 2024-03 and do not expect the adoption of ASU 2024-03 to ",
        "box": [
          58.5,
          366.30889599999995,
          555.8300000000004,
          374.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have a material impact on our consolidated financial statements.",
        "box": [
          58.5,
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          315.05999999999995,
          386.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
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          375.0656000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 21,
    "width": 612.0,
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    "cells": [
      {
        "text": "3. LOANS RECEIVABLE, NET",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The following table details overall statistics for our loans receivable portfolio ($ in thousands): ",
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          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          405.07999,
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          458.17599000000007,
          99.81579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          481.81,
          93.23315479999997,
          546.45,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of loans",
        "box": [
          61.13,
          105.808896,
          128.29999999999998,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          394.88,
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          397.13,
          113.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130 ",
        "box": [
          446.27,
          105.78100540000003,
          462.02,
          113.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          477.38,
          105.78100540000003,
          479.63,
          113.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131 ",
        "box": [
          528.77,
          105.78100540000003,
          544.52,
          113.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal balance",
        "box": [
          61.13,
          120.808896,
          130.18999999999994,
          129.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          394.88,
          120.78100540000003,
          401.63,
          128.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,639,430 ",
        "box": [
          419.27,
          120.78100540000003,
          462.02,
          128.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          120.78100540000003,
          484.13,
          128.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,154,768 ",
        "box": [
          501.77,
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          544.52,
          128.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value",
        "box": [
          61.13,
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          122.18999999999998,
          144.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          394.88,
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          401.63,
          143.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,266,346 ",
        "box": [
          419.27,
          135.78100540000003,
          462.02,
          143.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
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          484.13,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,784,694 ",
        "box": [
          501.77,
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          544.52,
          143.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded loan commitments (1)",
        "box": [
          61.13,
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          183.74320999999998,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          394.88,
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          401.63,
          158.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,168,941 ",
        "box": [
          423.77,
          150.78100540000003,
          462.02,
          158.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          150.78100540000003,
          484.13,
          158.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,185,004 ",
        "box": [
          506.27,
          150.78100540000003,
          544.52,
          158.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average cash coupon (2)",
        "box": [
          61.13,
          165.808896,
          192.58319999999998,
          174.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.23 %",
        "box": [
          436.70001,
          165.78100540000003,
          470.26101000000006,
          173.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.19 %",
        "box": [
          519.20001,
          165.78100540000003,
          552.76101,
          173.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average all-in yield (2)",
        "box": [
          61.13,
          180.808896,
          186.4432,
          189.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.46 %",
        "box": [
          436.70001,
          180.78100540000003,
          470.26101000000006,
          188.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.39 %",
        "box": [
          519.20001,
          180.78100540000003,
          552.76101,
          188.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average maximum maturity (years) (3)",
        "box": [
          61.13,
          195.808896,
          249.99320999999998,
          204.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4",
        "box": [
          451.12,
          195.78100540000003,
          462.37,
          203.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5",
        "box": [
          533.62,
          195.78100540000003,
          544.87,
          203.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          222.058896,
          70.16,
          230.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded commitments will  primarily  be  funded  to  finance  our  borrowers'  construction  or  development  of  real ",
        "box": [
          85.5,
          222.058896,
          555.9000000000002,
          230.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will ",
        "box": [
          85.5,
          233.558896,
          555.9599999999996,
          241.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally be funded over the term of each loan, subject in certain cases to an expiration date.",
        "box": [
          85.5,
          245.058896,
          455.54999999999995,
          253.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          256.558896,
          70.16,
          264.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark ",
        "box": [
          85.5,
          256.558896,
          555.9000000000002,
          264.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates,  which  include  SOFR,  SONIA,  EURIBOR,  CORRA,  and  other  indices,  as  applicable  to  each  loan.  As  of ",
        "box": [
          85.5,
          268.058896,
          555.93001,
          276.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, 97% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. ",
        "box": [
          85.5,
          279.558896,
          555.96997,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The remaining 3% of our loans by principal balance earned a fixed rate of interest. As of December 31, 2025, 97% ",
        "box": [
          85.5,
          291.05889599999995,
          555.87,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. The remaining 3% of ",
        "box": [
          85.5,
          302.55889599999995,
          555.9599900000001,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loans by principal balance earned a fixed rate of interest. In addition to cash coupon, all-in yield includes the ",
        "box": [
          85.5,
          314.05889599999995,
          555.9599999999998,
          322.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the ",
        "box": [
          85.5,
          325.55889599999995,
          555.92,
          333.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.",
        "box": [
          85.5,
          337.05889599999995,
          510.53,
          345.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          348.55889599999995,
          70.16,
          356.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid ",
        "box": [
          85.5,
          348.55889599999995,
          555.8800000000005,
          356.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior  to  such  date.  Excludes  loans  accounted  for  under  the  cost-recovery  and  nonaccrual  methods,  if  any.  As  of ",
        "box": [
          85.5,
          360.05889599999995,
          555.9000000000001,
          368.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31,  2026,  41%  of  our  loans  by  principal  balance  were  subject  to  yield  maintenance  or  other  prepayment ",
        "box": [
          85.5,
          371.55889599999995,
          555.9000000000002,
          379.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "restrictions and 59% were open to repayment by the borrower without penalty. As of December 31, 2025, 40% of ",
        "box": [
          85.5,
          383.05889599999995,
          556.00003,
          391.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 60% were ",
        "box": [
          85.5,
          394.55889599999995,
          555.9200100000003,
          402.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "open to repayment by the borrower without penalty.",
        "box": [
          85.5,
          406.05889599999995,
          293.63000000000005,
          414.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the index rate floors for our loans receivable portfolio as of March 31, 2026 ($ in thousands):",
        "box": [
          58.5,
          429.55889599999995,
          540.51999,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          456.9831248,
          63.13,
          463.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable Principal Balance",
        "box": [
          377.57999,
          456.9831248,
          499.97999000000016,
          463.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index Rate Floors",
        "box": [
          61.13,
          469.398896,
          137.73999999999995,
          477.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          351.12,
          469.398896,
          371.12000000000006,
          477.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-USD (1)",
        "box": [
          415.54001,
          469.398896,
          462.71322000000004,
          477.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          504.98999,
          469.398896,
          527.75999,
          477.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          61.13,
          483.80889599999995,
          104.68999999999997,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          326.63,
          483.80889599999995,
          334.13,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "397,337 ",
        "box": [
          361.67,
          483.80889599999995,
          396.67,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          483.80889599999995,
          412.13,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,916 ",
        "box": [
          439.67,
          483.80889599999995,
          474.67,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          483.80889599999995,
          489.38,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "532,253 ",
        "box": [
          516.92,
          483.80889599999995,
          551.92,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00% or no floor (2)",
        "box": [
          61.13,
          498.80889599999995,
          138.28319999999997,
          507.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "731,463",
        "box": [
          363.12,
          498.80889599999995,
          395.62,
          507.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,614,027",
        "box": [
          433.62,
          498.80889599999995,
          473.62,
          507.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,345,490",
        "box": [
          510.87,
          498.80889599999995,
          550.87,
          507.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.01% to 1.00% floor",
        "box": [
          61.13,
          513.808896,
          147.49000000000004,
          522.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,636,260",
        "box": [
          355.62,
          513.808896,
          395.62,
          522.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,152,196",
        "box": [
          433.62,
          513.808896,
          473.62,
          522.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,788,456",
        "box": [
          510.87,
          513.808896,
          550.87,
          522.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.01% to 2.00% floor",
        "box": [
          61.13,
          528.808896,
          147.49000000000004,
          537.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "929,990",
        "box": [
          363.12,
          528.808896,
          395.62,
          537.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,711,218",
        "box": [
          433.62,
          528.808896,
          473.62,
          537.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,641,208",
        "box": [
          510.87,
          528.808896,
          550.87,
          537.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.01% to 3.00% floor",
        "box": [
          61.13,
          543.808896,
          147.49000000000004,
          552.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,764,518",
        "box": [
          355.62,
          543.808896,
          395.62,
          552.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,885",
        "box": [
          441.12,
          543.808896,
          473.62,
          552.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,129,403",
        "box": [
          510.87,
          543.808896,
          550.87,
          552.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.01% or more floor",
        "box": [
          61.13,
          558.808896,
          142.75,
          567.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "951,506",
        "box": [
          363.12,
          558.808896,
          395.62,
          567.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "251,114",
        "box": [
          441.12,
          558.808896,
          473.62,
          567.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,202,620",
        "box": [
          510.87,
          558.808896,
          550.87,
          567.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total (3)",
        "box": [
          61.13,
          573.808896,
          88.2632,
          582.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          326.63,
          573.808896,
          334.13,
          582.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,411,074 ",
        "box": [
          354.17,
          573.808896,
          396.67,
          582.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          573.808896,
          412.13,
          582.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,228,356 ",
        "box": [
          432.17,
          573.808896,
          474.67,
          582.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          573.808896,
          489.38,
          582.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,639,430 ",
        "box": [
          504.42,
          573.808896,
          551.9200000000001,
          582.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          599.558896,
          70.16,
          607.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.",
        "box": [
          85.5,
          599.558896,
          510.35,
          607.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          611.058896,
          70.16,
          619.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes all impaired loans. ",
        "box": [
          85.5,
          611.058896,
          198.41,
          619.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          622.558896,
          70.16,
          630.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, the weighted-average index rate floor of our floating-rate loans receivable principal balance ",
        "box": [
          85.5,
          622.558896,
          555.9099999999999,
          630.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was 1.40%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was ",
        "box": [
          85.5,
          634.058896,
          555.9900000000004,
          642.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.06%.",
        "box": [
          85.5,
          645.558896,
          113.83,
          653.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 22,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Activity relating to our loans receivable portfolio was as follows ($ in thousands):",
        "box": [
          58.5,
          54.308896000000004,
          385.93999999999994,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          90.73315479999997,
          63.13,
          97.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          355.85999,
          81.41314479999994,
          387.39599,
          87.99578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          358.07999,
          90.73315479999997,
          385.18399000000005,
          97.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.16998,
          90.73315479999997,
          387.16998,
          97.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred Fees /",
        "box": [
          419.16,
          81.54309479999995,
          471.1200000000002,
          88.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Items (1)",
        "box": [
          421.34,
          90.09194112,
          468.91321000000005,
          97.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book",
        "box": [
          502.75,
          81.41314479999994,
          534.526,
          87.99578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          508.63,
          90.73315479999997,
          528.622,
          97.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          528.60999,
          90.73315479999997,
          530.60999,
          97.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable, as of December 31, 2025",
        "box": [
          61.13,
          103.308896,
          237.59000000000006,
          111.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
          103.308896,
          346.88,
          111.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,154,768 ",
        "box": [
          357.42,
          103.308896,
          404.92,
          111.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.88,
          103.308896,
          420.38,
          111.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(85,634) ",
        "box": [
          445.09,
          103.308896,
          481.74999999999994,
          111.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          103.308896,
          493.88,
          111.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,069,134 ",
        "box": [
          504.42,
          103.308896,
          551.9200000000001,
          111.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan fundings",
        "box": [
          78.5,
          118.308896,
          136.51999999999998,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "290,826",
        "box": [
          371.37,
          118.308896,
          403.87,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          467.37,
          118.308896,
          477.37,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "290,826",
        "box": [
          518.37,
          118.308896,
          550.87,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan repayments, sales, and cost-recovery proceeds",
        "box": [
          78.5,
          133.308896,
          286.30000000000007,
          141.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(630,933)",
        "box": [
          364.70999,
          133.308896,
          403.86999,
          141.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(859)",
        "box": [
          455.70999,
          133.308896,
          477.36999,
          141.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(631,792)",
        "box": [
          511.70999,
          133.308896,
          550.86999,
          141.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs",
        "box": [
          78.5,
          148.308896,
          126.22999999999998,
          156.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,957)",
        "box": [
          369.70999,
          148.308896,
          403.86999,
          156.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "506",
        "box": [
          462.37,
          148.308896,
          477.37,
          156.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,451)",
        "box": [
          516.71002,
          148.308896,
          550.8700200000001,
          156.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to owned real estate",
        "box": [
          78.5,
          163.308896,
          194.45000000000002,
          171.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,355)",
        "box": [
          369.70999,
          163.308896,
          403.86999,
          171.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          467.37,
          163.308896,
          477.37,
          171.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,355)",
        "box": [
          516.71002,
          163.308896,
          550.8700200000001,
          171.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to other assets, net (2)",
        "box": [
          78.5,
          178.308896,
          194.70319999999998,
          186.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,727)",
        "box": [
          369.70999,
          178.308896,
          403.86999,
          186.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          467.37,
          178.308896,
          477.37,
          186.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,727)",
        "box": [
          516.71002,
          178.308896,
          550.8700200000001,
          186.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment-in-kind interest, net of interest received",
        "box": [
          78.5,
          193.308896,
          273.79000000000013,
          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,106",
        "box": [
          381.37,
          193.308896,
          403.87,
          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          467.37,
          193.308896,
          477.37,
          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,106",
        "box": [
          528.37,
          193.308896,
          550.87,
          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized (loss) gain on foreign currency translation",
        "box": [
          78.5,
          208.308896,
          292.69,
          216.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(92,298)",
        "box": [
          369.70999,
          208.308896,
          403.86999,
          216.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          467.37,
          208.308896,
          477.37,
          216.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(92,226)",
        "box": [
          516.71002,
          208.308896,
          550.8700200000001,
          216.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred fees and other items",
        "box": [
          78.5,
          223.308896,
          196.67000000000002,
          231.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          393.87,
          223.308896,
          403.87,
          231.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,009)",
        "box": [
          443.20999,
          223.308896,
          477.36999,
          231.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,009)",
        "box": [
          516.71002,
          223.308896,
          550.8700200000001,
          231.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of fees and other items",
        "box": [
          78.5,
          238.308896,
          225.26000000000005,
          246.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          393.87,
          238.308896,
          403.87,
          246.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,430",
        "box": [
          449.87,
          238.308896,
          477.37,
          246.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,430",
        "box": [
          523.37,
          238.308896,
          550.87,
          246.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable, as of March 31, 2026",
        "box": [
          61.13,
          253.308896,
          222.63000000000002,
          261.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
          253.308896,
          346.88,
          261.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,639,430 ",
        "box": [
          357.42,
          253.308896,
          404.92,
          261.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.88,
          253.308896,
          420.38,
          261.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(81,494) ",
        "box": [
          445.09,
          253.308896,
          481.74999999999994,
          261.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          253.308896,
          493.88,
          261.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,557,936 ",
        "box": [
          504.42,
          253.308896,
          551.9200000000001,
          261.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          268.308896,
          117.99999999999996,
          276.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(291,590)",
        "box": [
          511.70999,
          268.308896,
          550.86999,
          276.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable, net, as of March 31, 2026",
        "box": [
          61.13,
          283.30889599999995,
          239.83,
          291.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          283.30889599999995,
          493.88,
          291.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,266,346 ",
        "box": [
          504.42,
          283.30889599999995,
          551.9200000000001,
          291.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          311.05889599999995,
          70.16,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, ",
        "box": [
          85.5,
          311.05889599999995,
          555.9699999999997,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and cost-recovery proceeds.",
        "box": [
          85.5,
          322.55889599999995,
          197.31,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          334.05889599999995,
          70.16,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This amount relates to intangible and other assets recorded in connection with a loan that was transferred to owned ",
        "box": [
          85.5,
          334.05889599999995,
          555.89,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate, net of any liabilities recorded upon acquisition. See Note 6 for further information.",
        "box": [
          85.5,
          345.55889599999995,
          461.4199899999998,
          353.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 23,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The tables  below  detail  the  property  type  and  geographic  distribution  of  the  properties  securing  the  loans  in  our  loans ",
        "box": [
          58.5,
          54.308896000000004,
          555.8300000000002,
          62.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable portfolio ($ in thousands):",
        "box": [
          58.5,
          65.808896,
          206.67999999999998,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          279.45001,
          81.98315479999997,
          332.5460100000001,
          88.56579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          61.13,
          103.73315479999997,
          111.09800000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          216.39999,
          103.73315479999997,
          276.37599,
          110.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          300.13,
          103.73315479999997,
          353.89000000000004,
          110.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          379.38,
          103.09194112,
          451.61319000000003,
          110.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure ",
        "box": [
          474.29001,
          94.54309479999995,
          542.4900099999999,
          101.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage of Portfolio",
        "box": [
          468.07999,
          103.73315479999997,
          546.6959900000002,
          110.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          61.13,
          116.308896,
          109.39999999999998,
          124.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          241.37,
          116.308896,
          251.37,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.88,
          116.308896,
          294.38,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,468,743 ",
        "box": [
          325.67,
          116.308896,
          368.17,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          375.38,
          116.308896,
          382.88,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,288,075 ",
        "box": [
          414.17,
          116.308896,
          456.67,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26%",
        "box": [
          499.14999,
          116.308896,
          517.47999,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          61.13,
          130.558896,
          86.64999999999999,
          138.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          241.37,
          130.558896,
          251.37,
          138.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,557,654",
        "box": [
          327.12,
          130.558896,
          367.12,
          138.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,220,106",
        "box": [
          415.62,
          130.558896,
          455.62,
          138.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          502.37,
          130.558896,
          512.37,
          138.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          61.13,
          144.808896,
          99.42999999999999,
          153.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          241.37,
          144.808896,
          251.37,
          153.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,454,201",
        "box": [
          327.12,
          144.808896,
          367.12,
          153.03719255618262
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        "from_ocr": false,
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        "text": "25",
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        "text": "10",
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        "text": "1,736,982",
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        "text": "10",
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        "text": "Retail",
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        "text": "7",
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        "text": "687,182",
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        "text": "606,901",
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        "text": "4",
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        "text": "3",
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      {
        "text": "650,571",
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      {
        "text": "485,715",
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        "text": "3",
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        "text": "Life Sciences / Studio",
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        "from_ocr": false,
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        "text": "130",
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      {
        "text": "$ ",
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      {
        "text": "$ ",
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      {
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      },
      {
        "text": "1,125,056",
        "box": [
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          367.12,
          457.5371925561827
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        "confidence": 1.0
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      {
        "text": "1,118,110",
        "box": [
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          455.62,
          457.5371925561827
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        "confidence": 1.0
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      {
        "text": "7",
        "box": [
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          509.87,
          457.5371925561827
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        "from_ocr": false,
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      {
        "text": "Spain",
        "box": [
          78.5,
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          101.25999999999999,
          471.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
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          248.87,
          471.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "553,729",
        "box": [
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          367.12,
          471.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "508,040",
        "box": [
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          455.62,
          471.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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          509.87,
          471.7871925561827
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        "from_ocr": false,
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      {
        "text": "Sweden",
        "box": [
          78.5,
          477.80889599999995,
          110.13999999999999,
          486.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
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          248.87,
          486.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "488,587",
        "box": [
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          367.12,
          486.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "487,427",
        "box": [
          423.12,
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          455.62,
          486.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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          509.87,
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        "from_ocr": false,
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      {
        "text": "Canada",
        "box": [
          78.5,
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          108.45999999999998,
          500.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
        "box": [
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          248.87,
          500.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "449,123",
        "box": [
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          367.12,
          500.2871925561827
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        "confidence": 1.0
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      {
        "text": "284,674",
        "box": [
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          455.62,
          500.2871925561827
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        "confidence": 1.0
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      {
        "text": "2",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Other Europe",
        "box": [
          78.5,
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          132.61999999999998,
          514.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7",
        "box": [
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          248.87,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "896,738",
        "box": [
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          367.12,
          514.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "894,462",
        "box": [
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          455.62,
          514.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5",
        "box": [
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          509.87,
          514.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other International",
        "box": [
          78.5,
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          154.79000000000002,
          528.7871925561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
        "box": [
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          248.87,
          528.7871925561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "61,171",
        "box": [
          339.62,
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          367.12,
          528.7871925561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "60,758",
        "box": [
          428.12,
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          455.62,
          528.7871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          502.37,
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          512.37,
          528.7871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          61.13,
          535.558896,
          94.43999999999998,
          543.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          241.37,
          535.558896,
          251.37,
          543.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,262,934",
        "box": [
          327.12,
          535.558896,
          367.12,
          543.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,036,154",
        "box": [
          415.62,
          535.558896,
          455.62,
          543.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          502.37,
          535.558896,
          512.37,
          543.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
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          149.31999999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130",
        "box": [
          238.87,
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          253.87,
          558.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.88,
          549.808896,
          294.38,
          558.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,557,936 ",
        "box": [
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          368.17,
          558.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,366,484 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(291,590) ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
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          586.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          286.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,266,346 ",
        "box": [
          320.67,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
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          61.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2026, ",
        "box": [
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          555.82001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is our principal balance net of (i) $961.1 million of asset-specific debt, (ii) $20.3 million of cost-recovery ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "proceeds, and (iii) our total loans receivable CECL reserve of $291.6 million. Our asset-specific debt is structurally ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "non-recourse and term-matched to the corresponding collateral loans.",
        "box": [
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      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
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        "confidence": 1.0
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      {
        "text": "22",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 24,
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    "cells": [
      {
        "text": "December 31, 2025",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Property Type",
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      {
        "text": "Number of Loans",
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        "from_ocr": false,
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      {
        "text": "Net Book Value",
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        "from_ocr": false,
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      {
        "text": "Net Loan Exposure (1)",
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      {
        "text": "Net Loan Exposure ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Percentage of Portfolio",
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      {
        "text": "Office",
        "box": [
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      {
        "text": "37",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,879,422 ",
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        "from_ocr": false,
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      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "4,556,980 ",
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      {
        "text": "27%",
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      {
        "text": "Multifamily",
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        "text": "46",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,457,767",
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      },
      {
        "text": "4,305,534",
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      {
        "text": "26",
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      {
        "text": "Industrial",
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        "text": "21",
        "box": [
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        "text": "4,458,487",
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      {
        "text": "4,114,141",
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        "text": "24",
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        "text": "Hospitality",
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        "text": "12",
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        "text": "1,940,693",
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      {
        "text": "1,827,133",
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        "text": "11",
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        "text": "Retail",
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        "text": "6",
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        "text": "674,612",
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        "text": "596,204",
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        "text": "Self-storage",
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        "text": "659,515",
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      {
        "text": "492,376",
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        "text": "3",
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      {
        "text": "Life Sciences/Studio",
        "box": [
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          144.06999999999996,
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        "text": "2",
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      {
        "text": "$ ",
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      {
        "text": "$ ",
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      {
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Europe",
        "box": [
          78.5,
          499.05889599999995,
          132.61999999999998,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          243.12,
          499.05889599999995,
          248.12,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "875,579",
        "box": [
          333.12,
          499.05889599999995,
          365.62,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "872,527",
        "box": [
          422.37,
          499.05889599999995,
          454.87,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          504.87,
          499.05889599999995,
          509.87,
          507.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other International",
        "box": [
          78.5,
          514.058896,
          154.79000000000002,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          243.12,
          514.058896,
          248.12,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,067",
        "box": [
          338.12,
          514.058896,
          365.62,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,808",
        "box": [
          427.37,
          514.058896,
          454.87,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          503.31,
          514.058896,
          513.31,
          522.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          61.13,
          529.058896,
          94.43999999999998,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          240.62,
          529.058896,
          250.62,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,420,245",
        "box": [
          325.62,
          529.058896,
          365.62,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,190,248",
        "box": [
          414.87,
          529.058896,
          454.87,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          502.37,
          529.058896,
          512.37,
          537.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          544.058896,
          149.31999999999996,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131",
        "box": [
          239.06,
          544.058896,
          254.06,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          544.058896,
          292.88,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,069,134 ",
        "box": [
          319.17,
          544.058896,
          366.67,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          374.63,
          544.058896,
          382.13,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,846,034 ",
        "box": [
          408.42,
          544.058896,
          455.92,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          496.64999,
          544.058896,
          519.97999,
          552.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          559.058896,
          117.99999999999996,
          567.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284,440)",
        "box": [
          326.45999,
          559.058896,
          365.61999,
          567.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          574.058896,
          146.27999999999997,
          582.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.38,
          574.058896,
          292.88,
          582.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,784,694 ",
        "box": [
          319.17,
          574.058896,
          366.67,
          582.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          604.348876,
          70.16,
          612.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, ",
        "box": [
          85.5,
          604.348876,
          555.9700100000002,
          612.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025,  which  is  our  principal  balance  net  of  (i)  $999.8  million  of  asset-specific  debt,  (ii)  $24.5  million  of  cost-",
        "box": [
          85.5,
          614.848876,
          553.4300300000002,
          623.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recovery  proceeds,  and  (iii)  our  total  loans  receivable  CECL  reserve  of  $284.4  million.  See  Note  2  for  further ",
        "box": [
          85.5,
          625.348876,
          555.8700100000002,
          633.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of loan participations sold. Our asset-specific debt is structurally non-recourse and term-matched to the ",
        "box": [
          85.5,
          635.848876,
          555.8899999999999,
          644.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corresponding collateral loans.",
        "box": [
          85.5,
          646.348876,
          208.40000000000006,
          654.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 25,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Loan Risk Ratings  ",
        "box": [
          58.5,
          54.148926000000074,
          142.92999999999998,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          166.49999999999997,
          54.148926000000074,
          168.99999999999997,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan ",
        "box": [
          58.5,
          71.50890600000002,
          555.90001,
          79.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio  review,  we  assess  the  risk  factors  of  each  loan,  and  assign  a  risk  rating  based  on  several  factors.  Factors ",
        "box": [
          58.5,
          83.00890600000002,
          555.8600000000001,
          91.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considered  in  the  assessment  include,  but  are  not  limited  to,  risk  of  loss,  origination  LTV,  debt  yield,  collateral ",
        "box": [
          58.5,
          94.50890600000002,
          555.9500000000003,
          102.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance, structure, exit plan, and sponsorship. Loans are rated '1' (less risk) through '5' (greater risk), which ratings ",
        "box": [
          58.5,
          106.00890600000002,
          555.94,
          114.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are defined in Note 2.",
        "box": [
          58.5,
          117.50890600000002,
          145.34,
          125.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables allocate the net book value and net loan exposure balances based on our internal risk ratings ($ in ",
        "box": [
          58.5,
          141.00890600000002,
          555.89,
          149.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands): ",
        "box": [
          58.5,
          152.50890600000002,
          107.08,
          160.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          353.32999,
          167.9331047999999,
          406.42599000000007,
          174.51574204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
        "box": [
          110.18,
          180.6831047999999,
          150.83599999999998,
          187.26574204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          216.39999,
          180.6831047999999,
          276.37599,
          187.26574204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          328.26001,
          180.6831047999999,
          382.02001000000007,
          187.26574204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          452.51001,
          180.04189112000006,
          524.7431899999999,
          187.26574204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          128.25,
          193.23101540000005,
          132.75,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          244.12,
          193.23101540000005,
          248.62,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          193.23101540000005,
          299.63,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,420 ",
        "box": [
          387.002,
          193.23101540000005,
          418.502,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          426.38,
          193.23101540000005,
          433.13,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,095 ",
        "box": [
          520.502,
          193.23101540000005,
          552.002,
          200.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          128.25,
          207.48101540000005,
          132.75,
          214.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          241.87,
          207.48101540000005,
          250.87,
          214.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,948,977",
        "box": [
          381.37,
          207.48101540000005,
          417.37,
          214.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,778,681",
        "box": [
          514.87,
          207.48101540000005,
          550.87,
          214.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          128.25,
          221.73101540000005,
          132.75,
          229.13648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84",
        "box": [
          241.87,
          221.73101540000005,
          250.87,
          229.13648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,478,398",
        "box": [
          376.87,
          221.73101540000005,
          417.37,
          229.13648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,646,589",
        "box": [
          510.37,
          221.73101540000005,
          550.87,
          229.13648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          128.25,
          235.98101540000005,
          132.75,
          243.38648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          241.87,
          235.98101540000005,
          250.87,
          243.38648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,643,985",
        "box": [
          381.37,
          235.98101540000005,
          417.37,
          243.38648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,541,297",
        "box": [
          514.87,
          235.98101540000005,
          550.87,
          243.38648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          128.25,
          250.23101540000005,
          132.75,
          257.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          244.12,
          250.23101540000005,
          248.62,
          257.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "372,156",
        "box": [
          388.12,
          250.23101540000005,
          417.37,
          257.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "285,822",
        "box": [
          521.62,
          250.23101540000005,
          550.87,
          257.63648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          264.48101540000005,
          140.60899999999998,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130",
        "box": [
          239.62,
          264.48101540000005,
          253.12,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          264.48101540000005,
          299.63,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,557,936 ",
        "box": [
          375.752,
          264.48101540000005,
          418.502,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          426.38,
          264.48101540000005,
          433.13,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,366,484 ",
        "box": [
          509.252,
          264.48101540000005,
          552.002,
          271.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          278.73101540000005,
          112.36699999999999,
          286.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(291,590)",
        "box": [
          382.14001,
          278.73101540000005,
          417.38401000000005,
          286.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          292.9810154,
          137.855,
          300.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          292.9810154,
          299.63,
          300.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,266,346 ",
        "box": [
          375.752,
          292.9810154,
          418.502,
          300.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          347.56,
          313.4331348,
          412.2000000000001,
          320.0157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
        "box": [
          110.18,
          326.1831348,
          150.83599999999998,
          332.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          216.39999,
          326.1831348,
          276.37599,
          332.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          328.26001,
          326.1831348,
          382.02001000000007,
          332.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          452.51001,
          325.54192112,
          524.7431899999999,
          332.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          128.25,
          338.7310154,
          132.75,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          244.12,
          338.7310154,
          248.62,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          338.7310154,
          299.63,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "303,971 ",
        "box": [
          387.002,
          338.7310154,
          418.502,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          426.38,
          338.7310154,
          433.13,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "302,564 ",
        "box": [
          520.502,
          338.7310154,
          552.002,
          346.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          128.25,
          352.9810154,
          132.75,
          360.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          241.87,
          352.9810154,
          250.87,
          360.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,875,870",
        "box": [
          381.37,
          352.9810154,
          417.37,
          360.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,704,222",
        "box": [
          514.87,
          352.9810154,
          550.87,
          360.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          128.25,
          367.2310154,
          132.75,
          374.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85",
        "box": [
          241.87,
          367.2310154,
          250.87,
          374.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,907,947",
        "box": [
          376.87,
          367.2310154,
          417.37,
          374.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,045,913",
        "box": [
          510.37,
          367.2310154,
          550.87,
          374.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          128.25,
          381.4810154,
          132.75,
          388.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          241.87,
          381.4810154,
          250.87,
          388.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,806,758",
        "box": [
          381.37,
          381.4810154,
          417.37,
          388.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,705,706",
        "box": [
          514.87,
          381.4810154,
          550.87,
          388.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          128.25,
          395.7310154,
          132.75,
          403.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          244.12,
          395.7310154,
          248.62,
          403.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "174,588",
        "box": [
          388.12,
          395.7310154,
          417.37,
          403.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,629",
        "box": [
          526.12,
          395.7310154,
          550.87,
          403.1364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          409.9810154,
          140.60899999999998,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131",
        "box": [
          239.62,
          409.9810154,
          253.12,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          409.9810154,
          299.63,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,069,134 ",
        "box": [
          375.752,
          409.9810154,
          418.502,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          426.38,
          409.9810154,
          433.13,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,846,034 ",
        "box": [
          509.252,
          409.9810154,
          552.002,
          417.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          424.2310154,
          112.36699999999999,
          431.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284,440)",
        "box": [
          382.14001,
          424.2310154,
          417.38401000000005,
          431.6364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          438.4810154,
          137.855,
          445.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.88,
          438.4810154,
          299.63,
          445.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,784,694 ",
        "box": [
          375.752,
          438.4810154,
          418.502,
          445.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          464.00890599999997,
          70.16,
          472.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2026, ",
        "box": [
          85.5,
          464.00890599999997,
          555.82001,
          472.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is our principal balance net of (i) $961.1 million of asset-specific debt, (ii) $20.3 million of cost-recovery ",
        "box": [
          85.5,
          475.50890599999997,
          555.8500100000002,
          483.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds,  and  (iii)  our  total  loans  receivable  CECL  reserve  of  $291.6  million.  Our  net  loan  exposure  as  of ",
        "box": [
          85.5,
          487.00890599999997,
          555.8699900000001,
          495.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 is our principal balance net of (i) $999.8 million of asset-specific debt, (ii) $24.5 million of cost-",
        "box": [
          85.5,
          498.50890599999997,
          553.4700000000001,
          506.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recovery proceeds, and (iii) our total loans receivable CECL reserve of $284.4 million. Our asset-specific debt is ",
        "box": [
          85.5,
          510.00890599999997,
          555.8800000000001,
          518.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "structurally non-recourse and term-matched to the corresponding collateral loans.",
        "box": [
          85.5,
          521.508906,
          410.9199999999999,
          529.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loan portfolio had a weighted-average risk rating of 3.0, based on net loan exposure, as of both March 31, 2026 and ",
        "box": [
          58.5,
          545.008906,
          555.9799600000001,
          553.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025.",
        "box": [
          58.5,
          556.508906,
          139.54001,
          564.7372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 26,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Current Expected Credit Loss Reserve ",
        "box": [
          58.5,
          54.148926000000074,
          226.37,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included ",
        "box": [
          58.5,
          71.808896,
          555.9099999999997,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in  our  consolidated  balance  sheets.  Refer  to  Note  2  for  further  discussion  of  our  CECL  reserves.  The  following  table ",
        "box": [
          58.5,
          83.308896,
          555.93001,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "presents the activity in our loans receivable CECL reserve by investment pool for the three months ended March 31, 2026 ",
        "box": [
          58.5,
          94.808896,
          555.83997,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 2025 ($ in thousands):",
        "box": [
          58.5,
          106.308896,
          165.12,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          130.73315479999997,
          63.13,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S. Loans (1)",
        "box": [
          280.29999,
          130.09194112,
          323.45318000000003,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-U.S.",
        "box": [
          342.57999,
          121.62310479999996,
          373.67599,
          128.2057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Loans",
        "box": [
          346.67999,
          130.73315479999997,
          369.56799,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unique",
        "box": [
          401.94,
          121.62310479999996,
          426.812,
          128.2057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Loans",
        "box": [
          402.92999,
          130.73315479999997,
          425.81799,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impaired",
        "box": [
          454.64001,
          121.62310479999996,
          486.63201000000004,
          128.2057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Loans",
        "box": [
          459.17999,
          130.73315479999997,
          482.06799,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          517.77002,
          130.73315479999997,
          535.9940200000001,
          137.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans Receivable, Net",
        "box": [
          61.13,
          143.14892600000007,
          155.76,
          151.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.88,
          143.308896,
          280.38,
          151.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          143.308896,
          336.63,
          151.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          143.308896,
          392.88,
          151.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.63,
          143.308896,
          449.13,
          151.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          143.308896,
          505.38,
          151.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves as of December 31, 2025",
        "box": [
          78.5,
          158.308896,
          241.93999000000005,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.88,
          158.308896,
          285.38,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101,180 ",
        "box": [
          291.92,
          158.308896,
          326.92,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          158.308896,
          341.63,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,470 ",
        "box": [
          353.17,
          158.308896,
          383.17,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          158.308896,
          397.88,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,465 ",
        "box": [
          409.42,
          158.308896,
          439.42,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.63,
          158.308896,
          454.13,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,325 ",
        "box": [
          465.67,
          158.308896,
          495.67,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.88,
          158.308896,
          510.38,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "284,440 ",
        "box": [
          516.92,
          158.308896,
          551.92,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (decrease) in CECL reserves",
        "box": [
          98.5,
          173.308896,
          248.82000000000005,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,673",
        "box": [
          298.37,
          173.308896,
          325.87,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,305)",
        "box": [
          352.95999,
          173.308896,
          382.11999,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "182",
        "box": [
          423.37,
          173.308896,
          438.37,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,051",
        "box": [
          467.12,
          173.308896,
          494.62,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          173.308896,
          505.38,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,601 ",
        "box": [
          521.92,
          173.308896,
          551.92,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves",
        "box": [
          98.5,
          188.308896,
          220.31,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          315.87,
          188.308896,
          325.87,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          372.12,
          188.308896,
          382.12,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          428.37,
          188.308896,
          438.37,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,451)",
        "box": [
          460.45999,
          188.308896,
          494.61999,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          188.308896,
          505.38,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,451) ",
        "box": [
          518.59,
          188.308896,
          555.2500000000001,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves as of March 31, 2026",
        "box": [
          78.5,
          203.308896,
          226.98,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.88,
          203.308896,
          285.38,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "116,853 ",
        "box": [
          291.92,
          203.308896,
          326.92,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          203.308896,
          341.63,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,165 ",
        "box": [
          353.17,
          203.308896,
          383.17,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          203.308896,
          397.88,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,647 ",
        "box": [
          409.42,
          203.308896,
          439.42,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.63,
          203.308896,
          454.13,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,925 ",
        "box": [
          465.67,
          203.308896,
          495.67,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.88,
          203.308896,
          510.38,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "291,590 ",
        "box": [
          516.92,
          203.308896,
          551.92,
          211.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves as of December 31, 2024",
        "box": [
          78.5,
          234.058896,
          241.93999000000005,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.88,
          234.058896,
          285.38,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,057 ",
        "box": [
          296.92,
          234.058896,
          326.92,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          234.058896,
          341.63,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,141 ",
        "box": [
          353.17,
          234.058896,
          383.17,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          234.058896,
          397.88,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,087 ",
        "box": [
          409.42,
          234.058896,
          439.42,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.63,
          234.058896,
          454.13,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "580,651 ",
        "box": [
          460.67,
          234.058896,
          495.67,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.88,
          234.058896,
          510.38,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "733,936 ",
        "box": [
          516.92,
          234.058896,
          551.92,
          242.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in CECL reserves",
        "box": [
          98.5,
          249.058896,
          205.29000000000002,
          257.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.88,
          249.058896,
          280.38,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,604 ",
        "box": [
          296.92,
          249.058896,
          326.92,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          249.058896,
          336.63,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,796 ",
        "box": [
          353.17,
          249.058896,
          383.17,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          249.058896,
          392.88,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,477 ",
        "box": [
          414.42,
          249.058896,
          439.42,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.63,
          249.058896,
          449.13,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,552 ",
        "box": [
          465.67,
          249.058896,
          495.67,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          249.058896,
          505.38,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,429 ",
        "box": [
          521.92,
          249.058896,
          551.92,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves",
        "box": [
          98.5,
          264.058896,
          220.31,
          272.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.88,
          264.058896,
          280.38,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          314.42,
          264.058896,
          326.92,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          264.058896,
          336.63,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          370.67,
          264.058896,
          383.17,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          264.058896,
          392.88,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          426.92,
          264.058896,
          439.42,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.63,
          264.058896,
          449.13,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,824)   ",
        "box": [
          462.34,
          264.058896,
          505.38,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,824) ",
        "box": [
          518.59,
          264.058896,
          555.2500000000001,
          272.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves as of March 31, 2025",
        "box": [
          78.5,
          279.058896,
          226.98,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.88,
          279.058896,
          285.38,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97,661 ",
        "box": [
          296.92,
          279.058896,
          326.92,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          279.058896,
          341.63,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,937 ",
        "box": [
          353.17,
          279.058896,
          383.17,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          279.058896,
          397.88,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,564 ",
        "box": [
          409.42,
          279.058896,
          439.42,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.63,
          279.058896,
          454.13,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "555,379 ",
        "box": [
          460.67,
          279.058896,
          495.67,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.88,
          279.058896,
          510.38,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "741,541 ",
        "box": [
          516.92,
          279.058896,
          551.92,
          287.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          311.348906,
          70.16,
          319.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes one U.S. dollar-denominated loan that is located in Bermuda. ",
        "box": [
          85.5,
          311.348906,
          369.34,
          319.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we recorded a net increase of $7.2 million in the CECL reserves against ",
        "box": [
          58.5,
          334.848906,
          555.9800000000001,
          343.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loans receivable portfolio, primarily driven by a $9.6 million increase in our general CECL reserve partially offset by a ",
        "box": [
          58.5,
          346.348906,
          555.9400100000003,
          354.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.4  million  decrease  in  our  asset-specific  CECL  reserve,  bringing  our  total  loans  receivable  CECL  reserves  to ",
        "box": [
          58.5,
          357.848906,
          555.94,
          366.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$291.6  million  as  of  March  31,  2026.  The  increase  in  our  general  CECL  reserve  was  primarily  driven  by  new  loan ",
        "box": [
          58.5,
          369.348906,
          555.9499700000001,
          377.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originations. The decrease in our asset-specific reserve was driven by charge-offs of $46.5 million primarily related to the ",
        "box": [
          58.5,
          380.848906,
          555.9000000000001,
          389.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resolution  of  one  previously  impaired  loan  as  a  result  of  our  acquisition  of  title  through  a  foreclosure  of  a  hospitality ",
        "box": [
          58.5,
          392.348906,
          555.9899899999995,
          400.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral property located in San Francisco, CA, which is now included on our consolidated balance sheet as an owned real ",
        "box": [
          58.5,
          403.848906,
          555.88,
          412.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate asset. This was largely offset by additions to our asset-specific CECL reserve related to two additional loans with a ",
        "box": [
          58.5,
          415.348906,
          555.9999999999999,
          423.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "total amortized cost basis of $284.8 million that were impaired during the three months ended March 31, 2026. The income ",
        "box": [
          58.5,
          426.848906,
          555.8800100000002,
          435.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accrual was suspended on the two newly impaired loans, as the recovery of income and principal was doubtful. During the ",
        "box": [
          58.5,
          438.348906,
          555.8899899999998,
          446.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026, we recorded $1.4 million of interest income on these loans.",
        "box": [
          58.5,
          449.848906,
          444.5099999999998,
          458.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026,  we  had  an  aggregate  $84.9  million  asset-specific  CECL  reserve  related  to  seven  of  our  loans ",
        "box": [
          58.5,
          473.348906,
          555.9599900000001,
          481.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable,  with  a  total  amortized  cost  basis  of  $372.2  million,  net  of  cost-recovery  proceeds.  Impairments  are  each ",
        "box": [
          58.5,
          484.848906,
          555.9100100000003,
          493.0772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined  individually  as  a  result  of  changes  in  the  specific  credit  quality  factors  for  each  such  loan.  These  factors ",
        "box": [
          58.5,
          496.348906,
          555.9900000000001,
          504.5772025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events ",
        "box": [
          58.5,
          507.84887599999996,
          555.8700000000001,
          516.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of default, and (iv) other facts that impact the borrower's ability to pay the contractual amounts due under the terms of the ",
        "box": [
          58.5,
          519.348876,
          555.8799999999999,
          527.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan. This asset-specific CECL reserve was recorded based on our estimation of the fair value of each loan's underlying ",
        "box": [
          58.5,
          530.848876,
          555.9799999999999,
          539.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral as of March 31, 2026.",
        "box": [
          58.5,
          542.348876,
          185.86,
          550.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No  income  was  recorded  on  our  impaired  loans  subsequent  to  determining  that  they  were  impaired.  During  the  three ",
        "box": [
          58.5,
          565.848876,
          555.9600000000002,
          574.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026, we received an aggregate $0.5 million of cash proceeds from such loans that were applied ",
        "box": [
          58.5,
          577.348876,
          555.89001,
          585.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a reduction to the amortized cost basis of each respective loan.",
        "box": [
          58.5,
          588.848876,
          319.25,
          597.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, two of our performing loans with an aggregate amortized cost basis of $156.7 million were in ",
        "box": [
          58.5,
          612.348876,
          555.8899900000001,
          620.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "default.  With  respect  to  one  of  these  loans,  the  default  was  a  technical  default  as  a  result  of  the  non-payment  of  an ",
        "box": [
          58.5,
          623.848876,
          555.9299999999997,
          632.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension  fee,  the  loan  was  not  past  its  maturity  date  and  was  current  on  its  interest  payments.  The  other  loan  was  in ",
        "box": [
          58.5,
          635.348876,
          555.9100000000002,
          643.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment default and was less than 90 days past due on its interest payment. Both of these loans had a risk rating of '4.' All ",
        "box": [
          58.5,
          646.848876,
          555.9699999999997,
          655.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other borrowers under performing loans were in compliance with the applicable contractual terms of each respective loan, ",
        "box": [
          58.5,
          658.348876,
          555.9400000000003,
          666.5771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including any required payment of interest. Refer to Note 2 for further discussion of our policies on revenue recognition ",
        "box": [
          58.5,
          669.848876,
          555.9000099999996,
          678.0771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and our CECL reserves.",
        "box": [
          58.5,
          681.348876,
          154.51,
          689.5771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 27,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the ",
        "box": [
          58.5,
          54.308896000000004,
          555.87,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net book value of our loan portfolio as of March 31, 2026 and December 31, 2025, respectively, by year of origination, ",
        "box": [
          58.5,
          65.808896,
          555.9699899999999,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment pool, and risk rating ($ in thousands):",
        "box": [
          58.5,
          77.308896,
          255.01000000000008,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          98.73315479999997,
          63.13,
          105.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value of Loans Receivable by Year of Origination (1)",
        "box": [
          244.44,
          98.09194112,
          454.56320000000005,
          105.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          111.48315479999997,
          63.13,
          118.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026",
        "box": [
          313.17999,
          111.48315479999997,
          385.82799000000006,
          118.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
        "box": [
          80.56,
          124.23315479999997,
          121.21600000000002,
          130.8157920449462
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        "text": "2026",
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      {
        "text": "2025",
        "box": [
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          240.5,
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        "from_ocr": false,
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      {
        "text": "2024",
        "box": [
          283.0,
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          299.0,
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        "confidence": 1.0
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      {
        "text": "2023",
        "box": [
          341.5,
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          357.5,
          130.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2022",
        "box": [
          400.0,
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          416.0,
          130.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Prior",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Total",
        "box": [
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          534.11401,
          130.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S. loans",
        "box": [
          61.13,
          136.78100540000003,
          98.381,
          144.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
        "box": [
          98.62,
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          103.12,
          158.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
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          155.63,
          158.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          189.002,
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          200.252,
          158.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
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          214.13,
          158.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,519 ",
        "box": [
          231.752,
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          258.752,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          272.63,
          158.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
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          317.252,
          158.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
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          331.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.502,
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          375.752,
          158.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
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          389.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          434.252,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
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          448.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "53,901 ",
        "box": [
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          492.752,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
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          506.63,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "114,420 ",
        "box": [
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          551.252,
          158.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
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          103.12,
          172.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
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          199.12,
          172.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "84,921",
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        "from_ocr": false,
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      {
        "text": "61,171",
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        "from_ocr": false,
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      },
      {
        "text": "-",
        "box": [
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          374.62,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "164,646",
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          433.12,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "580,595",
        "box": [
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          491.62,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "891,333",
        "box": [
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          550.12,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
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          103.12,
          186.93647230056445
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        "from_ocr": false,
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      {
        "text": "180,912",
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          199.12,
          186.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,884,547",
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        "from_ocr": false,
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      {
        "text": "275,807",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
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          374.62,
          186.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,623,740",
        "box": [
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          433.12,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,240,857",
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      {
        "text": "6,205,863",
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          550.12,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4",
        "box": [
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          201.18647230056445
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        "from_ocr": false,
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      {
        "text": "-",
        "box": [
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          199.12,
          201.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "190,268",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,595,708",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,785,976",
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        "from_ocr": false,
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      {
        "text": "5",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-",
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      {
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        "text": "180,912 ",
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      {
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        "from_ocr": false,
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      {
        "text": "1,978,654 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,471,061 ",
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        "from_ocr": false,
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        "confidence": 1.0
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        "from_ocr": false,
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        "text": "716,767",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
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        "from_ocr": false,
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      {
        "text": "469,429",
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          279.2810054,
          316.12,
          286.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          279.2810054,
          374.62,
          286.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          424.12,
          279.2810054,
          433.12,
          286.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,664,166",
        "box": [
          455.62,
          279.2810054,
          491.62,
          286.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,074,228",
        "box": [
          514.12,
          279.2810054,
          550.12,
          286.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          98.62,
          293.53100539999997,
          103.12,
          300.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          293.53100539999997,
          199.12,
          300.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          293.53100539999997,
          257.62,
          300.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          293.53100539999997,
          316.12,
          300.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          293.53100539999997,
          374.62,
          300.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          424.12,
          293.53100539999997,
          433.12,
          300.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "360,357",
        "box": [
          462.37,
          293.53100539999997,
          491.62,
          300.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "360,357",
        "box": [
          520.87,
          293.53100539999997,
          550.12,
          300.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          98.62,
          307.78100539999997,
          103.12,
          315.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          307.78100539999997,
          199.12,
          315.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-  ",
        "box": [
          248.62,
          307.78100539999997,
          268.13,
          315.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          307.78100539999997,
          317.252,
          315.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          307.78100539999997,
          374.62,
          315.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          424.12,
          307.78100539999997,
          433.12,
          315.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          482.62,
          307.78100539999997,
          491.62,
          315.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          541.12,
          307.78100539999997,
          550.12,
          315.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Non-U.S. loans",
        "box": [
          61.13,
          322.03100539999997,
          138.125,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          322.03100539999997,
          155.63,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,982 ",
        "box": [
          173.252,
          322.03100539999997,
          200.252,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          322.03100539999997,
          214.13,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,093,847 ",
        "box": [
          220.502,
          322.03100539999997,
          258.752,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          322.03100539999997,
          272.63,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          322.03100539999997,
          317.252,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          322.03100539999997,
          331.13,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.502,
          322.03100539999997,
          375.752,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          322.03100539999997,
          389.63,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "469,429 ",
        "box": [
          402.752,
          322.03100539999997,
          434.252,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          322.03100539999997,
          448.13,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,895,971 ",
        "box": [
          454.502,
          322.03100539999997,
          492.752,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          322.03100539999997,
          506.63,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,492,229 ",
        "box": [
          513.002,
          322.03100539999997,
          551.252,
          329.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unique loans",
        "box": [
          61.13,
          336.28100539999997,
          108.87499999999999,
          343.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          98.62,
          350.53100539999997,
          103.12,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          350.53100539999997,
          155.63,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          189.002,
          350.53100539999997,
          200.252,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          350.53100539999997,
          214.13,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          247.502,
          350.53100539999997,
          258.752,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          350.53100539999997,
          272.63,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          350.53100539999997,
          317.252,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          350.53100539999997,
          331.13,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.502,
          350.53100539999997,
          375.752,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          350.53100539999997,
          389.63,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          423.002,
          350.53100539999997,
          434.252,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          350.53100539999997,
          448.13,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          481.502,
          350.53100539999997,
          492.752,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          350.53100539999997,
          506.63,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.002,
          350.53100539999997,
          551.252,
          357.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          98.62,
          364.78100539999997,
          103.12,
          372.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          364.78100539999997,
          199.12,
          372.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          364.78100539999997,
          257.62,
          372.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          364.78100539999997,
          316.12,
          372.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          364.78100539999997,
          374.62,
          372.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          424.12,
          364.78100539999997,
          433.12,
          372.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          482.62,
          364.78100539999997,
          491.62,
          372.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          541.12,
          364.78100539999997,
          550.12,
          372.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          98.62,
          379.03100539999997,
          103.12,
          386.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          379.03100539999997,
          199.12,
          386.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          379.03100539999997,
          257.62,
          386.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          379.03100539999997,
          316.12,
          386.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          379.03100539999997,
          374.62,
          386.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "908,375",
        "box": [
          403.87,
          379.03100539999997,
          433.12,
          386.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          441.38,
          379.03100539999997,
          443.63,
          386.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "289,932 ",
        "box": [
          461.252,
          379.03100539999997,
          492.752,
          386.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,307",
        "box": [
          514.12,
          379.03100539999997,
          550.12,
          386.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          98.62,
          393.28100539999997,
          103.12,
          400.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          393.28100539999997,
          199.12,
          400.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          393.28100539999997,
          257.62,
          400.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          393.28100539999997,
          316.12,
          400.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          393.28100539999997,
          374.62,
          400.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          424.12,
          393.28100539999997,
          433.12,
          400.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "497,652",
        "box": [
          462.37,
          393.28100539999997,
          491.62,
          400.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "497,652",
        "box": [
          520.87,
          393.28100539999997,
          550.12,
          400.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          98.62,
          407.53100539999997,
          103.12,
          414.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          407.53100539999997,
          199.12,
          414.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          407.53100539999997,
          257.62,
          414.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          407.53100539999997,
          316.12,
          414.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          407.53100539999997,
          374.62,
          414.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          424.12,
          407.53100539999997,
          433.12,
          414.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          482.62,
          407.53100539999997,
          491.62,
          414.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          541.12,
          407.53100539999997,
          550.12,
          414.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unique loans",
        "box": [
          61.13,
          421.78100539999997,
          128.12599999999998,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          421.78100539999997,
          155.63,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          189.002,
          421.78100539999997,
          200.252,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          421.78100539999997,
          214.13,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          247.502,
          421.78100539999997,
          258.752,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          421.78100539999997,
          272.63,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          421.78100539999997,
          317.252,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          421.78100539999997,
          331.13,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.502,
          421.78100539999997,
          375.752,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          421.78100539999997,
          389.63,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "908,375 ",
        "box": [
          402.752,
          421.78100539999997,
          434.252,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          421.78100539999997,
          448.13,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "787,584 ",
        "box": [
          461.252,
          421.78100539999997,
          492.752,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          421.78100539999997,
          506.63,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,695,959 ",
        "box": [
          513.002,
          421.78100539999997,
          551.252,
          429.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impaired loans",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,453,717",
        "box": [
          455.62,
          592.7810054,
          491.62,
          600.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,643,985",
        "box": [
          514.12,
          592.7810054,
          550.12,
          600.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          98.62,
          607.0310054,
          103.12,
          614.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          607.0310054,
          199.12,
          614.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          607.0310054,
          257.62,
          614.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          607.0310054,
          316.12,
          614.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          607.0310054,
          374.62,
          614.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "179,285",
        "box": [
          403.87,
          607.0310054,
          433.12,
          614.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "192,871",
        "box": [
          462.37,
          607.0310054,
          491.62,
          614.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "372,156",
        "box": [
          520.87,
          607.0310054,
          550.12,
          614.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          621.2810054,
          140.60899999999998,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          621.2810054,
          155.63,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "213,894 ",
        "box": [
          168.752,
          621.2810054,
          200.252,
          628.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          621.2810054,
          214.13,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,123,834 ",
        "box": [
          220.502,
          621.2810054,
          258.752,
          628.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          621.2810054,
          272.63,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "336,978 ",
        "box": [
          285.752,
          621.2810054,
          317.252,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          621.2810054,
          331.13,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.502,
          621.2810054,
          375.752,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          621.2810054,
          389.63,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,535,743 ",
        "box": [
          396.002,
          621.2810054,
          434.252,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          621.2810054,
          448.13,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,347,487 ",
        "box": [
          454.502,
          621.2810054,
          492.752,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  17,557,936 ",
        "box": [
          499.88,
          621.2810054,
          551.252,
          628.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          635.5310054,
          112.36699999999999,
          642.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(291,590)",
        "box": [
          514.89001,
          635.5310054,
          550.1340099999999,
          642.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          649.7810054,
          137.855,
          657.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  17,266,346 ",
        "box": [
          499.88,
          649.7810054,
          551.252,
          657.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross charge-offs (2)",
        "box": [
          61.13,
          678.2810054,
          131.35321,
          685.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          678.2810054,
          199.12,
          685.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          678.2810054,
          257.62,
          685.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          678.2810054,
          316.12,
          685.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          678.2810054,
          374.62,
          685.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          424.12,
          678.2810054,
          433.12,
          685.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,451)",
        "box": [
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          491.63401000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          678.2810054,
          506.63,
          685.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,451) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
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          70.16,
          712.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date  loan  was  originated  or  acquired  by  us.  Origination  dates  are  subsequently  updated  to  reflect  material  loan ",
        "box": [
          85.5,
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          555.8600000000001,
          712.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "modifications.",
        "box": [
          85.5,
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          142.92999999999995,
          723.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
          58.5,
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          70.16,
          735.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents charge-offs by year of origination during the three months ended March 31, 2026.",
        "box": [
          85.5,
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          459.32001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
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          28.545400375999975,
          424.1122400000001,
          36.74078374595797
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        "confidence": 1.0
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      {
        "text": "26",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 28,
    "width": 612.0,
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    "cells": [
      {
        "text": " ",
        "box": [
          61.13,
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          63.13,
          66.31579204494619
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net Book Value of Loans Receivable by Year of Origination (1)",
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          59.09194112,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          63.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As of December 31, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Risk Rating",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
          166.0,
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          182.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2024",
        "box": [
          224.5,
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          240.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2023",
        "box": [
          283.0,
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          299.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2022",
        "box": [
          341.5,
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          357.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2021",
        "box": [
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          416.0,
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        "from_ocr": false,
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      {
        "text": "Prior",
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      {
        "text": "Total",
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          534.11401,
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        "from_ocr": false,
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      {
        "text": "U.S. loans",
        "box": [
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          100.78100540000003,
          98.381,
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        "from_ocr": false,
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      {
        "text": "1",
        "box": [
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          103.12,
          122.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "- ",
        "box": [
          189.002,
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          200.252,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          247.502,
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          258.752,
          122.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
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          317.252,
          122.43647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          331.13,
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        "from_ocr": false,
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      {
        "text": "151,674 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "98,329 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
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      {
        "text": "53,968 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
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          506.63,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "303,971 ",
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          551.252,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "140,513",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "61,068",
        "box": [
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          257.62,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
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          316.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105,447",
        "box": [
          345.37,
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          374.62,
          136.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "611,866",
        "box": [
          403.87,
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          433.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "170,012",
        "box": [
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          491.62,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,088,906",
        "box": [
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          550.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
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          103.12,
          150.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,870,372",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274,866",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
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          316.12,
          150.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,714,538",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,928,118",
        "box": [
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          433.12,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "456,963",
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        "confidence": 1.0
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      {
        "text": "6,244,857",
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        "from_ocr": false,
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      {
        "text": "4",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
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          199.12,
          165.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367,804",
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      },
      {
        "text": "1,911,467",
        "box": [
          514.12,
          157.78100540000003,
          550.12,
          165.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          98.62,
          172.03100540000003,
          103.12,
          179.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          172.03100540000003,
          199.12,
          179.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          172.03100540000003,
          257.62,
          179.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          172.03100540000003,
          316.12,
          179.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          172.03100540000003,
          374.62,
          179.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          424.12,
          172.03100540000003,
          433.12,
          179.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          482.62,
          172.03100540000003,
          491.62,
          179.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          541.12,
          172.03100540000003,
          550.12,
          179.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total U.S. loans",
        "box": [
          61.13,
          186.28100540000003,
          119.63,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          186.28100540000003,
          155.63,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,010,885 ",
        "box": [
          162.002,
          186.28100540000003,
          200.252,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          186.28100540000003,
          214.13,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,934 ",
        "box": [
          227.252,
          186.28100540000003,
          258.752,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          186.28100540000003,
          272.63,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          186.28100540000003,
          317.252,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          186.28100540000003,
          331.13,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,339,463 ",
        "box": [
          337.502,
          186.28100540000003,
          375.752,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          186.28100540000003,
          389.63,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,220,630 ",
        "box": [
          396.002,
          186.28100540000003,
          434.252,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          186.28100540000003,
          448.13,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,642,289 ",
        "box": [
          454.502,
          186.28100540000003,
          492.752,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          186.28100540000003,
          506.63,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,549,201 ",
        "box": [
          513.002,
          186.28100540000003,
          551.252,
          193.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-U.S. loans",
        "box": [
          61.13,
          200.53100540000003,
          116.876,
          207.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          98.62,
          214.78100540000003,
          103.12,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          214.78100540000003,
          155.63,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          189.002,
          214.78100540000003,
          200.252,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          214.78100540000003,
          214.13,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          247.502,
          214.78100540000003,
          258.752,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          214.78100540000003,
          272.63,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          214.78100540000003,
          317.252,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          214.78100540000003,
          331.13,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.502,
          214.78100540000003,
          375.752,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          214.78100540000003,
          389.63,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          423.002,
          214.78100540000003,
          434.252,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          214.78100540000003,
          448.13,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          481.502,
          214.78100540000003,
          492.752,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          214.78100540000003,
          506.63,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.002,
          214.78100540000003,
          551.252,
          222.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          98.62,
          229.03100540000003,
          103.12,
          236.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "652,289",
        "box": [
          169.87,
          229.03100540000003,
          199.12,
          236.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          229.03100540000003,
          257.62,
          236.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          229.03100540000003,
          316.12,
          236.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "480,619",
        "box": [
          345.37,
          229.03100540000003,
          374.62,
          236.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "654,056",
        "box": [
          403.87,
          229.03100540000003,
          433.12,
          236.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          482.62,
          229.03100540000003,
          491.62,
          236.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,786,964",
        "box": [
          514.12,
          229.03100540000003,
          550.12,
          236.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          98.62,
          243.28100540000003,
          103.12,
          250.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,465,305",
        "box": [
          163.12,
          243.28100540000003,
          199.12,
          250.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          243.28100540000003,
          257.62,
          250.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          243.28100540000003,
          316.12,
          250.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          243.28100540000003,
          374.62,
          250.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "941,669",
        "box": [
          403.87,
          243.28100540000003,
          433.12,
          250.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,084,707",
        "box": [
          455.62,
          243.28100540000003,
          491.62,
          250.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,491,681",
        "box": [
          514.12,
          243.28100540000003,
          550.12,
          250.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          98.62,
          257.5310054,
          103.12,
          264.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          257.5310054,
          199.12,
          264.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          257.5310054,
          257.62,
          264.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          257.5310054,
          316.12,
          264.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          257.5310054,
          374.62,
          264.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          424.12,
          257.5310054,
          433.12,
          264.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,658",
        "box": [
          462.37,
          257.5310054,
          491.62,
          264.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,658",
        "box": [
          520.87,
          257.5310054,
          550.12,
          264.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          98.62,
          271.7810054,
          103.12,
          279.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          271.7810054,
          199.12,
          279.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          271.7810054,
          257.62,
          279.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          271.7810054,
          316.12,
          279.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          271.7810054,
          374.62,
          279.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          424.12,
          271.7810054,
          433.12,
          279.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          482.62,
          271.7810054,
          491.62,
          279.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          541.12,
          271.7810054,
          550.12,
          279.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Non-U.S. loans",
        "box": [
          61.13,
          286.03100539999997,
          138.125,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          286.03100539999997,
          155.63,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,117,594 ",
        "box": [
          162.002,
          286.03100539999997,
          200.252,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          286.03100539999997,
          214.13,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          247.502,
          286.03100539999997,
          258.752,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          286.03100539999997,
          272.63,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          286.03100539999997,
          317.252,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          286.03100539999997,
          331.13,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "480,619 ",
        "box": [
          344.252,
          286.03100539999997,
          375.752,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          286.03100539999997,
          389.63,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,595,725 ",
        "box": [
          396.002,
          286.03100539999997,
          434.252,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          286.03100539999997,
          448.13,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,451,365 ",
        "box": [
          454.502,
          286.03100539999997,
          492.752,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          286.03100539999997,
          506.63,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,645,303 ",
        "box": [
          513.002,
          286.03100539999997,
          551.252,
          293.4364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unique loans",
        "box": [
          61.13,
          300.28100539999997,
          108.87499999999999,
          307.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          98.62,
          314.53100539999997,
          103.12,
          321.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          314.53100539999997,
          155.63,
          321.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          189.002,
          314.53100539999997,
          200.252,
          321.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          314.53100539999997,
          214.13,
          321.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          247.502,
          314.53100539999997,
          258.752,
          321.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          314.53100539999997,
          272.63,
          321.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          314.53100539999997,
          317.252,
          321.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          314.53100539999997,
          331.13,
          321.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.502,
          314.53100539999997,
          375.752,
          321.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          314.53100539999997,
          389.63,
          321.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          423.002,
          314.53100539999997,
          434.252,
          321.9364723005644
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        "from_ocr": false,
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          155.63,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          189.002,
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          200.252,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
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          214.13,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          247.502,
          485.53100539999997,
          258.752,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          485.53100539999997,
          272.63,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
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          317.252,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
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          331.13,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          364.502,
          485.53100539999997,
          375.752,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          485.53100539999997,
          389.63,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,700 ",
        "box": [
          407.252,
          485.53100539999997,
          434.252,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          485.53100539999997,
          448.13,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "142,888 ",
        "box": [
          461.252,
          485.53100539999997,
          492.752,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
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          506.63,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "174,588 ",
        "box": [
          519.752,
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          551.252,
          492.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          499.78100539999997,
          140.60899999999998,
          507.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          98.62,
          514.0310053999999,
          103.12,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          514.0310053999999,
          155.63,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          189.002,
          514.0310053999999,
          200.252,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          514.0310053999999,
          214.13,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          247.502,
          514.0310053999999,
          258.752,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          514.0310053999999,
          272.63,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          514.0310053999999,
          317.252,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          514.0310053999999,
          331.13,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,674 ",
        "box": [
          344.252,
          514.0310053999999,
          375.752,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          514.0310053999999,
          389.63,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98,329 ",
        "box": [
          407.252,
          514.0310053999999,
          434.252,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          514.0310053999999,
          448.13,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,968 ",
        "box": [
          465.752,
          514.0310053999999,
          492.752,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          514.0310053999999,
          506.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "303,971 ",
        "box": [
          519.752,
          514.0310053999999,
          551.252,
          521.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          98.62,
          528.2810053999999,
          103.12,
          535.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "792,802",
        "box": [
          169.87,
          528.2810053999999,
          199.12,
          535.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,068",
        "box": [
          232.87,
          528.2810053999999,
          257.62,
          535.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          528.2810053999999,
          316.12,
          535.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "586,066",
        "box": [
          345.37,
          528.2810053999999,
          374.62,
          535.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,265,922",
        "box": [
          397.12,
          528.2810053999999,
          433.12,
          535.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "170,012",
        "box": [
          462.37,
          528.2810053999999,
          491.62,
          535.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,875,870",
        "box": [
          514.12,
          528.2810053999999,
          550.12,
          535.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          98.62,
          542.5310054,
          103.12,
          549.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,335,677",
        "box": [
          163.12,
          542.5310054,
          199.12,
          549.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          542.5310054,
          214.13,
          549.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274,866 ",
        "box": [
          227.252,
          542.5310054,
          258.752,
          549.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          542.5310054,
          316.12,
          549.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,592,446",
        "box": [
          338.62,
          542.5310054,
          374.62,
          549.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,869,787",
        "box": [
          397.12,
          542.5310054,
          433.12,
          549.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,835,171",
        "box": [
          455.62,
          542.5310054,
          491.62,
          549.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,907,947",
        "box": [
          509.62,
          542.5310054,
          550.12,
          549.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          98.62,
          556.7810054,
          103.12,
          564.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          556.7810054,
          199.12,
          564.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          556.7810054,
          257.62,
          564.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          556.7810054,
          316.12,
          564.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367,804",
        "box": [
          345.37,
          556.7810054,
          374.62,
          564.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "582,317",
        "box": [
          403.87,
          556.7810054,
          433.12,
          564.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,856,637",
        "box": [
          455.62,
          556.7810054,
          491.62,
          564.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,806,758",
        "box": [
          514.12,
          556.7810054,
          550.12,
          564.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          98.62,
          571.0310054,
          103.12,
          578.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          571.0310054,
          199.12,
          578.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          571.0310054,
          257.62,
          578.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          571.0310054,
          316.12,
          578.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          365.62,
          571.0310054,
          374.62,
          578.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,700",
        "box": [
          408.37,
          571.0310054,
          433.12,
          578.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "142,888",
        "box": [
          462.37,
          571.0310054,
          491.62,
          578.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "174,588",
        "box": [
          520.87,
          571.0310054,
          550.12,
          578.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable",
        "box": [
          61.13,
          585.2810054,
          140.60899999999998,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          148.88,
          585.2810054,
          155.63,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,128,479 ",
        "box": [
          162.002,
          585.2810054,
          200.252,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          207.38,
          585.2810054,
          214.13,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,934 ",
        "box": [
          227.252,
          585.2810054,
          258.752,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
          585.2810054,
          272.63,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          306.002,
          585.2810054,
          317.252,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.38,
          585.2810054,
          331.13,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,697,990 ",
        "box": [
          337.502,
          585.2810054,
          375.752,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          382.88,
          585.2810054,
          389.63,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,848,055 ",
        "box": [
          396.002,
          585.2810054,
          434.252,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          441.38,
          585.2810054,
          448.13,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,058,676 ",
        "box": [
          454.502,
          585.2810054,
          492.752,
          592.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  18,069,134 ",
        "box": [
          499.88,
          585.2810054,
          551.252,
          592.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          599.5310054,
          112.36699999999999,
          606.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284,440)",
        "box": [
          514.89001,
          599.5310054,
          550.1340099999999,
          606.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          613.7810054,
          137.855,
          621.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  17,784,694 ",
        "box": [
          499.88,
          613.7810054,
          551.252,
          621.1864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross charge-offs (2)",
        "box": [
          61.13,
          642.2810054,
          131.35321,
          649.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.12,
          642.2810054,
          199.12,
          649.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          248.62,
          642.2810054,
          257.62,
          649.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          307.12,
          642.2810054,
          316.12,
          649.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(54,404)",
        "box": [
          343.89001,
          642.2810054,
          374.63401000000005,
          649.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(214,796)",
        "box": [
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          642.2810054,
          433.13401000000005,
          649.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(286,916)",
        "box": [
          456.39001,
          642.2810054,
          491.63401000000005,
          649.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
          642.2810054,
          506.63,
          649.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(556,116) ",
        "box": [
          516.764,
          642.2810054,
          554.2579999999999,
          649.6864723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          112.5,
          657.808896,
          115.0,
          666.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          669.308896,
          70.16,
          677.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date  loan  was  originated  or  acquired  by  us.  Origination  dates  are  subsequently  updated  to  reflect  material  loan ",
        "box": [
          85.5,
          669.308896,
          555.8600000000001,
          677.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "modifications.",
        "box": [
          85.5,
          680.808896,
          142.92999999999995,
          689.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          692.308896,
          70.16,
          700.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents charge-offs by year of origination during the year ended December 31, 2025.",
        "box": [
          85.5,
          692.308896,
          439.57999,
          700.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
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          28.545400375999975,
          424.1122400000001,
          36.74078374595797
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        "confidence": 1.0
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      {
        "text": "27",
        "box": [
          301.0,
          769.728886,
          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 29,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Loan Modifications Pursuant to ASC 326",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the twelve months ended March 31, 2026, we entered into four loan modifications that require disclosure pursuant ",
        "box": [
          58.5,
          71.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to ASC 326. Three of these loans were collateralized by office assets and one was collateralized by a life sciences/studio ",
        "box": [
          58.5,
          83.308896,
          555.8599999999999,
          91.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset.",
        "box": [
          58.5,
          94.808896,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "One of the loan modifications included a term extension combined with an other-than-insignificant payment delay. This ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan modification had a term extension of 3.8 years, the loan was bifurcated into a separate senior loan and subordinate ",
        "box": [
          58.5,
          129.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan, and the borrower paid a $1.7 million fee upon closing of the modification. We are accruing interest on the senior loan, ",
        "box": [
          58.5,
          141.308896,
          555.92999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which  is  paying  interest  current,  and  deferring  interest  on  the  subordinate  loan  that  is  paying  interest  in-kind.  As  of ",
        "box": [
          58.5,
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          161.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March  31,  2026,  the  amortized  cost  basis  of  this  loan  was  $242.3  million,  or  1.4%  of  our  aggregate  loans  receivable ",
        "box": [
          58.5,
          164.308896,
          555.9900100000003,
          172.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio, with no unfunded commitments. This loan was in compliance with its modified contractual terms as of March 31, ",
        "box": [
          58.5,
          175.808896,
          555.9199900000001,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026.",
        "box": [
          58.5,
          187.308896,
          81.0,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The other three loan modifications included term extensions combined with other-than-insignificant payment delays and ",
        "box": [
          58.5,
          210.808896,
          555.88,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rate reductions. The first loan modification included a term extension of one year, the interest rate on the senior ",
        "box": [
          58.5,
          222.308896,
          555.9199900000001,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan decreased by 2.43%, the borrower repaid $25.0 million upon closing of the modification, and the loan was bifurcated ",
        "box": [
          58.5,
          233.808896,
          555.85998,
          242.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into a separate senior loan and subordinate loan. The senior loan is paying interest partially current, and partially in-kind, ",
        "box": [
          58.5,
          245.308896,
          555.9199999999997,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "while the subordinate loan is paying interest in-kind. We are accruing all of the interest on the senior loan and deferring ",
        "box": [
          58.5,
          256.808896,
          555.8299999999999,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  on  the  subordinate  loan.  The  second  loan  modification  included  a  term  extension  of  4.3  years,  the  interest  rate ",
        "box": [
          58.5,
          268.308896,
          555.9299900000002,
          276.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decreased by 3.56%, and the loan was bifurcated into a separate senior loan and subordinate loan. We are accruing all of ",
        "box": [
          58.5,
          279.808896,
          555.95,
          288.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the interest on the senior loan that is paying current, and deferring interest on the subordinate loan, which is paid-in-kind. ",
        "box": [
          58.5,
          291.30889599999995,
          555.9200000000001,
          299.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The third  loan  modification  included  a  term  extension  of  4.3  years,  the  interest  rate  decreased  by  4.19%,  the  borrower ",
        "box": [
          58.5,
          302.80889599999995,
          555.8600100000003,
          311.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repaid  $12.7  million  upon  closing  of  the  modification,  and  the  loan  was  bifurcated  into  a  separate  senior  loan  and ",
        "box": [
          58.5,
          314.30889599999995,
          555.9499899999998,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinate loan. We are accruing all of the interest on the senior loan that is paying current and deferring interest on the ",
        "box": [
          58.5,
          325.80889599999995,
          555.91,
          334.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinate  loan,  which  is  paid-in-kind.  As  of  March  31,  2026,  the  aggregate  amortized  cost  basis  of  these  loans  was ",
        "box": [
          58.5,
          337.30889599999995,
          555.8599999999997,
          345.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$386.1  million,  or  2.2%  of  our  aggregate  loans  receivable  portfolio,  with  an  aggregate  $67.7  million  of  unfunded ",
        "box": [
          58.5,
          348.80889599999995,
          555.8800000000001,
          357.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments. These loans were in compliance with their modified contractual terms as of March 31, 2026.",
        "box": [
          58.5,
          360.30889599999995,
          487.42999,
          368.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All four of these loans had a risk rating of '5' at the time of modification. In aggregate, these modifications resulted in the ",
        "box": [
          58.5,
          383.80889599999995,
          555.8999999999997,
          392.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bifurcation of all four loans into separate senior and subordinate loans, or eight loans in aggregate. As of March 31, 2026, ",
        "box": [
          58.5,
          395.30889599999995,
          555.98999,
          403.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three  of  the  newly  bifurcated  senior  loans  had  a  risk  rating  of  '4,'  and  one  had  a  risk  rating  of  '3.'  The  four  newly ",
        "box": [
          58.5,
          406.80889599999995,
          555.8200300000001,
          415.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bifurcated subordinate loans all had a risk rating of '5,' as collection of amounts due under the loan terms was doubtful.",
        "box": [
          58.5,
          418.30889599999995,
          539.0799999999999,
          426.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans with a risk rating of '3' and '4' are included in the determination of our general CECL reserve and loans with a risk ",
        "box": [
          58.5,
          441.80889599999995,
          555.86,
          450.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rating of '5' are evaluated individually for an asset-specific CECL reserve. Loan modifications that allow the option to pay ",
        "box": [
          58.5,
          453.30889599999995,
          555.96,
          461.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest in-kind increase our potential economics and the size of our secured claim, as interest is capitalized and added to ",
        "box": [
          58.5,
          464.80889599999995,
          555.84,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  outstanding  principal  balance  for  applicable  loans.  As  of  March  31,  2026,  no  income  was  recorded  on  our  loans ",
        "box": [
          58.5,
          476.30889599999995,
          555.94999,
          484.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsequent to determining that they were impaired and risk rated '5.'",
        "box": [
          58.5,
          487.80889599999995,
          336.78,
          496.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4. OWNED REAL ESTATE, NET",
        "box": [
          58.5,
          517.148926,
          205.09999999999997,
          525.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026 and December 31, 2025, we had 13 and 12 owned real estate assets, respectively. During the three ",
        "box": [
          58.5,
          534.808896,
          555.8300000000002,
          543.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months  ended  March  31,  2026,  we  acquired  one  owned  real  estate  asset  through  a  foreclosure  transaction  with  an ",
        "box": [
          58.5,
          546.308896,
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          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition price of $41.1 million. We allocated $22.8 million to land and land improvements, $7.6 million to building and ",
        "box": [
          58.5,
          557.808896,
          555.83001,
          566.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "building improvements, and $10.7 million to other components of the purchase price, including cash held in reserves at the ",
        "box": [
          58.5,
          569.308896,
          555.84999,
          577.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "time of acquisition. There were no acquired intangible assets. We charged off $46.8 million of CECL reserves relating to ",
        "box": [
          58.5,
          580.808896,
          555.9100000000002,
          589.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the loan that had previously been secured by this asset, as the loan's carrying value of $87.9 million at the time of the ",
        "box": [
          58.5,
          592.308896,
          555.86999,
          600.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure exceeded the acquisition date fair value noted above. See Note 2 for further discussion of owned real estate ",
        "box": [
          58.5,
          603.808896,
          555.87,
          612.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets.",
        "box": [
          58.5,
          615.308896,
          84.29999999999998,
          623.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 30,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Acquisitions ",
        "box": [
          58.5,
          54.318906000000084,
          110.38999999999997,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The acquisition of one owned real estate asset during the three months ended March 31, 2026 was accounted for as an asset ",
        "box": [
          58.5,
          71.808896,
          555.8100100000003,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition  under  ASC  805,  and  we  recognized  this  property  as  an  owned  real  estate  asset  held  for  investment.  The ",
        "box": [
          58.5,
          83.308896,
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          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "following table presents the owned real estate asset that was acquired during the three months ended March 31, 2026 ($ in ",
        "box": [
          58.5,
          94.808896,
          555.8699700000001,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          58.5,
          106.308896,
          104.59,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date",
        "box": [
          92.6,
          127.73315479999997,
          149.688,
          134.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          234.27,
          127.73315479999997,
          264.49399999999997,
          134.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          352.64999,
          127.73315479999997,
          402.6179900000001,
          134.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date Fair Value",
        "box": [
          450.53,
          127.73315479999997,
          546.266,
          134.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2026",
        "box": [
          61.13,
          140.978886,
          109.71,
          149.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Francisco, CA",
        "box": [
          189.38,
          140.978886,
          264.5900000000001,
          149.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          317.63,
          140.978886,
          362.0199999999999,
          149.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.88,
          140.978886,
          453.38,
          149.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,082 ",
        "box": [
          521.92,
          140.978886,
          551.92,
          149.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.88,
          155.978886,
          453.38,
          164.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,082 ",
        "box": [
          521.92,
          155.978886,
          551.92,
          164.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dispositions ",
        "box": [
          58.5,
          189.56890600000008,
          110.96999999999998,
          197.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we completed a partial sale of one owned real estate asset, a multifamily ",
        "box": [
          58.5,
          207.058896,
          555.9300000000001,
          215.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property located in San Antonio, TX. The carrying value of the asset at the time of disposition was $15.3 million, and we ",
        "box": [
          58.5,
          218.558896,
          555.9299600000002,
          226.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received  net  cash  proceeds  of  $15.1  million,  resulting  in  a  net  loss  of  $0.2  million,  which  is  included  in  net  loss  on ",
        "box": [
          58.5,
          230.058896,
          555.8499999999999,
          238.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disposition of owned real estate on our consolidated statements of operations.",
        "box": [
          58.5,
          241.558896,
          368.4399899999999,
          249.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  the  assets  and  liabilities  related  to  owned  real  estate  held  for  investment  included  in  our ",
        "box": [
          58.5,
          265.058896,
          555.85,
          273.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets ($ in thousands):",
        "box": [
          58.5,
          276.558896,
          238.58,
          284.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          405.82999,
          297.9831248,
          458.92599000000007,
          304.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          481.81,
          297.9831248,
          546.45,
          304.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          69.13,
          310.55889599999995,
          95.21999999999998,
          318.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Building and building improvements",
        "box": [
          79.13,
          325.55889599999995,
          226.50000000000006,
          333.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          325.55889599999995,
          403.13,
          333.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "714,162 ",
        "box": [
          435.17,
          325.55889599999995,
          470.17,
          333.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          325.55889599999995,
          484.88,
          333.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "708,097 ",
        "box": [
          516.92,
          325.55889599999995,
          551.92,
          333.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land and land improvements",
        "box": [
          79.13,
          340.55889599999995,
          195.95000000000002,
          348.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.63,
          340.55889599999995,
          398.13,
          348.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "478,920 ",
        "box": [
          435.17,
          340.55889599999995,
          470.17,
          348.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          477.38,
          340.55889599999995,
          479.88,
          348.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "461,585 ",
        "box": [
          516.92,
          340.55889599999995,
          551.92,
          348.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          88.13,
          355.55889599999995,
          109.20999999999998,
          363.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          355.55889599999995,
          403.13,
          363.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,193,082 ",
        "box": [
          427.67,
          355.55889599999995,
          470.17,
          363.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          355.55889599999995,
          484.88,
          363.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,169,682 ",
        "box": [
          509.42,
          355.55889599999995,
          551.9200000000001,
          363.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: accumulated depreciation",
        "box": [
          79.13,
          370.55889599999995,
          205.03000000000006,
          378.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(43,997)",
        "box": [
          434.95999,
          370.55889599999995,
          469.11999,
          378.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,707)",
        "box": [
          516.71002,
          370.55889599999995,
          550.8700200000001,
          378.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned real estate, net",
        "box": [
          88.12,
          385.55889599999995,
          176.88000000000005,
          393.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          385.55889599999995,
          403.13,
          393.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,149,085 ",
        "box": [
          427.67,
          385.55889599999995,
          470.17,
          393.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          385.55889599999995,
          484.88,
          393.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,134,975 ",
        "box": [
          509.42,
          385.55889599999995,
          551.9200000000001,
          393.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible real estate assets",
        "box": [
          79.13,
          415.55889599999995,
          188.11,
          423.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          415.55889599999995,
          403.13,
          423.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158,296 ",
        "box": [
          435.17,
          415.55889599999995,
          470.17,
          423.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          415.55889599999995,
          484.88,
          423.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,690 ",
        "box": [
          516.92,
          415.55889599999995,
          551.92,
          423.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: accumulated amortization",
        "box": [
          79.13,
          430.55889599999995,
          206.14000000000007,
          438.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.63,
          430.55889599999995,
          398.13,
          438.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(52,117)   ",
        "box": [
          436.84,
          430.55889599999995,
          479.88,
          438.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44,601) ",
        "box": [
          518.59,
          430.55889599999995,
          555.2500000000001,
          438.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible real estate assets, net (1)",
        "box": [
          88.13,
          444.7573889,
          221.889,
          453.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          445.55889599999995,
          403.13,
          453.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106,179 ",
        "box": [
          435.17,
          445.55889599999995,
          470.17,
          453.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          445.55889599999995,
          484.88,
          453.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117,089 ",
        "box": [
          516.92,
          445.55889599999995,
          551.92,
          453.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          69.13,
          474.80889599999995,
          109.59999999999995,
          483.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible real estate liabilities",
        "box": [
          79.13,
          489.80889599999995,
          201.9500000000001,
          498.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          489.80889599999995,
          403.13,
          498.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,985 ",
        "box": [
          445.17,
          489.80889599999995,
          470.17,
          498.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          489.80889599999995,
          484.88,
          498.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,985 ",
        "box": [
          526.92,
          489.80889599999995,
          551.92,
          498.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: accumulated amortization",
        "box": [
          79.13,
          504.80889599999995,
          206.14000000000007,
          513.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.63,
          504.80889599999995,
          398.13,
          513.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(844)   ",
        "box": [
          449.34000000000003,
          504.80889599999995,
          479.88,
          513.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(570) ",
        "box": [
          531.09,
          504.80889599999995,
          555.2500000000001,
          513.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible real estate liabilities, net",
        "box": [
          88.13,
          519.808896,
          228.16000000000014,
          528.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          228.14999,
          519.0073889,
          235.72899,
          524.3557816615188
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          519.808896,
          403.13,
          528.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,141 ",
        "box": [
          445.17,
          519.808896,
          470.17,
          528.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          519.808896,
          484.88,
          528.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,415 ",
        "box": [
          526.92,
          519.808896,
          551.92,
          528.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          545.558896,
          70.16,
          553.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within other assets on our consolidated balance sheets. Refer to Note 6 for further information.",
        "box": [
          85.5,
          545.558896,
          501.42999999999984,
          553.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          557.058896,
          70.16,
          565.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for further information.",
        "box": [
          85.5,
          557.058896,
          515.2699999999998,
          565.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 31,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Revenue and expenses from owned real estate consisted of the following ($ in thousands): ",
        "box": [
          58.5,
          54.308896000000004,
          421.45999999999987,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          418.29001,
          75.73315479999997,
          528.2340100000001,
          82.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          424.37,
          88.48315479999997,
          440.37,
          95.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          506.12,
          88.48315479999997,
          522.12,
          95.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental revenue",
        "box": [
          61.13,
          101.058896,
          121.31999999999995,
          109.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          101.058896,
          403.13,
          109.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,174 ",
        "box": [
          440.17,
          101.058896,
          470.17,
          109.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          101.058896,
          484.88,
          109.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,334 ",
        "box": [
          521.92,
          101.058896,
          551.92,
          109.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality revenue",
        "box": [
          61.13,
          116.058896,
          139.64999999999998,
          124.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.63,
          116.058896,
          398.13,
          124.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,461 ",
        "box": [
          440.17,
          116.058896,
          470.17,
          124.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          477.38,
          116.058896,
          479.88,
          124.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,036 ",
        "box": [
          521.92,
          116.058896,
          551.92,
          124.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating revenue",
        "box": [
          61.13,
          131.058896,
          158.23999999999998,
          139.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.63,
          131.058896,
          398.13,
          139.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,959 ",
        "box": [
          445.17,
          131.058896,
          470.17,
          139.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          477.38,
          131.058896,
          479.88,
          139.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,663 ",
        "box": [
          526.92,
          131.058896,
          551.92,
          139.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          79.13,
          146.058896,
          207.85000000000002,
          154.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          146.058896,
          403.13,
          154.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,594 ",
        "box": [
          440.17,
          146.058896,
          470.17,
          154.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          146.058896,
          484.88,
          154.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,033 ",
        "box": [
          521.92,
          146.058896,
          551.92,
          154.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expense",
        "box": [
          61.13,
          176.808896,
          135.76999999999995,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          176.808896,
          403.13,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,090 ",
        "box": [
          440.17,
          176.808896,
          470.17,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          176.808896,
          484.88,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,089 ",
        "box": [
          521.92,
          176.808896,
          551.92,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization expense",
        "box": [
          61.13,
          191.808896,
          217.30000000000004,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          395.63,
          191.808896,
          398.13,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,885 ",
        "box": [
          440.17,
          191.808896,
          470.17,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          477.38,
          191.808896,
          479.88,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,213 ",
        "box": [
          521.92,
          191.808896,
          551.92,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses from owned real estate",
        "box": [
          79.13,
          206.808896,
          232.54000000000005,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          206.808896,
          403.13,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,975 ",
        "box": [
          440.17,
          206.808896,
          470.17,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          477.38,
          206.808896,
          484.88,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,302 ",
        "box": [
          521.92,
          206.808896,
          551.92,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from owned real estate",
        "box": [
          79.13,
          237.558896,
          191.78000000000006,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          395.63,
          237.558896,
          403.13,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,381)  $ ",
        "box": [
          441.84,
          237.558896,
          484.88,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,269) ",
        "box": [
          523.59,
          237.558896,
          555.2500000000001,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of ",
        "box": [
          58.5,
          265.808896,
          555.89,
          274.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included ",
        "box": [
          58.5,
          277.308896,
          555.84998,
          285.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands):",
        "box": [
          58.5,
          288.80889599999995,
          125.69,
          297.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Future Minimum Rents",
        "box": [
          447.25,
          310.2331248,
          528.5299999999999,
          316.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (remaining)",
        "box": [
          61.13,
          322.80889599999995,
          130.78999999999996,
          331.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.88,
          322.80889599999995,
          432.38,
          331.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,785 ",
        "box": [
          521.92,
          322.80889599999995,
          551.92,
          331.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          61.13,
          337.80889599999995,
          81.13,
          346.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          337.80889599999995,
          427.38,
          346.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,967 ",
        "box": [
          521.92,
          337.80889599999995,
          551.92,
          346.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          61.13,
          352.80889599999995,
          81.13,
          361.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          352.80889599999995,
          427.38,
          361.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,762 ",
        "box": [
          521.92,
          352.80889599999995,
          551.92,
          361.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          61.13,
          367.80889599999995,
          81.13,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          367.80889599999995,
          427.38,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,088 ",
        "box": [
          521.92,
          367.80889599999995,
          551.92,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          61.13,
          382.80889599999995,
          81.13,
          391.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          382.80889599999995,
          427.38,
          391.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,852 ",
        "box": [
          521.92,
          382.80889599999995,
          551.92,
          391.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          61.13,
          397.80889599999995,
          102.70999999999997,
          406.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          397.80889599999995,
          427.38,
          406.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130,843 ",
        "box": [
          516.92,
          397.80889599999995,
          551.92,
          406.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          69.13,
          412.80889599999995,
          90.20999999999998,
          421.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.88,
          412.80889599999995,
          432.38,
          421.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "427,297 ",
        "box": [
          516.92,
          412.80889599999995,
          551.92,
          421.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  the  estimated  future  amortization  of  lease  intangibles  for  each  of  the  next  five  years  and ",
        "box": [
          58.5,
          441.05889599999995,
          555.8700000000001,
          449.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thereafter as March 31, 2026 ($ in thousands):",
        "box": [
          58.5,
          452.55889599999995,
          243.33999000000003,
          460.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place lease intangibles",
        "box": [
          229.02,
          482.9831248,
          314.764,
          489.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above-market lease ",
        "box": [
          351.26999,
          473.8731348,
          421.0139900000001,
          480.4557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intangibles",
        "box": [
          366.47,
          482.9831248,
          403.79,
          489.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Below-market lease ",
        "box": [
          464.95999,
          473.8731348,
          533.8239900000001,
          480.4557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intangibles",
        "box": [
          479.72,
          482.9831248,
          517.04,
          489.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (remaining)",
        "box": [
          61.13,
          495.55889599999995,
          130.78999999999996,
          503.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          219.38,
          495.55889599999995,
          226.88,
          503.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,758 ",
        "box": [
          295.42,
          495.55889599999995,
          325.42,
          503.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          332.63,
          495.55889599999995,
          340.13,
          503.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,544 ",
        "box": [
          413.67,
          495.55889599999995,
          438.67,
          503.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.88,
          495.55889599999995,
          453.38,
          503.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(675) ",
        "box": [
          531.09,
          495.55889599999995,
          555.2500000000001,
          503.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          61.13,
          510.55889599999995,
          81.13,
          518.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          219.38,
          510.55889599999995,
          221.88,
          518.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,386 ",
        "box": [
          295.42,
          510.55889599999995,
          325.42,
          518.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          332.63,
          510.55889599999995,
          335.13,
          518.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,244 ",
        "box": [
          413.67,
          510.55889599999995,
          438.67,
          518.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          510.55889599999995,
          448.38,
          518.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(758) ",
        "box": [
          531.09,
          510.55889599999995,
          555.2500000000001,
          518.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          61.13,
          525.558896,
          81.13,
          533.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          219.38,
          525.558896,
          221.88,
          533.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,136 ",
        "box": [
          295.42,
          525.558896,
          325.42,
          533.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          332.63,
          525.558896,
          335.13,
          533.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,409 ",
        "box": [
          413.67,
          525.558896,
          438.67,
          533.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          525.558896,
          448.38,
          533.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(637) ",
        "box": [
          531.09,
          525.558896,
          555.2500000000001,
          533.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          61.13,
          540.558896,
          81.13,
          548.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          219.38,
          540.558896,
          221.88,
          548.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,005 ",
        "box": [
          295.42,
          540.558896,
          325.42,
          548.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          332.63,
          540.558896,
          335.13,
          548.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,517 ",
        "box": [
          413.67,
          540.558896,
          438.67,
          548.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          540.558896,
          448.38,
          548.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(512) ",
        "box": [
          531.09,
          540.558896,
          555.2500000000001,
          548.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          61.13,
          555.558896,
          81.13,
          563.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          219.38,
          555.558896,
          221.88,
          563.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,390 ",
        "box": [
          300.42,
          555.558896,
          325.42,
          563.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          332.63,
          555.558896,
          335.13,
          563.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,163 ",
        "box": [
          413.67,
          555.558896,
          438.67,
          563.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          555.558896,
          448.38,
          563.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(302) ",
        "box": [
          531.09,
          555.558896,
          555.2500000000001,
          563.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          61.13,
          570.558896,
          102.70999999999997,
          578.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          219.38,
          570.558896,
          221.88,
          578.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,526 ",
        "box": [
          295.42,
          570.558896,
          325.42,
          578.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          332.63,
          570.558896,
          335.13,
          578.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,101 ",
        "box": [
          413.67,
          570.558896,
          438.67,
          578.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          570.558896,
          448.38,
          578.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(257) ",
        "box": [
          531.09,
          570.558896,
          555.2500000000001,
          578.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          69.13,
          585.558896,
          90.20999999999998,
          593.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          219.38,
          585.558896,
          226.88,
          593.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,201 ",
        "box": [
          295.42,
          585.558896,
          325.42,
          593.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          332.63,
          585.558896,
          340.13,
          593.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,978 ",
        "box": [
          408.67,
          585.558896,
          438.67,
          593.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.88,
          585.558896,
          453.38,
          593.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,141) ",
        "box": [
          523.59,
          585.558896,
          555.2500000000001,
          593.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 32,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "5. INVESTMENTS IN UNCONSOLIDATED ENTITIES",
        "box": [
          58.5,
          54.148926000000074,
          302.56000000000006,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026,  we  hold  certain  investments  in  unconsolidated  entities  that  are  accounted  for  under  the  equity ",
        "box": [
          58.5,
          71.808896,
          555.95,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method  of  accounting  or  the  FVO,  as  our  ownership  interest  in  each  entity  does  not  meet  the  requirements  for ",
        "box": [
          58.5,
          83.308896,
          555.8399999999997,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidation. Refer to Note 2 for further details.",
        "box": [
          58.5,
          94.808896,
          254.1100000000001,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables detail our investments in unconsolidated entities ($ in thousands):",
        "box": [
          58.5,
          118.308896,
          406.17999999999984,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          429.07999,
          139.73315479999997,
          482.17599000000007,
          146.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in Unconsolidated Entities",
        "box": [
          61.13,
          160.73315479999997,
          194.18599999999992,
          167.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          366.59,
          152.73315479999997,
          405.678,
          159.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          374.47,
          160.73315479999997,
          395.7980000000001,
          167.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ownership",
        "box": [
          424.0,
          152.73315479999997,
          461.76800000000003,
          159.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest",
        "box": [
          429.56,
          160.73315479999997,
          456.2080000000001,
          167.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value",
        "box": [
          493.5,
          160.73315479999997,
          533.268,
          167.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated entities carried at historical cost",
        "box": [
          61.13,
          173.978886,
          253.35000000000014,
          182.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Joint Venture",
        "box": [
          70.13,
          188.978886,
          166.95,
          197.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260 (1)",
        "box": [
          378.38,
          188.978886,
          399.44320000000005,
          197.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75%",
        "box": [
          434.64999,
          188.978886,
          452.97999,
          197.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          188.978886,
          483.38,
          197.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143,072 ",
        "box": [
          516.92,
          188.978886,
          551.92,
          197.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unconsolidated entities carried at historical cost",
        "box": [
          79.13,
          203.978886,
          292.70000000000005,
          212.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260",
        "box": [
          378.38,
          203.978886,
          393.38,
          212.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          203.978886,
          478.38,
          212.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143,072 ",
        "box": [
          516.92,
          203.978886,
          551.92,
          212.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated entities carried at fair value",
        "box": [
          61.13,
          218.978886,
          235.59000000000015,
          227.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan Portfolio Joint Venture",
        "box": [
          70.13,
          233.978886,
          208.90000000000006,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "508 (2)",
        "box": [
          378.38,
          233.978886,
          399.44320000000005,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35% (3)",
        "box": [
          430.67999,
          233.978886,
          455.07318000000004,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          233.978886,
          478.38,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101,328 ",
        "box": [
          516.92,
          233.978886,
          551.92,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unconsolidated entities carried at fair value",
        "box": [
          79.13,
          248.978886,
          274.94000000000017,
          257.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "508",
        "box": [
          378.38,
          248.978886,
          393.38,
          257.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          248.978886,
          478.38,
          257.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101,328 ",
        "box": [
          516.92,
          248.978886,
          551.92,
          257.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          79.13,
          263.978886,
          100.20999999999998,
          272.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "768",
        "box": [
          378.38,
          263.978886,
          393.38,
          272.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          263.978886,
          483.38,
          272.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244,400 ",
        "box": [
          516.92,
          263.978886,
          551.92,
          272.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          423.31,
          295.4831248,
          487.9500000000001,
          302.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in Unconsolidated Entities",
        "box": [
          61.13,
          316.4831248,
          194.18599999999992,
          323.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          366.59,
          308.4831248,
          405.678,
          315.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          374.47,
          316.4831248,
          395.7980000000001,
          323.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ownership",
        "box": [
          424.0,
          308.4831248,
          461.76800000000003,
          315.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest",
        "box": [
          429.56,
          316.4831248,
          456.2080000000001,
          323.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value",
        "box": [
          493.5,
          316.4831248,
          533.268,
          323.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated entities carried at historical cost",
        "box": [
          61.13,
          329.72891599999997,
          253.35000000000014,
          337.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Joint Venture",
        "box": [
          70.13,
          344.72891599999997,
          166.95,
          352.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "178 (1)",
        "box": [
          378.38,
          344.72891599999997,
          399.44320000000005,
          352.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75%",
        "box": [
          434.64999,
          344.72891599999997,
          452.97999,
          352.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          344.72891599999997,
          483.38,
          352.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106,478 ",
        "box": [
          516.92,
          344.72891599999997,
          551.92,
          352.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unconsolidated entities carried at historical cost",
        "box": [
          79.13,
          359.72891599999997,
          292.70000000000005,
          367.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "178",
        "box": [
          378.38,
          359.72891599999997,
          393.38,
          367.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          359.72891599999997,
          478.38,
          367.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106,478 ",
        "box": [
          516.92,
          359.72891599999997,
          551.92,
          367.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated entities carried at fair value:",
        "box": [
          61.13,
          374.72891599999997,
          238.36000000000016,
          382.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan Portfolio Joint Venture",
        "box": [
          70.13,
          389.72891599999997,
          208.90000000000006,
          397.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "533 (2)",
        "box": [
          378.38,
          389.72891599999997,
          399.44320000000005,
          397.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35% (3)",
        "box": [
          430.67999,
          389.72891599999997,
          455.07318000000004,
          397.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          389.72891599999997,
          478.38,
          397.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,010 ",
        "box": [
          516.92,
          389.72891599999997,
          551.92,
          397.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total unconsolidated entities carried at fair value:",
        "box": [
          79.13,
          404.72891599999997,
          277.71000000000015,
          412.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "533",
        "box": [
          378.38,
          404.72891599999997,
          393.38,
          412.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          404.72891599999997,
          478.38,
          412.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,010 ",
        "box": [
          516.92,
          404.72891599999997,
          551.92,
          412.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          78.5,
          419.05889599999995,
          99.57999999999998,
          427.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "711",
        "box": [
          377.62,
          419.72891599999997,
          392.62,
          427.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          419.72891599999997,
          483.38,
          427.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "217,488 ",
        "box": [
          516.92,
          419.72891599999997,
          551.92,
          427.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          449.30889599999995,
          70.16,
          457.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The number of assets represents the number of commercial real estate properties.",
        "box": [
          85.5,
          449.30889599999995,
          409.5099999999999,
          457.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          460.80889599999995,
          70.16,
          469.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The number of assets represents the number of commercial mortgage loans.",
        "box": [
          85.5,
          460.80889599999995,
          388.19999999999993,
          469.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          472.30889599999995,
          70.16,
          480.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  our  aggregate  ownership  interest  in  our  Bank  Loan  Portfolio  Joint  Venture,  which  owns  an  initial ",
        "box": [
          85.5,
          472.30889599999995,
          555.9599900000002,
          480.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio of commercial mortgage loans acquired during the three months ended June 30, 2025, in which we hold a ",
        "box": [
          85.5,
          483.80889599999995,
          555.8300000000002,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29% interest, and an additional portfolio acquired during the three months ended September 30, 2025, in which we ",
        "box": [
          85.5,
          495.30889599999995,
          555.9999999999998,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hold a 50% interest.",
        "box": [
          85.5,
          506.80889599999995,
          165.42000000000004,
          515.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 33,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following tables detail the activity related to our investments in unconsolidated entities during the three months ended ",
        "box": [
          58.5,
          54.308896000000004,
          555.89001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 and 2025 ($ in thousands):",
        "box": [
          58.5,
          65.808896,
          231.20001000000002,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in Unconsolidated Entities",
        "box": [
          61.13,
          120.23315479999997,
          194.18599999999992,
          126.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, ",
        "box": [
          211.06,
          111.12310479999996,
          259.69999999999993,
          117.70574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          226.37,
          120.23315479999997,
          242.37,
          126.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contributions",
        "box": [
          268.51999,
          120.23315479999997,
          316.49599,
          126.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions",
        "box": [
          325.20001,
          120.23315479999997,
          370.07201000000003,
          126.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income From ",
        "box": [
          382.17001,
          102.0131247999999,
          430.58601000000004,
          108.59576204494613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated ",
        "box": [
          378.95001,
          111.12310479999996,
          433.81401000000005,
          117.70574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Entities (1)",
        "box": [
          389.25,
          119.59194112,
          421.50320000000005,
          126.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated ",
        "box": [
          444.98001,
          92.90313479999998,
          492.28401,
          99.4857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other ",
        "box": [
          457.41,
          102.0131247999999,
          479.84200000000004,
          108.59576204494613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comprehensive ",
        "box": [
          440.98001,
          111.12310479999996,
          496.2840100000001,
          117.70574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss",
        "box": [
          459.85001,
          120.23315479999997,
          475.41001000000006,
          126.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, ",
        "box": [
          509.32999,
          112.23315479999997,
          546.42599,
          118.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          518.87,
          120.23315479999997,
          534.87,
          126.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Joint Venture",
        "box": [
          61.13,
          132.808896,
          157.95,
          141.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          208.88,
          132.808896,
          216.38,
          141.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106,478 ",
        "box": [
          225.92,
          132.808896,
          260.91999999999996,
          141.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          268.13,
          132.808896,
          275.63,
          141.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,893 ",
        "box": [
          287.92,
          132.808896,
          317.92,
          141.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          325.13,
          132.808896,
          332.63,
          141.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,413)  $ ",
        "box": [
          337.84,
          132.808896,
          385.88,
          141.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "441 ",
        "box": [
          415.92,
          132.808896,
          433.42,
          141.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          440.63,
          132.808896,
          448.13,
          141.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(327)  $ ",
        "box": [
          474.84,
          132.808896,
          510.38,
          141.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143,072 ",
        "box": [
          516.92,
          132.808896,
          551.92,
          141.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan Portfolio Joint Venture",
        "box": [
          61.13,
          147.808896,
          199.9,
          156.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          208.88,
          147.808896,
          211.38,
          156.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,010 ",
        "box": [
          225.92,
          147.808896,
          260.91999999999996,
          156.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.13,
          147.808896,
          270.63,
          156.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          305.42,
          147.808896,
          317.92,
          156.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          325.13,
          147.808896,
          327.63,
          156.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,624)   ",
        "box": [
          337.84,
          147.808896,
          380.88,
          156.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "942 ",
        "box": [
          415.92,
          147.808896,
          433.42,
          156.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          440.63,
          147.808896,
          443.13,
          156.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          483.16999999999996,
          147.808896,
          495.66999999999996,
          156.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.88,
          147.808896,
          505.38,
          156.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101,328 ",
        "box": [
          516.92,
          147.808896,
          551.92,
          156.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          162.808896,
          82.21,
          171.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          208.88,
          162.808896,
          216.38,
          171.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "217,488 ",
        "box": [
          225.92,
          162.808896,
          260.91999999999996,
          171.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          268.13,
          162.808896,
          275.63,
          171.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,893 ",
        "box": [
          287.92,
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          317.92,
          171.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          325.13,
          162.808896,
          332.63,
          171.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(33,037)  $ ",
        "box": [
          337.84,
          162.808896,
          385.88,
          171.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,383 ",
        "box": [
          408.42,
          162.808896,
          433.42,
          171.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          440.63,
          162.808896,
          448.13,
          171.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(327)  $ ",
        "box": [
          474.84,
          162.808896,
          510.38,
          171.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244,400 ",
        "box": [
          516.92,
          162.808896,
          551.92,
          171.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in Unconsolidated Entities",
        "box": [
          61.13,
          231.23315479999997,
          194.18599999999992,
          237.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, ",
        "box": [
          211.06,
          223.23315479999997,
          259.69999999999993,
          229.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2024",
        "box": [
          226.37,
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          242.37,
          237.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contributions",
        "box": [
          268.51999,
          231.23315479999997,
          316.49599,
          237.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions",
        "box": [
          325.20001,
          231.23315479999997,
          370.07201000000003,
          237.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss From ",
        "box": [
          387.04999,
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          425.70599000000004,
          219.59576204494613
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated ",
        "box": [
          378.95001,
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          433.81401000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Entities (1)",
        "box": [
          389.25,
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          237.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated ",
        "box": [
          444.98001,
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          492.28401,
          210.4857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other ",
        "box": [
          457.41,
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          219.59576204494613
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comprehensive ",
        "box": [
          440.98001,
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          496.2840100000001,
          228.7057420449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, ",
        "box": [
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          546.42599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          518.87,
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          534.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Joint Venture",
        "box": [
          61.13,
          243.808896,
          157.95,
          252.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          208.88,
          243.808896,
          216.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,452 ",
        "box": [
          235.92,
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          260.91999999999996,
          252.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          268.13,
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          275.63,
          252.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,626 ",
        "box": [
          287.92,
          243.808896,
          317.92,
          252.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          325.13,
          243.808896,
          332.63,
          252.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          358.67,
          243.808896,
          371.17,
          252.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          378.38,
          243.808896,
          385.88,
          252.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(874)  $ ",
        "box": [
          412.59,
          243.808896,
          448.13,
          252.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(184)  $ ",
        "box": [
          474.84,
          243.808896,
          510.38,
          252.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,020 ",
        "box": [
          521.92,
          243.808896,
          551.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          258.808896,
          82.21,
          267.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          208.88,
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          216.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,452 ",
        "box": [
          235.92,
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          260.91999999999996,
          267.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,626 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          325.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          358.67,
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          371.17,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          378.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(874)  $ ",
        "box": [
          412.59,
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          448.13,
          267.0371925561826
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        "confidence": 1.0
      },
      {
        "text": "(184)  $ ",
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          510.38,
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        "confidence": 1.0
      },
      {
        "text": "29,020 ",
        "box": [
          521.92,
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      },
      {
        "text": "(1)",
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          70.16,
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      },
      {
        "text": "Includes our share of non-cash items such as (i) depreciation and amortization, and (ii) unrealized gains recorded by ",
        "box": [
          85.5,
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        "confidence": 1.0
      },
      {
        "text": "unconsolidated entities.",
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          85.5,
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      {
        "text": "Our Net Lease Joint Venture and Bank Loan Portfolio Joint Venture have each entered into and may continue to enter into ",
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      {
        "text": "derivative agreements where we would be required to make payment for periodic or final settlement of derivative contracts ",
        "box": [
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          555.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "if either our Net Lease Joint Venture or Bank Loan Portfolio Joint Venture, as applicable, is unable to fulfill its respective ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "obligations.",
        "box": [
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      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
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      {
        "text": "32",
        "box": [
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          311.0,
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        "confidence": 1.0
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  },
  {
    "page_no": 34,
    "width": 612.0,
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    "cells": [
      {
        "text": "6. OTHER ASSETS AND LIABILITIES",
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          232.5999999999999,
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        "confidence": 1.0
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      {
        "text": "Other Assets ",
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        "confidence": 1.0
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      {
        "text": "The following table details the components of our other assets ($ in thousands): ",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          61.13,
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          63.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          400.57999,
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          453.67599000000007,
          117.31579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
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          543.83,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          397.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "137,013 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "132,975 ",
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        "confidence": 1.0
      },
      {
        "text": "Real estate intangible assets, net",
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          61.13,
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          190.08999999999995,
          146.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          392.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106,179 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117,089 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Debt securities, at fair value (1)",
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          161.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,135 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          153.308896,
          551.92,
          161.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other real estate assets",
        "box": [
          61.13,
          168.308896,
          152.35999999999993,
          176.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          168.308896,
          392.88,
          176.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,040 ",
        "box": [
          434.92,
          168.308896,
          464.92,
          176.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          168.308896,
          474.63,
          176.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,153 ",
        "box": [
          521.92,
          168.308896,
          551.92,
          176.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative assets",
        "box": [
          61.13,
          183.308896,
          129.07999999999996,
          191.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          183.308896,
          392.88,
          191.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,993 ",
        "box": [
          434.92,
          183.308896,
          464.92,
          191.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          183.308896,
          474.63,
          191.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,492 ",
        "box": [
          521.92,
          183.308896,
          551.92,
          191.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts receivable and other assets (2)",
        "box": [
          61.13,
          198.308896,
          214.21321,
          206.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          198.308896,
          392.88,
          206.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,027 ",
        "box": [
          439.92,
          198.308896,
          464.92,
          206.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          198.308896,
          474.63,
          206.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,848 ",
        "box": [
          521.92,
          198.308896,
          551.92,
          206.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral deposited under derivative agreements",
        "box": [
          61.13,
          213.308896,
          256.9500000000001,
          221.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          213.308896,
          392.88,
          221.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,990 ",
        "box": [
          439.92,
          213.308896,
          464.92,
          221.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          213.308896,
          474.63,
          221.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,300 ",
        "box": [
          521.92,
          213.308896,
          551.92,
          221.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan portfolio payments held by servicer (3)",
        "box": [
          61.13,
          228.308896,
          232.29321,
          236.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          228.308896,
          392.88,
          236.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,833 ",
        "box": [
          439.92,
          228.308896,
          464.92,
          236.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          228.308896,
          474.63,
          236.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,374 ",
        "box": [
          521.92,
          228.308896,
          551.92,
          236.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prepaid expenses",
        "box": [
          61.13,
          243.308896,
          130.21999999999994,
          251.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          243.308896,
          392.88,
          251.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,614 ",
        "box": [
          439.92,
          243.308896,
          464.92,
          251.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          243.308896,
          474.63,
          251.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,032 ",
        "box": [
          526.92,
          243.308896,
          551.92,
          251.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          78.5,
          258.308896,
          99.57999999999998,
          266.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          258.308896,
          397.88,
          266.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "420,824 ",
        "box": [
          429.92,
          258.308896,
          464.92,
          266.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.13,
          258.308896,
          479.63,
          266.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,263 ",
        "box": [
          516.92,
          258.308896,
          551.92,
          266.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          282.55889599999995,
          70.16,
          290.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents an investment in a significant risk transfer, or SRT, transaction with a UK financial institution structured ",
        "box": [
          85.5,
          282.55889599999995,
          555.9600000000003,
          290.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a credit-linked note, or the UK Bank Loan Portfolio SRT. The investment constitutes the first-loss tranche of a ",
        "box": [
          85.5,
          294.05889599999995,
          555.9400099999999,
          302.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reference portfolio comprising a diversified, granular portfolio of low-leverage commercial real estate loans held by ",
        "box": [
          85.5,
          305.55889599999995,
          555.8899999999998,
          313.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the UK financial institution. The SRT investment earns a floating-rate cash coupon of SONIA + 7.00%, which is ",
        "box": [
          85.5,
          317.05889599999995,
          555.89999,
          325.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized in interest and related income in our consolidated statements of operations. The investment is recorded at ",
        "box": [
          85.5,
          328.55889599999995,
          555.9300000000003,
          336.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value, with changes in fair value recognized in other income, net in our consolidated statements of operations. ",
        "box": [
          85.5,
          340.05889599999995,
          555.9999899999998,
          348.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, no realized credit losses have been incurred with respect to the underlying reference loan ",
        "box": [
          85.5,
          351.55889599999995,
          555.99,
          359.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio.",
        "box": [
          85.5,
          363.05889599999995,
          122.96999999999998,
          371.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          374.55889599999995,
          70.16,
          382.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes  $2.6  million  and  $55.5  million  as  of  March  31,  2026  and  December  31,  2025,  respectively,  of  cash ",
        "box": [
          85.5,
          374.55889599999995,
          555.9000000000001,
          382.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral  held  by  our  CLOs  that  was  subsequently  remitted  by  the  trustee  to  repay  a  portion  of  the  outstanding ",
        "box": [
          85.5,
          386.05889599999995,
          555.8299999999996,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior CLO securities, or that was subsequently reinvested by purchasing additional collateral into our CLOs.",
        "box": [
          85.5,
          397.55889599999995,
          523.3399999999998,
          405.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          409.05889599999995,
          70.16,
          417.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that ",
        "box": [
          85.5,
          409.05889599999995,
          555.92,
          417.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were remitted to us during the subsequent remittance cycle.",
        "box": [
          85.5,
          420.55889599999995,
          323.23999999999995,
          428.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 35,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Other Liabilities ",
        "box": [
          58.5,
          54.148926000000074,
          131.73999999999995,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the components of our other liabilities ($ in thousands):",
        "box": [
          58.5,
          71.808896,
          390.3599999999998,
          80.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          83.37469720000001,
          61.5,
          93.24865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          101.03314479999995,
          63.13,
          107.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          400.57999,
          101.03314479999995,
          453.67599000000007,
          107.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          479.19,
          101.03314479999995,
          543.83,
          107.61578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other real estate liabilities",
        "box": [
          61.13,
          113.60888599999998,
          166.20000000000002,
          121.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          113.60888599999998,
          397.88,
          121.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124,838 ",
        "box": [
          429.92,
          113.60888599999998,
          464.92,
          121.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.13,
          113.60888599999998,
          479.63,
          121.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "127,703 ",
        "box": [
          516.92,
          113.60888599999998,
          551.92,
          121.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued dividends payable",
        "box": [
          61.13,
          128.60888599999998,
          169.89999999999998,
          136.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          128.60888599999998,
          392.88,
          136.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,281 ",
        "box": [
          434.92,
          128.60888599999998,
          464.92,
          136.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          128.60888599999998,
          474.63,
          136.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,081 ",
        "box": [
          521.92,
          128.60888599999998,
          551.92,
          136.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest payable",
        "box": [
          61.13,
          143.60888599999998,
          160.42999999999998,
          151.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          143.60888599999998,
          392.88,
          151.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63,635 ",
        "box": [
          434.92,
          143.60888599999998,
          464.92,
          151.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          143.60888599999998,
          474.63,
          151.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,871 ",
        "box": [
          521.92,
          143.60888599999998,
          551.92,
          151.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other secured debt (1)",
        "box": [
          61.13,
          158.60888599999998,
          142.65319999999997,
          166.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          158.60888599999998,
          392.88,
          166.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,825 ",
        "box": [
          434.92,
          158.60888599999998,
          464.92,
          166.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          158.60888599999998,
          474.63,
          166.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,475 ",
        "box": [
          521.92,
          158.60888599999998,
          551.92,
          166.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued management fees payable",
        "box": [
          61.13,
          173.60888599999998,
          200.65000000000003,
          181.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          173.60888599999998,
          392.88,
          181.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,813 ",
        "box": [
          434.92,
          173.60888599999998,
          464.92,
          181.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          173.60888599999998,
          474.63,
          181.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,434 ",
        "box": [
          521.92,
          173.60888599999998,
          551.92,
          181.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and other liabilities",
        "box": [
          61.13,
          188.60888599999998,
          212.0300000000001,
          196.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          188.60888599999998,
          392.88,
          196.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,540 ",
        "box": [
          434.92,
          188.60888599999998,
          464.92,
          196.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          188.60888599999998,
          474.63,
          196.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,653 ",
        "box": [
          521.92,
          188.60888599999998,
          551.92,
          196.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current expected credit loss reserves for unfunded loan commitments (2)",
        "box": [
          61.13,
          203.60888599999998,
          345.20321000000007,
          211.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          203.60888599999998,
          392.88,
          211.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,071 ",
        "box": [
          434.92,
          203.60888599999998,
          464.92,
          211.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          203.60888599999998,
          474.63,
          211.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,617 ",
        "box": [
          521.92,
          203.60888599999998,
          551.92,
          211.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative liabilities",
        "box": [
          61.13,
          218.60888599999998,
          142.91999999999996,
          226.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          218.60888599999998,
          392.88,
          226.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,997 ",
        "box": [
          439.92,
          218.60888599999998,
          464.92,
          226.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          218.60888599999998,
          474.63,
          226.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,596 ",
        "box": [
          521.92,
          218.60888599999998,
          551.92,
          226.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt repayments pending servicer remittance (3)",
        "box": [
          61.13,
          233.60888599999998,
          248.60321,
          241.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          390.38,
          233.60888599999998,
          392.88,
          241.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,842 ",
        "box": [
          439.92,
          233.60888599999998,
          464.92,
          241.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
          233.60888599999998,
          474.63,
          241.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,748 ",
        "box": [
          521.92,
          233.60888599999998,
          551.92,
          241.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          78.5,
          248.60888599999998,
          99.57999999999998,
          256.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          390.38,
          248.60888599999998,
          397.88,
          256.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "359,842 ",
        "box": [
          429.92,
          248.60888599999998,
          464.92,
          256.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.13,
          248.60888599999998,
          479.63,
          256.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "386,178 ",
        "box": [
          516.92,
          248.60888599999998,
          551.92,
          256.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          274.358916,
          70.16,
          282.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents financing on our retained investment in the European Loan Securitization. Refer to Note 8 for further ",
        "box": [
          85.5,
          274.358916,
          555.9699900000003,
          282.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information.",
        "box": [
          85.5,
          285.85891599999997,
          135.16999999999996,
          294.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          297.35891599999997,
          70.16,
          305.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the CECL reserve related to our unfunded loan commitments.",
        "box": [
          85.5,
          297.35891599999997,
          378.4799999999999,
          305.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          308.85891599999997,
          70.16,
          317.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties or ",
        "box": [
          85.5,
          308.85891599999997,
          555.9900000000002,
          317.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO trustees during the subsequent remittance cycle.",
        "box": [
          85.5,
          320.35891599999997,
          299.3900000000001,
          328.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Expected Credit Loss Reserves for Unfunded Loan Commitments ",
        "box": [
          58.5,
          349.86889599999995,
          355.16999999999996,
          358.0971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, we had aggregate unfunded commitments of $1.2 billion related to 52 loans. The expected credit ",
        "box": [
          58.5,
          367.35891599999997,
          556.0000000000002,
          375.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses  over  the  contractual  period  of  our  loans  are  impacted  by  our  obligations  to  extend  further  credit  through  our ",
        "box": [
          58.5,
          378.85891599999997,
          555.9,
          387.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded  loan  commitments.  See  Note  2  for  further  discussion  of  the  CECL  reserves  related  to  our  unfunded  loan ",
        "box": [
          58.5,
          390.35891599999997,
          555.93,
          398.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments,  and  Note  21  for  further  discussion  of  our  unfunded  loan  commitments.  During  the  three  months  ended ",
        "box": [
          58.5,
          401.85891599999997,
          555.87,
          410.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, we recorded an increase in the CECL reserves related to our unfunded loan commitments of $1.5 million, ",
        "box": [
          58.5,
          413.35891599999997,
          555.87,
          421.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bringing our total  unfunded  loan  commitments CECL reserve to $13.1 million as of March 31, 2026. During the three ",
        "box": [
          58.5,
          424.85891599999997,
          555.9000000000002,
          433.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2025, we recorded an increase in the CECL reserves related to our unfunded loan commitments of ",
        "box": [
          58.5,
          436.35891599999997,
          555.9399999999998,
          444.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$75 thousand, bringing our total unfunded loan commitments CECL reserve to $10.5 million as of March 31, 2025.",
        "box": [
          58.5,
          447.85891599999997,
          520.07001,
          456.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7. SECURED DEBT, NET",
        "box": [
          58.5,
          477.198916,
          171.50999999999996,
          485.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our secured debt represents borrowings under our secured credit facilities. During the three months ended March 31, 2026, ",
        "box": [
          58.5,
          494.85891599999997,
          555.88,
          503.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we closed $161.3 million of new borrowings against $351.0 million of collateral assets.",
        "box": [
          58.5,
          506.358886,
          408.43998999999985,
          514.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our secured debt ($ in thousands):",
        "box": [
          58.5,
          529.858886,
          304.08000000000004,
          538.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          566.2831448,
          63.13,
          572.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Debt ",
        "box": [
          453.64999,
          556.9631348,
          501.6099900000001,
          563.5457720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings Outstanding",
        "box": [
          434.32001,
          566.2831448,
          518.96001,
          572.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          518.91998,
          566.2831448,
          520.91998,
          572.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          579.0331448,
          63.13,
          585.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          413.32999,
          579.0331448,
          466.42599000000007,
          585.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          485.94,
          579.0331448,
          550.58,
          585.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured credit facilities",
        "box": [
          61.13,
          591.608886,
          155.4,
          599.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          402.38,
          591.608886,
          409.88,
          599.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,099,002 ",
        "box": [
          435.92,
          591.608886,
          478.42,
          599.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
          591.608886,
          493.13,
          599.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,125,839 ",
        "box": [
          504.42,
          591.608886,
          551.9200000000001,
          599.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs (1)",
        "box": [
          61.13,
          606.608886,
          165.40319999999997,
          614.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,564)",
        "box": [
          448.20999,
          606.608886,
          477.36999,
          614.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,547)",
        "box": [
          521.71002,
          606.608886,
          550.8700200000001,
          614.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value of secured debt",
        "box": [
          61.13,
          621.608886,
          185.73000000000002,
          629.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          402.38,
          621.608886,
          409.88,
          629.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,089,438 ",
        "box": [
          435.92,
          621.608886,
          478.42,
          629.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
          621.608886,
          493.13,
          629.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,117,292 ",
        "box": [
          504.42,
          621.608886,
          551.9200000000001,
          629.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          649.358886,
          70.16,
          657.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred ",
        "box": [
          85.5,
          649.358886,
          544.7000000000002,
          657.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and recognized as a component of interest expense over the life of each related facility.",
        "box": [
          85.5,
          660.858886,
          433.60999999999996,
          669.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 36,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Secured Credit Facilities",
        "box": [
          58.5,
          54.148926000000074,
          163.9,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  secured  credit  facilities  are  bilateral  agreements  we  use  to  finance  diversified  pools  of  senior  loan  collateral  with ",
        "box": [
          58.5,
          71.808896,
          555.91003,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sufficient flexibility to accommodate our investment and asset management strategy. The facilities are generally structured ",
        "box": [
          58.5,
          83.308896,
          555.87,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  provide  currency,  index,  and  term-matched  financing  without  capital  markets-based  mark-to-market  provisions.  Our ",
        "box": [
          58.5,
          94.808896,
          555.9699999999997,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit facilities are diversified across 16 counterparties, primarily consisting of top global financial institutions to minimize ",
        "box": [
          58.5,
          106.308896,
          555.9699999999996,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our counterparty risk exposure.",
        "box": [
          58.5,
          117.808896,
          183.39,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our secured credit facilities as of March 31, 2026 ($ in thousands):",
        "box": [
          58.5,
          141.308896,
          434.2000099999999,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          279.07999,
          158.23315479999997,
          332.17599000000007,
          164.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          170.98315479999997,
          63.13,
          177.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          108.38,
          170.98315479999997,
          110.38,
          177.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          151.13,
          170.98315479999997,
          153.13,
          177.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          291.38,
          170.98315479999997,
          293.38,
          177.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.63,
          170.98315479999997,
          328.63,
          177.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recourse Limitation",
        "box": [
          473.53,
          170.98315479999997,
          543.5140000000001,
          177.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Currency",
        "box": [
          61.13,
          194.23315479999997,
          93.99400000000006,
          200.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lenders (1)",
        "box": [
          108.61,
          193.59194112,
          142.64319999999998,
          200.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings",
        "box": [
          157.00999,
          194.23315479999997,
          197.00198999999998,
          200.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg. ",
        "box": [
          228.19,
          186.23315479999997,
          265.07,
          192.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (2)",
        "box": [
          227.05,
          193.59194112,
          264.19320000000005,
          200.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          295.98999,
          185.12310479999996,
          315.76599,
          191.7057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          294.22,
          194.23315479999997,
          315.54,
          200.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral (3)",
        "box": [
          332.37,
          193.59194112,
          372.62320000000005,
          200.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          403.69,
          186.23315479999997,
          438.57,
          192.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (4)",
        "box": [
          402.54999,
          193.59194112,
          439.69317000000007,
          200.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. ",
        "box": [
          471.26001,
          185.12310479999996,
          490.36401,
          191.7057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Avg.",
        "box": [
          471.92999,
          194.23315479999997,
          487.70599,
          200.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Range",
        "box": [
          514.67999,
          194.23315479999997,
          536.4479899999999,
          200.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          70.62,
          206.808896,
          90.62,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          120.62,
          206.808896,
          130.62,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  3,402,516 ",
        "box": [
          151.13,
          206.808896,
          203.92,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2027",
        "box": [
          213.28,
          206.808896,
          277.96000000000004,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74",
        "box": [
          299.87,
          206.808896,
          309.87,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,208,035 ",
        "box": [
          326.63,
          206.808896,
          379.42,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2027",
        "box": [
          388.78,
          206.808896,
          453.46,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34%",
        "box": [
          470.64999,
          206.808896,
          488.97999,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25% - 100%",
        "box": [
          499.63,
          206.808896,
          549.61998,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          70.9,
          221.808896,
          90.34,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          123.12,
          221.808896,
          128.12,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          151.13,
          221.808896,
          153.63,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,584,533 ",
        "box": [
          161.42,
          221.808896,
          203.92,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2028",
        "box": [
          213.28,
          221.808896,
          277.96000000000004,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          299.87,
          221.808896,
          309.87,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.63,
          221.808896,
          329.13,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,502,199 ",
        "box": [
          336.92,
          221.808896,
          379.42,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2028",
        "box": [
          389.35001,
          221.808896,
          452.89001,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          470.64999,
          221.808896,
          488.97999,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          515.46002,
          221.808896,
          533.79002,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          70.63,
          236.808896,
          90.61999999999999,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          123.12,
          236.808896,
          128.12,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          151.13,
          236.808896,
          153.63,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,593,152 ",
        "box": [
          161.42,
          236.808896,
          203.92,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2027",
        "box": [
          213.00999,
          236.808896,
          278.22999000000004,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          302.37,
          236.808896,
          307.37,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.63,
          236.808896,
          329.13,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,265,654 ",
        "box": [
          336.92,
          236.808896,
          379.42,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2027",
        "box": [
          388.78,
          236.808896,
          453.46,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42%",
        "box": [
          470.64999,
          236.808896,
          488.97999,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25% - 100%",
        "box": [
          499.63,
          236.808896,
          549.61998,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Others (5)",
        "box": [
          64.27,
          251.808896,
          96.97319999999999,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          123.12,
          251.808896,
          128.12,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          151.13,
          251.808896,
          153.63,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,518,801 ",
        "box": [
          161.42,
          251.808896,
          203.92,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2029",
        "box": [
          225.21001,
          251.808896,
          266.03001,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          302.37,
          251.808896,
          307.37,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          326.63,
          251.808896,
          329.13,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,904,463 ",
        "box": [
          336.92,
          251.808896,
          379.42,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2029",
        "box": [
          400.70999,
          251.808896,
          441.52999,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          470.64999,
          251.808896,
          488.97999,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          515.46002,
          251.808896,
          533.79002,
          260.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          70.09,
          266.808896,
          91.16999999999999,
          275.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          120.62,
          266.808896,
          130.62,
          275.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  9,099,002 ",
        "box": [
          151.13,
          266.808896,
          203.92,
          275.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2028",
        "box": [
          225.21001,
          266.808896,
          266.03001,
          275.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "106",
        "box": [
          297.37,
          266.808896,
          312.37,
          275.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  12,880,351 ",
        "box": [
          326.63,
          266.808896,
          379.42,
          275.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2028",
        "box": [
          400.70999,
          266.808896,
          441.52999,
          275.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31%",
        "box": [
          470.64999,
          266.808896,
          488.97999,
          275.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25% - 100%",
        "box": [
          499.63,
          266.808896,
          549.61998,
          275.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          294.55889599999995,
          70.16,
          302.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of ",
        "box": [
          85.5,
          294.55889599999995,
          555.9900000000001,
          302.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facility lenders. The total number of facility lenders includes two additional lenders that had no fundings advanced ",
        "box": [
          85.5,
          306.05889599999995,
          555.9700000000003,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of March 31, 2026.",
        "box": [
          85.5,
          317.55889599999995,
          173.23001,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          329.05889599999995,
          70.16,
          337.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our secured  debt  agreements  are  generally  term-matched  to  their  underlying  collateral.  Therefore,  the  weighted-",
        "box": [
          85.5,
          329.05889599999995,
          553.43,
          337.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all ",
        "box": [
          85.5,
          340.55889599999995,
          555.8799999999997,
          348.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured ",
        "box": [
          85.5,
          352.05889599999995,
          555.9100000000001,
          360.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit facility is used.",
        "box": [
          85.5,
          363.55889599999995,
          171.47999999999996,
          371.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          375.05889599999995,
          70.16,
          383.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  principal  balance  of  the  collateral  loan  assets  and  the  carrying  value  of  the  collateral  owned  real ",
        "box": [
          85.5,
          375.05889599999995,
          555.9800000000001,
          383.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate assets.",
        "box": [
          85.5,
          386.55889599999995,
          136.51999999999995,
          394.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          398.05889599999995,
          70.16,
          406.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum maturity assumes all extension options are exercised by the borrower; however, our loans may be repaid ",
        "box": [
          85.5,
          398.05889599999995,
          555.9300000000002,
          406.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior to such date.",
        "box": [
          85.5,
          409.55889599999995,
          157.65000000000003,
          417.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          421.05889599999995,
          70.16,
          429.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.",
        "box": [
          85.5,
          421.05889599999995,
          391.54000000000013,
          429.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  availability  of  funding  under  our  secured  credit  facilities  is  based  on  the  amount  of  approved  collateral,  which ",
        "box": [
          58.5,
          444.55889599999995,
          555.9500000000002,
          452.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a ",
        "box": [
          58.5,
          456.05889599999995,
          555.8899999999999,
          464.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the ",
        "box": [
          58.5,
          467.55889599999995,
          555.9399999999998,
          475.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each ",
        "box": [
          58.5,
          479.05889599999995,
          555.9699999999999,
          487.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facility, and therefore vary within and among the facilities.",
        "box": [
          58.5,
          490.55889599999995,
          293.73,
          498.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 37,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following tables detail the spread of our secured credit facilities as of March 31, 2026 and December 31, 2025 ($ in ",
        "box": [
          58.5,
          54.308896000000004,
          555.93997,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          58.5,
          65.50890600000002,
          104.59,
          73.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          88.13311479999993,
          63.13,
          94.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended ",
        "box": [
          168.34,
          80.13311479999993,
          243.16,
          86.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          178.2,
          88.13311479999993,
          231.29599999999996,
          94.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          376.20001,
          88.13311479999993,
          429.2960100000001,
          94.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Spread (1)",
        "box": [
          61.13,
          119.74191112000005,
          91.61319999999999,
          126.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New Financings (2)",
        "box": [
          174.52,
          119.74191112000005,
          234.97319999999996,
          126.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          271.76999,
          112.38311479999993,
          289.99399,
          118.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings",
        "box": [
          260.89001,
          120.38311479999993,
          300.8820100000001,
          126.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          322.69,
          102.00311479999993,
          357.57,
          108.58575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          330.35999,
          111.19311479999999,
          351.91198999999995,
          117.77575204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (1)(3)(4)",
        "box": [
          323.26001,
          119.74191112000005,
          356.9896200000002,
          126.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral (5)",
        "box": [
          383.75,
          119.74191112000005,
          424.00320000000005,
          126.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          446.44,
          102.00311479999993,
          481.32,
          108.58575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          454.10999,
          111.19311479999999,
          475.66198999999995,
          117.77575204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (1)(3)",
        "box": [
          448.70999,
          119.74191112000005,
          479.0364000000001,
          126.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest",
        "box": [
          505.82001,
          111.19311479999999,
          546.4600099999999,
          117.77575204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Margin (6)",
        "box": [
          509.20999,
          119.74191112000005,
          543.0331699999999,
          126.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 1.50% or less (7)",
        "box": [
          61.13,
          132.95892600000002,
          129.4632,
          141.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          163.88,
          132.95892600000002,
          171.38,
          141.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,040 ",
        "box": [
          216.67,
          132.95892600000002,
          246.67,
          141.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,350,442 ",
        "box": [
          254.63,
          132.95892600000002,
          308.17,
          141.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.55 %",
        "box": [
          331.95999,
          132.95892600000002,
          366.74998999999997,
          141.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,979,079 ",
        "box": [
          377.63,
          132.95892600000002,
          431.17,
          141.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.07 %",
        "box": [
          455.70999,
          132.95892600000002,
          490.49998999999997,
          141.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.52 %",
        "box": [
          517.96002,
          132.95892600000002,
          552.7500200000001,
          141.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 1.51% to + 1.75%",
        "box": [
          61.13,
          147.95892600000002,
          141.82,
          156.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          163.88,
          147.95892600000002,
          166.38,
          156.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          234.17,
          147.95892600000002,
          246.67,
          156.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          254.63,
          147.95892600000002,
          257.13,
          156.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,141,407 ",
        "box": [
          265.67,
          147.95892600000002,
          308.17,
          156.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.75 %",
        "box": [
          331.95999,
          147.95892600000002,
          366.74998999999997,
          156.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.63,
          147.95892600000002,
          380.13,
          156.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,819,823 ",
        "box": [
          388.67,
          147.95892600000002,
          431.17,
          156.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.48 %",
        "box": [
          455.70999,
          147.95892600000002,
          490.49998999999997,
          156.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.73 %",
        "box": [
          517.96002,
          147.95892600000002,
          552.7500200000001,
          156.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 1.76% to + 2.00%",
        "box": [
          61.13,
          162.95892600000002,
          141.82,
          171.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          163.88,
          162.95892600000002,
          166.38,
          171.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,261 ",
        "box": [
          211.67,
          162.95892600000002,
          246.67,
          171.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          254.63,
          162.95892600000002,
          257.13,
          171.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,086,492 ",
        "box": [
          265.67,
          162.95892600000002,
          308.17,
          171.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.07 %",
        "box": [
          331.95999,
          162.95892600000002,
          366.74998999999997,
          171.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.63,
          162.95892600000002,
          380.13,
          171.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,729,600 ",
        "box": [
          388.67,
          162.95892600000002,
          431.17,
          171.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.82 %",
        "box": [
          455.70999,
          162.95892600000002,
          490.49998999999997,
          171.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +0.75 %",
        "box": [
          517.96002,
          162.95892600000002,
          552.7500200000001,
          171.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 2.01% or more",
        "box": [
          61.13,
          177.95892600000002,
          128.95999999999998,
          186.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          163.88,
          177.95892600000002,
          166.38,
          186.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          234.17,
          177.95892600000002,
          246.67,
          186.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          254.63,
          177.95892600000002,
          257.13,
          186.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,520,661 ",
        "box": [
          265.67,
          177.95892600000002,
          308.17,
          186.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.61 %",
        "box": [
          331.95999,
          177.95892600000002,
          366.74998999999997,
          186.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.63,
          177.95892600000002,
          380.13,
          186.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,351,849 ",
        "box": [
          388.67,
          177.95892600000002,
          431.17,
          186.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +4.27 %",
        "box": [
          455.70999,
          177.95892600000002,
          490.49998999999997,
          186.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.66 %",
        "box": [
          517.96002,
          177.95892600000002,
          552.7500200000001,
          186.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          192.95892600000002,
          82.21,
          201.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          163.88,
          192.95892600000002,
          171.38,
          201.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,301 ",
        "box": [
          211.67,
          192.95892600000002,
          246.67,
          201.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  9,099,002 ",
        "box": [
          254.63,
          192.95892600000002,
          308.17,
          201.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.83 %",
        "box": [
          331.95999,
          192.95892600000002,
          366.74998999999997,
          201.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  12,880,351 ",
        "box": [
          377.63,
          192.95892600000002,
          431.17,
          201.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.36 %",
        "box": [
          455.70999,
          192.95892600000002,
          490.49998999999997,
          201.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.53 %",
        "box": [
          517.96002,
          192.95892600000002,
          552.7500200000001,
          201.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          227.63311479999993,
          63.13,
          234.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year Ended ",
        "box": [
          183.84,
          219.63311479999993,
          226.928,
          226.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          172.06,
          227.63311479999993,
          236.69999999999996,
          234.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          370.06,
          227.63311479999993,
          434.7000000000001,
          234.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Spread (1)",
        "box": [
          61.13,
          259.24191112000005,
          91.61319999999999,
          266.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New Financings (2)",
        "box": [
          174.14999,
          259.24191112000005,
          234.60318999999998,
          266.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          271.01999,
          251.88311479999993,
          289.24399,
          258.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings",
        "box": [
          260.14001,
          259.88311479999993,
          300.1320100000001,
          266.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg. ",
        "box": [
          322.69,
          241.50311479999993,
          359.57,
          248.08575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          330.35999,
          250.6931148,
          351.91198999999995,
          257.2757520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (1)(3)(4)",
        "box": [
          323.26001,
          259.24191112000005,
          356.9896200000002,
          266.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral (5)",
        "box": [
          383.75,
          259.24191112000005,
          424.00320000000005,
          266.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg. ",
        "box": [
          446.44,
          241.50311479999993,
          483.32,
          248.08575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          454.10999,
          250.6931148,
          475.66198999999995,
          257.2757520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (1)(3)",
        "box": [
          448.70999,
          259.24191112000005,
          479.0364000000001,
          266.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest",
        "box": [
          505.82001,
          250.6931148,
          546.4600099999999,
          257.2757520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Margin (6)",
        "box": [
          510.20999,
          259.24191112000005,
          542.0331699999999,
          266.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 1.50% or less (7)",
        "box": [
          61.13,
          272.45886600000006,
          129.4632,
          280.6871625561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          163.88,
          272.45886600000006,
          171.38,
          280.6871625561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,018,709 ",
        "box": [
          203.42,
          272.45886600000006,
          245.92,
          280.6871625561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,098,876 ",
        "box": [
          253.88,
          272.45886600000006,
          307.42,
          280.6871625561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.54 %",
        "box": [
          331.95999,
          272.45886600000006,
          366.74998999999997,
          280.6871625561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  6,936,909 ",
        "box": [
          377.63,
          272.45886600000006,
          431.17,
          280.6871625561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.97 %",
        "box": [
          455.70999,
          272.45886600000006,
          490.49998999999997,
          280.6871625561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.43 %",
        "box": [
          517.96002,
          272.45886600000006,
          552.7500200000001,
          280.6871625561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 1.51% to + 1.75%",
        "box": [
          61.13,
          287.458896,
          141.82,
          295.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          163.88,
          287.458896,
          166.38,
          295.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "660,636 ",
        "box": [
          210.92,
          287.458896,
          245.92,
          295.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          253.88,
          287.458896,
          256.38,
          295.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,419,595 ",
        "box": [
          264.92,
          287.458896,
          307.42,
          295.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.75 %",
        "box": [
          331.95999,
          287.458896,
          366.74998999999997,
          295.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.63,
          287.458896,
          380.13,
          295.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,232,654 ",
        "box": [
          388.67,
          287.458896,
          431.17,
          295.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.50 %",
        "box": [
          455.70999,
          287.458896,
          490.49998999999997,
          295.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.75 %",
        "box": [
          517.96002,
          287.458896,
          552.7500200000001,
          295.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 1.76% to + 2.00%",
        "box": [
          61.13,
          302.458896,
          141.82,
          310.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          163.88,
          302.458896,
          166.38,
          310.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "325,160 ",
        "box": [
          210.92,
          302.458896,
          245.92,
          310.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          253.88,
          302.458896,
          256.38,
          310.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,088,336 ",
        "box": [
          264.92,
          302.458896,
          307.42,
          310.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.08 %",
        "box": [
          331.95999,
          302.458896,
          366.74998999999997,
          310.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.63,
          302.458896,
          380.13,
          310.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,797,080 ",
        "box": [
          388.67,
          302.458896,
          431.17,
          310.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.94 %",
        "box": [
          455.70999,
          302.458896,
          490.49998999999997,
          310.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +0.86 %",
        "box": [
          517.96002,
          302.458896,
          552.7500200000001,
          310.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 2.01% or more",
        "box": [
          61.13,
          317.458896,
          128.95999999999998,
          325.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "153,625",
        "box": [
          212.37,
          317.458896,
          244.87,
          325.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          253.88,
          317.458896,
          256.38,
          325.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,519,032 ",
        "box": [
          264.92,
          317.458896,
          307.42,
          325.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.74 %",
        "box": [
          331.95999,
          317.458896,
          366.74998999999997,
          325.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.63,
          317.458896,
          380.13,
          325.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,371,763 ",
        "box": [
          388.67,
          317.458896,
          431.17,
          325.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +4.25 %",
        "box": [
          455.70999,
          317.458896,
          490.49998999999997,
          325.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.51 %",
        "box": [
          517.96002,
          317.458896,
          552.7500200000001,
          325.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          332.458896,
          82.21,
          340.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          163.88,
          332.458896,
          171.38,
          340.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,158,130 ",
        "box": [
          203.42,
          332.458896,
          245.92,
          340.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  10,125,839 ",
        "box": [
          253.88,
          332.458896,
          307.42,
          340.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.83 %",
        "box": [
          331.95999,
          332.458896,
          366.74998999999997,
          340.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  14,338,406 ",
        "box": [
          377.63,
          332.458896,
          431.17,
          340.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.29 %",
        "box": [
          455.70999,
          332.458896,
          490.49998999999997,
          340.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.46 %",
        "box": [
          517.96002,
          332.458896,
          552.7500200000001,
          340.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          360.208896,
          70.16,
          368.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  spread,  all-in  cost,  and  all-in  yield  are  expressed  over  the  relevant  floating  benchmark  rates,  which  include ",
        "box": [
          85.5,
          360.208896,
          555.9,
          368.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.",
        "box": [
          85.5,
          371.708896,
          364.4199999999999,
          379.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          383.208896,
          70.16,
          391.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the amount of new borrowings we closed during the three months ended March 31, 2026 and year ended ",
        "box": [
          85.5,
          383.208896,
          555.9000100000004,
          391.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, respectively.",
        "box": [
          85.5,
          394.708896,
          219.79001000000005,
          402.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          406.208896,
          70.16,
          414.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  addition  to  spread,  the  cost  includes  the  associated  deferred  fees  and  expenses  related  to  the  respective ",
        "box": [
          85.5,
          406.208896,
          555.87,
          414.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension ",
        "box": [
          85.5,
          417.708896,
          555.9299999999998,
          425.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans ",
        "box": [
          85.5,
          429.208896,
          555.9299999999996,
          437.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted for under the cost-recovery and nonaccrual methods, if any, and owned real estate assets. ",
        "box": [
          85.5,
          440.708896,
          486.67999,
          448.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          452.208896,
          70.16,
          460.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the weighted-average all-in cost as of March 31, 2026 and December 31, 2025, respectively, and is not ",
        "box": [
          85.5,
          452.208896,
          555.8799899999999,
          460.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "necessarily indicative of the spread applicable to recent or future borrowings.",
        "box": [
          85.5,
          463.708896,
          394.27,
          471.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          475.208896,
          70.16,
          483.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  principal  balance  of  the  collateral  loan  assets  and  the  carrying  value  of  the  collateral  owned  real ",
        "box": [
          85.5,
          475.208896,
          555.9800000000001,
          483.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate assets.",
        "box": [
          85.5,
          486.708896,
          136.51999999999995,
          494.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          498.208896,
          70.16,
          506.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.",
        "box": [
          85.5,
          498.208896,
          492.1199999999999,
          506.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          509.70892599999996,
          70.16,
          517.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes  an  interest  rate  swap  with  a  $35.6  million  notional  amount  that  effectively  converts  our  floating  rate ",
        "box": [
          85.5,
          509.70892599999996,
          555.93,
          517.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liability to a fixed rate liability to align with the financed fixed rate loan exposure.",
        "box": [
          85.5,
          521.208926,
          413.6500000000001,
          529.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral ",
        "box": [
          58.5,
          544.708926,
          555.85,
          552.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in our discretion within certain maximum/minimum amounts and frequency limitations. As of March 31, 2026, there was ",
        "box": [
          58.5,
          556.208926,
          555.8600100000002,
          564.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an aggregate $438.7 million available to be drawn at our discretion under our credit facilities.",
        "box": [
          58.5,
          567.708926,
          431.91000999999983,
          575.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Covenants",
        "box": [
          58.5,
          597.048886,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, we are subject to the following financial covenants related to our secured debt and secured debt of ",
        "box": [
          58.5,
          614.708926,
          555.96,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our unconsolidated entities: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to ",
        "box": [
          58.5,
          626.208926,
          555.9399999999999,
          634.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fixed charges, as defined in the agreements, shall be not less than 1.3 to 1.0; (ii) our tangible net worth, as defined in the ",
        "box": [
          58.5,
          637.708926,
          555.9699999999997,
          645.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements, shall not be less than $2.9 billion as of each measurement date plus 75% to 85% of the net cash proceeds of ",
        "box": [
          58.5,
          649.208926,
          555.9900000000001,
          657.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future equity issuances subsequent to March 31, 2026; (iii) cash liquidity shall not be less than the greater of (x) $10.0 ",
        "box": [
          58.5,
          660.708926,
          555.91003,
          668.9372225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our ",
        "box": [
          58.5,
          672.208926,
          555.8199700000001,
          680.4372225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "total assets. As of March 31, 2026 and December 31, 2025, we were in compliance with these covenants. ",
        "box": [
          58.5,
          683.708926,
          481.11999999999995,
          691.9372225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 38,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "In April 2026, we closed an amendment to one of our secured debt agreements to reduce, effective as of June 30, 2026, the ",
        "box": [
          58.5,
          54.308896000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "required tangible net worth under such agreement from $2.9 billion to $2.8 billion, the same required minimum tangible net ",
        "box": [
          58.5,
          65.808896,
          555.9199999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "worth applicable under all of our other secured debt agreements as of March 31, 2026, following amendments to certain of ",
        "box": [
          58.5,
          77.308896,
          555.8599900000002,
          85.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "those other agreements that closed during the three months ended March 31, 2026.",
        "box": [
          58.5,
          88.808896,
          388.72,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
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          424.1122400000001,
          36.74078374595797
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 39,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "8. SECURITIZED DEBT OBLIGATIONS, NET",
        "box": [
          58.5,
          54.148926000000074,
          266.18,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have financed certain pools of our loans through CLOs and have also financed one of our loans through a securitization ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vehicle,  or  the  European  Loan  Securitization.  The  CLOs  and  the  European  Loan  Securitization  are  consolidated  in  our ",
        "box": [
          58.5,
          83.308896,
          555.97,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further ",
        "box": [
          58.5,
          94.808896,
          555.8699900000003,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of our CLOs and the European Loan Securitization. The following tables detail our securitized debt obligations ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ in thousands): ",
        "box": [
          58.5,
          117.808896,
          548.19999,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          133.23315479999997,
          63.13,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          381.45001,
          133.23315479999997,
          434.5460100000001,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized Debt Obligations",
        "box": [
          61.13,
          154.98315479999997,
          159.30599999999998,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          268.34,
          154.98315479999997,
          289.65999999999997,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          309.35999,
          145.87310479999996,
          340.89599,
          152.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          310.57999,
          154.98315479999997,
          339.68399000000005,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book",
        "box": [
          378.48999,
          145.79309479999995,
          396.27398999999997,
          152.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (1)",
        "box": [
          374.35001,
          154.34194112,
          400.39322000000004,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          432.19,
          145.79309479999995,
          467.07,
          152.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Yield/Cost (2)",
        "box": [
          427.60999,
          154.34194112,
          471.63318000000004,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term (3)",
        "box": [
          505.29999,
          154.34194112,
          530.4532099999999,
          161.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLOs",
        "box": [
          61.13,
          167.558896,
          84.99999999999999,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 FL6 Collateralized Loan Obligation",
        "box": [
          69.13,
          181.808896,
          235.0400000000001,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          196.808896,
          219.93000000000006,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          196.808896,
          281.5,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          196.808896,
          305.63,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "880,000 ",
        "box": [
          318.17,
          196.808896,
          353.17,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          196.808896,
          367.88,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "872,024 ",
        "box": [
          380.42,
          196.808896,
          415.42,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.84 %",
        "box": [
          441.20999,
          196.808896,
          478.49998999999997,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2043",
        "box": [
          492.17999,
          196.808896,
          543.55999,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          211.808896,
          194.10000000000002,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          274.0,
          211.808896,
          284.0,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          211.808896,
          300.63,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "999,379 ",
        "box": [
          318.17,
          211.808896,
          353.17,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          211.808896,
          362.88,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "999,379 ",
        "box": [
          380.42,
          211.808896,
          415.42,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.04 %",
        "box": [
          441.20999,
          211.808896,
          478.49998999999997,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2029",
        "box": [
          485.26001,
          211.808896,
          550.4800100000001,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 FL5 Collateralized Loan Obligation",
        "box": [
          69.13,
          226.808896,
          235.0400000000001,
          235.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          241.808896,
          219.93000000000006,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          241.808896,
          281.5,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          241.808896,
          300.63,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "831,250 ",
        "box": [
          318.17,
          241.808896,
          353.17,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          241.808896,
          362.88,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "822,738 ",
        "box": [
          380.42,
          241.808896,
          415.42,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.15 %",
        "box": [
          441.20999,
          241.808896,
          478.49998999999997,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2042",
        "box": [
          490.53,
          241.808896,
          545.2100000000002,
          250.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          256.808896,
          194.10000000000002,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          274.0,
          256.808896,
          284.0,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          256.808896,
          300.63,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,984 ",
        "box": [
          318.17,
          256.808896,
          353.17,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          256.808896,
          362.88,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,984 ",
        "box": [
          380.42,
          256.808896,
          415.42,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.44 %",
        "box": [
          441.20999,
          256.808896,
          478.49998999999997,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2029",
        "box": [
          488.57999,
          256.808896,
          547.1599900000001,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021 FL4 Collateralized Loan Obligation",
        "box": [
          69.13,
          271.808896,
          235.0400000000001,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.13,
          271.808896,
          270.63,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          271.808896,
          300.63,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          271.808896,
          362.88,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.63,
          271.808896,
          425.13,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.88,
          271.808896,
          487.38,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          286.80889599999995,
          219.93000000000006,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          286.80889599999995,
          281.5,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          286.80889599999995,
          300.63,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "516,012 ",
        "box": [
          318.17,
          286.80889599999995,
          353.17,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          286.80889599999995,
          362.88,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "516,012 ",
        "box": [
          380.42,
          286.80889599999995,
          415.42,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.60 %",
        "box": [
          441.20999,
          286.80889599999995,
          478.49998999999997,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2038",
        "box": [
          497.45999,
          286.80889599999995,
          538.27999,
          295.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          301.80889599999995,
          194.10000000000002,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          274.0,
          301.80889599999995,
          284.0,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          301.80889599999995,
          300.63,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "645,605 ",
        "box": [
          318.17,
          301.80889599999995,
          353.17,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          301.80889599999995,
          362.88,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "645,605 ",
        "box": [
          380.42,
          301.80889599999995,
          415.42,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.98 %",
        "box": [
          441.20999,
          301.80889599999995,
          478.49998999999997,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2027",
        "box": [
          497.45999,
          301.80889599999995,
          538.27999,
          310.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2020 FL2 Collateralized Loan Obligation",
        "box": [
          69.13,
          316.80889599999995,
          235.0400000000001,
          325.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          331.80889599999995,
          219.93000000000006,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          331.80889599999995,
          281.5,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          331.80889599999995,
          300.63,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "475,960 ",
        "box": [
          318.17,
          331.80889599999995,
          353.17,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          331.80889599999995,
          362.88,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "475,960 ",
        "box": [
          380.42,
          331.80889599999995,
          415.42,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.88 %",
        "box": [
          441.20999,
          331.80889599999995,
          478.49998999999997,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2038",
        "box": [
          488.57999,
          331.80889599999995,
          547.1599900000001,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          346.80889599999995,
          194.10000000000002,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          274.0,
          346.80889599999995,
          284.0,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          346.80889599999995,
          300.63,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "644,610 ",
        "box": [
          318.17,
          346.80889599999995,
          353.17,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          346.80889599999995,
          362.88,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "644,610 ",
        "box": [
          380.42,
          346.80889599999995,
          415.42,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.76 %",
        "box": [
          441.20999,
          346.80889599999995,
          478.49998999999997,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2027",
        "box": [
          491.07999,
          346.80889599999995,
          544.6599900000001,
          355.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CLOs",
        "box": [
          69.13,
          361.80889599999995,
          116.56999999999996,
          370.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          376.80889599999995,
          219.93000000000006,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          276.5,
          376.80889599999995,
          281.5,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          376.80889599999995,
          305.63,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,703,222 ",
        "box": [
          310.67,
          376.80889599999995,
          353.17,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          376.80889599999995,
          367.88,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,686,734 ",
        "box": [
          372.92,
          376.80889599999995,
          415.42,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.89 %",
        "box": [
          441.20999,
          376.80889599999995,
          478.49998999999997,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          391.80889599999995,
          194.10000000000002,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          274.0,
          391.80889599999995,
          284.0,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          391.80889599999995,
          300.63,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,287,578 ",
        "box": [
          310.67,
          391.80889599999995,
          353.17,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          391.80889599999995,
          362.88,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,287,578 ",
        "box": [
          372.92,
          391.80889599999995,
          415.42,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.27 %",
        "box": [
          441.20999,
          391.80889599999995,
          478.49998999999997,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "European Loan Securitization",
        "box": [
          61.13,
          406.80889599999995,
          180.41000000000005,
          415.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided",
        "box": [
          69.13,
          421.80889599999995,
          147.67999999999998,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          421.80889599999995,
          281.5,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          421.80889599999995,
          305.63,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189,501 ",
        "box": [
          318.17,
          421.80889599999995,
          353.17,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          421.80889599999995,
          367.88,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,755 ",
        "box": [
          380.42,
          421.80889599999995,
          415.42,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.65 %",
        "box": [
          441.20999,
          421.80889599999995,
          478.49998999999997,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          421.80889599999995,
          537.45001,
          430.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets (4)",
        "box": [
          69.13,
          436.80889599999995,
          191.16321,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          276.5,
          436.80889599999995,
          281.5,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          436.80889599999995,
          300.63,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "245,066 ",
        "box": [
          318.17,
          436.80889599999995,
          353.17,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          436.80889599999995,
          362.88,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,518 ",
        "box": [
          380.42,
          436.80889599999995,
          415.42,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.97 %",
        "box": [
          441.20999,
          436.80889599999995,
          478.49998999999997,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          436.80889599999995,
          537.45001,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          60.13,
          451.80889599999995,
          81.21,
          460.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding / ",
        "box": [
          73.63,
          466.80889599999995,
          223.20000000000005,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided (5)",
        "box": [
          83.63,
          478.208896,
          168.24318999999997,
          486.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          276.5,
          466.80889599999995,
          281.5,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          466.80889599999995,
          305.63,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,892,723 ",
        "box": [
          310.67,
          466.80889599999995,
          353.17,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          466.80889599999995,
          367.88,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,874,489 ",
        "box": [
          372.92,
          466.80889599999995,
          415.42,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.88 %",
        "box": [
          441.20999,
          466.80889599999995,
          478.49998999999997,
          475.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          73.63,
          493.05889599999995,
          189.60000000000002,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          274.0,
          493.05889599999995,
          284.0,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          493.05889599999995,
          300.63,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,532,644 ",
        "box": [
          310.67,
          493.05889599999995,
          353.17,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          493.05889599999995,
          362.88,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,530,096 ",
        "box": [
          372.92,
          493.05889599999995,
          415.42,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.27 %",
        "box": [
          441.20999,
          493.05889599999995,
          478.49998999999997,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          517.308896,
          70.16,
          525.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The book value of underlying collateral assets excludes any applicable CECL reserves.",
        "box": [
          85.5,
          517.308896,
          433.3800000000001,
          525.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          528.808896,
          70.16,
          537.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan ",
        "box": [
          85.5,
          528.808896,
          555.8699999999999,
          537.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination costs, purchase discounts, and accrual of exit fees, while all-in cost includes the amortization of deferred ",
        "box": [
          85.5,
          540.308896,
          555.9700000000003,
          548.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination fees and financing costs. The weighted-average all-in yield and cost are expressed as a spread over the ",
        "box": [
          85.5,
          551.808896,
          555.9400100000003,
          560.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant  floating  benchmark  rates,  which  is  SOFR  for  the  CLOs  and  EURIBOR  for  the  European  Loan ",
        "box": [
          85.5,
          563.308896,
          555.9400000000002,
          571.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, ",
        "box": [
          85.5,
          574.808896,
          555.9100099999998,
          583.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned real estate assets, and cash from repayment proceeds held in certain of our CLOs that may be used to add ",
        "box": [
          85.5,
          586.308896,
          555.9900000000001,
          594.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "new eligible collateral assets.",
        "box": [
          85.5,
          597.808896,
          202.52000000000004,
          606.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          609.308896,
          70.16,
          617.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying  collateral  assets  term  represents  the  weighted-average  final  maturity  of  such  loans,  assuming  all ",
        "box": [
          85.5,
          609.308896,
          555.9899999999999,
          617.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower, and excludes owned real estate assets. Repayments of securitized ",
        "box": [
          85.5,
          620.808896,
          555.8800000000003,
          629.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt  obligations  are  tied  to  timing  of  the  related  collateral  loan  asset  repayments.  The  term  of  these  obligations ",
        "box": [
          85.5,
          632.308896,
          555.8399999999998,
          640.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "represents the rated final distribution date of the securitizations.",
        "box": [
          85.5,
          643.808896,
          339.87,
          652.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          655.308896,
          70.16,
          663.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  financed  our  $55.8  million  retained  interests  in  the  securitization  under  a  repurchase  agreement  structured ",
        "box": [
          85.5,
          655.308896,
          555.9699999999999,
          663.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities ",
        "box": [
          85.5,
          666.808896,
          555.9099999999999,
          675.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our consolidated balance sheets.",
        "box": [
          85.5,
          678.308896,
          226.72000000000006,
          686.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          689.808896,
          70.16,
          698.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  months  ended  March  31,  2026,  we  recorded  $34.7  million  of  interest  expense  related  to  our ",
        "box": [
          85.5,
          689.808896,
          555.9699999999998,
          698.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitized debt obligations.",
        "box": [
          85.5,
          701.308896,
          197.85,
          709.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 40,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          61.13,
          58.233154799999966,
          63.13,
          64.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          374.56,
          58.233154799999966,
          439.2000000000001,
          64.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized Debt Obligations",
        "box": [
          61.13,
          79.98315479999997,
          159.30599999999998,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          267.22,
          79.98315479999997,
          288.54,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          309.35999,
          71.98315479999997,
          340.89599,
          78.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          310.57999,
          79.98315479999997,
          339.68399000000005,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value (1)",
        "box": [
          364.47,
          79.34194112,
          410.2832000000001,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          432.19,
          70.79309479999995,
          467.07,
          77.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Yield/Cost (2)(3)",
        "box": [
          424.57999,
          79.34194112,
          474.6663800000001,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term (4)",
        "box": [
          505.29999,
          79.34194112,
          530.4532099999999,
          86.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLOs",
        "box": [
          61.13,
          92.558896,
          84.99999999999999,
          100.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 FL5 Collateralized Loan Obligation",
        "box": [
          69.13,
          107.558896,
          235.0400000000001,
          115.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.13,
          122.558896,
          219.93000000000006,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          275.37,
          122.558896,
          280.37,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          122.558896,
          305.63,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "831,250 ",
        "box": [
          318.17,
          122.558896,
          353.17,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          122.558896,
          367.88,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "822,243 ",
        "box": [
          380.42,
          122.558896,
          415.42,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.15 %",
        "box": [
          441.20999,
          122.558896,
          478.49998999999997,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2042",
        "box": [
          490.53,
          122.558896,
          545.2100000000002,
          130.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.13,
          137.558896,
          194.10000000000002,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          272.87,
          137.558896,
          282.87,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          137.558896,
          300.63,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "944,537 ",
        "box": [
          318.17,
          137.558896,
          353.17,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          137.558896,
          362.88,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "944,537 ",
        "box": [
          380.42,
          137.558896,
          415.42,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.49 %",
        "box": [
          441.20999,
          137.558896,
          478.49998999999997,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2028",
        "box": [
          490.53,
          137.558896,
          545.2100000000002,
          145.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021 FL4 Collateralized Loan Obligation",
        "box": [
          61.13,
          152.558896,
          227.0400000000001,
          160.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          167.558896,
          220.30000000000007,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          275.37,
          167.558896,
          280.37,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          167.558896,
          300.63,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "605,613 ",
        "box": [
          318.17,
          167.558896,
          353.17,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          167.558896,
          362.88,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "605,613 ",
        "box": [
          380.42,
          167.558896,
          415.42,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.45 %",
        "box": [
          441.20999,
          167.558896,
          478.49998999999997,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2038",
        "box": [
          497.45999,
          167.558896,
          538.27999,
          175.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          182.558896,
          194.47000000000003,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          272.87,
          182.558896,
          282.87,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          182.558896,
          300.63,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "736,360 ",
        "box": [
          318.17,
          182.558896,
          353.17,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          182.558896,
          362.88,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "736,360 ",
        "box": [
          380.42,
          182.558896,
          415.42,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.18 %",
        "box": [
          441.20999,
          182.558896,
          478.49998999999997,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2027",
        "box": [
          488.57999,
          182.558896,
          547.1599900000001,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2020 FL2 Collateralized Loan Obligation",
        "box": [
          61.13,
          197.558896,
          227.0400000000001,
          205.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          212.558896,
          220.30000000000007,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          275.37,
          212.558896,
          280.37,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          212.558896,
          300.63,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "519,967 ",
        "box": [
          318.17,
          212.558896,
          353.17,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          212.558896,
          362.88,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "519,967 ",
        "box": [
          380.42,
          212.558896,
          415.42,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.82 %",
        "box": [
          441.20999,
          212.558896,
          478.49998999999997,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2038",
        "box": [
          488.57999,
          212.558896,
          547.1599900000001,
          220.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          227.558896,
          194.47000000000003,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          272.87,
          227.558896,
          282.87,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          227.558896,
          300.63,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "691,964 ",
        "box": [
          318.17,
          227.558896,
          353.17,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          227.558896,
          362.88,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "691,964 ",
        "box": [
          380.42,
          227.558896,
          415.42,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.84 %",
        "box": [
          441.20999,
          227.558896,
          478.49998999999997,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2027",
        "box": [
          491.07999,
          227.558896,
          544.6599900000001,
          235.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CLOs",
        "box": [
          61.13,
          242.558896,
          108.56999999999998,
          250.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          257.558896,
          220.30000000000007,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          275.37,
          257.558896,
          280.37,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          257.558896,
          305.63,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,956,830 ",
        "box": [
          310.67,
          257.558896,
          353.17,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          257.558896,
          367.88,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,947,823 ",
        "box": [
          372.92,
          257.558896,
          415.42,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.84 %",
        "box": [
          441.20999,
          257.558896,
          478.49998999999997,
          265.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          272.558896,
          194.47000000000003,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          272.87,
          272.558896,
          282.87,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          272.558896,
          300.63,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,372,861 ",
        "box": [
          310.67,
          272.558896,
          353.17,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          272.558896,
          362.88,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,372,861 ",
        "box": [
          372.92,
          272.558896,
          415.42,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.22 %",
        "box": [
          441.20999,
          272.558896,
          478.49998999999997,
          280.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "European Loan Securitization",
        "box": [
          61.13,
          287.55889599999995,
          180.41000000000005,
          295.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided",
        "box": [
          69.13,
          302.55889599999995,
          147.67999999999998,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          275.37,
          302.55889599999995,
          280.37,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          302.55889599999995,
          305.63,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "192,666 ",
        "box": [
          318.17,
          302.55889599999995,
          353.17,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          302.55889599999995,
          367.88,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "191,896 ",
        "box": [
          380.42,
          302.55889599999995,
          415.42,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.53 %",
        "box": [
          441.20999,
          302.55889599999995,
          478.49998999999997,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          302.55889599999995,
          537.45001,
          310.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets (5)",
        "box": [
          69.13,
          317.55889599999995,
          190.43862249999998,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          275.37,
          317.55889599999995,
          280.37,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          317.55889599999995,
          300.63,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,160 ",
        "box": [
          318.17,
          317.55889599999995,
          353.17,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          317.55889599999995,
          362.88,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "246,421 ",
        "box": [
          380.42,
          317.55889599999995,
          415.42,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.97 %",
        "box": [
          441.20999,
          317.55889599999995,
          478.49998999999997,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          317.55889599999995,
          537.45001,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          60.13,
          332.55889599999995,
          81.21,
          340.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding / ",
        "box": [
          73.63,
          347.55889599999995,
          223.20000000000005,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided (6)",
        "box": [
          83.63,
          358.958896,
          167.5186025,
          367.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          275.37,
          347.55889599999995,
          280.37,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          298.13,
          347.55889599999995,
          305.63,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,149,496 ",
        "box": [
          310.67,
          347.55889599999995,
          353.17,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          347.55889599999995,
          367.88,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,139,719 ",
        "box": [
          372.92,
          347.55889599999995,
          415.42,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.82 %",
        "box": [
          441.20999,
          347.55889599999995,
          478.49998999999997,
          355.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          73.63,
          373.80889599999995,
          189.60000000000002,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
          272.87,
          373.80889599999995,
          282.87,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          298.13,
          373.80889599999995,
          300.63,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,622,021 ",
        "box": [
          310.67,
          373.80889599999995,
          353.17,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          360.38,
          373.80889599999995,
          362.88,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,619,282 ",
        "box": [
          372.92,
          373.80889599999995,
          415.42,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.22 %",
        "box": [
          441.20999,
          373.80889599999995,
          478.49998999999997,
          382.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          399.55889599999995,
          70.16,
          407.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The book value of underlying collateral assets excludes any applicable CECL reserves.",
        "box": [
          85.5,
          399.55889599999995,
          433.3800000000001,
          407.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          411.05889599999995,
          70.16,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan ",
        "box": [
          85.5,
          411.05889599999995,
          555.8699999999999,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination costs, purchase discounts, and accrual of exit fees.",
        "box": [
          85.5,
          422.55889599999995,
          332.7099999999999,
          430.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          434.05889599999995,
          70.16,
          442.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, ",
        "box": [
          85.5,
          434.05889599999995,
          555.92,
          442.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which  is  SOFR  for  the  CLOs  and  EURIBOR  for  the  European  Loan  Securitization.  All-in  yield  excludes  loans ",
        "box": [
          85.5,
          445.55889599999995,
          555.87999,
          453.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted  for  under  the  cost-recovery  and  nonaccrual  methods,  if  any,  owned  real  estate  assets,  and  cash  from ",
        "box": [
          85.5,
          457.05889599999995,
          555.9000000000002,
          465.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayment proceeds held in certain of our CLOs that may be used to add new eligible collateral assets.",
        "box": [
          85.5,
          468.55889599999995,
          494.96999999999997,
          476.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          480.05889599999995,
          70.16,
          488.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying  collateral  assets  term  represents  the  weighted-average  final  maturity  of  such  loans,  assuming  all ",
        "box": [
          85.5,
          480.05889599999995,
          555.9899999999999,
          488.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the ",
        "box": [
          85.5,
          491.55889599999995,
          555.9399999999997,
          499.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of ",
        "box": [
          85.5,
          503.05889599999995,
          555.9599999999997,
          511.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the securitizations.",
        "box": [
          85.5,
          514.558896,
          160.38,
          522.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          526.058896,
          70.16,
          534.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  financed  our  $55.8  million  retained  interests  in  the  securitization  under  a  repurchase  agreement  structured ",
        "box": [
          85.5,
          526.058896,
          555.9699999999999,
          534.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities ",
        "box": [
          85.5,
          537.558896,
          555.9099999999999,
          545.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our consolidated balance sheets.",
        "box": [
          85.5,
          549.058896,
          226.72000000000006,
          557.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          560.558896,
          70.16,
          568.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the year ended December 31, 2025, we recorded $140.0 million of interest expense related to our securitized ",
        "box": [
          85.5,
          560.558896,
          555.87,
          568.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt obligations.",
        "box": [
          85.5,
          572.058896,
          152.1,
          580.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 41,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "9. ASSET-SPECIFIC DEBT, NET",
        "box": [
          58.5,
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          205.37999999999994,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables detail our asset-specific debt ($ in thousands): ",
        "box": [
          58.5,
          71.808896,
          329.84999999999997,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          101.03314479999995,
          63.13,
          107.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          349.95001,
          100.66314479999994,
          403.0460100000001,
          107.24578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-Specific Debt",
        "box": [
          61.13,
          122.78314479999995,
          127.09000000000003,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          225.22,
          122.78314479999995,
          246.54,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          289.10999,
          113.67309479999994,
          320.64599,
          120.25573204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          290.32999,
          122.78314479999995,
          319.43399000000005,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value (1)",
        "box": [
          350.97,
          122.14193111999998,
          396.7832000000001,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          425.44,
          113.67309479999994,
          460.32,
          120.25573204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield/Cost (2)",
        "box": [
          421.85999,
          122.14193111999998,
          463.88318000000004,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          498.94,
          113.59313479999992,
          533.8199999999999,
          120.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Term (3)",
        "box": [
          502.79999,
          122.14193111999998,
          529.9532099999999,
          129.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing provided",
        "box": [
          61.13,
          135.35888599999998,
          139.11999999999998,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          233.37,
          135.35888599999998,
          238.37,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.88,
          135.35888599999998,
          282.38,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "961,050 ",
        "box": [
          300.92,
          135.35888599999998,
          335.92,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          343.88,
          135.35888599999998,
          351.38,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "959,352 ",
        "box": [
          369.92,
          135.35888599999998,
          404.92,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.72 %",
        "box": [
          437.45999,
          135.35888599999998,
          474.74998999999997,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          487.07999,
          135.35888599999998,
          545.6599900000001,
          143.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          61.13,
          150.35888599999998,
          126.28999999999994,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          233.37,
          150.35888599999998,
          238.37,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.88,
          150.35888599999998,
          282.38,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,195,137 ",
        "box": [
          293.42,
          150.35888599999998,
          335.92,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          343.88,
          150.35888599999998,
          351.38,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,186,818 ",
        "box": [
          362.42,
          150.35888599999998,
          404.92,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 4.09 %",
        "box": [
          437.45999,
          150.35888599999998,
          474.74998999999997,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          487.07999,
          150.35888599999998,
          545.6599900000001,
          158.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          165.07788060000007,
          61.38,
          165.90071025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          172.04309479999995,
          63.13,
          178.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          344.19,
          171.91314479999994,
          408.8300000000001,
          178.49578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-Specific Debt",
        "box": [
          61.13,
          194.03314479999995,
          127.09000000000003,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          225.22,
          194.03314479999995,
          246.54,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          289.10999,
          184.92309479999994,
          320.64599,
          191.50573204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          290.32999,
          194.03314479999995,
          319.43399000000005,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value (1)",
        "box": [
          350.97,
          193.39193111999998,
          396.7832000000001,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          425.44,
          184.66314479999994,
          460.32,
          191.24578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Yield/Cost (2)",
        "box": [
          420.85999,
          193.21194112,
          464.88318000000004,
          200.43578204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          498.94,
          184.66314479999994,
          533.8199999999999,
          191.24578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Term (3)",
        "box": [
          502.79999,
          193.21194112,
          529.9532099999999,
          200.43578204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing provided",
        "box": [
          61.13,
          206.60888599999998,
          139.11999999999998,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          233.37,
          206.60888599999998,
          238.37,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.88,
          206.60888599999998,
          282.38,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "999,810 ",
        "box": [
          300.92,
          206.60888599999998,
          335.92,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          343.88,
          206.60888599999998,
          351.38,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,746 ",
        "box": [
          369.92,
          206.60888599999998,
          404.92,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.66 %",
        "box": [
          437.45999,
          206.60888599999998,
          474.74998999999997,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          487.07999,
          206.60888599999998,
          545.6599900000001,
          214.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          61.13,
          221.60888599999998,
          126.28999999999994,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          233.37,
          221.60888599999998,
          238.37,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          274.88,
          221.60888599999998,
          282.38,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,243,500 ",
        "box": [
          293.42,
          221.60888599999998,
          335.92,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          343.88,
          221.60888599999998,
          351.38,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,234,205 ",
        "box": [
          362.42,
          221.60888599999998,
          404.92,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 4.02 %",
        "box": [
          437.45999,
          221.60888599999998,
          474.74998999999997,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          487.07999,
          221.60888599999998,
          545.6599900000001,
          229.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          249.35888599999998,
          70.16,
          257.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The book value of underlying collateral assets excludes any applicable CECL reserves.",
        "box": [
          85.5,
          249.35888599999998,
          433.3800000000001,
          257.5871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          260.858886,
          70.16,
          269.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, ",
        "box": [
          85.5,
          260.858886,
          555.92,
          269.0871825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and ",
        "box": [
          85.5,
          272.358886,
          555.8499800000002,
          280.58718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost ",
        "box": [
          85.5,
          283.85891599999997,
          555.9000000000001,
          292.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "includes the amortization of deferred origination fees and financing costs.",
        "box": [
          85.5,
          295.35891599999997,
          380.13000000000005,
          303.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          306.85891599999997,
          70.16,
          315.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all ",
        "box": [
          85.5,
          306.85891599999997,
          555.9399999999998,
          315.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case ",
        "box": [
          85.5,
          318.35891599999997,
          555.9800000000002,
          326.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the corresponding collateral loans.",
        "box": [
          85.5,
          329.85891599999997,
          233.37000000000006,
          338.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10. TERM LOANS, NET",
        "box": [
          58.5,
          359.198916,
          165.94999999999996,
          367.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we borrowed an additional $770.8 million under a B-9 Term Loan, the ",
        "box": [
          58.5,
          376.85891599999997,
          555.9300400000001,
          385.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds of which were used, among other things, to repay all $695.8 million in principal outstanding under the B-6 Term ",
        "box": [
          58.5,
          388.05889599999995,
          555.8700300000002,
          396.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan. The B-9 Term Loan bears interest at SOFR + 2.50% and matures in December 2030.",
        "box": [
          58.5,
          399.25890599999997,
          423.20001,
          407.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated ",
        "box": [
          58.5,
          422.458896,
          555.9800000000001,
          430.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheets ($ in thousands):",
        "box": [
          58.5,
          433.958896,
          185.58999999999997,
          442.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Value",
        "box": [
          241.27,
          449.3831148,
          279.24600000000004,
          455.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans",
        "box": [
          61.13,
          462.1331148,
          103.12200000000003,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          195.08,
          462.1331148,
          248.176,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          266.56,
          462.1331148,
          331.2000000000001,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate (1)",
        "box": [
          343.29001,
          461.49191112,
          393.96322000000004,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in Cost (1)(2)",
        "box": [
          406.28,
          461.49191112,
          455.4764100000001,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          492.95999,
          462.1331148,
          524.0559900000001,
          468.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-6 Term Loan",
        "box": [
          61.13,
          474.708896,
          123.27999999999996,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          187.13,
          474.708896,
          189.63,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          244.67,
          474.708896,
          257.16999999999996,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          264.38,
          474.708896,
          266.88,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "695,754 ",
        "box": [
          299.42,
          474.708896,
          334.42,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.00 %",
        "box": [
          360.20999,
          474.708896,
          397.49998999999997,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.61 %",
        "box": [
          422.45999,
          474.708896,
          459.74998999999997,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 10, 2030",
        "box": [
          472.32999,
          474.708896,
          550.86999,
          482.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-7 Term Loan",
        "box": [
          61.13,
          489.708896,
          123.27999999999996,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          187.13,
          489.708896,
          189.63,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,839 ",
        "box": [
          222.17,
          489.708896,
          257.16999999999996,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          264.38,
          489.708896,
          266.88,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "451,972 ",
        "box": [
          299.42,
          489.708896,
          334.42,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          360.20999,
          489.708896,
          397.49998999999997,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.66 %",
        "box": [
          422.45999,
          489.708896,
          459.74998999999997,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 9, 2029",
        "box": [
          500.04999,
          489.708896,
          550.86999,
          497.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-8 Term Loan",
        "box": [
          61.13,
          504.708896,
          123.27999999999996,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          187.13,
          504.708896,
          189.63,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "698,250 ",
        "box": [
          222.17,
          504.708896,
          257.16999999999996,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          264.38,
          504.708896,
          266.88,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "700,000 ",
        "box": [
          299.42,
          504.708896,
          334.42,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          360.20999,
          504.708896,
          397.49998999999997,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.76 %",
        "box": [
          422.45999,
          504.708896,
          459.74998999999997,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 19, 2032",
        "box": [
          472.32999,
          504.708896,
          550.86999,
          512.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-9 Term Loan",
        "box": [
          61.13,
          519.708926,
          123.27999999999996,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          187.13,
          519.708926,
          189.63,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "770,754 ",
        "box": [
          222.17,
          519.708926,
          257.16999999999996,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          264.38,
          519.708926,
          266.88,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          321.91999999999996,
          519.708926,
          334.41999999999996,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          360.20999,
          519.708926,
          397.49998999999997,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.80 %",
        "box": [
          422.45999,
          519.708926,
          459.74998999999997,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 10, 2030",
        "box": [
          472.32999,
          519.708926,
          550.86999,
          527.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total face value",
        "box": [
          69.13,
          534.708926,
          133.45999999999992,
          542.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          187.13,
          534.708926,
          194.63,
          542.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,919,843 ",
        "box": [
          214.67,
          534.708926,
          257.16999999999996,
          542.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          264.38,
          534.708926,
          271.88,
          542.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,847,726 ",
        "box": [
          291.92,
          534.708926,
          334.42,
          542.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs and ",
        "box": [
          61.13,
          549.708926,
          178.76999999999995,
          557.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unamortized discounts",
        "box": [
          71.13,
          561.108886,
          161.30999999999995,
          569.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,451)",
        "box": [
          221.96001,
          549.708926,
          256.12001000000004,
          557.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39,726)",
        "box": [
          299.20999,
          549.708926,
          333.36999,
          557.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value",
        "box": [
          69.13,
          575.958926,
          130.18999999999997,
          584.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          187.13,
          575.958926,
          194.63,
          584.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,881,392 ",
        "box": [
          214.67,
          575.958926,
          257.16999999999996,
          584.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          264.38,
          575.958926,
          271.88,
          584.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,808,000 ",
        "box": [
          291.92,
          575.958926,
          334.42,
          584.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          604.458926,
          70.16,
          612.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The B-7 Term Loan and B-9 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The ",
        "box": [
          85.5,
          604.458926,
          555.8200400000001,
          612.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term loans are indexed to one-month SOFR.",
        "box": [
          85.5,
          615.958926,
          265.61000000000007,
          624.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          627.458926,
          70.16,
          635.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes  issue  discount  and  transaction  expenses  that  are  amortized  through  interest  expense  over  the  life  of  the ",
        "box": [
          85.5,
          627.458926,
          555.9599999999998,
          635.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable Term Loans.",
        "box": [
          85.5,
          638.958926,
          180.08000000000004,
          647.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Term  Loans  are  partially  amortizing,  with  an  amount  equal  to  1.0%  per  annum  of  the  aggregate  initial  principal ",
        "box": [
          58.5,
          662.458926,
          555.9699999999999,
          670.6872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance due in quarterly installments.",
        "box": [
          58.5,
          673.958926,
          208.00999,
          682.1872225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 42,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table details our interest expense related to the Term Loans ($ in thousands):",
        "box": [
          58.5,
          54.308896000000004,
          423.61999999999995,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          81.73315479999997,
          63.13,
          88.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          422.79001,
          81.73315479999997,
          532.7340100000001,
          88.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          94.48315479999997,
          63.13,
          101.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
          94.48315479999997,
          447.12,
          101.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          94.48315479999997,
          524.37,
          101.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash coupon",
        "box": [
          61.13,
          107.058896,
          113.03999999999998,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          107.058896,
          412.13,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,681 ",
        "box": [
          444.67,
          107.058896,
          474.67,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          107.058896,
          489.38,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,048 ",
        "box": [
          521.92,
          107.058896,
          551.92,
          115.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount and issuance cost amortization",
        "box": [
          61.13,
          122.058896,
          222.0400000000001,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          122.058896,
          407.13,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,449 ",
        "box": [
          449.66999999999996,
          122.058896,
          474.66999999999996,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          122.058896,
          484.38,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,182 ",
        "box": [
          526.92,
          122.058896,
          551.92,
          130.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest expense",
        "box": [
          61.13,
          137.058896,
          148.77999999999994,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          137.058896,
          412.13,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,130 ",
        "box": [
          444.67,
          137.058896,
          474.67,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          137.058896,
          489.38,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,230 ",
        "box": [
          521.92,
          137.058896,
          551.92,
          145.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of ",
        "box": [
          58.5,
          165.308896,
          555.8300000000002,
          173.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 and December 31, 2025, we were in compliance with this covenant. Refer to Note 2 for further discussion ",
        "box": [
          58.5,
          176.808896,
          555.9199999999998,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our accounting policies for the Term Loans.",
        "box": [
          58.5,
          188.308896,
          244.9600000000001,
          196.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11. SENIOR SECURED NOTES, NET",
        "box": [
          58.5,
          217.64892600000007,
          223.99999999999997,
          225.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated ",
        "box": [
          58.5,
          235.308896,
          555.9900000000001,
          243.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheets ($ in thousands): ",
        "box": [
          58.5,
          246.808896,
          188.07999999999998,
          255.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Value",
        "box": [
          264.51999,
          262.23315479999997,
          302.49599000000006,
          268.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Secured Notes Issuance",
        "box": [
          61.13,
          283.9831248,
          165.29000000000002,
          290.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          217.95,
          283.9831248,
          271.04599999999994,
          290.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          290.19,
          283.9831248,
          354.8300000000001,
          290.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
          371.06,
          275.9831247999999,
          399.7080000000001,
          282.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate",
        "box": [
          376.38,
          283.9831248,
          392.372,
          290.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          429.35999,
          274.7931248,
          450.91198999999995,
          281.37576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (1)",
        "box": [
          428.32001,
          283.34191111999996,
          449.9232200000001,
          290.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          497.45999,
          283.9831248,
          528.5559900000001,
          290.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2021",
        "box": [
          61.13,
          296.55889599999995,
          115.80999999999999,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          209.63,
          296.55889599999995,
          217.13,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,316 ",
        "box": [
          245.42,
          296.55889599999995,
          280.41999999999996,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          287.63,
          296.55889599999995,
          295.13,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,316 ",
        "box": [
          323.42,
          296.55889599999995,
          358.42,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.75 %",
        "box": [
          375.84,
          296.55889599999995,
          404.99999999999994,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.06 %",
        "box": [
          430.59,
          296.55889599999995,
          459.74999999999994,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 15, 2027",
        "box": [
          482.29001,
          296.55889599999995,
          550.87001,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024",
        "box": [
          61.13,
          311.55889599999995,
          124.66999999999997,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          209.63,
          311.55889599999995,
          212.13,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          245.42,
          311.55889599999995,
          280.41999999999996,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          287.63,
          311.55889599999995,
          290.13,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          323.42,
          311.55889599999995,
          358.42,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.75 %",
        "box": [
          375.84,
          311.55889599999995,
          404.99999999999994,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          408.38,
          310.85192112,
          414.44320000000005,
          315.130635329215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.14 %",
        "box": [
          430.59,
          311.55889599999995,
          459.74999999999994,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 1, 2029",
        "box": [
          477.32999,
          311.55889599999995,
          550.8699900000001,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total face value",
        "box": [
          69.13,
          326.55889599999995,
          133.45999999999992,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          209.63,
          326.55889599999995,
          217.13,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          245.42,
          326.55889599999995,
          280.41999999999996,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          287.63,
          326.55889599999995,
          295.13,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          323.42,
          326.55889599999995,
          358.42,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs and ",
        "box": [
          61.13,
          341.55889599999995,
          178.76999999999995,
          349.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unamortized discounts",
        "box": [
          71.13,
          352.958896,
          161.30999999999995,
          361.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,640)",
        "box": [
          250.21001,
          341.55889599999995,
          279.37001000000004,
          349.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,280)",
        "box": [
          328.20999,
          341.55889599999995,
          357.36999,
          349.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hedging adjustments (3)",
        "box": [
          61.13,
          367.80889599999995,
          151.83319999999998,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,539",
        "box": [
          256.87,
          367.80889599999995,
          279.37,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,840",
        "box": [
          334.87,
          367.80889599999995,
          357.37,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value",
        "box": [
          69.13,
          382.80889599999995,
          130.18999999999997,
          391.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          209.63,
          382.80889599999995,
          217.13,
          391.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "782,215 ",
        "box": [
          245.42,
          382.80889599999995,
          280.41999999999996,
          391.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          287.63,
          382.80889599999995,
          295.13,
          391.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "784,876 ",
        "box": [
          323.42,
          382.80889599999995,
          358.42,
          391.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          409.05889599999995,
          70.16,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.",
        "box": [
          85.5,
          409.05889599999995,
          546.8699999999999,
          417.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          420.55889599999995,
          70.16,
          428.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts ",
        "box": [
          85.5,
          420.55889599999995,
          555.8299999999998,
          428.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our fixed rate exposure to a SOFR + 3.95% floating rate exposure.",
        "box": [
          85.5,
          432.05889599999995,
          351.1699999999999,
          440.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          443.55889599999995,
          70.16,
          451.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  fair  value  of  an  interest  rate  swap  that  we  entered  into  to  convert  the  fixed  rate  exposure  of  the ",
        "box": [
          85.5,
          443.55889599999995,
          555.95,
          451.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024 Senior Secured Notes into floating rate. Refer to Note 13 for further discussion.",
        "box": [
          85.5,
          455.05889599999995,
          469.54999999999984,
          463.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our interest expense related to the Senior Secured Notes ($ in thousands):",
        "box": [
          58.5,
          478.55889599999995,
          461.6499999999999,
          486.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          505.9831248,
          63.13,
          512.5657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          422.79001,
          505.9831248,
          532.7340100000001,
          512.5657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          518.7331548,
          63.13,
          525.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
          518.7331548,
          447.12,
          525.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          518.7331548,
          524.37,
          525.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash coupon",
        "box": [
          61.13,
          531.308896,
          113.03999999999998,
          539.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          531.308896,
          412.13,
          539.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,862 ",
        "box": [
          444.67,
          531.308896,
          474.67,
          539.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          531.308896,
          489.38,
          539.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,862 ",
        "box": [
          521.92,
          531.308896,
          551.92,
          539.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount and issuance cost amortization",
        "box": [
          61.13,
          546.308896,
          222.0400000000001,
          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          546.308896,
          407.13,
          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "641 ",
        "box": [
          457.16999999999996,
          546.308896,
          474.66999999999996,
          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          546.308896,
          484.38,
          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "697 ",
        "box": [
          534.42,
          546.308896,
          551.92,
          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest expense",
        "box": [
          61.13,
          561.308896,
          148.77999999999994,
          569.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          561.308896,
          412.13,
          569.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,503 ",
        "box": [
          444.67,
          561.308896,
          474.67,
          569.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          561.308896,
          489.38,
          569.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,559 ",
        "box": [
          521.92,
          561.308896,
          551.92,
          569.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. ",
        "box": [
          58.5,
          589.558896,
          555.85001,
          597.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026 and December 31, 2025, we were in compliance with this covenant. Under certain circumstances, we ",
        "box": [
          58.5,
          601.058896,
          555.83999,
          609.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required ",
        "box": [
          58.5,
          612.558896,
          555.9200000000003,
          620.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  maintain  a  total  unencumbered  assets  to  total  unsecured  indebtedness  ratio  of  1.20  or  greater.  This  covenant  is  not ",
        "box": [
          58.5,
          624.058896,
          555.90001,
          632.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currently in effect as the collateral securing our Senior Secured Notes has not been released.",
        "box": [
          58.5,
          635.558896,
          426.62000000000006,
          643.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 43,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "12. CONVERTIBLE NOTES, NET",
        "box": [
          58.5,
          54.148926000000074,
          209.25999999999996,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated ",
        "box": [
          58.5,
          71.808896,
          556.0000000000001,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheets ($ in thousands): ",
        "box": [
          58.5,
          83.308896,
          188.07999999999998,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Value",
        "box": [
          248.77,
          116.23315479999997,
          286.74600000000004,
          122.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes",
        "box": [
          61.13,
          137.98315479999997,
          122.65800000000004,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          202.2,
          137.98315479999997,
          255.29599999999996,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          274.44,
          137.98315479999997,
          339.0800000000001,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
          354.56,
          129.98315479999997,
          383.2080000000001,
          136.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate ",
        "box": [
          359.88,
          137.98315479999997,
          377.872,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          401.60999,
          129.98315479999997,
          423.16198999999995,
          136.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (1)",
        "box": [
          400.57001,
          137.34194112,
          422.1732200000001,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conversion ",
        "box": [
          437.95999,
          128.79309479999995,
          479.05599000000007,
          135.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Price (2)",
        "box": [
          445.59,
          137.34194112,
          469.4032,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          503.07999,
          137.98315479999997,
          534.1759900000001,
          144.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face value",
        "box": [
          61.12,
          150.558896,
          104.10999999999996,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          193.88,
          150.558896,
          201.38,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          229.67,
          150.558896,
          264.66999999999996,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.88,
          150.558896,
          279.38,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          307.67,
          150.558896,
          342.67,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.50%",
        "box": [
          355.89999,
          150.558896,
          381.72999,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.79%",
        "box": [
          399.39999,
          150.558896,
          425.22999,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36.27",
        "box": [
          444.69,
          150.558896,
          472.19,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 15, 2027",
        "box": [
          486.82999,
          150.558896,
          550.40999,
          158.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs and ",
        "box": [
          61.12,
          165.558896,
          178.75999999999996,
          173.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unamortized discount",
        "box": [
          61.13,
          176.95892600000002,
          147.42999999999998,
          185.18722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,129)",
        "box": [
          234.46001,
          165.558896,
          263.62001000000004,
          173.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,412)",
        "box": [
          312.45999,
          165.558896,
          341.61999,
          173.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value",
        "box": [
          70.13,
          191.808896,
          131.18999999999997,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          193.88,
          191.808896,
          201.38,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "265,028 ",
        "box": [
          229.67,
          191.808896,
          264.66999999999996,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.88,
          191.808896,
          279.38,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,745 ",
        "box": [
          307.67,
          191.808896,
          342.67,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          219.558896,
          70.16,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the ",
        "box": [
          85.5,
          219.558896,
          555.9099999999999,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effective interest method. ",
        "box": [
          85.5,
          231.058896,
          189.78,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          242.558896,
          70.16,
          250.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible ",
        "box": [
          85.5,
          242.558896,
          555.97,
          250.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal ",
        "box": [
          85.5,
          254.058896,
          556.0000400000001,
          262.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of March 31, 2026. ",
        "box": [
          85.5,
          265.558896,
          531.16003,
          273.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem ",
        "box": [
          58.5,
          289.05889599999995,
          555.9700000000004,
          297.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders' option into shares of our ",
        "box": [
          58.5,
          300.55889599999995,
          555.8899999999999,
          308.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "class  A  common  stock,  only  under  specific  circumstances,  prior  to  the  close  of  business  on  December  14,  2026  at  the ",
        "box": [
          58.5,
          312.05889599999995,
          555.9999999999998,
          320.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option ",
        "box": [
          58.5,
          323.55889599999995,
          555.98,
          331.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported ",
        "box": [
          58.5,
          335.05889599999995,
          555.8199999999999,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale  price  of  our  class  A  common  stock  of  $19.15  on  March  31,  2026,  the  last  trading  day  in  the  three  months  ended ",
        "box": [
          58.5,
          346.55889599999995,
          555.98999,
          354.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, was less than the per share conversion price of the Convertible Notes.",
        "box": [
          58.5,
          358.05889599999995,
          405.65001,
          366.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our interest expense related to the Convertible Notes ($ in thousands):",
        "box": [
          58.5,
          381.55889599999995,
          448.03999999999985,
          389.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          409.4831248,
          63.13,
          416.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          422.79001,
          409.4831248,
          532.7340100000001,
          416.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          422.2331248,
          63.13,
          428.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
          422.2331248,
          447.12,
          428.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          422.2331248,
          524.37,
          428.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash coupon",
        "box": [
          61.13,
          434.80889599999995,
          113.03999999999998,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          434.80889599999995,
          412.13,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,660 ",
        "box": [
          449.67,
          434.80889599999995,
          474.67,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          434.80889599999995,
          489.38,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,660 ",
        "box": [
          526.92,
          434.80889599999995,
          551.92,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount and issuance cost amortization",
        "box": [
          61.13,
          449.80889599999995,
          222.0400000000001,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          449.80889599999995,
          407.13,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "282 ",
        "box": [
          457.16999999999996,
          449.80889599999995,
          474.66999999999996,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          449.80889599999995,
          484.38,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "282 ",
        "box": [
          534.42,
          449.80889599999995,
          551.92,
          458.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest expense",
        "box": [
          61.13,
          464.80889599999995,
          148.77999999999994,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          464.80889599999995,
          412.13,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,942 ",
        "box": [
          449.67,
          464.80889599999995,
          474.67,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          464.80889599999995,
          489.38,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,942 ",
        "box": [
          526.92,
          464.80889599999995,
          551.92,
          473.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued  interest  payable  for  the  Convertible  Notes  was  $0.6  million  and  $4.3  million  as  of  March  31,  2026  and ",
        "box": [
          58.5,
          493.05889599999995,
          555.91001,
          501.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, respectively. Refer to Note 2 for further discussion of our accounting policies for the Convertible ",
        "box": [
          58.5,
          504.55889599999995,
          555.83999,
          512.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes. ",
        "box": [
          58.5,
          516.058896,
          86.80999999999999,
          524.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13. DERIVATIVE FINANCIAL INSTRUMENTS",
        "box": [
          58.5,
          545.398926,
          272.29999999999995,
          553.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  objective  of  our  use  of  derivative  financial  instruments  is  to  minimize  the  risks  and/or  costs  associated  with  our ",
        "box": [
          58.5,
          563.058896,
          555.9999999999998,
          571.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair ",
        "box": [
          58.5,
          574.558896,
          555.8399999999998,
          582.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value  hedges  under  the  hedge  accounting  requirements  of  ASC  815  -  'Derivatives  and  Hedging.'  Derivatives  not ",
        "box": [
          58.5,
          586.058896,
          555.8600000000001,
          594.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "designated  as  hedges  are  not  speculative  and  are  used  to  manage  our  exposure  to  interest  rate  movements  and  other ",
        "box": [
          58.5,
          597.558896,
          555.9100000000001,
          605.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "identified risks. Refer to Note 2 for further discussion of the accounting for designated and non-designated hedges. ",
        "box": [
          58.5,
          609.058896,
          519.9799899999999,
          617.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  use  of  derivative  financial  instruments  involves  certain  risks,  including  the  risk  that  the  counterparties  to  these ",
        "box": [
          58.5,
          632.558896,
          555.9899999999998,
          640.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contractual  arrangements  do  not  perform  as  agreed.  To  mitigate  this  risk,  we  only  enter  into  derivative  financial ",
        "box": [
          58.5,
          644.058896,
          555.8800000000001,
          652.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and ",
        "box": [
          58.5,
          655.558896,
          555.91,
          663.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our affiliates also have other financial relationships. ",
        "box": [
          58.5,
          667.058896,
          268.2100000000001,
          675.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 44,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Net Investment Hedges of Foreign Currency Risk",
        "box": [
          58.5,
          54.148926000000074,
          269.43000000000006,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. ",
        "box": [
          58.5,
          71.808896,
          555.9300000000002,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. ",
        "box": [
          58.5,
          83.308896,
          555.8299999999997,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dollar.  We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash ",
        "box": [
          58.5,
          94.808896,
          555.9999999999999,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flows in terms of the U.S. dollar.",
        "box": [
          58.5,
          106.308896,
          189.78000000000003,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Designated Hedges of Foreign Currency Risk",
        "box": [
          58.5,
          135.81890600000008,
          241.36999999999998,
          144.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of ",
        "box": [
          58.5,
          153.308896,
          555.94,
          161.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreign currency risk (notional amounts in thousands): ",
        "box": [
          58.5,
          164.808896,
          278.58,
          173.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          176.3746972,
          61.5,
          186.24865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          154.58,
          194.03314479999995,
          207.676,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          397.81,
          194.03314479999995,
          462.4500000000001,
          200.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign Currency Derivatives",
        "box": [
          61.13,
          215.03314479999995,
          163.29800000000003,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          197.84,
          207.03314479999995,
          234.92799999999997,
          213.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Instruments",
        "box": [
          194.50999,
          215.03314479999995,
          238.2619899999999,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional",
        "box": [
          259.84,
          207.03314479999995,
          289.16799999999995,
          213.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          259.51001,
          215.03314479999995,
          289.49401,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign Currency Derivatives",
        "box": [
          310.13,
          215.03314479999995,
          412.2980000000002,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          446.84,
          207.03314479999995,
          483.928,
          213.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Instruments",
        "box": [
          443.51001,
          215.03314479999995,
          487.2620100000001,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional",
        "box": [
          508.84,
          207.03314479999995,
          538.168,
          213.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          508.51001,
          215.03314479999995,
          538.4940099999999,
          221.61578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell SEK Forward",
        "box": [
          61.13,
          227.60888599999998,
          181.34000000000003,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          213.87,
          227.60888599999998,
          218.87,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "kr  ",
        "box": [
          247.88,
          227.60888599999998,
          261.21,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "969,136 ",
        "box": [
          267.16999999999996,
          227.60888599999998,
          302.16999999999996,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell SEK Forward",
        "box": [
          310.13,
          227.60888599999998,
          430.3400000000001,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          462.87,
          227.60888599999998,
          467.87,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "kr  ",
        "box": [
          496.88,
          227.60888599999998,
          510.21,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "970,417 ",
        "box": [
          516.17,
          227.60888599999998,
          551.17,
          235.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell GBP Forward",
        "box": [
          61.13,
          242.60888599999998,
          181.9,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          213.87,
          242.60888599999998,
          218.87,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          247.88,
          242.60888599999998,
          255.38,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "791,078 ",
        "box": [
          267.17,
          242.60888599999998,
          302.17,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell GBP Forward",
        "box": [
          310.13,
          242.60888599999998,
          430.9000000000001,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          462.87,
          242.60888599999998,
          467.87,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          496.88,
          242.60888599999998,
          504.38,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "739,956 ",
        "box": [
          516.17,
          242.60888599999998,
          551.17,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell EUR Forward",
        "box": [
          61.13,
          257.608886,
          182.44000000000003,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          213.87,
          257.608886,
          218.87,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          247.88,
          257.608886,
          255.38,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "698,366 ",
        "box": [
          267.17,
          257.608886,
          302.17,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell EUR Forward",
        "box": [
          310.13,
          257.608886,
          431.4400000000001,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          460.37,
          258.27892600000007,
          470.37,
          266.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          496.88,
          257.608886,
          504.38,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "689,868 ",
        "box": [
          516.17,
          257.608886,
          551.17,
          265.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell AUD Forward",
        "box": [
          61.13,
          272.608886,
          184.12,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          213.87,
          272.608886,
          218.87,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$  369,476 ",
        "box": [
          247.88,
          272.608886,
          302.17,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell AUD Forward",
        "box": [
          310.13,
          272.608886,
          433.1200000000001,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          462.87,
          272.608886,
          467.87,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$  371,141 ",
        "box": [
          496.88,
          272.608886,
          551.1700000000001,
          280.83718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell CAD Forward",
        "box": [
          61.13,
          287.60891599999997,
          183.56,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          213.87,
          287.60891599999997,
          218.87,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "C$ ",
        "box": [
          247.88,
          287.60891599999997,
          262.03999999999996,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120,650 ",
        "box": [
          267.16999999999996,
          287.60891599999997,
          302.16999999999996,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell CAD Forward",
        "box": [
          310.13,
          287.60891599999997,
          432.5600000000001,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          462.87,
          287.60891599999997,
          467.87,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "C$ ",
        "box": [
          496.88,
          287.60891599999997,
          511.04,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120,557 ",
        "box": [
          516.1700000000001,
          287.60891599999997,
          551.1700000000001,
          295.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell CHF Forward",
        "box": [
          61.13,
          302.60891599999997,
          181.9,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          213.87,
          302.60891599999997,
          218.87,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CHF ",
        "box": [
          247.88,
          302.60891599999997,
          269.82,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52 ",
        "box": [
          289.67,
          302.60891599999997,
          302.17,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell CHF Forward",
        "box": [
          310.13,
          302.60891599999997,
          430.9000000000001,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          462.87,
          302.60891599999997,
          467.87,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CHF ",
        "box": [
          496.88,
          302.60891599999997,
          518.82,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52 ",
        "box": [
          538.6700000000001,
          302.60891599999997,
          551.1700000000001,
          310.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-designated Hedges of Foreign Currency Risk",
        "box": [
          58.5,
          330.36889599999995,
          259.14000000000004,
          338.5971925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  details  our  outstanding  foreign  exchange  derivatives  that  were  non-designated  hedges  of  foreign ",
        "box": [
          58.5,
          347.85891599999997,
          555.9800000000002,
          356.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currency risk (notional amounts in thousands): ",
        "box": [
          58.5,
          359.35891599999997,
          247.22000000000006,
          367.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          370.9246872,
          61.5,
          380.7986430674192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          154.2,
          388.5831248,
          207.29599999999996,
          395.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          396.69,
          388.5831248,
          461.3300000000001,
          395.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-designated Hedges",
        "box": [
          61.13,
          409.5831248,
          141.31400000000002,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          201.59,
          401.5831248,
          238.67799999999997,
          408.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Instruments",
        "box": [
          198.25999,
          409.5831248,
          242.0119899999999,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional",
        "box": [
          261.72,
          401.5831248,
          291.048,
          408.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          261.39001,
          409.5831248,
          291.37401,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-designated Hedges",
        "box": [
          331.54999,
          409.5831248,
          411.73399000000006,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of",
        "box": [
          449.09,
          401.5831248,
          486.178,
          408.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Instruments",
        "box": [
          445.76001,
          409.5831248,
          489.5120100000001,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional",
        "box": [
          509.22,
          401.5831248,
          538.548,
          408.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          508.89001,
          409.5831248,
          538.8740099999999,
          416.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy EUR / Sell USD Forward",
        "box": [
          61.13,
          422.15890599999994,
          182.44,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          217.62,
          422.15890599999994,
          222.62,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          252.38,
          422.15890599999994,
          259.88,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,600 ",
        "box": [
          271.42,
          422.15890599999994,
          301.42,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy EUR / Sell USD Forward",
        "box": [
          308.63,
          422.15890599999994,
          429.9400000000001,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          465.12,
          422.15890599999994,
          470.12,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          498.38,
          422.15890599999994,
          505.88,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,700 ",
        "box": [
          520.42,
          422.15890599999994,
          550.42,
          430.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell EUR Forward",
        "box": [
          61.13,
          437.15890599999994,
          182.44000000000003,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          217.62,
          437.15890599999994,
          222.62,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          252.38,
          437.15890599999994,
          259.88,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,600 ",
        "box": [
          271.42,
          437.15890599999994,
          301.42,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell EUR Forward",
        "box": [
          308.63,
          437.15890599999994,
          429.9400000000001,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          465.12,
          437.15890599999994,
          470.12,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          498.38,
          437.15890599999994,
          505.88,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,700 ",
        "box": [
          520.42,
          437.15890599999994,
          550.42,
          445.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy AUD / Sell USD Forward",
        "box": [
          61.13,
          452.15890599999994,
          184.12,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          217.62,
          452.15890599999994,
          222.62,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$  16,700 ",
        "box": [
          252.38,
          452.15890599999994,
          301.42,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy AUD / Sell USD Forward",
        "box": [
          308.63,
          452.15890599999994,
          431.6200000000001,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          465.12,
          452.15890599999994,
          470.12,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$ ",
        "box": [
          498.38,
          452.15890599999994,
          513.1,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,200 ",
        "box": [
          520.4200000000001,
          452.15890599999994,
          550.4200000000001,
          460.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell AUD Forward",
        "box": [
          61.13,
          467.15890599999994,
          184.12,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          217.62,
          467.15890599999994,
          222.62,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$  16,700 ",
        "box": [
          252.38,
          467.15890599999994,
          301.42,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell AUD Forward",
        "box": [
          308.63,
          467.15890599999994,
          431.6200000000001,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          465.12,
          467.15890599999994,
          470.12,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A$ ",
        "box": [
          498.38,
          467.15890599999994,
          513.1,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,200 ",
        "box": [
          520.4200000000001,
          467.15890599999994,
          550.4200000000001,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy GBP / Sell USD Forward",
        "box": [
          308.63,
          482.15890599999994,
          429.4000000000001,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          465.12,
          482.15890599999994,
          470.12,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          498.38,
          482.15890599999994,
          505.88,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,800 ",
        "box": [
          520.42,
          482.15890599999994,
          550.42,
          490.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Buy USD / Sell GBP Forward",
        "box": [
          308.63,
          496.40890599999994,
          429.4000000000001,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          465.12,
          496.40890599999994,
          470.12,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          498.38,
          496.40890599999994,
          505.88,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,800 ",
        "box": [
          520.42,
          496.40890599999994,
          550.42,
          504.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flow Hedges of Interest Rate Risk",
        "box": [
          58.5,
          529.748906,
          228.38000000000002,
          537.9772025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain of our financing transactions expose us to a fixed versus floating rate mismatch between our assets and liabilities. ",
        "box": [
          58.5,
          547.408936,
          555.9599999999999,
          555.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We use derivative financial instruments, which include interest rate swaps (and may also include interest rate caps, interest ",
        "box": [
          58.5,
          558.908936,
          555.9499999999999,
          567.1372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate options, floors, and other interest rate derivative contracts) to hedge interest rate risk associated with our borrowings ",
        "box": [
          58.5,
          570.408936,
          555.88,
          578.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "where there is potential for an index mismatch.",
        "box": [
          58.5,
          581.908936,
          246.5900000000001,
          590.1372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 45,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate ",
        "box": [
          58.5,
          54.308896000000004,
          555.9000000000002,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk (notional amounts in thousands):",
        "box": [
          58.5,
          65.808896,
          207.27999999999997,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          279.45001,
          87.04309479999995,
          332.5460100000001,
          93.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Derivatives",
        "box": [
          61.13,
          108.98315479999997,
          146.426,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          219.59,
          99.87310479999996,
          258.678,
          106.45574204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instruments",
        "box": [
          217.25999,
          108.98315479999997,
          259.0119899999999,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional Amount",
        "box": [
          274.48001,
          108.98315479999997,
          333.79200999999995,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          352.34,
          108.98315479999997,
          389.428,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index",
        "box": [
          418.10001,
          108.98315479999997,
          437.64401000000004,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (Years)",
        "box": [
          476.67999,
          108.98315479999997,
          535.0959899999999,
          115.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Swaps",
        "box": [
          61.13,
          122.22888599999999,
          140.46999999999997,
          130.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          235.62,
          122.22888599999999,
          240.62,
          130.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.38,
          121.558896,
          277.88,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,600 ",
        "box": [
          308.92,
          121.558896,
          338.92,
          129.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.51%",
        "box": [
          358.89999,
          122.22888599999999,
          384.72999,
          130.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR",
        "box": [
          415.37,
          122.22888599999999,
          440.38000000000005,
          130.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.7",
        "box": [
          499.62,
          122.22888599999999,
          512.12,
          130.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          273.69,
          153.54309479999995,
          338.3300000000001,
          160.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Derivatives",
        "box": [
          61.13,
          175.48315479999997,
          146.426,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          219.59,
          166.37310479999996,
          258.678,
          172.9557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instruments",
        "box": [
          217.25999,
          175.48315479999997,
          259.0119899999999,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional Amount",
        "box": [
          274.48001,
          175.48315479999997,
          333.79200999999995,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          352.34,
          175.48315479999997,
          389.428,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index",
        "box": [
          418.10001,
          175.48315479999997,
          437.64401000000004,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (Years)",
        "box": [
          476.67999,
          175.48315479999997,
          535.0959899999999,
          182.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Swaps",
        "box": [
          61.13,
          188.728886,
          140.46999999999997,
          196.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          235.62,
          188.728886,
          240.62,
          196.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.38,
          188.058896,
          277.88,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,600 ",
        "box": [
          308.92,
          188.058896,
          338.92,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.51%",
        "box": [
          358.89999,
          188.728886,
          384.72999,
          196.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR",
        "box": [
          415.37,
          188.728886,
          440.38000000000005,
          196.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.0",
        "box": [
          499.62,
          188.728886,
          512.12,
          196.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value Hedges of Interest Rate Risk ",
        "box": [
          58.5,
          222.14892600000007,
          231.39999,
          230.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain of our corporate financings expose us to fluctuations in the fair value of our outstanding fixed rate debt. We use ",
        "box": [
          58.5,
          239.808896,
          555.8799999999998,
          248.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative financial instruments, which include interest rate swaps, to hedge interest rate risk associated with changes in the ",
        "box": [
          58.5,
          251.308896,
          555.8599999999999,
          259.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value of our fixed rate debt. The changes in the value of the interest rate swap is recognized in earnings and offset the ",
        "box": [
          58.5,
          262.808896,
          555.79,
          271.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corresponding changes in the fair value of the debt. ",
        "box": [
          58.5,
          274.308896,
          266.05000000000007,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Designated Hedges of Interest Rate Risk  ",
        "box": [
          58.5,
          303.81890599999997,
          225.25000000000003,
          312.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables detail our outstanding interest rate derivatives that were designated as fair value hedges of interest rate ",
        "box": [
          58.5,
          327.30889599999995,
          555.8599999999998,
          335.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk (notional amount in thousands):",
        "box": [
          58.5,
          338.80889599999995,
          203.39,
          347.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          279.45001,
          360.0431248,
          332.5460100000001,
          366.62576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Derivatives",
        "box": [
          61.13,
          381.9831248,
          146.426,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          219.59,
          372.8731348,
          258.678,
          379.4557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instruments",
        "box": [
          217.25999,
          381.9831248,
          259.0119899999999,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional Amount",
        "box": [
          274.48001,
          381.9831248,
          333.79200999999995,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          352.34,
          381.9831248,
          389.428,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index",
        "box": [
          418.10001,
          381.9831248,
          437.64401000000004,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (Years)",
        "box": [
          476.67999,
          381.9831248,
          535.0959899999999,
          388.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Swaps",
        "box": [
          61.13,
          395.22891599999997,
          140.46999999999997,
          403.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          235.62,
          395.22891599999997,
          240.62,
          403.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.38,
          394.55889599999995,
          277.88,
          402.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          303.92,
          394.55889599999995,
          338.92,
          402.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.81%",
        "box": [
          358.89999,
          395.22891599999997,
          384.72999,
          403.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR",
        "box": [
          415.37,
          395.22891599999997,
          440.38000000000005,
          403.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.7",
        "box": [
          499.62,
          395.22891599999997,
          512.12,
          403.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          273.69,
          426.5431248,
          338.3300000000001,
          433.12576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Derivatives",
        "box": [
          61.13,
          448.4831248,
          146.426,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          219.59,
          439.3731348,
          258.678,
          445.9557720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Instruments",
        "box": [
          217.25999,
          448.4831248,
          259.0119899999999,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional Amount",
        "box": [
          274.48001,
          448.4831248,
          333.79200999999995,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          352.34,
          448.4831248,
          389.428,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index",
        "box": [
          418.10001,
          448.4831248,
          437.64401000000004,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (Years)",
        "box": [
          476.67999,
          448.4831248,
          535.0959899999999,
          455.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Swaps",
        "box": [
          61.13,
          461.72891599999997,
          140.46999999999997,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          235.62,
          461.72891599999997,
          240.62,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.38,
          461.05889599999995,
          277.88,
          469.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          303.92,
          461.05889599999995,
          338.92,
          469.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.81%",
        "box": [
          358.89999,
          461.72891599999997,
          384.72999,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR",
        "box": [
          415.37,
          461.72891599999997,
          440.38000000000005,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.9",
        "box": [
          499.62,
          461.72891599999997,
          512.12,
          469.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value ",
        "box": [
          58.5,
          495.30889599999995,
          555.9000000000001,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hedges ($ in thousands):",
        "box": [
          58.5,
          506.80889599999995,
          155.93999999999997,
          515.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          279.45001,
          528.0431548,
          332.5460100000001,
          534.6257920449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Line Item in the Consolidated Balance ",
        "box": [
          61.13,
          540.7631248,
          193.96999999999997,
          547.3457620449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sheets in which the Hedged Item is ",
        "box": [
          61.13,
          549.8731048,
          182.17799999999997,
          556.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included",
        "box": [
          61.13,
          558.9831548,
          91.33800000000002,
          565.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Amount of the Hedged Assets/ ",
        "box": [
          228.35001,
          549.8731048,
          366.95801000000006,
          556.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          279.53,
          558.9831548,
          313.75399999999996,
          565.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cumulative Amount of Fair Value Hedging ",
        "box": [
          395.07999,
          549.8731048,
          545.2399899999999,
          556.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustment Included in Carrying Amount",
        "box": [
          396.75,
          558.9831548,
          541.5579999999999,
          565.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          61.13,
          572.228886,
          161.02999999999997,
          580.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          214.88,
          571.558896,
          222.38,
          579.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "447,688 ",
        "box": [
          344.42,
          571.558896,
          379.42,
          579.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          387.38,
          571.558896,
          394.88,
          579.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,539 ",
        "box": [
          526.9200000000001,
          571.558896,
          551.9200000000001,
          579.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          273.69,
          603.5431548,
          338.3300000000001,
          610.1257920449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Line Item in the Consolidated Balance ",
        "box": [
          61.13,
          616.2631248,
          193.96999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sheets in which the Hedged Item is ",
        "box": [
          61.13,
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          182.17799999999997,
          631.9557420449462
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Included",
        "box": [
          61.13,
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          91.33800000000002,
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        "confidence": 1.0
      },
      {
        "text": "Carrying Amount of the Hedged Assets/ ",
        "box": [
          228.35001,
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          366.95801000000006,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Liabilities",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Cumulative Amount of Fair Value Hedging ",
        "box": [
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          545.2399899999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Adjustment Included in Carrying Amount",
        "box": [
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          634.4831548,
          541.5579999999999,
          641.0657920449462
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        "from_ocr": false,
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      {
        "text": "Senior secured notes, net",
        "box": [
          61.13,
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          161.02999999999997,
          655.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          214.88,
          647.058896,
          222.38,
          655.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,597 ",
        "box": [
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          379.42,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          387.38,
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          394.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,840 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 46,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ",
        "box": [
          58.5,
          71.808896,
          555.9899999999996,
          80.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "($ in thousands): ",
        "box": [
          58.5,
          83.308896,
          128.17999999999998,
          91.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          107.73315479999997,
          63.13,
          114.31579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (Decrease) to Net Interest Income",
        "box": [
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          98.54309479999995,
          529.5219900000003,
          105.12573204494618
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        "confidence": 1.0
      },
      {
        "text": "Recognized from Derivatives",
        "box": [
          407.45999,
          107.73315479999997,
          506.08399000000014,
          114.31579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
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          120.48315479999997,
          511.7340100000002,
          127.06579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives in Hedging Relationships",
        "box": [
          61.13,
          142.23315479999997,
          187.53799999999998,
          148.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location of Income",
        "box": [
          271.79001,
          133.04309479999995,
          337.99001000000004,
          139.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (Expense) Recognized",
        "box": [
          266.47,
          142.23315479999997,
          343.32600000000014,
          148.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          399.62,
          142.23315479999997,
          415.62,
          148.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          497.87,
          142.23315479999997,
          513.87,
          148.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Designated Hedges",
        "box": [
          61.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Income (1)",
        "box": [
          273.38,
          154.808896,
          341.85321000000005,
          163.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          362.63,
          154.808896,
          370.13,
          163.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,960 ",
        "box": [
          428.67,
          154.808896,
          453.67,
          163.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          460.88,
          154.808896,
          468.38,
          163.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,951 ",
        "box": [
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          551.92,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Designated Hedges",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Interest Expense (2)",
        "box": [
          273.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          362.63,
          169.808896,
          365.13,
          178.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "139 ",
        "box": [
          436.17,
          169.808896,
          453.67,
          178.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.88,
          169.808896,
          463.38,
          178.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(568) ",
        "box": [
          531.09,
          169.808896,
          555.2500000000001,
          178.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Designated Hedges",
        "box": [
          61.13,
          184.808896,
          159.08999999999997,
          193.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Income (1)",
        "box": [
          273.38,
          184.808896,
          341.85321000000005,
          193.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          362.63,
          184.808896,
          365.13,
          193.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6) ",
        "box": [
          442.84,
          184.808896,
          456.99999999999994,
          193.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.88,
          184.808896,
          463.38,
          193.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          184.808896,
          551.92,
          193.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Designated Hedges",
        "box": [
          61.13,
          199.808896,
          159.08999999999997,
          208.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Expense (3)",
        "box": [
          273.38,
          199.808896,
          345.74319,
          208.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          362.63,
          199.808896,
          365.13,
          208.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14 ",
        "box": [
          441.17,
          199.808896,
          453.67,
          208.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.88,
          199.808896,
          463.38,
          208.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 ",
        "box": [
          544.42,
          199.808896,
          551.92,
          208.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          214.808896,
          82.21,
          223.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          255.38,
          214.808896,
          257.88,
          223.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          362.63,
          214.808896,
          370.13,
          223.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,107 ",
        "box": [
          428.67,
          214.808896,
          453.67,
          223.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          460.88,
          214.808896,
          468.38,
          223.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,386 ",
        "box": [
          526.92,
          214.808896,
          551.92,
          223.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          242.558896,
          70.16,
          250.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  forward  points  earned  on  our  foreign  currency  forward  contracts,  which  reflect  the  interest  rate ",
        "box": [
          85.5,
          242.558896,
          555.9100000000003,
          250.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates. ",
        "box": [
          85.5,
          254.058896,
          555.9399999999999,
          262.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These forward contracts effectively convert the foreign currency rate exposure for such investments to ",
        "box": [
          85.5,
          265.558896,
          497.20999999999987,
          273.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD-equivalent interest rates.",
        "box": [
          85.5,
          277.058896,
          206.17000000000007,
          285.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          288.55889599999995,
          70.16,
          296.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest ",
        "box": [
          85.5,
          288.55889599999995,
          555.93,
          296.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate swap.",
        "box": [
          85.5,
          300.05889599999995,
          125.99999999999997,
          308.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          311.55889599999995,
          70.16,
          319.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and ",
        "box": [
          85.5,
          311.55889599999995,
          555.9700000000001,
          319.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized in interest expense.",
        "box": [
          85.5,
          323.05889599999995,
          208.66000000000003,
          331.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value Hedges",
        "box": [
          58.5,
          346.56890599999997,
          134.52999999999997,
          354.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  the  net  gains  (losses)  on  derivatives  and  the  related  hedged  items  in  fair  value  hedging ",
        "box": [
          58.5,
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          555.9499999999998,
          372.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relationships ($ in thousands):",
        "box": [
          58.5,
          375.55889599999995,
          179.23999999999998,
          383.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          409.29001,
          408.9831248,
          519.2340100000001,
          415.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          414.25,
          421.7331248,
          430.25,
          428.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          498.25,
          421.7331248,
          514.25,
          428.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest and related expenses presented in the consolidated statements of ",
        "box": [
          61.13,
          434.30889599999995,
          375.9699999999999,
          442.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations",
        "box": [
          71.13,
          445.708896,
          112.74999999999997,
          453.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          384.38,
          434.30889599999995,
          391.88,
          442.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220,736 ",
        "box": [
          426.17,
          434.30889599999995,
          461.17,
          442.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          468.38,
          434.30889599999995,
          475.88,
          442.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,233 ",
        "box": [
          510.17,
          434.30889599999995,
          545.1700000000001,
          442.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gains (losses) on fair value hedging relationships",
        "box": [
          61.13,
          460.55889599999995,
          258.7100000000001,
          468.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total (loss) gain on derivative instruments",
        "box": [
          71.12,
          475.55889599999995,
          240.6500000000001,
          483.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          384.38,
          475.55889599999995,
          391.88,
          483.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,294)  $ ",
        "box": [
          432.84,
          475.55889599999995,
          475.88,
          483.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,164 ",
        "box": [
          520.17,
          475.55889599999995,
          545.17,
          483.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair value basis adjustment on hedged items",
        "box": [
          71.12,
          490.55889599999995,
          248.14000000000004,
          498.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,301",
        "box": [
          437.62,
          490.55889599999995,
          460.12,
          498.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,108)",
        "box": [
          514.96002,
          490.55889599999995,
          544.1200200000001,
          498.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative settlements and accruals",
        "box": [
          71.12,
          505.55889599999995,
          212.83000000000004,
          513.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "139",
        "box": [
          445.12,
          505.55889599999995,
          460.12,
          513.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "818",
        "box": [
          529.12,
          505.55889599999995,
          544.12,
          513.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net gain on fair value hedging relationships (1)",
        "box": [
          78.13,
          520.558896,
          259.55319000000003,
          528.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          384.38,
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      {
        "text": "146 ",
        "box": [
          443.67,
          520.558896,
          461.17,
          528.7871925561826
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          520.558896,
          475.88,
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      {
        "text": "874 ",
        "box": [
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      {
        "text": "(1)",
        "box": [
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          546.308896,
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        "from_ocr": false,
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      {
        "text": "Included within interest and related expenses presented in the consolidated statements of operations.",
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        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
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      {
        "text": "45",
        "box": [
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  },
  {
    "page_no": 47,
    "width": 612.0,
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    "cells": [
      {
        "text": "Valuation and Other Comprehensive Income",
        "box": [
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      {
        "text": "The following table summarizes the fair value of our derivative financial instruments ($ in thousands):",
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      {
        "text": " ",
        "box": [
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      {
        "text": "Fair Value of Derivatives in an Asset",
        "box": [
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          397.17801000000014,
          99.62573204494618
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      {
        "text": " Position (1)  as of",
        "box": [
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          102.23315479999997,
          361.18600000000004,
          108.81579204494619
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        "confidence": 1.0
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      {
        "text": "Fair Value of Derivatives in a Liability ",
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      {
        "text": "Position (2)  as of",
        "box": [
          455.82001,
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          507.18600000000004,
          108.81579204494619
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        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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          324.2960100000001,
          121.56579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
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          403.5800000000001,
          121.56579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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          471.2960100000001,
          121.56579204494619
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        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
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          550.58,
          121.56579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives designated as hedging instruments",
        "box": [
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          247.03000000000003,
          136.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign exchange contracts",
        "box": [
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          180.98000000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          272.63,
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        "confidence": 1.0
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      {
        "text": "31,991 ",
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.63,
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          346.13,
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        "confidence": 1.0
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      {
        "text": "22 ",
        "box": [
          392.41999999999996,
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          404.91999999999996,
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "8,239 ",
        "box": [
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          478.42,
          150.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "24,994 ",
        "box": [
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      },
      {
        "text": "Interest rate derivatives",
        "box": [
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "3,748 ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "6,877 ",
        "box": [
          379.92,
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          404.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          488.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76 ",
        "box": [
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          551.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total derivatives designated as hedging ",
        "box": [
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          180.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments",
        "box": [
          79.13,
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          125.74999999999997,
          192.18722255618263
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.13,
          172.558896,
          272.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,739 ",
        "box": [
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          331.42,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,899 ",
        "box": [
          379.92,
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          404.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
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          419.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,239 ",
        "box": [
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          172.558896,
          478.42,
          180.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
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          493.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,070 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives not designated as hedging instruments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign exchange contracts",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.13,
          213.808896,
          272.63,
          222.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "254 ",
        "box": [
          313.91999999999996,
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          331.41999999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          346.13,
          222.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,593 ",
        "box": [
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          404.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "758 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "1,526 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total derivatives not designated as hedging ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments",
        "box": [
          79.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.13,
          228.808896,
          272.63,
          237.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "254 ",
        "box": [
          313.91999999999996,
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          331.41999999999996,
          237.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.63,
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          346.13,
          237.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,593 ",
        "box": [
          379.92,
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          404.92,
          237.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
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          237.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "758 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,526 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total derivatives",
        "box": [
          61.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,993 ",
        "box": [
          301.42,
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          331.42,
          263.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          338.63,
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          346.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,492 ",
        "box": [
          374.92,
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          404.92,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,997 ",
        "box": [
          453.42,
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          478.42,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          485.63,
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          263.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,596 ",
        "box": [
          521.92,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
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          70.16,
          287.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in other assets in our consolidated balance sheets.",
        "box": [
          85.5,
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          321.05,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
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          70.16,
          299.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in other liabilities in our consolidated balance sheets.",
        "box": [
          85.5,
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          334.8900000000001,
          299.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  the  effect  of  our  derivative  financial  instruments  on  our  consolidated  statements  of ",
        "box": [
          58.5,
          325.80889599999995,
          555.99,
          334.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comprehensive income and operations ($ in thousands): ",
        "box": [
          58.5,
          337.30889599999995,
          284.10999,
          345.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives in Hedging ",
        "box": [
          61.13,
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          141.33000000000004,
          400.37576204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Relationships",
        "box": [
          61.13,
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          107.33800000000004,
          409.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount of Gain (Loss) Recognized in",
        "box": [
          197.69,
          352.4131148,
          325.874,
          358.9957520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OCI on Derivatives",
        "box": [
          228.66,
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          294.86800000000005,
          368.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          294.83002,
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          296.83002,
          368.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount of Gain (Loss) Reclassified ",
        "box": [
          423.35999,
          352.5431248,
          546.21599,
          359.12576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from Accumulated OCI into Income",
        "box": [
          421.81,
          361.7331248,
          545.754,
          368.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
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          390.2331248,
          316.73399000000006,
          396.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location of Gain ",
        "box": [
          344.25,
          375.4131148,
          404.018,
          381.9957520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss) Reclassified",
        "box": [
          341.48999,
          384.6031148,
          404.81799000000007,
          391.1857520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from Accumulated ",
        "box": [
          341.04999,
          393.7931248,
          407.23399,
          400.37576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OCI into Income",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Three Months Ended March 31,",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
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          234.12,
          409.56576204494615
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        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
          289.37,
          402.9831248,
          305.37,
          409.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
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          456.12,
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        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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          527.37,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net Investment Hedges",
        "box": [
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          154.90999999999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          340.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Foreign exchange ",
        "box": [
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          150.31,
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        "confidence": 1.0
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      {
        "text": "contracts (1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          194.63,
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          202.13,
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        "confidence": 1.0
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      {
        "text": "28,189 ",
        "box": [
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          258.66999999999996,
          438.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.88,
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          273.38,
          438.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(60,394) ",
        "box": [
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      {
        "text": "Interest Expense",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          424.13,
          438.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,959)  $ ",
        "box": [
          452.34,
          430.55889599999995,
          495.38,
          438.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
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          551.92,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash Flow Hedges",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          340.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate derivatives",
        "box": [
          76.5,
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          170.23000000000002,
          480.0371925561827
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        "confidence": 1.0
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      {
        "text": "256",
        "box": [
          242.62,
          471.80889599999995,
          257.62,
          480.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          318.87,
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          328.87,
          480.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Expense (2)",
        "box": [
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        "confidence": 1.0
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      {
        "text": "15",
        "box": [
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          479.62,
          480.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.88,
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          490.38,
          480.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          539.42,
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          551.92,
          480.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
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          498.05889599999995,
          82.21,
          506.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          202.13,
          506.2871925561827
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        "confidence": 1.0
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      {
        "text": "28,445 ",
        "box": [
          228.67,
          498.05889599999995,
          258.66999999999996,
          506.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          273.38,
          506.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(60,394) ",
        "box": [
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          333.24999999999994,
          506.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          337.88,
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          340.38,
          506.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          424.13,
          506.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,944)  $ ",
        "box": [
          452.34,
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          495.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
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          551.92,
          506.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
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          60.75,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  months  ended  March  31,  2026  and  2025,  we  paid  net  cash  settlements  of  $18.0  million  and ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received  net  cash  settlements  of  $80.5  million  on  our  foreign  currency  forward  contracts  respectively.  Those ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "amounts  are  included  as  a  component  of  accumulated  other  comprehensive  income  on  our  consolidated  balance ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheets.",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit-Risk Related Contingent Features ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "derivative counterparties require that we post collateral to secure net liability positions. As of March 31, 2026, we were in a ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "net asset position with two of our counterparties and in a net liability position with one counterparty related to our foreign ",
        "box": [
          58.5,
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          670.3872325561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "exchange hedges and had $7.0 million collateral posted with such counterparty. As of December 31, 2025, we were in a net ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "asset position with one of our counterparties and in a net liability position with our other two counterparties related to our ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreign exchange hedges and had $25.3 million of collateral posted with such counterparties.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
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      {
        "text": "46",
        "box": [
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  {
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    "cells": [
      {
        "text": "14. EQUITY",
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      {
        "text": "Stock and Stock Equivalents ",
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      {
        "text": "Authorized Capital ",
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      {
        "text": "As of March 31, 2026 we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of ",
        "box": [
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      {
        "text": "class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "addition,  to  the  extent  not  issued,  currently  authorized  stock  may  be  reclassified  between  class  A  common  stock  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "preferred stock. As of both March 31, 2026 and December 31, 2025, we did not have any shares of preferred stock issued ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and outstanding.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share Repurchase Program",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In October 2025, our board of directors authorized the repurchase of up to $150.0 million of shares of our class A common ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "stock under our repurchase program. Repurchases may be made from time to time in open market transactions, in privately ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "negotiated transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "under the Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "including  legal  requirements,  price  and  economic  and  market  conditions.  The  repurchase  program  may  be  changed, ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "suspended or discontinued at any time and does not have a specified expiration date.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "During the three months ended March 31, 2026, we repurchased 43,765 shares of class A common stock at a weighted-",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "average price per share of $18.29, for a total cost of $0.8 million. During the three months ended March 31, 2025, we ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "repurchased 1,792,836 shares of class A common stock at a weighted-average price per share of $17.63, for a total cost of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$31.6  million.  As  of  March  31,  2026,  the  amount  remaining  available  for  repurchases  under  the  program  was ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$148.8 million.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Class A Common Stock and Deferred Stock Units ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the holders of shares of outstanding preferred stock, if any.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We  also  issue  restricted  class  A  common  stock  under  our  stock-based  incentive  plans.  Refer  to  Note  17  for  further ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to holders of shares of class A common stock. Each vested deferred stock unit is settled by delivery of one share of class A ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock upon the non-employee director's separation from service. ",
        "box": [
          58.5,
          489.30889599999995,
          355.96000000000004,
          497.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The following table details the movement in our outstanding shares of class A common stock, including restricted class A ",
        "box": [
          58.5,
          512.808896,
          555.88,
          521.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "common stock and deferred stock units: ",
        "box": [
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          524.308896,
          220.56000000000006,
          532.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          541.2331548,
          63.13,
          547.8157920449462
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        "confidence": 1.0
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      {
        "text": "Three Months Ended March 31,",
        "box": [
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          532.3640100000001,
          547.8157920449462
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        "confidence": 1.0
      },
      {
        "text": "Common Stock Outstanding (1)",
        "box": [
          61.13,
          554.84194112,
          164.4432,
          562.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          430.37,
          555.4831548,
          446.37,
          562.0657920449462
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        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          555.4831548,
          524.37,
          562.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Beginning balance",
        "box": [
          61.13,
          568.058896,
          135.75999999999996,
          576.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,599,052",
        "box": [
          422.87,
          568.058896,
          472.87,
          576.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "173,204,190",
        "box": [
          500.87,
          568.058896,
          550.87,
          576.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuance of class A common stock (2)",
        "box": [
          61.13,
          583.058896,
          205.1132,
          591.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          462.87,
          583.058896,
          472.87,
          591.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,080",
        "box": [
          528.37,
          583.058896,
          550.87,
          591.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase of class A common stock",
        "box": [
          61.13,
          598.058896,
          211.24999999999997,
          606.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(43,765)",
        "box": [
          438.70999,
          598.058896,
          472.86999,
          606.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,792,836)",
        "box": [
          504.20999,
          598.058896,
          550.86999,
          606.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuance of restricted class A common stock, net (3)",
        "box": [
          61.13,
          613.058896,
          261.96321000000006,
          621.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "468,262",
        "box": [
          440.37,
          613.058896,
          472.87,
          621.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "469,464",
        "box": [
          518.37,
          613.058896,
          550.87,
          621.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuance of deferred stock units",
        "box": [
          61.13,
          628.058896,
          187.66,
          636.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,193",
        "box": [
          450.37,
          628.058896,
          472.87,
          636.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,662",
        "box": [
          523.37,
          628.058896,
          550.87,
          636.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending balance",
        "box": [
          61.13,
          643.058896,
          122.99999999999997,
          651.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,031,742",
        "box": [
          422.87,
          643.058896,
          472.87,
          651.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,892,560",
        "box": [
          500.87,
          643.058896,
          550.87,
          651.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
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          70.16,
          677.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes 348,222 and 310,108 deferred stock units held by members of our board of directors as of March 31, 2026 ",
        "box": [
          85.5,
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          555.97998,
          677.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 2025, respectively. ",
        "box": [
          85.5,
          680.808896,
          180.68000000000006,
          689.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          692.308896,
          70.16,
          700.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents shares issued under our dividend reinvestment program during the three months ended March 31, 2025.",
        "box": [
          85.5,
          692.308896,
          545.92004,
          700.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          703.808896,
          70.16,
          712.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of 22,341 and 12,408 shares of restricted class A common stock forfeited under our stock-based incentive plans ",
        "box": [
          85.5,
          703.808896,
          555.9199999999997,
          712.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the three months ended March 31, 2026 and 2025, respectively.",
        "box": [
          85.5,
          715.308896,
          368.30998999999997,
          723.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
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          24.790773745958063
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 49,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Dividend Reinvestment and Direct Stock Purchase Plan ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have adopted a dividend reinvestment and direct stock purchase plan under which an aggregate of 10,000,000 shares of ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "class A common stock are available for sale. Under the dividend reinvestment component of the plan, our class A common ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock. Such shares may, at our option, be newly issued shares from us, shares purchased by the plan administrator on the ",
        "box": [
          58.5,
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          555.98,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "open  market,  or  a  combination  thereof.  The  direct  stock  purchase  component  of  the  plan  allows  stockholders  and  new ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investors, subject to our approval, to purchase shares of class A common stock directly from us. During the three months ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended  March  31,  2026,  8,263  shares  of  class  A  common  stock  were  purchased  on  the  open  market  by  the  plan ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "administrator under the dividend reinvestment component of the plan. During the three months ended March 31, 2025, we ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issued 1,080 shares of class A common stock under the dividend reinvestment component of the plan.  As of March 31, ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, a total of 9,956,862 shares of class A common stock remained available under the dividend reinvestment and direct ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock purchase plan.",
        "box": [
          58.5,
          186.808896,
          139.79999999999998,
          195.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At the Market Stock Offering Program ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of class A ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deemed to be 'at the market' offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales ",
        "box": [
          58.5,
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          555.9,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital ",
        "box": [
          58.5,
          279.808896,
          555.9999999999999,
          288.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "needs, and our determination of the appropriate sources of funding to meet such needs. During the three months ended ",
        "box": [
          58.5,
          291.30889599999995,
          555.82996,
          299.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 or March 31, 2025, we did not issue any shares of our class A common stock under ATM Agreements. As ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of March 31, 2026, shares of our class A common stock with an aggregate sales price of $480.9 million remained available ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for issuance and sale under our ATM Agreements.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends  ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as ",
        "box": [
          58.5,
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          381.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal ",
        "box": [
          58.5,
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          555.9200000000001,
          392.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the ",
        "box": [
          58.5,
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          555.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discretion  of  our  board  of  directors.  All  distributions  will  be  made  at  the  discretion  of  our  board  of  directors  and  will ",
        "box": [
          58.5,
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          555.95,
          415.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors ",
        "box": [
          58.5,
          418.80889599999995,
          555.9300000000002,
          427.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as our board of directors deems relevant.",
        "box": [
          58.5,
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          221.3700000000001,
          438.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On March 13, 2026, we declared a dividend of $0.47 per share, or $79.3 million in aggregate, that was paid on April 15, ",
        "box": [
          58.5,
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          555.92999,
          462.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 to stockholders of record as of March 31, 2026.",
        "box": [
          58.5,
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          270.85999,
          473.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our dividend activity ($ in thousands, except per share data):",
        "box": [
          58.5,
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          410.31,
          497.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          515.7331548,
          63.13,
          522.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          422.42001,
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          532.3640100000001,
          522.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
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          63.13,
          535.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          430.37,
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          446.37,
          535.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          528.4831548,
          524.37,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share of common stock",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.88,
          541.058896,
          411.38,
          549.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          453.91999999999996,
          541.058896,
          473.91999999999996,
          549.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          541.058896,
          489.38,
          549.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          531.92,
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          551.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A common stock dividends declared",
        "box": [
          61.13,
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          564.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.88,
          556.058896,
          411.38,
          564.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,281 ",
        "box": [
          443.92,
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          473.92,
          564.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          556.058896,
          489.38,
          564.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,644 ",
        "box": [
          521.92,
          556.058896,
          551.92,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred stock unit dividends declared",
        "box": [
          61.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          403.88,
          571.058896,
          406.38,
          579.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161 ",
        "box": [
          456.41999999999996,
          571.058896,
          473.91999999999996,
          579.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          571.058896,
          484.38,
          579.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "193 ",
        "box": [
          534.42,
          571.058896,
          551.92,
          579.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total dividends declared",
        "box": [
          70.13,
          586.058896,
          168.88,
          594.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.88,
          586.058896,
          411.38,
          594.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,442 ",
        "box": [
          443.92,
          586.058896,
          473.92,
          594.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          586.058896,
          489.38,
          594.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,837 ",
        "box": [
          521.92,
          586.058896,
          551.92,
          594.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Per Share",
        "box": [
          58.5,
          620.148926,
          142.31999999999996,
          628.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested ",
        "box": [
          58.5,
          637.808896,
          555.8699999999997,
          646.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted ",
        "box": [
          58.5,
          649.308896,
          555.9900000000002,
          657.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares have the same rights as our other shares of class A common stock, including participating in any dividends, and ",
        "box": [
          58.5,
          660.808896,
          555.96,
          669.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "therefore  have  been  included  in  our  basic  and  diluted  net  income  per  share  calculation.  The  shares  issuable  under  our ",
        "box": [
          58.5,
          672.308896,
          555.8299999999999,
          680.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible  Notes  are  included  in  dilutive  earnings  per  share  using  the  if-converted  method  when  the  effect  is  not ",
        "box": [
          58.5,
          683.808896,
          555.9799999999998,
          692.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "antidilutive.",
        "box": [
          58.5,
          695.308896,
          106.47999999999998,
          703.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 50,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on ",
        "box": [
          58.5,
          54.308896000000004,
          555.91,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per ",
        "box": [
          58.5,
          65.808896,
          555.91,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share data):",
        "box": [
          58.5,
          77.308896,
          104.81999999999996,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          98.73315479999997,
          63.13,
          105.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          422.42001,
          98.73315479999997,
          532.3640100000001,
          105.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          430.37,
          111.48315479999997,
          446.37,
          118.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          111.48315479999997,
          524.37,
          118.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic and Diluted Earnings",
        "box": [
          61.13,
          124.72888599999999,
          170.71999999999997,
          132.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss (1)",
        "box": [
          69.13,
          139.058896,
          107.66319999999999,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.88,
          139.058896,
          411.38,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297) ",
        "box": [
          445.59,
          139.058896,
          477.24999999999994,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          139.058896,
          489.38,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(357) ",
        "box": [
          531.09,
          139.058896,
          555.2500000000001,
          147.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares outstanding, basic and diluted (2)",
        "box": [
          69.13,
          154.058896,
          297.69320000000005,
          162.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078,373",
        "box": [
          422.87,
          154.058896,
          472.87,
          162.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172,004,888",
        "box": [
          500.87,
          154.058896,
          550.87,
          162.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per share amount, basic and diluted",
        "box": [
          78.13,
          169.058896,
          220.19000000000003,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.88,
          169.058896,
          411.38,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.04) ",
        "box": [
          450.59,
          169.058896,
          477.24999999999994,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          169.058896,
          489.38,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.00) ",
        "box": [
          528.59,
          169.058896,
          555.2500000000001,
          177.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          195.558896,
          70.16,
          203.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents net loss attributable to Blackstone Mortgage Trust, Inc.",
        "box": [
          85.5,
          195.558896,
          352.40000000000003,
          203.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          207.058896,
          70.16,
          215.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For  both  the  three  months  ended  March  31,  2026  and  2025,  our  Convertible  Notes  were  not  included  in  the ",
        "box": [
          85.5,
          207.058896,
          555.9300000000001,
          215.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 12 for further discussion of our ",
        "box": [
          85.5,
          218.558896,
          555.8699899999999,
          226.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "convertible notes.",
        "box": [
          85.5,
          230.058896,
          156.51999999999998,
          238.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Balance Sheet Items",
        "box": [
          58.5,
          259.3989260000001,
          172.54999999999998,
          267.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated Other Comprehensive Income ",
        "box": [
          58.5,
          277.06890599999997,
          235.51999999999998,
          285.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, total accumulated other comprehensive income was $7.9 million, representing $111.0 million of net ",
        "box": [
          58.5,
          294.55889599999995,
          556.0000200000001,
          302.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realized  and  unrealized  gains  related  to  changes  in  the  fair  value  of  derivative  instruments,  offset  by  $101.9  million  of ",
        "box": [
          58.5,
          306.05889599999995,
          555.8400000000001,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cumulative  unrealized  currency  translation  adjustments  on  assets  and  liabilities  denominated  in  foreign  currencies  and ",
        "box": [
          58.5,
          317.55889599999995,
          555.9999999999998,
          325.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.2 million of unrealized losses related to the changes in the fair value of derivative instruments held by unconsolidated ",
        "box": [
          58.5,
          329.05889599999995,
          555.8999899999998,
          337.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities.  As  of  December  31,  2025,  total  accumulated  other  comprehensive  income  was  $12.1  million,  primarily ",
        "box": [
          58.5,
          340.55889599999995,
          555.99999,
          348.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "representing $86.6 million of net realized and unrealized gains related to changes in the fair value of derivative instruments ",
        "box": [
          58.5,
          352.05889599999995,
          555.9300099999997,
          360.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset by $73.6 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in ",
        "box": [
          58.5,
          363.55889599999995,
          555.86,
          371.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreign currencies and $0.8 million of unrealized losses related to the changes in the fair value of derivative instruments ",
        "box": [
          58.5,
          375.05889599999995,
          555.9599999999997,
          383.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held by unconsolidated entities.",
        "box": [
          58.5,
          386.55889599999995,
          185.02000000000004,
          394.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Controlling Interests ",
        "box": [
          58.5,
          416.06890599999997,
          164.51999999999998,
          424.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily ",
        "box": [
          58.5,
          433.55889599999995,
          555.9299999999996,
          441.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture's consolidated equity and results of ",
        "box": [
          58.5,
          445.05889599999995,
          555.8499999999999,
          453.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations  are  allocated  to  these  non-controlling  interests  based  on  their  pro  rata  ownership  of  our  Multifamily  Joint ",
        "box": [
          58.5,
          456.55889599999995,
          555.9599999999998,
          464.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture. As of March 31, 2026, our Multifamily Joint Venture's total equity was $20.6 million, of which $17.5 million was ",
        "box": [
          58.5,
          468.05889599999995,
          555.8699600000001,
          476.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned by us, and $3.1 million was allocated to non-controlling interests. As of December 31, 2025, our Multifamily Joint ",
        "box": [
          58.5,
          479.55889599999995,
          555.9999899999998,
          487.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture's total equity was $36.5 million, of which $31.0 million was owned by us, and $5.5 million was allocated to non-",
        "box": [
          58.5,
          491.05889599999995,
          553.3299900000002,
          499.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling interests.",
        "box": [
          58.5,
          502.55889599999995,
          140.61999999999995,
          510.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15. OTHER EXPENSES",
        "box": [
          58.5,
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          163.72,
          540.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  other  expenses  consist  of  the  management  and  incentive  fees  we  pay  to  our  Manager  and  our  general  and ",
        "box": [
          58.5,
          549.558896,
          555.9000000000003,
          557.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "administrative expenses. ",
        "box": [
          58.5,
          561.058896,
          159.19999999999993,
          569.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and Incentive Fees",
        "box": [
          58.5,
          590.398926,
          196.44,
          598.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a ",
        "box": [
          58.5,
          608.058896,
          555.9700000000003,
          616.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "base management fee in an amount equal to 1.50% per annum multiplied by our Equity, as defined in the Management ",
        "box": [
          58.5,
          619.558896,
          555.89001,
          627.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the ",
        "box": [
          58.5,
          631.058896,
          555.98,
          639.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an ",
        "box": [
          58.5,
          642.558896,
          555.8600000000001,
          650.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount equal to 7.00% per annum multiplied by our Equity, provided that our Core Earnings over the prior three-year ",
        "box": [
          58.5,
          654.058896,
          556.0,
          662.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net ",
        "box": [
          58.5,
          665.558896,
          555.8599999999998,
          673.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and ",
        "box": [
          58.5,
          677.058896,
          555.8999999999999,
          685.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) ",
        "box": [
          58.5,
          688.558896,
          555.9999999999999,
          696.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees.",
        "box": [
          58.5,
          700.058896,
          526.5099999999999,
          708.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49",
        "box": [
          301.0,
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          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 51,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "During the three months ended March 31, 2026 and 2025, we incurred $14.8 million and $17.2 million, respectively, of ",
        "box": [
          58.5,
          54.308896000000004,
          555.8500100000001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management fees payable to our Manager. During the three months ended March 31, 2026 and 2025, we did not incur any ",
        "box": [
          58.5,
          65.808896,
          555.90997,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incentive fees payable to our Manager.",
        "box": [
          58.5,
          77.308896,
          213.85000000000005,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026 and December 31, 2025, we had accrued management fees payable to our Manager of $14.8 million ",
        "box": [
          58.5,
          100.808896,
          555.88,
          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and $16.4 million, respectively.",
        "box": [
          58.5,
          112.308896,
          185.03000000000006,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and Administrative Expenses",
        "box": [
          58.5,
          141.64892600000007,
          220.32000000000002,
          149.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses consisted of the following ($ in thousands): ",
        "box": [
          58.5,
          159.308896,
          383.9900099999999,
          167.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          174.73315479999997,
          63.13,
          181.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          422.79001,
          174.73315479999997,
          532.7340100000001,
          181.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          187.48315479999997,
          63.13,
          194.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
          187.48315479999997,
          447.12,
          194.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          187.48315479999997,
          524.37,
          194.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional services",
        "box": [
          69.13,
          200.058896,
          153.20000000000002,
          208.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          200.058896,
          412.13,
          208.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,131 ",
        "box": [
          449.67,
          200.058896,
          474.67,
          208.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          200.058896,
          489.38,
          208.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,911 ",
        "box": [
          526.92,
          200.058896,
          551.92,
          208.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating and other costs",
        "box": [
          69.13,
          215.058896,
          171.51999999999998,
          223.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          215.058896,
          407.13,
          223.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,163 ",
        "box": [
          449.66999999999996,
          215.058896,
          474.66999999999996,
          223.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          215.058896,
          484.38,
          223.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,788 ",
        "box": [
          526.92,
          215.058896,
          551.92,
          223.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          78.5,
          230.058896,
          111.80999999999999,
          238.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          230.058896,
          407.13,
          238.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,294 ",
        "box": [
          449.66999999999996,
          230.058896,
          474.66999999999996,
          238.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          230.058896,
          484.38,
          238.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,699 ",
        "box": [
          526.92,
          230.058896,
          551.92,
          238.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash compensation expenses",
        "box": [
          61.13,
          245.058896,
          195.99,
          253.28719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted class A common stock earned",
        "box": [
          69.13,
          260.058896,
          231.42,
          268.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          260.058896,
          407.13,
          268.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,489 ",
        "box": [
          449.66999999999996,
          260.058896,
          474.66999999999996,
          268.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          260.058896,
          484.38,
          268.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,792 ",
        "box": [
          526.92,
          260.058896,
          551.92,
          268.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Director stock-based compensation",
        "box": [
          69.13,
          275.058896,
          210.07,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          275.058896,
          407.13,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "198 ",
        "box": [
          457.16999999999996,
          275.058896,
          474.66999999999996,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          275.058896,
          484.38,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "173 ",
        "box": [
          534.42,
          275.058896,
          551.92,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal",
        "box": [
          78.5,
          290.05889599999995,
          111.80999999999999,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          290.05889599999995,
          407.13,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,687 ",
        "box": [
          449.66999999999996,
          290.05889599999995,
          474.66999999999996,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          290.05889599999995,
          484.38,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,965 ",
        "box": [
          526.92,
          290.05889599999995,
          551.92,
          298.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total general and administrative expenses",
        "box": [
          78.5,
          305.05889599999995,
          246.59000000000006,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          305.05889599999995,
          412.13,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,981 ",
        "box": [
          444.67,
          305.05889599999995,
          474.67,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          305.05889599999995,
          489.38,
          313.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,664 ",
        "box": [
          521.92,
          305.05889599999995,
          551.92,
          313.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16. INCOME TAXES",
        "box": [
          58.5,
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          151.51,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  have  elected  to  be  taxed  as  a  REIT  under  the  Internal  Revenue  Code  for  U.S.  federal  income  tax  purposes.  We ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any ",
        "box": [
          58.5,
          368.30889599999995,
          555.9299999999998,
          376.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  capital  gain,  in  order  for  U.S.  federal  income  tax  not  to  apply  to  our  earnings.  To  the  extent  that  we  satisfy  this ",
        "box": [
          58.5,
          379.80889599999995,
          555.8599999999998,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income ",
        "box": [
          58.5,
          391.30889599999995,
          555.97,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax  on  our  undistributed  taxable  income.  In  addition,  we  will  be  subject  to  a  4%  nondeductible  excise  tax  if  the  actual ",
        "box": [
          58.5,
          402.80889599999995,
          555.8700000000001,
          411.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal ",
        "box": [
          58.5,
          414.30889599999995,
          555.8600000000001,
          422.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax laws.",
        "box": [
          58.5,
          425.80889599999995,
          94.00999999999999,
          434.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  qualification  as  a  REIT  also  depends  on  our  ability  to  meet  various  other  requirements  imposed  by  the  Internal ",
        "box": [
          58.5,
          449.30889599999995,
          555.9499999999998,
          457.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to ",
        "box": [
          58.5,
          460.80889599999995,
          555.9300000000001,
          469.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. ",
        "box": [
          58.5,
          472.30889599999995,
          555.7800000000003,
          480.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification ",
        "box": [
          58.5,
          483.80889599999995,
          555.8099999999996,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on ",
        "box": [
          58.5,
          495.30889599999995,
          555.7999999999997,
          503.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full ",
        "box": [
          58.5,
          506.80889599999995,
          555.8300000000002,
          515.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable years. As of March 31, 2026 and December 31, 2025, we were in compliance with all REIT requirements. ",
        "box": [
          58.5,
          518.308896,
          516.32999,
          526.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a ",
        "box": [
          58.5,
          541.808896,
          555.8899999999998,
          550.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely ",
        "box": [
          58.5,
          553.308896,
          555.9399999999999,
          561.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affected  by  the  characterization  of  the  securitization  as  a  taxable  mortgage  pool.  Certain  categories  of  stockholders, ",
        "box": [
          58.5,
          564.808896,
          555.9099999999999,
          573.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "however,  such  as  foreign  stockholders  eligible  for  treaty  or  other  benefits,  stockholders  with  net  operating  losses,  and ",
        "box": [
          58.5,
          576.308896,
          555.99,
          584.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased ",
        "box": [
          58.5,
          587.808896,
          555.8900000000001,
          596.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made ",
        "box": [
          58.5,
          599.308896,
          555.9300000000001,
          607.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future. ",
        "box": [
          58.5,
          610.808896,
          512.8399999999998,
          619.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026 and 2025, we recorded a current income tax provision of $1.2 million and ",
        "box": [
          58.5,
          634.308896,
          555.86999,
          642.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.7 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state and ",
        "box": [
          58.5,
          645.808896,
          555.8800000000001,
          654.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "local taxes. We did not have any deferred tax assets or liabilities as of March 31, 2026 or December 31, 2025. ",
        "box": [
          58.5,
          657.308896,
          499.95999,
          665.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in ",
        "box": [
          58.5,
          680.808896,
          555.9000000000001,
          689.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the ",
        "box": [
          58.5,
          692.308896,
          555.9099600000001,
          700.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the ",
        "box": [
          58.5,
          703.808896,
          555.90001,
          712.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Internal  Revenue  Service  with  respect  to  the  ownership  of  Blackstone  Mortgage  Trust.  As  of  March  31,  2026,  we  had ",
        "box": [
          58.5,
          715.308896,
          555.8400400000002,
          723.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. Previously, we ",
        "box": [
          58.5,
          726.808896,
          556.0000099999997,
          735.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 52,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "recorded  a  full  valuation  allowance  against  such  NOLs  as  we  expected  that  they  would  expire  unutilized.  However, ",
        "box": [
          58.5,
          54.308896000000004,
          555.8500000000005,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have ",
        "box": [
          58.5,
          65.808896,
          555.8799999999998,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a material impact on our consolidated financial statements. We have recorded a full valuation allowance against such NOLs ",
        "box": [
          58.5,
          77.308896,
          555.8600000000001,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as it is probable that they will expire unutilized.",
        "box": [
          58.5,
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          249.0800000000001,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, tax years 2022 through 2025 remain subject to examination by taxing authorities. ",
        "box": [
          58.5,
          112.308896,
          478.68998999999974,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17. STOCK-BASED INCENTIVE PLANS",
        "box": [
          58.5,
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          239.52999999999994,
          149.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are externally managed by our Manager and do not currently have any employees. However, as of March 31, 2026, our ",
        "box": [
          58.5,
          159.308896,
          555.8400300000001,
          167.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were ",
        "box": [
          58.5,
          170.808896,
          556.0,
          179.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensated, in part, through our issuance of stock-based instruments. ",
        "box": [
          58.5,
          182.308896,
          344.3399999999999,
          190.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under our two current stock incentive plans, a maximum of 10,400,000 shares of our class A common stock may be issued ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of March 31, 2026, there ",
        "box": [
          58.5,
          217.308896,
          555.9399900000002,
          225.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were 4,599,432 shares available under our current stock incentive plans. ",
        "box": [
          58.5,
          228.808896,
          349.57000000000005,
          237.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-",
        "box": [
          58.5,
          252.308896,
          553.4499999999998,
          260.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average grant date fair value per share:",
        "box": [
          58.5,
          263.808896,
          213.82000000000008,
          272.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          295.7331248,
          63.13,
          302.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted Class A",
        "box": [
          414.35001,
          287.7331248,
          477.43801000000013,
          294.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Common Stock ",
        "box": [
          418.56,
          295.7331248,
          475.2,
          302.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-Average",
        "box": [
          486.64999,
          279.7331247999999,
          550.61799,
          286.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Grant Date Fair",
        "box": [
          489.87,
          287.7331248,
          547.398,
          294.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Value Per Share",
        "box": [
          489.64999,
          295.7331248,
          547.60999,
          302.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of December 31, 2025",
        "box": [
          61.13,
          308.30889599999995,
          195.97000000000006,
          316.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,174,931",
        "box": [
          438.12,
          308.30889599999995,
          478.12,
          316.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          308.30889599999995,
          493.88,
          316.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.14 ",
        "box": [
          526.92,
          308.30889599999995,
          551.92,
          316.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Granted",
        "box": [
          69.13,
          323.30889599999995,
          101.30999999999997,
          331.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "490,603",
        "box": [
          445.62,
          323.30889599999995,
          478.12,
          331.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.48",
        "box": [
          528.37,
          323.30889599999995,
          550.87,
          331.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Vested",
        "box": [
          69.13,
          338.30889599999995,
          96.86999999999998,
          346.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(203,157)",
        "box": [
          438.95999,
          338.30889599999995,
          478.11999,
          346.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.41",
        "box": [
          528.37,
          338.30889599999995,
          550.87,
          346.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forfeited",
        "box": [
          69.13,
          353.30889599999995,
          105.74999999999997,
          361.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,341)",
        "box": [
          443.95999,
          353.30889599999995,
          478.11999,
          361.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.50",
        "box": [
          528.37,
          353.30889599999995,
          550.87,
          361.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of March 31, 2026",
        "box": [
          61.13,
          368.30889599999995,
          181.01000000000005,
          376.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,440,036",
        "box": [
          438.12,
          368.30889599999995,
          478.12,
          376.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          368.30889599999995,
          493.88,
          376.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.99 ",
        "box": [
          526.92,
          368.30889599999995,
          551.92,
          376.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These  shares  generally  vest  in  installments  over  a  period  of  three  years,  pursuant  to  the  terms  of  the  respective  award ",
        "box": [
          58.5,
          396.55889599999995,
          555.93,
          404.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements and the terms of our current stock incentive plans. The 2,440,036 shares of restricted class A common stock ",
        "box": [
          58.5,
          408.05889599999995,
          555.8599999999999,
          416.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding as of March 31, 2026 will vest as follows: 1,106,276 shares will vest in 2026; 870,389 shares will vest in 2027; ",
        "box": [
          58.5,
          419.55889599999995,
          555.85997,
          427.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 463,371 shares will vest in 2028. As of March 31, 2026, total unrecognized compensation cost relating to unvested ",
        "box": [
          58.5,
          431.05889599999995,
          555.9599999999999,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share-based compensation arrangements was $44.5 million based on the grant date fair value of shares granted. This cost is ",
        "box": [
          58.5,
          442.55889599999995,
          555.9200099999995,
          450.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected to be recognized over a weighted-average period of 1.2 years from March 31, 2026.",
        "box": [
          58.5,
          454.05889599999995,
          431.14999,
          462.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18. FAIR VALUES",
        "box": [
          58.5,
          483.398896,
          140.97,
          491.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets and Liabilities Measured at Fair Value",
        "box": [
          58.5,
          500.898896,
          253.34000000000012,
          509.1271925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):",
        "box": [
          58.5,
          518.558896,
          527.3899999999998,
          526.7871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          530.1246972,
          61.5,
          539.9986530674192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          547.7831448,
          63.13,
          554.3657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          258.45001,
          547.7831448,
          311.5460100000001,
          554.3657820449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          432.69,
          547.7831448,
          497.3300000000001,
          554.3657820449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          560.5331448,
          63.13,
          567.1157820449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 1",
        "box": [
          205.17,
          560.5331448,
          229.83399999999997,
          567.1157820449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 2",
        "box": [
          250.17,
          560.5331448,
          274.834,
          567.1157820449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 3",
        "box": [
          295.17001,
          560.5331448,
          319.83401000000003,
          567.1157820449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          343.39001,
          560.5331448,
          361.61401,
          567.1157820449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 1",
        "box": [
          385.17001,
          560.5331448,
          409.83401000000003,
          567.1157820449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 2",
        "box": [
          430.17001,
          560.5331448,
          454.83401000000003,
          567.1157820449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 3",
        "box": [
          475.17001,
          560.5331448,
          499.83401000000003,
          567.1157820449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          523.39001,
          560.5331448,
          541.61401,
          567.1157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          61.13,
          573.108886,
          87.22,
          581.3371825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          199.13,
          573.108886,
          201.63,
          581.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          244.13,
          573.108886,
          246.63,
          581.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          289.13,
          573.108886,
          291.63,
          581.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          573.108886,
          336.63,
          581.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          379.13,
          573.108886,
          381.63,
          581.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.13,
          573.108886,
          426.63,
          581.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          469.13,
          573.108886,
          471.63,
          581.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          514.13,
          573.108886,
          516.63,
          581.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives",
        "box": [
          78.5,
          588.108886,
          124.53999999999996,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          199.13,
          588.108886,
          206.63,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          224.42,
          588.108886,
          236.92,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 35,993 ",
        "box": [
          244.13,
          588.108886,
          281.91999999999996,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          289.13,
          588.108886,
          296.63,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          314.42,
          588.108886,
          326.92,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 35,993 ",
        "box": [
          334.13,
          588.108886,
          371.92,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          379.13,
          588.108886,
          386.63,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          404.42,
          588.108886,
          416.92,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 10,492 ",
        "box": [
          424.13,
          588.108886,
          461.92,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          469.13,
          588.108886,
          476.63,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          494.42,
          588.108886,
          506.92,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 10,492 ",
        "box": [
          514.13,
          588.108886,
          551.92,
          596.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt securities",
        "box": [
          78.5,
          603.108886,
          138.12999999999997,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          199.13,
          603.108886,
          201.63,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          224.42,
          603.108886,
          236.92,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          244.13,
          603.108886,
          246.63,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          269.42,
          603.108886,
          281.92,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          289.13,
          603.108886,
          291.63,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,135 ",
        "box": [
          296.92,
          603.108886,
          326.92,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          603.108886,
          336.63,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,135 ",
        "box": [
          341.92,
          603.108886,
          371.92,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          379.13,
          603.108886,
          381.63,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          404.42,
          603.108886,
          416.92,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.13,
          603.108886,
          426.63,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          449.42,
          603.108886,
          461.92,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          469.13,
          603.108886,
          471.63,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          494.42,
          603.108886,
          506.92,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          514.13,
          603.108886,
          516.63,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          603.108886,
          551.92,
          611.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          78.5,
          618.108886,
          99.57999999999998,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          199.13,
          618.108886,
          206.63,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          224.42,
          618.108886,
          236.92,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 35,993 ",
        "box": [
          244.13,
          618.108886,
          281.91999999999996,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 66,135 ",
        "box": [
          289.13,
          618.108886,
          326.92,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  102,128 ",
        "box": [
          334.13,
          618.108886,
          374.13,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          379.13,
          618.108886,
          386.63,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          404.42,
          618.108886,
          416.92,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 10,492 ",
        "box": [
          424.13,
          618.108886,
          461.92,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          469.13,
          618.108886,
          476.63,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          494.42,
          618.108886,
          506.92,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 10,492 ",
        "box": [
          514.13,
          618.108886,
          551.92,
          626.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          61.13,
          633.108886,
          101.59999999999997,
          641.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivatives",
        "box": [
          78.5,
          648.108886,
          124.53999999999996,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          199.13,
          648.108886,
          206.63,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          224.42,
          648.108886,
          236.92,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          244.13,
          648.108886,
          251.63,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,997 ",
        "box": [
          256.92,
          648.108886,
          281.92,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          289.13,
          648.108886,
          296.63,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          314.42,
          648.108886,
          326.92,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          648.108886,
          341.63,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,997 ",
        "box": [
          346.92,
          648.108886,
          371.92,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          379.13,
          648.108886,
          386.63,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          404.42,
          648.108886,
          416.92,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 26,596 ",
        "box": [
          424.13,
          648.108886,
          461.92,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          469.13,
          648.108886,
          476.63,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          494.42,
          648.108886,
          506.92,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 26,596 ",
        "box": [
          514.13,
          648.108886,
          551.92,
          656.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This table excludes $101.3 million and $111.0 million of investments in unconsolidated entities that are measured at fair ",
        "box": [
          58.5,
          676.358886,
          555.9799999999999,
          684.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value using net asset value as a practical expedient and not classified in the fair value hierarchy as of March 31, 2026 and ",
        "box": [
          58.5,
          687.858886,
          555.9000300000001,
          696.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, respectively. Refer to Note 5 for further information. ",
        "box": [
          58.5,
          699.358886,
          355.67999999999984,
          707.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 2 for further discussion regarding fair value measurement. ",
        "box": [
          58.5,
          722.858886,
          350.39000000000004,
          731.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
          16.59539037600007,
          375.0656000000001,
          24.790773745958063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
        "box": [
          188.12,
          28.545400375999975,
          424.1122400000001,
          36.74078374595797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 53,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Fair Value of Financial Instruments ",
        "box": [
          58.5,
          54.148926000000074,
          214.77,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not ",
        "box": [
          58.5,
          71.808896,
          555.8799999999999,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized at fair value in the statement of financial position, for which it is practicable to estimate that value. ",
        "box": [
          58.5,
          83.308896,
          500.89999999999975,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the book value, face amount, and fair value of the financial instruments described in Note 2     ",
        "box": [
          58.5,
          106.808896,
          566.0,
          115.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands): ",
        "box": [
          58.5,
          118.308896,
          128.17999999999998,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          145.73315479999997,
          63.13,
          152.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          268.57999,
          145.73315479999997,
          321.67599000000007,
          152.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          436.06,
          145.73315479999997,
          500.7000000000001,
          152.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          166.73315479999997,
          63.13,
          173.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book",
        "box": [
          228.49001,
          158.73315479999997,
          246.27401000000003,
          165.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          227.38,
          166.73315479999997,
          247.37199999999999,
          173.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face",
        "box": [
          287.13,
          158.73315479999997,
          303.11400000000003,
          165.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          280.14001,
          166.73315479999997,
          310.12401,
          173.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair",
        "box": [
          345.54999,
          158.73315479999997,
          360.20599,
          165.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          342.88,
          166.73315479999997,
          362.872,
          173.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book",
        "box": [
          401.73999,
          158.73315479999997,
          419.52398999999997,
          165.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          400.63,
          166.73315479999997,
          420.622,
          173.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face",
        "box": [
          460.38,
          158.73315479999997,
          476.36400000000003,
          165.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Amount",
        "box": [
          453.39001,
          166.73315479999997,
          483.37401,
          173.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair",
        "box": [
          518.79999,
          158.73315479999997,
          533.45599,
          165.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          516.13,
          166.73315479999997,
          536.122,
          173.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial assets",
        "box": [
          61.13,
          179.308896,
          124.08999999999995,
          187.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          179.308896,
          215.13,
          187.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          179.308896,
          272.88,
          187.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          179.308896,
          330.63,
          187.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          179.308896,
          388.38,
          187.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          179.308896,
          446.13,
          187.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          179.308896,
          503.88,
          187.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          76.5,
          194.308896,
          181.65,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          212.63,
          194.308896,
          220.13,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "549,153 ",
        "box": [
          228.17,
          194.308896,
          263.16999999999996,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          270.38,
          194.308896,
          277.88,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "549,153 ",
        "box": [
          285.92,
          194.308896,
          320.92,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          328.13,
          194.308896,
          335.63,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "549,153 ",
        "box": [
          343.67,
          194.308896,
          378.67,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.88,
          194.308896,
          393.38,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526 ",
        "box": [
          401.42,
          194.308896,
          436.42,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          443.63,
          194.308896,
          451.13,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526 ",
        "box": [
          459.17,
          194.308896,
          494.17,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          501.38,
          194.308896,
          508.88,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526 ",
        "box": [
          516.92,
          194.308896,
          551.92,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          76.5,
          209.308896,
          161.65,
          217.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 17,266,346 ",
        "box": [
          212.63,
          209.308896,
          263.16999999999996,
          217.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 17,639,430 ",
        "box": [
          270.38,
          209.308896,
          320.92,
          217.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 17,276,985 ",
        "box": [
          328.13,
          209.308896,
          378.67,
          217.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 17,784,694 ",
        "box": [
          385.88,
          209.308896,
          436.42,
          217.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 18,154,768 ",
        "box": [
          443.63,
          209.308896,
          494.17,
          217.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 17,856,303 ",
        "box": [
          501.38,
          209.308896,
          551.9200000000001,
          217.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial liabilities",
        "box": [
          61.13,
          224.308896,
          137.92999999999992,
          232.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt, net",
        "box": [
          76.5,
          239.308896,
          145.58999999999997,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          239.308896,
          215.13,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,089,438 ",
        "box": [
          220.67,
          239.308896,
          263.16999999999996,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          239.308896,
          272.88,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,099,002 ",
        "box": [
          278.42,
          239.308896,
          320.92,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          239.308896,
          330.63,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,099,002 ",
        "box": [
          336.17,
          239.308896,
          378.67,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 10,117,292 ",
        "box": [
          385.88,
          239.308896,
          436.42,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 10,125,839 ",
        "box": [
          443.63,
          239.308896,
          494.17,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 10,029,890 ",
        "box": [
          501.38,
          239.308896,
          551.9200000000001,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other secured debt (1)",
        "box": [
          76.5,
          254.308896,
          158.02319,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          254.308896,
          215.13,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,825 ",
        "box": [
          233.17,
          254.308896,
          263.16999999999996,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          254.308896,
          272.88,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,825 ",
        "box": [
          290.92,
          254.308896,
          320.92,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          254.308896,
          330.63,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,825 ",
        "box": [
          348.67,
          254.308896,
          378.67,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          254.308896,
          388.38,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,475 ",
        "box": [
          406.42,
          254.308896,
          436.42,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          254.308896,
          446.13,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,475 ",
        "box": [
          464.17,
          254.308896,
          494.17,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          254.308896,
          503.88,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,475 ",
        "box": [
          521.92,
          254.308896,
          551.92,
          262.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations, net",
        "box": [
          76.5,
          269.308896,
          205.23000000000002,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          269.308896,
          215.13,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,874,489 ",
        "box": [
          220.67,
          269.308896,
          263.16999999999996,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          269.308896,
          272.88,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,892,723 ",
        "box": [
          278.42,
          269.308896,
          320.92,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          269.308896,
          330.63,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,878,715 ",
        "box": [
          336.17,
          269.308896,
          378.67,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          269.308896,
          388.38,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,139,719 ",
        "box": [
          393.92,
          269.308896,
          436.42,
          277.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          269.308896,
          446.13,
          277.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,149,496 ",
        "box": [
          451.67,
          269.308896,
          494.17,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          269.308896,
          503.88,
          277.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,132,667 ",
        "box": [
          509.42,
          269.308896,
          551.9200000000001,
          277.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific debt, net",
        "box": [
          76.5,
          284.30889599999995,
          169.99,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          284.30889599999995,
          215.13,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "959,352 ",
        "box": [
          228.17,
          284.30889599999995,
          263.16999999999996,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          284.30889599999995,
          272.88,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "961,050 ",
        "box": [
          285.92,
          284.30889599999995,
          320.92,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          284.30889599999995,
          330.63,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "961,050 ",
        "box": [
          343.67,
          284.30889599999995,
          378.67,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          284.30889599999995,
          388.38,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,746 ",
        "box": [
          401.42,
          284.30889599999995,
          436.42,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          284.30889599999995,
          446.13,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "999,810 ",
        "box": [
          459.17,
          284.30889599999995,
          494.17,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          284.30889599999995,
          503.88,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "996,308 ",
        "box": [
          516.92,
          284.30889599999995,
          551.92,
          292.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured term loans, net",
        "box": [
          76.5,
          299.30889599999995,
          170.27999999999997,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          299.30889599999995,
          215.13,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,881,392 ",
        "box": [
          220.67,
          299.30889599999995,
          263.16999999999996,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          299.30889599999995,
          272.88,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,919,843 ",
        "box": [
          278.42,
          299.30889599999995,
          320.92,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          299.30889599999995,
          330.63,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,915,186 ",
        "box": [
          336.17,
          299.30889599999995,
          378.67,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          299.30889599999995,
          388.38,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,808,000 ",
        "box": [
          393.92,
          299.30889599999995,
          436.42,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          299.30889599999995,
          446.13,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,847,726 ",
        "box": [
          451.67,
          299.30889599999995,
          494.17,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          299.30889599999995,
          503.88,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,850,327 ",
        "box": [
          509.42,
          299.30889599999995,
          551.9200000000001,
          307.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          76.5,
          314.30889599999995,
          176.4,
          322.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          314.30889599999995,
          215.13,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "782,215 ",
        "box": [
          228.17,
          314.30889599999995,
          263.16999999999996,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          314.30889599999995,
          272.88,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          285.92,
          314.30889599999995,
          320.92,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          314.30889599999995,
          330.63,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "801,655 ",
        "box": [
          343.67,
          314.30889599999995,
          378.67,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          314.30889599999995,
          388.38,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "784,876 ",
        "box": [
          401.42,
          314.30889599999995,
          436.42,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          314.30889599999995,
          446.13,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          459.17,
          314.30889599999995,
          494.17,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          314.30889599999995,
          503.88,
          322.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "810,608 ",
        "box": [
          516.92,
          314.30889599999995,
          551.92,
          322.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible notes, net",
        "box": [
          76.5,
          329.30889599999995,
          164.45999999999998,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          212.63,
          329.30889599999995,
          215.13,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "265,028 ",
        "box": [
          228.17,
          329.30889599999995,
          263.16999999999996,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          329.30889599999995,
          272.88,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          285.92,
          329.30889599999995,
          320.92,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.13,
          329.30889599999995,
          330.63,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "265,508 ",
        "box": [
          343.67,
          329.30889599999995,
          378.67,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          329.30889599999995,
          388.38,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,745 ",
        "box": [
          401.42,
          329.30889599999995,
          436.42,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          443.63,
          329.30889599999995,
          446.13,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          459.17,
          329.30889599999995,
          494.17,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          501.38,
          329.30889599999995,
          503.88,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,286 ",
        "box": [
          516.92,
          329.30889599999995,
          551.92,
          337.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
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          70.16,
          363.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within other liabilities on our consolidated balance sheets. See Note 6 for further information.",
        "box": [
          85.5,
          355.55889599999995,
          497.23999999999984,
          363.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market ",
        "box": [
          58.5,
          379.05889599999995,
          555.8600000000001,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured ",
        "box": [
          58.5,
          390.55889599999995,
          555.9700000000001,
          398.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value ",
        "box": [
          58.5,
          402.05889599999995,
          555.9000000000002,
          410.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding ",
        "box": [
          58.5,
          413.55889599999995,
          555.92999,
          421.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value measurement of certain of our assets and liabilities.",
        "box": [
          58.5,
          425.05889599999995,
          304.25999999999993,
          433.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19. VARIABLE INTEREST ENTITIES",
        "box": [
          58.5,
          454.398896,
          228.97999999999993,
          462.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have financed a portion of our loans through the CLOs and the European Loan Securitization, all of which are VIEs. ",
        "box": [
          58.5,
          472.05889599999995,
          555.8900100000003,
          480.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are  the  primary  beneficiary  of,  and  therefore  consolidate,  the  CLOs  and  the  European  Loan  Securitization  on  our ",
        "box": [
          58.5,
          483.55889599999995,
          555.95996,
          491.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheet as we (i) control the relevant interests of the CLOs and the European Loan Securitization that give us power ",
        "box": [
          58.5,
          495.05889599999995,
          555.9000100000002,
          503.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to direct the activities that most significantly affect the CLOs and the European Loan Securitization, and (ii) have the right ",
        "box": [
          58.5,
          506.55889599999995,
          555.83001,
          514.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  receive  benefits  and  obligation  to  absorb  losses  of  the  CLOs  and  the  European  Loan  Securitization  through  the ",
        "box": [
          58.5,
          518.058896,
          555.8800100000001,
          526.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinate interests we own. ",
        "box": [
          58.5,
          529.558896,
          179.76999999999995,
          537.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During 2025, we modified three loans that included, among other changes, control over decision making at the respective ",
        "box": [
          58.5,
          553.058896,
          555.9200000000003,
          561.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties. Similarly, during 2024, we modified two other loans that included, among other changes, an equity interest in ",
        "box": [
          58.5,
          564.558896,
          555.94999,
          572.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and/or control over decision-making at the property. As a result of these modifications, our investments in these loans are ",
        "box": [
          58.5,
          576.058896,
          555.9299999999997,
          584.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs. As of March 31, 2026, we are the primary beneficiary of, and therefore consolidated the assets of these VIEs on our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "balance sheet as we (i) have the power to direct the activities that most significantly affect the property, and (ii) have the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "right to receive excess sale proceeds upon exit.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
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      {
        "text": "52",
        "box": [
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          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 54,
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    "cells": [
      {
        "text": "The following table details the assets and liabilities of our consolidated VIEs ($ in thousands): ",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          58.5,
          65.87469720000001,
          61.5,
          75.74865306741924
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          83.53314479999995,
          63.13,
          90.11578204494617
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        "confidence": 1.0
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      {
        "text": "March 31, 2026",
        "box": [
          409.20001,
          83.53314479999995,
          462.2960100000001,
          90.11578204494617
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        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
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          83.53314479999995,
          549.08,
          90.11578204494617
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        "confidence": 1.0
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      {
        "text": "Assets",
        "box": [
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          96.10888599999998,
          87.22,
          104.3371825561826
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        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          69.13,
          111.10888599999998,
          174.28,
          119.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          397.88,
          111.10888599999998,
          405.38,
          119.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,124 ",
        "box": [
          444.67,
          111.10888599999998,
          474.67,
          119.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          111.10888599999998,
          490.13,
          119.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,663 ",
        "box": [
          521.92,
          111.10888599999998,
          551.92,
          119.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable",
        "box": [
          69.13,
          126.10888599999998,
          137.07999999999996,
          134.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          126.10888599999998,
          400.38,
          134.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,337,629 ",
        "box": [
          432.17,
          126.10888599999998,
          474.67,
          134.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          126.10888599999998,
          485.13,
          134.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,422,505 ",
        "box": [
          509.42,
          126.10888599999998,
          551.9200000000001,
          134.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current expected credit loss reserve",
        "box": [
          69.13,
          141.10888599999998,
          212.27,
          149.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          141.10888599999998,
          400.38,
          149.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,157) ",
        "box": [
          441.34,
          141.10888599999998,
          477.99999999999994,
          149.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          141.10888599999998,
          485.13,
          149.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23,609) ",
        "box": [
          518.59,
          141.10888599999998,
          555.2500000000001,
          149.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          78.5,
          156.10888599999998,
          163.64999999999998,
          164.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          156.10888599999998,
          400.38,
          164.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,300,472 ",
        "box": [
          432.17,
          156.10888599999998,
          474.67,
          164.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          156.10888599999998,
          485.13,
          164.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,398,896 ",
        "box": [
          509.42,
          156.10888599999998,
          551.9200000000001,
          164.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned real estate, net",
        "box": [
          69.13,
          171.10888599999998,
          157.89,
          179.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          171.10888599999998,
          400.38,
          179.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "605,068 ",
        "box": [
          439.67,
          171.10888599999998,
          474.67,
          179.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          171.10888599999998,
          485.13,
          179.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "603,130 ",
        "box": [
          516.92,
          171.10888599999998,
          551.92,
          179.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          69.13,
          186.10888599999998,
          117.67999999999996,
          194.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          186.10888599999998,
          400.38,
          194.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "144,469 ",
        "box": [
          439.67,
          186.10888599999998,
          474.67,
          194.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          186.10888599999998,
          485.13,
          194.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "196,840 ",
        "box": [
          516.92,
          186.10888599999998,
          551.92,
          194.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          78.13,
          201.10888599999998,
          124.99999999999996,
          209.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          397.88,
          201.10888599999998,
          405.38,
          209.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,098,133 ",
        "box": [
          432.17,
          201.10888599999998,
          474.67,
          209.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          201.10888599999998,
          490.13,
          209.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,257,529 ",
        "box": [
          509.42,
          201.10888599999998,
          551.9200000000001,
          209.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          61.13,
          216.10888599999998,
          101.59999999999997,
          224.3371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations, net",
        "box": [
          69.13,
          231.10888599999998,
          197.86,
          239.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          397.88,
          231.10888599999998,
          405.38,
          239.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,874,489 ",
        "box": [
          432.17,
          231.10888599999998,
          474.67,
          239.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          231.10888599999998,
          490.13,
          239.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,139,719 ",
        "box": [
          509.42,
          231.10888599999998,
          551.9200000000001,
          239.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          69.13,
          246.10888599999998,
          131.51999999999992,
          254.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          397.88,
          246.10888599999998,
          400.38,
          254.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,510 ",
        "box": [
          444.67,
          246.10888599999998,
          474.67,
          254.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          246.10888599999998,
          485.13,
          254.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,645 ",
        "box": [
          521.92,
          246.10888599999998,
          551.92,
          254.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          78.13,
          261.108886,
          138.83999999999995,
          269.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          397.88,
          261.108886,
          405.38,
          269.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,921,999 ",
        "box": [
          432.17,
          261.108886,
          474.67,
          269.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          261.108886,
          490.13,
          269.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,187,364 ",
        "box": [
          509.42,
          261.108886,
          551.9200000000001,
          269.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate ",
        "box": [
          58.5,
          289.35891599999997,
          555.8599999999998,
          297.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests of the securitized debt obligations owned by us. The liabilities of these VIEs are non-recourse to us and can only ",
        "box": [
          58.5,
          300.85891599999997,
          555.8399999999999,
          309.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be  satisfied  from  the  assets  of  the  VIEs.  The  consolidation  of  these  VIEs  results  in  an  increase  in  our  gross  assets, ",
        "box": [
          58.5,
          312.35891599999997,
          555.9599999999999,
          320.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities, revenues and expenses; however, it does not affect our stockholders' equity or net income. We are not obligated ",
        "box": [
          58.5,
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          555.9199999999997,
          332.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to provide, have not provided, and do not intend to provide material financial support to these consolidated VIEs.",
        "box": [
          58.5,
          335.35891599999997,
          511.3699999999998,
          343.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.37,
          336.6831348,
          513.37,
          343.2657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20. TRANSACTIONS WITH RELATED PARTIES",
        "box": [
          58.5,
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          280.35,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Manager",
        "box": [
          58.5,
          388.198916,
          117.61999999999998,
          396.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  are  managed  by  our  Manager  pursuant  to  the  Management  Agreement.  The  current  term  of  the  Management ",
        "box": [
          58.5,
          405.85891599999997,
          555.9300000000003,
          414.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement expires on December 19, 2026, and it will be automatically renewed for a one-year term upon such date and ",
        "box": [
          58.5,
          417.35891599999997,
          555.9399900000002,
          425.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "each anniversary thereafter unless earlier terminated. ",
        "box": [
          58.5,
          428.85891599999997,
          272.32000000000016,
          437.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026 and December 31, 2025, our consolidated balance sheets included $14.8 million and $16.4 million, ",
        "box": [
          58.5,
          452.35891599999997,
          555.88,
          460.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, of accrued management fees payable to our Manager. During the three months ended March 31, 2026 and ",
        "box": [
          58.5,
          463.85891599999997,
          555.8800000000001,
          472.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, we paid management fees of $16.4 million and $18.5 million, respectively, to our Manager. We did not pay any ",
        "box": [
          58.5,
          475.35891599999997,
          555.8399600000002,
          483.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incentive  fees  to  our  Manager  during  the  three  months  ended  March  31,  2026  and  2025.  In  addition,  during  the  three ",
        "box": [
          58.5,
          486.85891599999997,
          555.9399800000001,
          495.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026 and 2025, we incurred expenses of $0.4 million and $0.3 million, respectively, that were ",
        "box": [
          58.5,
          498.35891599999997,
          555.9999900000003,
          506.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "paid by our Manager and have been or will be reimbursed by us. ",
        "box": [
          58.5,
          509.858886,
          318.8200000000001,
          518.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, our Manager held 1,234,198 shares of unvested restricted class A common stock, which had an ",
        "box": [
          58.5,
          533.358886,
          555.97001,
          541.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate  grant  date  fair  value  of  $25.2  million.  These  shares  vest  in  installments  over  three  years  from  the  date  of ",
        "box": [
          58.5,
          544.858886,
          555.9100000000002,
          553.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuance. During the three months ended March 31, 2026 and 2025, we recorded non-cash expenses related to shares held ",
        "box": [
          58.5,
          556.358886,
          555.9300100000004,
          564.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by our Manager of $3.5 million and $3.6 million, respectively. Refer to Note 17 for further details on our restricted class A ",
        "box": [
          58.5,
          567.858886,
          555.8,
          576.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock. ",
        "box": [
          58.5,
          579.358886,
          122.05999999999999,
          587.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026,  our  Manager,  its  affiliates  (including  Blackstone  and  Blackstone-advised  investment  vehicles), ",
        "box": [
          58.5,
          602.858886,
          555.9400000000002,
          611.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone employees, and our directors held an aggregate 13,840,717 shares, or 8.2%, of our class A common stock, of ",
        "box": [
          58.5,
          614.358886,
          555.85001,
          622.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which 8,916,412 shares, or 5.3%, were held by Blackstone and its subsidiaries. Additionally, our directors held 348,222 of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "deferred stock units as of March 31, 2026. Certain of the parties listed above have in the past purchased or sold shares of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our class A common stock in open market transactions, and such parties may in the future purchase or sell additional shares ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of our class A common stock and/or engage in derivatives transactions related to our class A common stock. Any such ",
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          555.86,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "transactions would be made in the sole discretion of the relevant party based on market conditions and other considerations ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "relevant to such parties.",
        "box": [
          58.5,
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          691.5871825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
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          375.0656000000001,
          24.790773745958063
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
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          36.74078374595797
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        "confidence": 1.0
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      {
        "text": "53",
        "box": [
          301.0,
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          311.0,
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    ]
  },
  {
    "page_no": 55,
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    "cells": [
      {
        "text": "Affiliate Services",
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      {
        "text": "We have engaged certain portfolio companies owned by Blackstone-advised investment vehicles to provide, as applicable, ",
        "box": [
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          80.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "management, corporate support, and transaction support services. The following table details the costs incurred (refunded) ",
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          91.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "for these services ($ in thousands):",
        "box": [
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          197.54,
          103.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Primary Asset Class",
        "box": [
          323.85999,
          134.98315479999997,
          393.1719900000001,
          141.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
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          447.12,
          141.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
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          524.37,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Perform Properties, LLC",
        "box": [
          61.13,
          148.228886,
          160.75999999999996,
          156.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          345.73999,
          148.228886,
          371.25998999999996,
          156.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          148.228886,
          412.13,
          156.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,966 ",
        "box": [
          449.67,
          148.228886,
          474.67,
          156.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          148.228886,
          489.38,
          156.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "575 ",
        "box": [
          534.42,
          148.228886,
          551.92,
          156.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Brio Real Estate Services, LLC, Brio Real Estate (UK) Ltd., ",
        "box": [
          61.13,
          162.978886,
          304.6800000000001,
          171.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Brio Real Estate (AUS) Pty Ltd.",
        "box": [
          61.13,
          172.978886,
          207.36000000000004,
          181.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          352.39999,
          172.978886,
          364.60999,
          181.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          172.978886,
          407.13,
          181.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,706 ",
        "box": [
          449.66999999999996,
          172.978886,
          474.66999999999996,
          181.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          172.978886,
          484.38,
          181.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          172.978886,
          551.92,
          181.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRE Hotels & Resorts, LLC",
        "box": [
          61.13,
          187.978886,
          175.73999999999998,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          336.29999,
          187.978886,
          380.6899899999999,
          196.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          187.978886,
          407.13,
          196.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "511 ",
        "box": [
          457.16999999999996,
          187.978886,
          474.66999999999996,
          196.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          187.978886,
          484.38,
          196.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "489 ",
        "box": [
          534.42,
          187.978886,
          551.92,
          196.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revantage Corporate Services, LLC and Revantage Global ",
        "box": [
          61.13,
          202.728886,
          299.7000000000001,
          210.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Services Europe S.\u00e0 r.l.",
        "box": [
          61.13,
          212.728886,
          154.92,
          220.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          352.39999,
          212.728886,
          364.60999,
          220.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          212.728886,
          407.13,
          220.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "327 ",
        "box": [
          457.16999999999996,
          212.728886,
          474.66999999999996,
          220.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          212.728886,
          484.38,
          220.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38) ",
        "box": [
          536.09,
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          555.2500000000001,
          220.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LivCor, LLC",
        "box": [
          61.13,
          227.728886,
          113.85999999999999,
          235.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          334.35999,
          227.728886,
          382.62998999999985,
          235.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          227.728886,
          407.13,
          235.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95 ",
        "box": [
          462.16999999999996,
          227.728886,
          474.66999999999996,
          235.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          227.728886,
          484.38,
          235.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159 ",
        "box": [
          534.42,
          227.728886,
          551.92,
          235.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          242.728886,
          82.21,
          250.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          242.728886,
          412.13,
          250.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,605 ",
        "box": [
          449.67,
          242.728886,
          474.67,
          250.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          242.728886,
          489.38,
          250.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,185 ",
        "box": [
          526.92,
          242.728886,
          551.92,
          250.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have engaged other affiliates of our Manager to provide various services. The following table details the costs incurred ",
        "box": [
          58.5,
          284.50890599999997,
          555.94001,
          292.7372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for these services ($ in thousands):",
        "box": [
          58.5,
          296.00890599999997,
          197.54,
          304.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          422.79001,
          317.4331348,
          532.7340100000001,
          324.0157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.12,
          330.1831348,
          447.12,
          336.7657720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          508.37,
          330.1831348,
          524.37,
          336.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gryphon Mutual Property Americas IC (1)",
        "box": [
          61.13,
          343.42889599999995,
          224.28319999999997,
          351.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          343.42889599999995,
          412.13,
          351.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "783 ",
        "box": [
          457.16999999999996,
          343.42889599999995,
          474.66999999999996,
          351.6571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          343.42889599999995,
          489.38,
          351.6571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "547 ",
        "box": [
          534.42,
          343.42889599999995,
          551.92,
          351.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lexington National Land Services (2)",
        "box": [
          61.13,
          358.42889599999995,
          204.52321,
          366.6571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          358.42889599999995,
          407.13,
          366.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97 ",
        "box": [
          462.16999999999996,
          358.42889599999995,
          474.66999999999996,
          366.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          358.42889599999995,
          484.38,
          366.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          358.42889599999995,
          551.92,
          366.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone internal audit services",
        "box": [
          61.13,
          373.42889599999995,
          195.65,
          381.6571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          404.63,
          373.42889599999995,
          407.13,
          381.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          462.16999999999996,
          373.42889599999995,
          474.66999999999996,
          381.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.88,
          373.42889599999995,
          484.38,
          381.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111 ",
        "box": [
          534.42,
          373.42889599999995,
          551.92,
          381.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          388.42889599999995,
          82.21,
          396.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          388.42889599999995,
          412.13,
          396.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "880 ",
        "box": [
          457.16999999999996,
          388.42889599999995,
          474.66999999999996,
          396.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          388.42889599999995,
          489.38,
          396.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "658 ",
        "box": [
          534.42,
          388.42889599999995,
          551.92,
          396.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          416.25890599999997,
          70.16,
          424.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In order to provide insurance for our owned real estate assets, we became a member of Gryphon Mutual Property ",
        "box": [
          85.5,
          416.25890599999997,
          555.8800000000003,
          424.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Americas  IC,  or  Gryphon,  a  captive  insurance  company  owned  by  us  and  other  Blackstone-advised  investment ",
        "box": [
          85.5,
          427.458896,
          555.9300000000002,
          435.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vehicles. A Blackstone affiliate provides oversight and management services to Gryphon and receives fees based on ",
        "box": [
          85.5,
          438.65890599999994,
          555.93,
          446.8872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance premiums ",
        "box": [
          85.5,
          449.85891599999997,
          555.9,
          458.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and fees paid to its manager, are borne by us and the other Blackstone-advised investment vehicles that are members ",
        "box": [
          85.5,
          461.05889599999995,
          555.9799999999999,
          469.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of Gryphon pro rata based on insurance premiums paid for each member's respective properties. During the three ",
        "box": [
          85.5,
          472.25890599999997,
          555.9100100000002,
          480.4872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026 we did not make any payments to Gryphon for insurance costs. During the three ",
        "box": [
          85.5,
          483.458896,
          555.8500100000001,
          491.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2025, we paid $0.2 million to Gryphon for insurance costs, inclusive of premiums, capital ",
        "box": [
          85.5,
          494.65890599999994,
          555.8899999999998,
          502.8872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "surplus contributions, taxes, and our pro rata share of other expenses. Of this amount, $29 thousand was attributable ",
        "box": [
          85.5,
          505.858886,
          555.9900100000001,
          514.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  the  fee  paid  to  a  Blackstone  affiliate  to  provide  oversight  and  management services to Gryphon. The amounts ",
        "box": [
          85.5,
          517.058896,
          555.8600000000001,
          525.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included  in  the  table  above  reflect  the  amortization  of  the  insurance  expense  over  the  relevant  periods  of  the ",
        "box": [
          85.5,
          528.258906,
          555.8999999999999,
          536.4872025561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respective policies.",
        "box": [
          85.5,
          539.458926,
          162.04,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lexington National Land Services, or LNLS, is a Blackstone affiliate that (i) acts as a title agent in facilitating and ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuing ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "title ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "insurance, ",
        "box": [
          142.29,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provides  title ",
        "box": [
          208.23000000000005,
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          267.14000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "support  services ",
        "box": [
          271.12000000000006,
          561.858886,
          342.26,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for ",
        "box": [
          346.24,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "title ",
        "box": [
          364.38,
          561.858886,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "insurance  underwriters,  (iii) ",
        "box": [
          386.36999999999995,
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          508.0799999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in ",
        "box": [
          512.0599999999998,
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          522.3299999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "circumstances, provides courtesy title settlement services and (iv) acts as escrow agent in connection with certain ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments  by  Blackstone-advised  vehicles,  including  us,  Blackstone-advised  investment  vehicles  and  portfolio ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "companies  owned  by  Blackstone-advised  investment  vehicles,  affiliates  and  related  parties,  and  third  parties, ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including, in certain cases, Blackstone's borrowers. In exchange for such services, LNLS earns fees which would ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have  otherwise  been  paid  to  third  parties.  Blackstone  receives  distributions  from  LNLS  in  connection  with ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments made by us based on its equity interest in LNLS. In each case, there will be no related expense offset to ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "us.",
        "box": [
          85.5,
          640.258906,
          96.89,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CT Investment Management Co., LLC, or CTIMCO, serves as the special servicer of all of our CLOs, and the Manager ",
        "box": [
          58.5,
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          555.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "serves as the collateral manager and benchmark agent for our FL6 and FL5 CLOs issued in the first quarter of 2026 and ",
        "box": [
          58.5,
          674.658936,
          555.8299999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025,  respectively.  As  of  March  31,  2026,  one  of  our  assets  was  in  special  servicing  under  a  CLO.  CTIMCO  and  our ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager have waived any fees that would be payable to a third party  serving  in  such  roles  pursuant  to  the  applicable ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements, and no such fees have been paid or will become payable to CTIMCO or our Manager.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
        "box": [
          237.02,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Consolidated Financial Statements (continued)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "54",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 56,
    "width": 612.0,
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    "cells": [
      {
        "text": "Other Transactions",
        "box": [
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        "confidence": 1.0
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      {
        "text": "During  the  three  months  ended  March  31,  2026,  we  invested  $133.8  million  in  one  senior  loan,  $31.0  million  in  two ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mezzanine loans to unaffiliated third parties, and $66.7 million in a new issuance of a debt security (see Note 6 for further ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion) in which Blackstone-advised investment vehicles also invested at the same level of the capital structure on a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pari passu basis.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the first quarter of 2026, Blackstone-advised investment vehicles acquired an aggregate $71.4 million participation in ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  $770.8  million  B-9  Term  Loan.  In  the  fourth  quarter  of  2025,  Blackstone-advised  investment  vehicles  acquired  an ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate  $63.0  million  participation  in  our  $700.0  million  B-8  Term  Loan.  In  the  third  quarter  of  2025,  Blackstone-",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "advised investment vehicles acquired an aggregate $33.0 million participation in our $453.1 million B-7 Term Loan. In the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "second quarter of 2025, Blackstone-advised investment vehicles acquired an aggregate $83.9 million participation in our ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.0  billion  B-6  Term  Loan,  which  has  subsequently  been  repaid  in  full.  All  of  these  transactions  were  part  of  broad ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "syndications  led  by  third-party  banks,  and  were  on  terms  equivalent  to  those  of  unaffiliated  third  parties.  Blackstone ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities  Partners  L.P.,  or  BSP,  an  affiliate  of  our  Manager,  was  engaged  as  a  member  of  the  syndicate  for  these ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions. Our engagements of BSP are on terms equivalent to those of unaffiliated parties. See '-Affiliate Services' ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for further information.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  part  of  broad  syndications  led  by  third-party  banks,  Blackstone-advised  investment  vehicles  acquired  an  aggregate ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$11.0 million of notes in our $1.0 billion FL6 CLO offering in the first quarter of 2026, and $75.0 million of notes in our ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.0 billion FL5 CLO offering in the first quarter of 2025. Both of these transactions were on terms equivalent to those of ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unaffiliated third parties.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the fourth quarter of 2025, we made a $75.0 million capital commitment at the initial closing of a fund managed by ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Real Estate Debt Strategies, or BREDS, the BREDS-advised private fund, formed to invest in Core+ real estate ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt  investments  in  the  U.S.  and  Canada.  Blackstone  affiliates,  including  us,  do  not  pay  management  fees  or  carried ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  with  respect  to  their  investments  in  the  BREDS-advised  private  fund.  Our  capital  commitment  represented  a ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "minority  of  the  total  capital  commitments  the  BREDS-advised  private  fund  had  received  as  of  March  31,  2026.  As  of ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, the BREDS-advised private fund had not called any capital or made any investments. To fund its future ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments, the BREDS-advised private fund will draw down on capital commitments made by its investors, including us, ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on a pro rata basis. ",
        "box": [
          58.5,
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          136.2,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  second  quarter  of  2025,  we  entered  into  our  Bank  Loan  Portfolio  Joint  Venture  with  a  Blackstone-advised ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment vehicle that concurrently acquired a $1.4 billion portfolio of performing commercial mortgage loans in which ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we made an equity investment of $57.6 million and our ownership interest was 29%. In the third quarter of 2025, our Bank ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Joint Venture acquired a $606.0 million portfolio of performing commercial mortgage loans in which we ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "made an equity investment of $44.7 million and our ownership interest was 50%. In the fourth quarter of 2024, we entered ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into our Net Lease Joint Venture with a Blackstone-advised investment vehicle to invest in triple net lease properties. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We do not consolidate our Bank Loan Portfolio Joint Venture, our Net Lease Joint Venture, or the BREDS-advised private ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fund, as we do not have a controlling financial interest. As of March 31, 2026, the aggregate value of our equity investment ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in our Bank Loan Portfolio Joint Venture was $101.3 million and our ownership interest was 35%, and the aggregate value ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our equity investment in our Net Lease Joint Venture was $143.1 million and our ownership interest was 75%. As of ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, we had not made an equity investment in the BREDS-advised private fund. We, these joint ventures, these ",
        "box": [
          58.5,
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          554.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone-advised  investment  vehicles,  and  other  Blackstone  affiliates  have  engaged  and  may  in  the  future  engage  in ",
        "box": [
          58.5,
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          565.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain investment, financing, derivative and/or hedging arrangements related to these unconsolidated entities.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During April 2026, following a short-term extension of its maturity date during the three months ended March 31, 2026, ",
        "box": [
          58.5,
          592.308896,
          555.82996,
          600.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "one of our senior loans to a borrower controlled by Blackstone-advised investment vehicles was modified. The terms of the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "modification (including, among other changes, an extension of the maturity date, a reduction in the contractual interest rate, ",
        "box": [
          58.5,
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          623.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and a meaningful additional commitment and credit support from the borrower) were negotiated by our third-party co-",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lenders. We continue to forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "advised investment vehicles control the borrower.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21. COMMITMENTS AND CONTINGENCIES",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded Commitments Under Loans Receivable ",
        "box": [
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      {
        "text": "As  of  March  31,  2026,  we  had  aggregate  unfunded  commitments  of  $1.2  billion  across  52  loans  receivable,  and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$715.5 million of committed or identified financings for those commitments, resulting in net unfunded commitments of ",
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      {
        "text": "Blackstone Mortgage Trust, Inc.",
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        "from_ocr": false,
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
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      {
        "text": "55",
        "box": [
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  {
    "page_no": 57,
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    "cells": [
      {
        "text": "$453.4 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, ",
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        "confidence": 1.0
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      {
        "text": "and  interest  and  carry  costs.  Loan  funding  commitments  are  generally  subject  to  certain  conditions,  including,  without ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact ",
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        "confidence": 1.0
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      {
        "text": "timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, ",
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        "confidence": 1.0
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      {
        "text": "which have a weighted-average future funding period of",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.8 years.",
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      {
        "text": "Principal Debt Repayments ",
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      {
        "text": "Our contractual principal debt repayments as of March 31, 2026 were as follows ($ in thousands): ",
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      {
        "text": "Year",
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      {
        "text": "Secured ",
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      {
        "text": "Debt (1)",
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      {
        "text": "Asset-Specific ",
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        "text": "Debt (1)",
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        "text": "Term ",
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        "text": "Loans (2)",
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        "text": "Senior ",
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        "text": "Notes",
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        "text": "Convertible ",
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        "text": "Notes (3)",
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        "text": "Other ",
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        "text": "Debt (4)",
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        "text": "Total (5)",
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        "confidence": 1.0
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        "text": "2026 (remaining)",
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        "text": "$ 1,416,300 ",
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        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "text": "- ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$ ",
        "box": [
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        "text": "1,430,729 ",
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        "text": "2027",
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        "text": " ",
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        "text": "665,000 ",
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        "box": [
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        "text": "- ",
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        "text": " ",
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        "text": "- ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "text": "759,640 ",
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      {
        "text": "Total obligation",
        "box": [
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      {
        "text": "$ 9,099,002 ",
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "961,050 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ 1,919,843 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "confidence": 1.0
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      {
        "text": "785,316 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "confidence": 1.0
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      {
        "text": "266,157 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "38,825 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13,070,193 ",
        "box": [
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our  secured  debt  and  asset-specific  debt  agreements  are  generally  term-matched  to  their  underlying  collateral. ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "maturity date of the respective debt agreement is used.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "due in quarterly installments. Refer to Note 10 for further details on our Term Loans. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to Note 12 for further details on our Convertible Notes.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Amounts are included in other liabilities on our consolidated balance sheets.",
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        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total does not include $2.9 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "will not require cash outlays from us. ",
        "box": [
          85.5,
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        "confidence": 1.0
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      {
        "text": "Board of Directors' Compensation",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As of March 31, 2026, our seven non-employee directors are entitled to annual compensation of $210,000 each, of which ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "common stock. As of March 31, 2026, the other two board members are employees of affiliates of our Manager who also ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "serve  as  executive  officers  and  they  are  not  compensated  by  us  for  their  service  as  directors.  In  addition,  (i)  the  lead ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "independent director receives additional annual cash compensation of $30,000, (ii) the chairs of our audit, compensation, ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  corporate  governance  committees  receive  additional  annual  cash  compensation  of  $20,000,  $15,000,  and  $10,000, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "respectively, and (iii) the members of our audit and investment risk management committees receive additional annual cash ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "compensation of $10,000 and $7,500, respectively. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Litigation ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2026, we were not involved in any material legal proceedings. ",
        "box": [
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      {
        "text": "22. SEGMENT REPORTING",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "financial information is available that is evaluated on a regular basis by the chief operating decision maker, or CODM. Our ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CODM is, collectively, our Chief Executive Officer and Chief Financial Officer, who decide how to allocate resources and ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "assess performance. A single management team reports to the CODM, who manages the entire business.",
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        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc.",
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
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      {
        "text": "56",
        "box": [
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  {
    "page_no": 58,
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    "cells": [
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        "text": "We have determined that we have one reportable segment based on how the CODM reviews and manages the business, ",
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      {
        "text": "which originates and acquires commercial mortgage loans and related investments. ",
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      {
        "text": "Our CODM reviews, among other things, consolidated net income (loss) that is reported on the Consolidated Statements of ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Operations to make decisions, allocate resources and assess performance and does not evaluate the net income (loss) from ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "any separate geography or product line. The measure of segment assets is reported on the Consolidated Balance Sheets as ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "total consolidated assets.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Blackstone Mortgage Trust, Inc.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Notes to Consolidated Financial Statements (continued)",
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      {
        "text": "57",
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  {
    "page_no": 59,
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    "cells": [
      {
        "text": "ITEM 2. ",
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      {
        "text": "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND ",
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      {
        "text": "RESULTS OF OPERATIONS",
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      {
        "text": "References  herein  to  'Blackstone  Mortgage  Trust,'  'Company,'  'we,'  'us,'  or  'our'  refer  to  Blackstone  Mortgage ",
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        "confidence": 1.0
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      {
        "text": "Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.",
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      {
        "text": "The following discussion and analysis of our financial condition and results of operations should be read in conjunction ",
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      {
        "text": "with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on ",
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      {
        "text": "Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2025. In addition to historical ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "data, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Exchange Act, which reflect our current views with respect to, among other things, our business, operations and financial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance. You can identify these forward-looking statements by the use of words such as 'intend,' 'goal,' 'estimate,' ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'expect,'  'project,'  'projections,'  'plans,'  'seeks,'  'anticipates,'  'should,'  'could,'  'may,'  'designed  to,' ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'foreseeable future,' 'believe,' 'scheduled,' and similar expressions. Such forward- looking statements are subject to ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "various  risks,  uncertainties  and  assumptions.  Our  actual  results  or  outcomes  may  differ  materially  from  those  in  this ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion and analysis as a result of various factors, including but not limited to those discussed in Item 1A. Risk Factors ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "in our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this Quarterly Report on ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Form 10-Q.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Introduction ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "markets,  and  sponsored  by  experienced,  well-capitalized  real  estate  investment  owners  and  operators.  We  finance  our ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments in a variety of ways, including borrowing under secured credit facilities, issuing collateralized loan obligations, ",
        "box": [
          58.5,
          343.30889599999995,
          555.9499999999997,
          351.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or  CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level ",
        "box": [
          58.5,
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          556.0000000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing,  depending  on  our  view  of  the  most  prudent  financing  option  available  for  each  of  our  investments.  We  are ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol 'BXMT.'",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  benefit  from  the  deep  knowledge,  experience  and  information  advantages  of  our  Manager,  which  is  a  part  of ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Real Estate. Blackstone Real Estate was founded in 1991 and is the world's largest owner of commercial real ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate.  Blackstone Real Estate operates as one globally integrated business with investments in North America, Europe, ",
        "box": [
          58.5,
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          555.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asia  and  Latin  America.  In  the  United  States,  Blackstone  Real  Estate  is  one  of  the  largest  owners  of  rental  housing, ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "industrial,  office,  hospitality  and  retail  assets.  The  market-leading  real  estate  expertise  derived  from  the  strength  of  the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone platform deeply informs our credit and underwriting process, and we believe it gives us the tools to manage the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  maintain  our  qualification  as  a  REIT.  We  also  operate  our  business  in  a  manner  that  permits  us  to  maintain  an ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exclusion  from  registration  under  the  Investment  Company  Act  of  1940,  as  amended.  We  are  organized  as  a  holding ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "company and conduct our business primarily through our various subsidiaries. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 60,
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    "cells": [
      {
        "text": "I. Key Financial Measures and Indicators ",
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        "confidence": 1.0
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      {
        "text": "As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "share, dividends declared, Distributable Earnings, Distributable Earnings prior to realized gains and losses, and book value ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "per share. For the three months ended March 31, 2026, we recorded basic net loss per share of $0.04, declared a dividend ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of  $0.47  per  share,  reported  $0.21  per  share  of  Distributable  Earnings,  and  reported  $0.49  per  share  of  Distributable ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Earnings prior to realized gains and losses. In addition, our book value as of March 31, 2026 was $20.20 per share, which ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is net of cumulative CECL reserves of $1.80 per share and accumulated depreciation and amortization of owned real estate ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "assets of $0.57 per share.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  further  described  below,  Distributable  Earnings  and  Distributable  Earnings  prior  to  realized  gains  and  losses  are ",
        "box": [
          58.5,
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          172.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measures  that  are  not  prepared  in  accordance  with  accounting  principles  generally  accepted  in  the  United  States  of ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "America,  or  GAAP.  Distributable  Earnings  and  Distributable  Earnings  prior  to  realized  gains  and  losses  helps  us  to ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "evaluate  our  performance,  excluding  the  effects  of  certain  transactions  and  GAAP  adjustments  that  we  believe  are  not ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "necessarily  indicative  of  our  current  investments  and  operations.  In  addition,  Distributable  Earnings  and  Distributable ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings prior to realized gains and losses are performance metrics we consider when declaring our dividends.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Per Share and Dividends Declared",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth the calculation of basic net income (loss) per share and dividends declared per share ($ in ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands, except per share data): ",
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          58.5,
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          196.11000000000007,
          288.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          295.7331248,
          63.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          441.34,
          295.7331248,
          514.1960000000001,
          302.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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          308.4831248,
          465.67599000000007,
          315.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          484.06,
          308.4831248,
          548.7,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income (1)",
        "box": [
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          138.22319999999996,
          329.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          321.05889599999995,
          412.13,
          329.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297)  $ ",
        "box": [
          446.34,
          321.05889599999995,
          489.38,
          329.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,560 ",
        "box": [
          521.92,
          321.05889599999995,
          551.92,
          329.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares outstanding, basic",
        "box": [
          61.13,
          336.05889599999995,
          236.47,
          344.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078,373",
        "box": [
          423.62,
          336.05889599999995,
          473.62,
          344.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,167,576",
        "box": [
          500.87,
          336.05889599999995,
          550.87,
          344.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income per share, basic",
        "box": [
          61.13,
          351.05889599999995,
          196.53000000000003,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          351.05889599999995,
          412.13,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.04) ",
        "box": [
          451.34,
          351.05889599999995,
          477.99999999999994,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          351.05889599999995,
          489.38,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.24 ",
        "box": [
          531.92,
          351.05889599999995,
          551.92,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share",
        "box": [
          61.13,
          366.05889599999995,
          177.38,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.63,
          366.05889599999995,
          412.13,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          454.66999999999996,
          366.05889599999995,
          474.66999999999996,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          481.88,
          366.05889599999995,
          489.38,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          531.92,
          366.05889599999995,
          551.92,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
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          70.16,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  net  (loss)  income  attributable  to  Blackstone  Mortgage  Trust.  Refer  to  Note  14  to  our  consolidated ",
        "box": [
          85.5,
          393.80889599999995,
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          402.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements for the calculation of diluted net (loss) income per share.",
        "box": [
          85.5,
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          393.96,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings and Distributable Earnings Prior to Realized Gains and Losses",
        "box": [
          58.5,
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          427.14,
          442.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings and Distributable Earnings prior to realized gains and losses are non-GAAP measures. We define ",
        "box": [
          58.5,
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          555.8800000000002,
          460.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in current ",
        "box": [
          58.5,
          463.80889599999995,
          555.8499999999999,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period  GAAP  net  income  (loss),  and  excluding  (i)  non-cash  equity  compensation  expense,  (ii)  depreciation  and ",
        "box": [
          58.5,
          475.30889599999995,
          555.9300000000002,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted ",
        "box": [
          58.5,
          486.80889599999995,
          555.8599999999999,
          495.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from  time  to  time  to  exclude  one-time  events  pursuant  to  changes  in  GAAP  and  certain  other  non-cash  charges  as ",
        "box": [
          58.5,
          498.30889599999995,
          555.96,
          506.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors ",
        "box": [
          58.5,
          509.80889599999995,
          555.9099999999997,
          518.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of ",
        "box": [
          58.5,
          521.308896,
          555.88,
          529.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculating our incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net ",
        "box": [
          58.5,
          532.808896,
          555.8499900000002,
          541.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the incentive fee expense that would have been recognized if such realized gains or losses had not occurred. ",
        "box": [
          58.5,
          544.308896,
          502.9499999999999,
          552.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  CECL  reserves  have  been  excluded  from  Distributable  Earnings  consistent  with  other  unrealized  gains  (losses) ",
        "box": [
          58.5,
          567.808896,
          555.87,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pursuant  to  our  existing  policy  for  reporting  Distributable  Earnings.  We  expect  to  only  recognize  such  potential  credit ",
        "box": [
          58.5,
          579.308896,
          555.85,
          587.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses  in  Distributable  Earnings  if  and  when  such  amounts  are  realized  and  deemed  non-recoverable  upon  a  realization ",
        "box": [
          58.5,
          590.808896,
          555.89,
          599.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but ",
        "box": [
          58.5,
          602.308896,
          555.8100000000003,
          610.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due ",
        "box": [
          58.5,
          613.808896,
          555.9699999999996,
          622.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from ",
        "box": [
          58.5,
          625.308896,
          555.9199999999997,
          633.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP. ",
        "box": [
          58.5,
          636.808896,
          555.9499999999997,
          645.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  realized  loss  amount  reflected  in  Distributable  Earnings  will  equal  the  difference  between  the  cash  received,  or ",
        "box": [
          58.5,
          648.308896,
          555.9599999999999,
          656.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the ",
        "box": [
          58.5,
          659.808896,
          555.9299999999998,
          668.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ultimate realization of the loan. ",
        "box": [
          58.5,
          671.308896,
          186.06999999999996,
          679.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) ",
        "box": [
          58.5,
          694.808896,
          555.98,
          703.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  cash  flow  from  operating  activities  determined  in  accordance  with  GAAP.  We  believe  Distributable  Earnings  is  a ",
        "box": [
          58.5,
          706.308896,
          555.8700000000002,
          714.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "useful financial metric for existing and potential future holders of our class A common stock as historically, over time, ",
        "box": [
          58.5,
          717.808896,
          555.95,
          726.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 61,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute ",
        "box": [
          58.5,
          54.308896000000004,
          555.9700000000001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are ",
        "box": [
          58.5,
          65.808896,
          555.98,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 16 to our consolidated ",
        "box": [
          58.5,
          77.308896,
          555.85001,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps ",
        "box": [
          58.5,
          88.808896,
          555.8699999999998,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "us to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not ",
        "box": [
          58.5,
          100.308896,
          555.94,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "necessarily indicative of our current investment portfolio and operations, and is a performance metric we consider when ",
        "box": [
          58.5,
          111.808896,
          555.89,
          120.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "declaring our dividends. ",
        "box": [
          58.5,
          123.308896,
          157.84999999999997,
          131.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furthermore, we believe it is useful to present Distributable Earnings prior to realized gains and losses, which include but ",
        "box": [
          58.5,
          146.808896,
          555.9300000000001,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are not limited to charge-offs of CECL reserves, to reflect our direct operating results and help existing and potential future ",
        "box": [
          58.5,
          158.308896,
          555.9899999999999,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "holders of our class A common stock assess the performance of our business excluding such realized gains or losses. We ",
        "box": [
          58.5,
          169.808896,
          555.8299999999998,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may make similar adjustments with respect to other types of investments, if and when applicable transactions occur. During ",
        "box": [
          58.5,
          181.308896,
          555.8599900000002,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the period from the first quarter of 2024 to the fourth quarter of 2025, we reported this metric as Distributable Earnings ",
        "box": [
          58.5,
          192.808896,
          555.85,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior to charge-offs of CECL reserves, as the only applicable realized gains or losses during such period were charge-offs ",
        "box": [
          58.5,
          204.308896,
          555.8400000000001,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of CECL reserves. We utilize Distributable Earnings prior to realized gains and losses as an additional performance metric ",
        "box": [
          58.5,
          215.808896,
          555.9999900000001,
          224.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  consider  when  declaring  our  dividends.  Distributable  Earnings  mirrors  the  terms  of  our  Management  Agreement  for ",
        "box": [
          58.5,
          227.308896,
          555.9499999999998,
          235.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is ",
        "box": [
          58.5,
          238.808896,
          555.86001,
          247.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculated  net  of  the  incentive  fee  expense  that  would  have  been  recognized  if  such  realized  gains  or  losses  had  not ",
        "box": [
          58.5,
          250.308896,
          556.0000000000002,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "occurred.",
        "box": [
          58.5,
          261.808896,
          95.94999999999997,
          270.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings and Distributable Earnings prior to realized gains and losses do not represent net income (loss) or ",
        "box": [
          58.5,
          285.30889599999995,
          555.8899899999999,
          293.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash  generated  from  operating  activities  and  should  not  be  considered  as  alternatives  to  GAAP  net  income  (loss),  or ",
        "box": [
          58.5,
          296.80889599999995,
          555.9299999999998,
          305.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indicators of our GAAP cash flows from operations, measures of our liquidity, or indicators of funds available for our cash ",
        "box": [
          58.5,
          308.30889599999995,
          555.92,
          316.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "needs.  In  addition,  our  methodology  for  calculating  Distributable  Earnings  and  Distributable  Earnings  prior  to  realized ",
        "box": [
          58.5,
          319.80889599999995,
          555.9100100000002,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains  and  losses  may  differ  from  the  methodologies  employed  by  other  companies  to  calculate  the  same  or  similar ",
        "box": [
          58.5,
          331.30889599999995,
          555.9899999999999,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "supplemental performance measures, and accordingly, our reported Distributable Earnings and Distributable Earnings prior ",
        "box": [
          58.5,
          342.80889599999995,
          556.0,
          351.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to realized gains and losses may not be comparable to similar metrics reported by other companies.",
        "box": [
          58.5,
          354.30889599999995,
          454.6699999999998,
          362.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 62,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table provides a reconciliation of Distributable Earnings and Distributable Earnings prior to realized gains ",
        "box": [
          58.5,
          54.308896000000004,
          555.87,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and losses to GAAP net income (loss) ($ in thousands, except per share data):",
        "box": [
          58.5,
          65.808896,
          369.32,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          441.70999,
          87.23315479999997,
          514.5659900000002,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          412.95001,
          99.98315479999997,
          466.0460100000001,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          484.44,
          99.98315479999997,
          549.08,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income (1)",
        "box": [
          61.13,
          112.558896,
          138.22319999999996,
          120.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          112.558896,
          412.88,
          120.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297) ",
        "box": [
          446.34,
          112.558896,
          477.99999999999994,
          120.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          112.558896,
          490.13,
          120.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,560 ",
        "box": [
          521.92,
          112.558896,
          551.92,
          120.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves (2)",
        "box": [
          61.13,
          127.558896,
          189.0032,
          135.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          127.558896,
          407.88,
          135.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46,451) ",
        "box": [
          441.34,
          127.558896,
          477.99999999999994,
          135.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          127.558896,
          485.13,
          135.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(433,924) ",
        "box": [
          513.59,
          127.558896,
          555.2500000000001,
          135.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in CECL reserves",
        "box": [
          61.13,
          142.558896,
          167.92,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          142.558896,
          407.88,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,055 ",
        "box": [
          444.67,
          142.558896,
          474.67,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          142.558896,
          485.13,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,375 ",
        "box": [
          521.92,
          142.558896,
          551.92,
          150.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization of owned real estate (3)",
        "box": [
          61.13,
          157.558896,
          271.33319000000006,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          157.558896,
          407.88,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,717 ",
        "box": [
          444.67,
          157.558896,
          474.67,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          157.558896,
          485.13,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,380 ",
        "box": [
          521.92,
          157.558896,
          551.92,
          165.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustment to realized loss on disposition of owned real estate (4)",
        "box": [
          61.13,
          172.558896,
          317.74319,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          172.558896,
          407.88,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,497) ",
        "box": [
          446.34,
          172.558896,
          477.99999999999994,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          172.558896,
          485.13,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          172.558896,
          551.92,
          180.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash compensation expense",
        "box": [
          61.13,
          187.558896,
          192.11,
          195.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          187.558896,
          407.88,
          195.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,687 ",
        "box": [
          449.67,
          187.558896,
          474.67,
          195.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          187.558896,
          485.13,
          195.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,699 ",
        "box": [
          526.92,
          187.558896,
          551.92,
          195.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized hedging and foreign currency gain (loss), net (5)",
        "box": [
          61.13,
          202.558896,
          284.16321000000005,
          210.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          202.558896,
          407.88,
          210.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 ",
        "box": [
          467.17,
          202.558896,
          474.67,
          210.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          202.558896,
          485.13,
          210.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25) ",
        "box": [
          536.09,
          202.558896,
          555.2500000000001,
          210.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocable share of adjustments related to unconsolidated entities (6)",
        "box": [
          61.13,
          217.558896,
          324.89322000000004,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          217.558896,
          407.88,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,380 ",
        "box": [
          449.67,
          217.558896,
          474.67,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          217.558896,
          485.13,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8) ",
        "box": [
          541.09,
          217.558896,
          555.2500000000001,
          225.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash income from Agency Multifamily Lending Partnership, net (7)",
        "box": [
          61.13,
          232.558896,
          326.36322000000007,
          240.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          232.558896,
          407.88,
          240.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29 ",
        "box": [
          462.17,
          232.558896,
          474.67,
          240.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          232.558896,
          485.13,
          240.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29 ",
        "box": [
          539.42,
          232.558896,
          551.92,
          240.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments attributable to non-controlling interests, net",
        "box": [
          61.13,
          247.558896,
          287.5400000000001,
          255.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          247.558896,
          407.88,
          255.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "191 ",
        "box": [
          457.17,
          247.558896,
          474.67,
          255.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          247.558896,
          485.13,
          255.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1) ",
        "box": [
          541.09,
          247.558896,
          555.2500000000001,
          255.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other items",
        "box": [
          61.13,
          262.558896,
          108.00999999999998,
          270.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          461.95999,
          262.558896,
          473.61999,
          270.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          262.558896,
          485.13,
          270.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39) ",
        "box": [
          536.09,
          262.558896,
          555.2500000000001,
          270.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings",
        "box": [
          61.13,
          277.558896,
          151.29999999999995,
          285.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          277.558896,
          412.88,
          285.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,810 ",
        "box": [
          444.67,
          277.558896,
          474.67,
          285.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          277.558896,
          490.13,
          285.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(347,954) ",
        "box": [
          513.59,
          277.558896,
          555.2500000000001,
          285.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves (2)",
        "box": [
          61.13,
          292.55889599999995,
          189.0032,
          300.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          292.55889599999995,
          407.88,
          300.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,451 ",
        "box": [
          444.67,
          292.55889599999995,
          474.67,
          300.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          292.55889599999995,
          485.13,
          300.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "433,924 ",
        "box": [
          516.92,
          292.55889599999995,
          551.92,
          300.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP realized loss on disposition of owned real estate (8)",
        "box": [
          61.13,
          307.55889599999995,
          288.0732100000001,
          315.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          307.55889599999995,
          407.88,
          315.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160 ",
        "box": [
          457.17,
          307.55889599999995,
          474.67,
          315.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          307.55889599999995,
          485.13,
          315.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          307.55889599999995,
          551.92,
          315.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustment to realized loss on disposition of owned real estate (4)",
        "box": [
          61.13,
          322.55889599999995,
          317.74319,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          322.55889599999995,
          407.88,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,497 ",
        "box": [
          449.67,
          322.55889599999995,
          474.67,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          322.55889599999995,
          485.13,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          322.55889599999995,
          551.92,
          330.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments attributable to non-controlling interests",
        "box": [
          61.13,
          337.55889599999995,
          270.3300000000001,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          337.55889599999995,
          407.88,
          345.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(249) ",
        "box": [
          453.84,
          337.55889599999995,
          477.99999999999994,
          345.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings prior to realized gains and losses",
        "box": [
          61.13,
          352.55889599999995,
          284.48,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          352.55889599999995,
          412.88,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,669 ",
        "box": [
          444.67,
          352.55889599999995,
          474.67,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          352.55889599999995,
          490.13,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85,970 ",
        "box": [
          521.92,
          352.55889599999995,
          551.92,
          360.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares outstanding, basic (9)",
        "box": [
          61.13,
          367.55889599999995,
          242.52321,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.38,
          367.55889599999995,
          407.88,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078,373 ",
        "box": [
          422.17,
          367.55889599999995,
          474.67,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          482.63,
          367.55889599999995,
          485.13,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,167,576 ",
        "box": [
          499.42,
          367.55889599999995,
          551.9200000000001,
          375.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings per share, basic",
        "box": [
          61.13,
          382.55889599999995,
          215.67,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          382.55889599999995,
          412.88,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.21 ",
        "box": [
          454.67,
          382.55889599999995,
          474.67,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          382.55889599999995,
          490.13,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2.07) ",
        "box": [
          528.59,
          382.55889599999995,
          555.2500000000001,
          390.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings per share, basic, prior to realized gains and losses",
        "box": [
          61.13,
          397.55889599999995,
          351.34,
          405.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.38,
          397.55889599999995,
          412.88,
          405.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.49 ",
        "box": [
          454.67,
          397.55889599999995,
          474.67,
          405.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          482.63,
          397.55889599999995,
          490.13,
          405.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.51 ",
        "box": [
          531.92,
          397.55889599999995,
          551.92,
          405.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          423.80889599999995,
          70.16,
          432.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents net (loss) income attributable to Blackstone Mortgage Trust. ",
        "box": [
          85.5,
          423.80889599999995,
          375.70000000000005,
          432.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          435.30889599999995,
          70.16,
          443.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents realized losses related to loan principal amounts deemed non-recoverable.",
        "box": [
          85.5,
          435.30889599999995,
          427.24999999999994,
          443.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          446.80889599999995,
          70.16,
          455.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents depreciation of owned real estate assets and amortization of intangible real estate assets and liabilities.",
        "box": [
          85.5,
          446.80889599999995,
          540.3699999999998,
          455.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          458.30889599999995,
          70.16,
          466.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents an adjustment to the realized loss on the sale of a property held at depreciated cost. Because depreciation ",
        "box": [
          85.5,
          458.30889599999995,
          555.88,
          466.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and amortization is a non-cash expense that is excluded from Distributable Earnings, GAAP gains upon sale of a ",
        "box": [
          85.5,
          469.80889599999995,
          555.97,
          478.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property  are  higher,  and  GAAP  losses  are  lower,  than  the  respective  realized  amounts  reflected  in  Distributable ",
        "box": [
          85.5,
          481.30889599999995,
          555.9600000000002,
          489.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings.  For  Distributable  Earnings,  the  amount  is  calculated  as  net  sales  proceeds  less  the  property's  carrying ",
        "box": [
          85.5,
          492.80889599999995,
          555.9100000000003,
          501.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value prior to depreciation and amortization.",
        "box": [
          85.5,
          504.30889599999995,
          263.59000000000015,
          512.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          515.808896,
          70.16,
          524.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents realized losses on the repatriation of unhedged foreign currency. These amounts were not included in ",
        "box": [
          85.5,
          515.808896,
          555.9800000000002,
          524.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP net (loss) income, but rather as a component of other comprehensive income in our consolidated financial ",
        "box": [
          85.5,
          527.308896,
          556.0000000000001,
          535.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements.",
        "box": [
          85.5,
          538.808896,
          130.14999999999998,
          547.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          550.308896,
          70.16,
          558.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocable share of adjustments related to unconsolidated entities for the three months ended March 31, 2026 reflects ",
        "box": [
          85.5,
          550.308896,
          555.9900000000002,
          558.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our share of non-cash items such as (i) $3.2 million of unrealized losses recorded by such unconsolidated entities, ",
        "box": [
          85.5,
          561.808896,
          555.84998,
          570.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii)  $3.1  million  of  depreciation  and  amortization,  and  (iii)  related  adjustments  for  realized  gains,  if  any.  For  the ",
        "box": [
          85.5,
          573.308896,
          555.9699999999997,
          581.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended December 31, 2025, reflects our share of non-cash items such as (i) $(2.0) million of unrealized ",
        "box": [
          85.5,
          584.808896,
          555.9799900000002,
          593.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains recorded by such unconsolidated entities, (ii) $2.0 million of depreciation and amortization, and (iii) related ",
        "box": [
          85.5,
          596.308896,
          555.9800000000001,
          604.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments for realized gains, if any.",
        "box": [
          85.5,
          607.808896,
          235.5900000000001,
          616.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          619.308896,
          70.16,
          627.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  (i)  the  non-cash  income  recognized  under  GAAP  related  to  our  Agency  Multifamily  Lending ",
        "box": [
          85.5,
          619.308896,
          555.94,
          627.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Partnership, in which we receive a portion of origination, servicing, and other fees for loans we refer to MTRCC for ",
        "box": [
          85.5,
          630.808896,
          555.9399999999997,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination, offset by the related loss-sharing obligation accruals and (ii) the cash received related to such income ",
        "box": [
          85.5,
          642.308896,
          555.9,
          650.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "previously recognized under GAAP. Refer to Note 2 to our consolidated financial statements for further information ",
        "box": [
          85.5,
          653.808896,
          555.8999999999997,
          662.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our Agency Multifamily Lending Partnership.",
        "box": [
          85.5,
          665.308896,
          281.98999,
          673.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          58.5,
          676.808896,
          70.16,
          685.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the amount included on our consolidated statements of operations.",
        "box": [
          85.5,
          676.808896,
          396.8199999999999,
          685.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          58.5,
          688.308896,
          70.16,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  weighted-average  shares  outstanding,  basic,  exclude  shares  issuable  from  a  potential  conversion  of  our ",
        "box": [
          85.5,
          688.308896,
          555.9299999999997,
          696.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes then outstanding. Consistent with the treatment of other unrealized adjustments to Distributable ",
        "box": [
          85.5,
          699.808896,
          555.8899999999998,
          708.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings,  these  potentially  issuable  shares  are  excluded  until  a  conversion  occurs.  Refer  to  Note  14  to  our ",
        "box": [
          85.5,
          711.308896,
          555.8899700000001,
          719.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements for the calculation of diluted net income per share.",
        "box": [
          85.5,
          722.808896,
          422.23999999999995,
          731.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 63,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Book Value Per Share",
        "box": [
          58.5,
          83.64892600000007,
          153.14999999999998,
          91.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table calculates our book value per share ($ in thousands, except per share data):",
        "box": [
          58.5,
          101.308896,
          439.1599999999999,
          109.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          122.73315479999997,
          63.13,
          129.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          406.20001,
          122.73315479999997,
          459.2960100000001,
          129.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.19,
          122.73315479999997,
          546.83,
          129.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity",
        "box": [
          61.13,
          135.308896,
          144.10999999999999,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          135.308896,
          403.88,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,414,960 ",
        "box": [
          427.67,
          135.308896,
          470.17,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          135.308896,
          485.63,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,498,910 ",
        "box": [
          509.42,
          135.308896,
          551.9200000000001,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
          61.13,
          150.308896,
          87.76999999999998,
          158.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A common stock",
        "box": [
          78.5,
          165.308896,
          170.92,
          173.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          165.308896,
          398.88,
          173.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,683,520 ",
        "box": [
          417.67,
          165.308896,
          470.17,
          173.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          165.308896,
          480.63,
          173.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,259,023 ",
        "box": [
          499.42,
          165.308896,
          551.9200000000001,
          173.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred stock units",
        "box": [
          78.5,
          180.308896,
          159.51999999999998,
          188.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          180.308896,
          398.88,
          188.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "348,222 ",
        "box": [
          435.17,
          180.308896,
          470.17,
          188.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          180.308896,
          480.63,
          188.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "340,029 ",
        "box": [
          516.92,
          180.308896,
          551.92,
          188.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total outstanding",
        "box": [
          61.13,
          195.308896,
          131.32999999999998,
          203.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,031,742",
        "box": [
          419.12,
          195.308896,
          469.12,
          203.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,599,052",
        "box": [
          500.87,
          195.308896,
          550.87,
          203.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value per share (1)",
        "box": [
          61.13,
          210.308896,
          151.82318999999995,
          218.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          210.308896,
          403.88,
          218.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.20 ",
        "box": [
          445.16999999999996,
          210.308896,
          470.16999999999996,
          218.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          210.308896,
          485.63,
          218.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.75 ",
        "box": [
          526.92,
          210.308896,
          551.92,
          218.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          236.808896,
          70.16,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  book  value  per  share  excludes  shares  issuable  from  a  potential  conversion  of  our  Convertible  Notes  then ",
        "box": [
          85.5,
          236.808896,
          555.88,
          245.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding. Refer to Note 14 to our consolidated financial statements for the calculation of diluted net income per ",
        "box": [
          85.5,
          248.308896,
          555.9599900000001,
          256.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share.",
        "box": [
          85.5,
          259.808896,
          109.07999999999998,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 64,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "II. Investments",
        "box": [
          58.5,
          54.148926000000074,
          122.91999999999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Portfolio",
        "box": [
          58.5,
          77.64892600000007,
          146.48,
          85.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Investment Portfolio consists of our Loan Portfolio, our investments in our Bank Loan Portfolio Joint Venture and Net ",
        "box": [
          58.5,
          95.308896,
          555.96999,
          103.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease  Joint  Venture,  our  owned  real  estate  assets,  and  our  investments  in  debt  securities.  The  chart  below  details  the ",
        "box": [
          58.5,
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          555.9200000000001,
          115.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "composition of our Investment Portfolio as of March 31, 2026:",
        "box": [
          58.5,
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          309.99001999999996,
          126.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Portfolio (1)(2)(3)",
        "box": [
          228.69,
          141.99621960000002,
          383.33700999999985,
          155.16149408989236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          409.7790137034,
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          444.2780142761776,
          226.3137209299657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23%",
        "box": [
          409.7790137034,
          229.70825381851887,
          426.27601407293275,
          237.1137208849657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          431.8841701422,
          421.9907712567188,
          475.42717281756325,
          429.3962383231657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22%",
        "box": [
          431.8841701422,
          432.7907712135188,
          448.38117051173276,
          440.19623827996566
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "US Office",
        "box": [
          248.6668198554,
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          285.38081857779355,
          497.27879294236567
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "17%",
        "box": [
          248.6668198554,
          500.6733258309188,
          265.1638202249328,
          508.0787928973657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-US Office",
        "box": [
          131.913835821,
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          187.10783465734553,
          433.3751431363657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6%",
        "box": [
          131.913835821,
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          143.91083608973278,
          444.1751430931657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          124.32385183139999,
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          164.35785252816157,
          367.2827191747657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9%",
        "box": [
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          136.32085210013278,
          378.0827191297657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          143.3361733704,
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          164.8631739526048,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
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          155.33317363913278,
          327.4100190217657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-Storage",
        "box": [
          130.7864382588,
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          175.76843746639676,
          287.5401941995657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          130.7864382588,
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          142.78343852753278,
          298.34019415456567
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences/",
        "box": [
          113.1310423566,
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          164.38504540468963,
          254.50017919396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Studio",
        "box": [
          113.1310423566,
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          136.64904278340322,
          265.30017914896564
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          113.1310423566,
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          125.1280426253328,
          276.10017910396573
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          178.29533543399998,
          234.77452905031885,
          198.790336593088,
          242.17999611676566
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans",
        "box": [
          178.29533543399998,
          245.57452900711883,
          200.29433562677758,
          252.97999607356564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          178.29533543399998,
          256.3745289621189,
          190.29233570273277,
          263.77999602856573
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan",
        "box": [
          150.310393326,
          197.85728569831883,
          190.0663939165344,
          205.26275276476565
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "JV",
        "box": [
          150.310393326,
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          160.3083936499552,
          216.06275272156563
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          150.310393326,
          219.4572856101189,
          162.3073935947328,
          226.86275267656572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease",
        "box": [
          220.3993746126,
          194.1635304663189,
          256.6403756243984,
          201.5689975327657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "JV",
        "box": [
          220.3993746126,
          204.96353042131886,
          230.39737493655522,
          212.36899748776568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          220.3993746126,
          215.76353037631884,
          232.3963748813328,
          223.16899744276566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned",
        "box": [
          269.3108976174,
          175.37311309111885,
          295.2898976993296,
          182.77858015756567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RE",
        "box": [
          269.3108976174,
          186.17311304611883,
          280.8188981751792,
          193.57858011256565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          269.3108976174,
          196.97311300111892,
          281.30789788613276,
          204.37858006756574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Included in our Loan Portfolio (4)",
        "box": [
          74.61,
          534.1710154,
          192.84319999999997,
          541.5764823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "______________",
        "box": [
          58.5,
          559.1146871999999,
          142.5,
          568.9886430674193
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          578.848876,
          70.16,
          587.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Investment Portfolio reflects the gross amount of our investments as of March 31, 2026, which consists of (i) ",
        "box": [
          85.5,
          578.848876,
          555.91999,
          587.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our Loan Portfolio, which represents net book value less total loans receivable CECL reserves, (ii) our share of the ",
        "box": [
          85.5,
          590.348876,
          555.8999999999999,
          598.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value of investments held by our Net Lease Joint Venture, (iii) our share of the fair value of the loans held ",
        "box": [
          85.5,
          601.848876,
          555.8000099999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by our Bank Loan Portfolio Joint Venture, (iv) the aggregate carrying value of our owned real estate assets, and (v) ",
        "box": [
          85.5,
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          555.9400099999997,
          621.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the fair value of our investments in debt securities.",
        "box": [
          85.5,
          624.848876,
          287.75,
          633.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          636.348876,
          70.16,
          644.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets in our Loan Portfolio with multiple components are proportioned into the relevant property types based on ",
        "box": [
          85.5,
          636.348876,
          555.92001,
          644.5771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the allocated value of each property type.",
        "box": [
          85.5,
          647.848876,
          250.54000000000008,
          656.0771725561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          659.348876,
          70.16,
          667.5771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment types that represent less than 1% of our Investment Portfolio are excluded from the chart. ",
        "box": [
          85.5,
          659.348876,
          491.9899899999999,
          667.5771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          670.848876,
          70.16,
          679.0771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the types of properties securing the loans in our Loan Portfolio.",
        "box": [
          85.5,
          670.848876,
          385.19999999999993,
          679.0771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to section VII of this Item 2 for details of our Loan Portfolio, on a loan-by-loan basis. ",
        "box": [
          58.5,
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          427.5899999999999,
          702.5771725561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 65,
    "width": 612.0,
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    "cells": [
      {
        "text": "Loan Portfolio",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Originations",
        "box": [
          58.5,
          83.81890600000008,
          132.64,
          92.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we originated or acquired $274.9 million of loans, inclusive of additional ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments made under existing loans. ",
        "box": [
          58.5,
          112.808896,
          224.98000000000002,
          121.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Activity",
        "box": [
          58.5,
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          150.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, loan fundings totaled $295.9 million and loan repayments and sales totaled ",
        "box": [
          58.5,
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          555.9700100000001,
          168.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$630.9 million. ",
        "box": [
          58.5,
          171.308896,
          122.35,
          179.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our loan portfolio activity ($ in thousands): ",
        "box": [
          58.5,
          194.808896,
          343.46999999999997,
          203.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          209.99310479999997,
          63.13,
          216.5757420449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended ",
        "box": [
          469.45999,
          210.12310479999996,
          544.3079899999999,
          216.7057420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          479.32999,
          219.23315479999997,
          532.4259900000001,
          225.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan fundings (1)",
        "box": [
          61.13,
          231.808896,
          125.2132,
          240.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          460.88,
          231.808896,
          468.38,
          240.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "295,932 ",
        "box": [
          516.92,
          231.808896,
          551.92,
          240.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan repayments and sales (1)",
        "box": [
          61.13,
          246.808896,
          175.1132,
          255.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(630,932)",
        "box": [
          511.70999,
          246.808896,
          550.86999,
          255.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net repayments",
        "box": [
          61.13,
          261.808896,
          145.44999999999996,
          270.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          460.88,
          261.808896,
          468.38,
          270.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(335,000) ",
        "box": [
          513.59,
          261.808896,
          555.2500000000001,
          270.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          288.05889599999995,
          70.16,
          296.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes amounts for loans held by our Bank Loan Portfolio Joint Venture, which are included in investments in ",
        "box": [
          85.5,
          288.05889599999995,
          555.9399999999999,
          296.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated entities on our consolidated balance sheets.",
        "box": [
          85.5,
          299.55889599999995,
          321.0400000000001,
          307.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details overall statistics for our Loan Portfolio as of March 31, 2026 ($ in thousands):",
        "box": [
          58.5,
          340.05889599999995,
          481.42998999999986,
          348.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          477.07999,
          357.7331248,
          530.1759900000001,
          364.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of loans",
        "box": [
          61.13,
          370.30889599999995,
          128.29999999999998,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          456.38,
          370.30889599999995,
          458.88,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130 ",
        "box": [
          526.09,
          370.30889599999995,
          543.59,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal balance",
        "box": [
          61.13,
          385.30889599999995,
          130.18999999999994,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.38,
          385.30889599999995,
          463.88,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,639,430 ",
        "box": [
          496.09,
          385.30889599999995,
          543.5899999999999,
          393.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value",
        "box": [
          61.13,
          400.30889599999995,
          122.18999999999998,
          408.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.38,
          400.30889599999995,
          463.88,
          408.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,266,346 ",
        "box": [
          496.09,
          400.30889599999995,
          543.5899999999999,
          408.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded loan commitments (1)",
        "box": [
          61.13,
          415.30889599999995,
          183.74320999999998,
          423.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.38,
          415.30889599999995,
          463.88,
          423.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,168,941 ",
        "box": [
          501.09,
          415.30889599999995,
          543.5899999999999,
          423.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average cash coupon (2)",
        "box": [
          61.13,
          430.30889599999995,
          192.58319999999998,
          438.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.23 %",
        "box": [
          515.46002,
          430.30889599999995,
          552.7500200000001,
          438.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average all-in yield (2)",
        "box": [
          61.13,
          445.30889599999995,
          186.4432,
          453.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.46 %",
        "box": [
          515.46002,
          445.30889599999995,
          552.7500200000001,
          453.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average maximum maturity (years) (3)",
        "box": [
          61.13,
          460.30889599999995,
          249.99320999999998,
          468.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4",
        "box": [
          532.37,
          460.30889599999995,
          544.87,
          468.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination loan-to-value (LTV) (4)",
        "box": [
          61.13,
          475.30889599999995,
          197.59319999999997,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          531.09003,
          475.30889599999995,
          552.75003,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          504.55889599999995,
          70.16,
          512.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded commitments will  primarily  be  funded  to  finance  our  borrowers'  construction  or  development  of  real ",
        "box": [
          85.5,
          504.55889599999995,
          555.9000000000002,
          512.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will ",
        "box": [
          85.5,
          516.058896,
          555.9599999999996,
          524.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally be funded over the term of each loan, subject in certain cases to an expiration date.",
        "box": [
          85.5,
          527.558896,
          455.54999999999995,
          535.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          539.058896,
          70.16,
          547.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark ",
        "box": [
          85.5,
          539.058896,
          555.9000000000002,
          547.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates,  which  include  SOFR,  SONIA,  EURIBOR,  CORRA,  and  other  indices  as  applicable  to  each  loan.  As  of ",
        "box": [
          85.5,
          550.558896,
          555.9900200000002,
          558.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, 97% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. ",
        "box": [
          85.5,
          562.058896,
          555.9699999999997,
          570.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The remaining 3% of our loans by principal balance earned a fixed rate of interest.",
        "box": [
          85.5,
          573.558896,
          415.35999999999996,
          581.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          585.058896,
          70.16,
          593.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum maturity  assumes  all  extension  options  are  exercised  by  the  borrower;  however,  our  loans  and  other ",
        "box": [
          85.5,
          585.058896,
          555.8600000000002,
          593.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual ",
        "box": [
          85.5,
          596.558896,
          555.9599900000004,
          604.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "methods, if any. As of March 31, 2026,",
        "box": [
          85.5,
          608.058896,
          245.22,
          616.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          245.22,
          608.058896,
          247.72,
          616.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41% of our loans by principal balance were subject to yield maintenance or ",
        "box": [
          248.05,
          608.058896,
          555.81,
          616.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other prepayment restrictions and 59% were open to repayment by the borrower without penalty.",
        "box": [
          85.5,
          619.558896,
          472.8699999999999,
          627.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          631.058896,
          70.16,
          639.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on LTV as of the dates loans were originated or acquired by us, excluding any loans that are impaired.",
        "box": [
          85.5,
          631.058896,
          521.39001,
          639.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 66,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table details the index rate floors for our Loan Portfolio as of March 31, 2026 ($ in thousands):",
        "box": [
          58.5,
          54.308896000000004,
          496.9999999999999,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          72.73315479999997,
          63.13,
          79.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Principal Balance",
        "box": [
          389.20999,
          72.73315479999997,
          501.80998000000005,
          79.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index Rate Floors",
        "box": [
          61.13,
          85.48315479999997,
          122.43400000000003,
          92.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          364.38,
          85.48315479999997,
          380.372,
          92.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-USD (1)",
        "box": [
          426.42001,
          84.84194112,
          465.33322000000004,
          92.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          509.51999,
          85.48315479999997,
          527.74399,
          92.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed Rate",
        "box": [
          61.13,
          98.058896,
          104.68999999999997,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.13,
          98.058896,
          347.63,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "397,337 ",
        "box": [
          370.67,
          98.058896,
          405.67,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          413.63,
          98.058896,
          421.13,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,916 ",
        "box": [
          444.17,
          98.058896,
          479.17,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          98.058896,
          493.88,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "532,253 ",
        "box": [
          516.92,
          98.058896,
          551.92,
          106.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00% or no floor (2)",
        "box": [
          61.13,
          113.058896,
          138.28319999999997,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          113.058896,
          342.63,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "731,463 ",
        "box": [
          370.67,
          113.058896,
          405.67,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.63,
          113.058896,
          416.13,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,614,027 ",
        "box": [
          436.67,
          113.058896,
          479.17,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          486.38,
          113.058896,
          488.88,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,345,490 ",
        "box": [
          509.42,
          113.058896,
          551.9200000000001,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.01% to 1.00% floor",
        "box": [
          61.13,
          128.058896,
          147.49000000000004,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          128.058896,
          342.63,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,636,260 ",
        "box": [
          363.17,
          128.058896,
          405.67,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.63,
          128.058896,
          416.13,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,152,196 ",
        "box": [
          436.67,
          128.058896,
          479.17,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          486.38,
          128.058896,
          488.88,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,788,456 ",
        "box": [
          509.42,
          128.058896,
          551.9200000000001,
          136.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.01% to 2.00% floor",
        "box": [
          61.13,
          143.058896,
          147.49000000000004,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          143.058896,
          342.63,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "929,990 ",
        "box": [
          370.67,
          143.058896,
          405.67,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.63,
          143.058896,
          416.13,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,711,218 ",
        "box": [
          436.67,
          143.058896,
          479.17,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          486.38,
          143.058896,
          488.88,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,641,208 ",
        "box": [
          509.42,
          143.058896,
          551.9200000000001,
          151.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.01% to 3.00% floor",
        "box": [
          61.13,
          158.058896,
          147.49000000000004,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          158.058896,
          342.63,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,764,518 ",
        "box": [
          363.17,
          158.058896,
          405.67,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.63,
          158.058896,
          416.13,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,885 ",
        "box": [
          444.17,
          158.058896,
          479.17,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          486.38,
          158.058896,
          488.88,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,129,403 ",
        "box": [
          509.42,
          158.058896,
          551.9200000000001,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.01% or more floor",
        "box": [
          61.13,
          173.058896,
          142.75,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          173.058896,
          342.63,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "951,506 ",
        "box": [
          370.67,
          173.058896,
          405.67,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.63,
          173.058896,
          416.13,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "251,114 ",
        "box": [
          444.17,
          173.058896,
          479.17,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          486.38,
          173.058896,
          488.88,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,202,620 ",
        "box": [
          509.42,
          173.058896,
          551.9200000000001,
          181.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total (3)",
        "box": [
          61.13,
          188.058896,
          88.2632,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.13,
          188.058896,
          347.63,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,411,074 ",
        "box": [
          363.17,
          188.058896,
          405.67,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          413.63,
          188.058896,
          421.13,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,228,356 ",
        "box": [
          436.67,
          188.058896,
          479.17,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.38,
          188.058896,
          493.88,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,639,430 ",
        "box": [
          504.42,
          188.058896,
          551.9200000000001,
          196.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          214.558896,
          70.16,
          222.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.",
        "box": [
          85.5,
          214.558896,
          510.35,
          222.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          226.058896,
          70.16,
          234.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes all impaired loans.",
        "box": [
          85.5,
          226.058896,
          195.91000000000005,
          234.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          237.558896,
          70.16,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, the weighted-average index rate floor of our floating-rate Loan Portfolio principal balance ",
        "box": [
          85.5,
          237.558896,
          555.9400000000002,
          245.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was 1.40%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was ",
        "box": [
          85.5,
          249.058896,
          555.9900000000004,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.06%.",
        "box": [
          85.5,
          260.558896,
          113.83,
          268.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  details  the  floating  benchmark  rates  for  our  Loan  Portfolio  as  of  March  31,  2026  (Loan  Portfolio ",
        "box": [
          58.5,
          284.05889599999995,
          555.92999,
          292.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal balance amounts in thousands):",
        "box": [
          58.5,
          295.55889599999995,
          222.20999999999998,
          303.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan",
        "box": [
          88.99,
          311.2931248,
          106.774,
          317.87576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          87.22,
          321.4831248,
          108.53999999999999,
          328.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Currency ",
        "box": [
          162.95,
          321.4831248,
          199.81399999999996,
          328.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio ",
        "box": [
          240.14,
          312.2931248,
          292.10001,
          318.87576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal Balance",
        "box": [
          234.82001,
          321.4831248,
          295.46001,
          328.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating Rate ",
        "box": [
          326.29999,
          312.2931248,
          374.72398999999996,
          318.87576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index (1)",
        "box": [
          336.70001,
          320.84191111999996,
          362.30322000000007,
          328.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Coupon (2)",
        "box": [
          405.39001,
          320.84191111999996,
          457.86322000000007,
          328.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in Yield (2)",
        "box": [
          491.23001,
          320.84191111999996,
          537.0232199999999,
          328.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93",
        "box": [
          92.87,
          334.05889599999995,
          102.87,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          177.87,
          334.05889599999995,
          182.87,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          226.13,
          334.05889599999995,
          233.63,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,411,074 ",
        "box": [
          262.67,
          334.05889599999995,
          305.17,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " SOFR",
        "box": [
          335.75,
          334.05889599999995,
          363.26000000000005,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.11%",
        "box": [
          415.57999,
          334.05889599999995,
          449.53999,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.32%",
        "box": [
          498.07999,
          334.05889599999995,
          532.0399900000001,
          342.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          92.87,
          349.05889599999995,
          102.87,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3",
        "box": [
          177.87,
          349.05889599999995,
          182.87,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          226.13,
          349.05889599999995,
          233.63,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,680,011 ",
        "box": [
          262.67,
          349.05889599999995,
          305.17,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SONIA",
        "box": [
          334.22,
          349.05889599999995,
          364.7700000000001,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.33%",
        "box": [
          415.57999,
          349.05889599999995,
          449.53999,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.46%",
        "box": [
          498.07999,
          349.05889599999995,
          532.0399900000001,
          357.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          92.87,
          364.05889599999995,
          102.87,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac",
        "box": [
          177.87,
          364.05889599999995,
          182.87,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          226.13,
          364.05889599999995,
          233.63,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,234,422 ",
        "box": [
          262.67,
          364.05889599999995,
          305.17,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EURIBOR",
        "box": [
          327.57001,
          364.05889599999995,
          371.43001000000015,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 2.86%",
        "box": [
          415.57999,
          364.05889599999995,
          449.53999,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.27%",
        "box": [
          498.07999,
          364.05889599999995,
          532.0399900000001,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          95.37,
          379.05889599999995,
          100.37,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          164.55,
          379.05889599999995,
          196.19000000000003,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          226.13,
          379.05889599999995,
          233.63,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,102,077 ",
        "box": [
          262.67,
          379.05889599999995,
          305.17,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other (3)",
        "box": [
          335.09,
          379.05889599999995,
          363.9032,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 4.04%",
        "box": [
          415.57999,
          379.05889599999995,
          449.53999,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 4.26%",
        "box": [
          498.07999,
          379.05889599999995,
          532.0399900000001,
          387.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130",
        "box": [
          90.37,
          394.05889599999995,
          105.37,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          226.13,
          394.05889599999995,
          233.63,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,639,430 ",
        "box": [
          257.67,
          394.05889599999995,
          305.17,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.23%",
        "box": [
          415.57999,
          394.05889599999995,
          449.53999,
          402.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.46%",
        "box": [
          498.07999,
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          532.0399900000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
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          70.16,
          430.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash ",
        "box": [
          85.5,
          422.55889599999995,
          555.8399999999999,
          430.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flows  in  terms  of  the  U.S.  dollar.  We  earn  forward  points  on  our  forward  contracts  that  reflect  the  interest  rate ",
        "box": [
          85.5,
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          555.9999999999999,
          442.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates. ",
        "box": [
          85.5,
          445.55889599999995,
          555.9399999999999,
          453.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These  forward  contracts  effectively  convert  the  foreign  currency  rate  exposure  for  such  investments  to  USD-",
        "box": [
          85.5,
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          553.4400000000002,
          465.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equivalent interest rates. ",
        "box": [
          85.5,
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          185.34000000000003,
          476.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
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          70.16,
          488.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan ",
        "box": [
          85.5,
          480.05889599999995,
          555.8699999999999,
          488.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the ",
        "box": [
          85.5,
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          555.9200000000001,
          499.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost-recovery and nonaccrual methods, if any.",
        "box": [
          85.5,
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          270.01001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
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          70.16,
          522.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes floating rate loans indexed to STIBOR, CORRA, and BBSY indices.",
        "box": [
          85.5,
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          397.14001,
          522.7871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65",
        "box": [
          301.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 67,
    "width": 612.0,
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    "cells": [
      {
        "text": "The charts below detail the geographic distribution and types of properties securing our Loan Portfolio, as of March 31, ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026:",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographic Diversification",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Net Loan Exposure) (1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sunbelt",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "23%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Northeast",
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        "text": "11%",
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        "from_ocr": false,
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      {
        "text": "Midwest",
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        "from_ocr": false,
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        "text": "4%",
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      {
        "text": "Northwest",
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        "text": "3%",
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        "from_ocr": false,
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        "text": "UK",
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        "from_ocr": false,
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        "text": "21%",
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        "from_ocr": false,
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      {
        "text": "Other",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Europe",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "18%",
        "box": [
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          74.3113673437328,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Australia",
        "box": [
          123.7202350694,
          174.02170370331885,
          156.7222350086448,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          123.7202350694,
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          192.22717072476564
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Canada",
        "box": [
          165.78098124919998,
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          192.78398155406717,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral Diversification",
        "box": [
          356.14001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Net Loan Exposure) (1)(2)",
        "box": [
          387.87,
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          487.3879799999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          517.025451905,
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          560.5684545803632,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26%",
        "box": [
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          533.5224522745327,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Industrial",
        "box": [
          501.84545888959997,
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          536.3444594623776,
          360.78648874356566
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          501.84545888959997,
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          518.3424592591327,
          371.58648869856563
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "US Office",
        "box": [
          342.6556007096,
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          379.36959943199355,
          367.37565362436567
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19%",
        "box": [
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          359.15260107913275,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-US",
        "box": [
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          339.4534708448176,
          293.9889027165657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          309.4794696734,
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          332.4534704880176,
          304.78890267156567
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          309.4794696734,
          308.18343556191877,
          321.4764699421328,
          315.58890262836564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          311.81409806839997,
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          351.8480987651616,
          239.01460873356564
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10%",
        "box": [
          311.81409806839997,
          242.4091416221189,
          328.31109843793274,
          249.81460868856573
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          358.1500401818,
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          379.6770407640048,
          200.22890420676572
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-Storage",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property",
        "box": [
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          429.7815858277312,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4%",
        "box": [
          398.7935843336,
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          410.7905846023328,
          185.33474026536567
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences/",
        "box": [
          433.15298298979997,
          154.2644386481188,
          484.4069860378896,
          161.66990571456563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Studio",
        "box": [
          433.15298298979997,
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          456.6709834166032,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          433.15298298979997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2026, ",
        "box": [
          85.5,
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          555.82001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is our principal balance net of (i) $961.1 million of asset-specific debt, (ii) $20.3 million of cost-recovery ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds, and (iii) our total loans receivable CECL reserve of $291.6 million. Our asset-specific debt is structurally ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-recourse and term-matched to the corresponding collateral loans. Geographic locations that represent less than ",
        "box": [
          85.5,
          504.838896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1% of net loan exposure are excluded from the chart. ",
        "box": [
          85.5,
          516.3389259999999,
          299.9800000000001,
          524.5672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          527.8389259999999,
          70.16,
          536.0672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets with multiple components are proportioned into the relevant property types based on the allocated value of ",
        "box": [
          85.5,
          527.8389259999999,
          555.9899999999999,
          536.0672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "each property type.",
        "box": [
          85.5,
          539.338926,
          162.35000000000002,
          547.5672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to section VII of this Item 2 for details of our loan portfolio, on a loan-by-loan basis. ",
        "box": [
          58.5,
          568.338926,
          423.69998999999984,
          576.5672225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 68,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Portfolio Management",
        "box": [
          58.5,
          54.318906000000084,
          149.26,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026,",
        "box": [
          58.5,
          71.808896,
          149.22,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.22,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98% of our loans, based on net loan exposure, were performing with risk ratings of '1' through '4,' ",
        "box": [
          151.76999,
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          555.8900100000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the remaining 2% were impaired with a risk rating of '5.' As of March 31, 2026, two of our performing loans with an ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate amortized cost basis of $156.7 million were in default. With respect to one of these loans, the default was a ",
        "box": [
          58.5,
          94.808896,
          555.8999999999999,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "technical default as a result of the non-payment of an extension fee, the loan was not past its maturity date and was current ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on its interest payments. The other loan was in payment default and was less than 90 days past due on its interest payment. ",
        "box": [
          58.5,
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          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Both of these  loans  had  a  risk  rating  of  '4.'  All  other  borrowers  under  performing  loans  were  in  compliance  with  the ",
        "box": [
          58.5,
          129.308896,
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          137.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable  contractual  terms  of  each  respective  loan,  including  any  required  payment  of  interest.  We  believe  this ",
        "box": [
          58.5,
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          555.97999,
          149.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "demonstrates the overall strength of our loan portfolio and the commitment and financial wherewithal of our borrowers ",
        "box": [
          58.5,
          152.308896,
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          160.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally, which are primarily affiliated with large real estate private equity funds and other strong, well-capitalized, and ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "experienced sponsors.",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the ",
        "box": [
          58.5,
          192.808896,
          555.9999999999999,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and ",
        "box": [
          58.5,
          204.308896,
          555.8899999999996,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from our long-standing core business model of originating senior loans collateralized by large assets in major markets with ",
        "box": [
          58.5,
          215.808896,
          555.9699999999997,
          224.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "experienced,  well-capitalized  institutional  sponsors.  While  we  believe  the  principal  amounts  of  our  loans  are  generally ",
        "box": [
          58.5,
          227.308896,
          555.9500000000002,
          235.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of ",
        "box": [
          58.5,
          238.808896,
          555.9300000000002,
          247.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain investments. As of March 31, 2026, we had an aggregate $84.9 million asset-specific CECL reserve related to seven ",
        "box": [
          58.5,
          250.308896,
          555.95001,
          258.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  our  loans  receivable,  with  an  aggregate  amortized  cost  basis  of  $372.2  million,  net  of  cost-recovery  proceeds.  This ",
        "box": [
          58.5,
          261.808896,
          555.98,
          270.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve was recorded based on our estimation of the  fair  value  of  each  of  the  loan's  underlying  collateral  as  of ",
        "box": [
          58.5,
          273.308896,
          555.8699999999999,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026.",
        "box": [
          58.5,
          284.80889599999995,
          124.58,
          293.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  benefit  from  the  deep  knowledge,  experience  and  information  advantages  of  our  Manager,  which  is  a  part  of ",
        "box": [
          58.5,
          308.30889599999995,
          555.9300000000003,
          316.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Real Estate. Blackstone Real Estate was founded in 1991 and is the world's largest owner of commercial real ",
        "box": [
          58.5,
          319.80889599999995,
          555.8800000000002,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate with investments in North America, Europe, Asia and Latin America. In the United States, Blackstone Real Estate is ",
        "box": [
          58.5,
          331.30889599999995,
          555.9700000000005,
          339.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "one of the largest owners of rental housing, industrial, office, hospitality and retail assets.",
        "box": [
          58.5,
          342.80889599999995,
          415.58999999999975,
          351.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed in Note 2 to our consolidated financial statements, we perform a quarterly review of our loan portfolio, assess ",
        "box": [
          58.5,
          366.30889599999995,
          555.9999999999999,
          374.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  performance  of  each  loan,  and  assign  it  a  risk  rating  between  '1'  and  '5',  from  less  risk  to  greater  risk.  As  of ",
        "box": [
          58.5,
          377.80889599999995,
          555.98,
          386.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, our loan portfolio had a weighted-average risk rating of 3.0, based on net loan exposure.",
        "box": [
          58.5,
          389.30889599999995,
          479.78999999999996,
          397.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table allocates the net book value and net loan exposure balances based on our internal risk ratings as of ",
        "box": [
          58.5,
          412.80889599999995,
          555.8399999999998,
          421.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 ($ in thousands): ",
        "box": [
          58.5,
          424.30889599999995,
          194.26000000000002,
          432.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          435.8746972,
          61.5,
          445.74865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          363.45001,
          453.5331148,
          416.5460100000001,
          460.1157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
        "box": [
          120.68,
          466.2831148,
          161.33599999999998,
          472.8657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Loans",
        "box": [
          246.02,
          466.2831148,
          305.9960000000001,
          472.8657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Book Value",
        "box": [
          357.51001,
          466.2831148,
          411.27001000000007,
          472.8657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan Exposure (1)",
        "box": [
          462.26001,
          465.64190112,
          534.4931899999999,
          472.8657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          138.5,
          478.85891599999997,
          143.5,
          487.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          273.5,
          478.85891599999997,
          278.5,
          487.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.88,
          478.85891599999997,
          339.38,
          487.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,420 ",
        "box": [
          402.92,
          478.85891599999997,
          437.92,
          487.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.88,
          478.85891599999997,
          453.38,
          487.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,095 ",
        "box": [
          516.92,
          478.85891599999997,
          551.92,
          487.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          138.5,
          493.85891599999997,
          143.5,
          502.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          271.0,
          493.85891599999997,
          281.0,
          502.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.88,
          493.85891599999997,
          334.38,
          502.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,948,977 ",
        "box": [
          395.42,
          493.85891599999997,
          437.92,
          502.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          493.85891599999997,
          448.38,
          502.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,778,681 ",
        "box": [
          509.42,
          493.85891599999997,
          551.9200000000001,
          502.0872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          138.5,
          508.858886,
          143.5,
          517.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84",
        "box": [
          271.0,
          508.858886,
          281.0,
          517.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.88,
          508.858886,
          334.38,
          517.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,478,398 ",
        "box": [
          390.42,
          508.858886,
          437.92,
          517.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          508.858886,
          448.38,
          517.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,646,589 ",
        "box": [
          504.42,
          508.858886,
          551.9200000000001,
          517.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          138.5,
          523.858886,
          143.5,
          532.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          271.0,
          523.858886,
          281.0,
          532.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.88,
          523.858886,
          334.38,
          532.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,643,985 ",
        "box": [
          395.42,
          523.858886,
          437.92,
          532.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          523.858886,
          448.38,
          532.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,541,297 ",
        "box": [
          509.42,
          523.858886,
          551.9200000000001,
          532.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          138.5,
          538.858886,
          143.5,
          547.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          273.5,
          538.858886,
          278.5,
          547.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.88,
          538.858886,
          334.38,
          547.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "372,156 ",
        "box": [
          402.92,
          538.858886,
          437.92,
          547.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.88,
          538.858886,
          448.38,
          547.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "285,822 ",
        "box": [
          516.92,
          538.858886,
          551.92,
          547.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable",
        "box": [
          61.13,
          553.858886,
          129.07999999999996,
          562.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130",
        "box": [
          268.5,
          553.858886,
          283.5,
          562.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.88,
          553.858886,
          339.38,
          562.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,557,936 ",
        "box": [
          390.42,
          553.858886,
          437.92,
          562.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.88,
          553.858886,
          453.38,
          562.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,366,484 ",
        "box": [
          504.42,
          553.858886,
          551.9200000000001,
          562.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve",
        "box": [
          61.13,
          568.858886,
          117.99999999999996,
          577.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(291,590)",
        "box": [
          397.70999,
          568.858886,
          436.86999,
          577.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable, net",
        "box": [
          61.13,
          583.858886,
          146.27999999999997,
          592.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.88,
          583.858886,
          339.38,
          592.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,266,346 ",
        "box": [
          390.42,
          583.858886,
          437.92,
          592.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          610.108886,
          70.16,
          618.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2026, ",
        "box": [
          85.5,
          610.108886,
          555.82001,
          618.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is our principal balance net of (i) $961.1 million of asset-specific debt, (ii) $20.3 million of cost-recovery ",
        "box": [
          85.5,
          621.608886,
          555.8500100000002,
          629.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds, and (iii) our total loans receivable CECL reserve of $291.6 million. Our asset-specific debt is structurally ",
        "box": [
          85.5,
          633.108886,
          555.86,
          641.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-recourse and term-matched to the corresponding collateral loans.",
        "box": [
          85.5,
          644.608886,
          362.93,
          652.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Expected Credit Loss Reserve",
        "box": [
          58.5,
          674.118896,
          212.19999999999993,
          682.3471925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The CECL reserves required by GAAP reflect our current estimate of potential credit losses related to our loans and notes ",
        "box": [
          58.5,
          691.608886,
          555.8799999999999,
          699.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable  included  in  our  consolidated  balance  sheets.  Other  than  a  few  narrow  exceptions,  GAAP  requires  that  all ",
        "box": [
          58.5,
          703.108886,
          555.9200000000001,
          711.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the ",
        "box": [
          58.5,
          714.608886,
          555.8399999999998,
          722.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 69,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "CECL model that all loans and similar assets  have  some  inherent  risk  of  loss,  regardless  of  credit  quality,  subordinate ",
        "box": [
          58.5,
          54.308896000000004,
          555.83,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capital, or other mitigating factors.",
        "box": [
          58.5,
          65.808896,
          197.19000000000005,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we recorded a net increase of $7.2 million in the CECL reserves against ",
        "box": [
          58.5,
          89.308896,
          555.9800000000001,
          97.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loans receivable portfolio, primarily driven by a $9.6 million increase in our general CECL reserve partially offset by a ",
        "box": [
          58.5,
          100.808896,
          555.9400100000003,
          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.4  million  decrease  in  our  asset-specific  CECL  reserve,  bringing  our  total  loans  receivable  CECL  reserves  to ",
        "box": [
          58.5,
          112.308896,
          555.94,
          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$291.6  million  as  of  March  31,  2026.  The  increase  in  our  general  CECL  reserve  was  primarily  driven  by  new  loan ",
        "box": [
          58.5,
          123.808896,
          555.9499700000001,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originations. The decrease in our asset-specific reserve was driven by charge-offs of $46.5 million primarily related to the ",
        "box": [
          58.5,
          135.308896,
          555.9000000000001,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resolution of one previously impaired loan as a result of our acquisition of title through a foreclosure of title to a hospitality ",
        "box": [
          58.5,
          146.808896,
          555.9499999999994,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral property located in San Francisco, CA, which is now included on our consolidated balance sheet as an owned real ",
        "box": [
          58.5,
          158.308896,
          555.88,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate asset. This was largely offset by additions to our asset-specific CECL reserve related to two additional loans with a ",
        "box": [
          58.5,
          169.808896,
          555.9999999999999,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "total amortized cost basis of $284.8 million that were impaired during the three months ended March 31, 2026. The income ",
        "box": [
          58.5,
          181.308896,
          555.8800100000002,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accrual was suspended on the two newly impaired loans, as the recovery of income and principal was doubtful. During the ",
        "box": [
          58.5,
          192.808896,
          555.8899899999998,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026, we recorded $1.4 million of interest income on these loans.",
        "box": [
          58.5,
          204.308896,
          444.5099999999998,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026,  we  had  an  aggregate  $84.9  million  asset-specific  CECL  reserve  related  to  seven  of  our  loans ",
        "box": [
          58.5,
          227.808896,
          555.9599900000001,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable,  with  a  total  amortized  cost  basis  of  $372.2  million,  net  of  cost-recovery  proceeds.  Impairments  are  each ",
        "box": [
          58.5,
          239.308896,
          555.9100100000003,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined  individually  as  a  result  of  changes  in  the  specific  credit  quality  factors  for  each  such  loan.  These  factors ",
        "box": [
          58.5,
          250.808896,
          555.9900000000001,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events ",
        "box": [
          58.5,
          262.308896,
          555.8700000000001,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of default, and (iv) other facts that impact the borrower's ability to pay the contractual amounts due under the terms of the ",
        "box": [
          58.5,
          273.808896,
          555.8799999999999,
          282.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan. This asset-specific CECL reserve was recorded based on our estimation of the fair value of each loan's underlying ",
        "box": [
          58.5,
          285.30889599999995,
          555.9799999999999,
          293.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral as of March 31, 2026.",
        "box": [
          58.5,
          296.80889599999995,
          185.86,
          305.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No  income  was  recorded  on  our  impaired  loans  subsequent  to  determining  that  they  were  impaired.  During  the  three ",
        "box": [
          58.5,
          320.30889599999995,
          555.9600000000002,
          328.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026, we received an aggregate $0.5 million of cash proceeds from such loans that were applied ",
        "box": [
          58.5,
          331.80889599999995,
          555.89001,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a reduction to the amortized cost basis of each respective loan. ",
        "box": [
          58.5,
          343.30889599999995,
          321.75,
          351.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 2 to our consolidated financial statements for further discussion of our policies on revenue recognition and ",
        "box": [
          58.5,
          366.80889599999995,
          555.8599999999999,
          375.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our CECL reserves.",
        "box": [
          58.5,
          378.30889599999995,
          137.57999999999996,
          386.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned Real Estate",
        "box": [
          58.5,
          407.648896,
          140.10999999999999,
          415.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As part of our portfolio management strategy to maximize economic outcomes, we may hold certain owned real estate ",
        "box": [
          58.5,
          425.30889599999995,
          555.8800000000001,
          433.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets,  resulting  from  transactions  in  which  we  assume  legal  title,  physical  possession,  or  control  of  the  collateral ",
        "box": [
          58.5,
          436.80889599999995,
          555.9200000000002,
          445.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying  a  loan  through  a  foreclosure,  a  deed-in-lieu  of  foreclosure  transaction,  or  a  loan  modification  in  which  we ",
        "box": [
          58.5,
          448.30889599999995,
          555.8900000000001,
          456.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receive an equity interest in and/or control over decision-making at the property. As of March 31, 2026, we had 13 owned ",
        "box": [
          58.5,
          459.80889599999995,
          555.9700100000001,
          468.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate assets with an aggregate carrying value of $1.3 billion.",
        "box": [
          58.5,
          471.30889599999995,
          319.82001,
          479.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides details of our owned real estate asset as of March 31, 2026 ($ in thousands):",
        "box": [
          58.5,
          494.80889599999995,
          480.5899899999999,
          503.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date",
        "box": [
          91.1,
          516.2331548,
          148.188,
          522.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          192.64999,
          516.2331548,
          222.87399,
          522.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          275.76999,
          516.2331548,
          325.7379900000001,
          522.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date Fair Value",
        "box": [
          355.66,
          516.2331548,
          451.3960000000001,
          522.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SQFT / Units / Keys",
        "box": [
          472.04999,
          516.2331548,
          540.48199,
          522.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          69.87,
          528.7431048000001,
          73.87,
          535.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2025",
        "box": [
          82.13,
          528.7431048000001,
          134.33800000000002,
          535.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York, NY",
        "box": [
          165.38,
          528.7431048000001,
          214.47600000000003,
          535.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          258.38,
          528.7431048000001,
          293.94,
          535.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.63,
          528.9831548,
          359.63,
          535.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "228,253 ",
        "box": [
          426.59,
          528.9831548,
          454.59,
          535.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "933 keys",
        "box": [
          524.09003,
          528.9831548,
          552.75403,
          535.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          69.87,
          541.4931048000001,
          73.87,
          548.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024",
        "box": [
          82.13,
          541.4931048000001,
          133.002,
          548.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Francisco, CA",
        "box": [
          165.38,
          541.4931048000001,
          225.57999999999996,
          548.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          258.38,
          541.4931048000001,
          293.94,
          548.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          541.7331548,
          355.63,
          548.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "201,530 ",
        "box": [
          426.59,
          541.7331548,
          454.59,
          548.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "686 keys",
        "box": [
          524.09003,
          541.7331548,
          552.75403,
          548.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          69.87,
          554.2431048000001,
          73.87,
          560.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024",
        "box": [
          82.13,
          554.2431048000001,
          133.002,
          560.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "El Segundo, CA",
        "box": [
          165.38,
          554.2431048000001,
          217.588,
          560.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          554.2431048000001,
          278.812,
          560.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          554.4831548,
          355.63,
          561.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "145,363 ",
        "box": [
          426.59,
          554.4831548,
          454.59,
          561.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "494,532 sqft",
        "box": [
          512.76001,
          554.4831548,
          552.76001,
          561.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          69.87,
          566.9931048000001,
          73.87,
          573.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2025",
        "box": [
          82.13,
          566.9931048000001,
          133.002,
          573.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York, NY",
        "box": [
          165.38,
          566.9931048000001,
          214.47600000000003,
          573.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          566.9931048000001,
          278.812,
          573.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          567.2331548,
          355.63,
          573.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,313 ",
        "box": [
          426.59,
          567.2331548,
          454.59,
          573.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "709,204 sqft",
        "box": [
          510.88,
          567.2331548,
          550.88,
          573.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          69.87,
          579.7431048000001,
          73.87,
          586.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2025",
        "box": [
          82.13,
          579.7431048000001,
          134.33800000000002,
          586.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Atlanta, GA",
        "box": [
          165.38,
          579.7431048000001,
          204.48399999999998,
          586.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          579.7431048000001,
          278.812,
          586.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          579.9831548,
          355.63,
          586.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132,974 ",
        "box": [
          426.59,
          579.9831548,
          454.59,
          586.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,184,916 sqft",
        "box": [
          506.76001,
          579.9831548,
          552.76001,
          586.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          69.87,
          592.4931048000001,
          73.87,
          599.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2025",
        "box": [
          82.13,
          592.4931048000001,
          133.89800000000002,
          599.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Denver, CO",
        "box": [
          165.38,
          592.4931048000001,
          204.036,
          599.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          592.4931048000001,
          278.812,
          599.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          592.7331548,
          355.63,
          599.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,748 ",
        "box": [
          426.59,
          592.7331548,
          454.59,
          599.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "538,179 sqft",
        "box": [
          510.88,
          592.7331548,
          550.88,
          599.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          69.87,
          605.2431048000001,
          73.87,
          611.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2024",
        "box": [
          82.13,
          605.2431048000001,
          125.89800000000001,
          611.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Washington, DC",
        "box": [
          165.38,
          605.2431048000001,
          219.15599999999998,
          611.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          605.2431048000001,
          278.812,
          611.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          605.4831548,
          355.63,
          612.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "107,016 ",
        "box": [
          426.59,
          605.4831548,
          454.59,
          612.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "892,480 sqft",
        "box": [
          512.76001,
          605.4831548,
          552.76001,
          612.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          69.87,
          617.9931048000001,
          73.87,
          624.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2024",
        "box": [
          82.13,
          617.9931048000001,
          134.33800000000002,
          624.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Burlington, MA",
        "box": [
          165.38,
          617.9931048000001,
          216.93999999999997,
          624.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          617.9931048000001,
          278.812,
          624.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          618.2331548,
          355.63,
          624.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,628 ",
        "box": [
          430.59,
          618.2331548,
          454.59,
          624.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "379,018 sqft",
        "box": [
          512.76001,
          618.2331548,
          552.76001,
          624.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          69.87,
          630.7431048000001,
          73.87,
          637.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2024",
        "box": [
          82.13,
          630.7431048000001,
          121.01,
          637.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mountain View, CA",
        "box": [
          165.38,
          630.7431048000001,
          230.932,
          637.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          258.38,
          630.7431048000001,
          278.812,
          637.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.63,
          630.9831548,
          355.63,
          637.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,203 ",
        "box": [
          430.59,
          630.9831548,
          454.59,
          637.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150,507 sqft",
        "box": [
          512.76001,
          630.9831548,
          552.76001,
          637.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          65.87,
          643.4931048000001,
          73.87,
          650.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2025",
        "box": [
          82.13,
          643.4931048000001,
          129.002,
          650.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chicago, IL",
        "box": [
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        "confidence": 1.0
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        "text": "Office",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "45,045 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "517,115 sqft",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "11",
        "box": [
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        "from_ocr": false,
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        "text": "March 2026",
        "box": [
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        "confidence": 1.0
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        "text": "San Francisco, CA",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Hospitality",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "41,082 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "459 keys",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "12",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "December 2024",
        "box": [
          82.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Denver, CO",
        "box": [
          165.38,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Office",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          355.63,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "33,337 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "170,304 sqft",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "13",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "July 2024",
        "box": [
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        "text": "San Antonio, TX",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          355.63,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "17,491 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "198 units",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,324,983 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "68",
        "box": [
          301.0,
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          311.0,
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        "confidence": 1.0
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  },
  {
    "page_no": 70,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Bank Loan Portfolio Joint Venture",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  second  quarter  of  2025,  we  entered  into  a  joint  venture  with  a  Blackstone-advised  investment  vehicle  to  acquire ",
        "box": [
          58.5,
          71.808896,
          555.9599999999999,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolios of performing commercial mortgage loans, or our Bank Loan Portfolio Joint Venture. In the second quarter of ",
        "box": [
          58.5,
          83.308896,
          555.8599900000003,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, the Bank Loan Portfolio Joint Venture acquired a $1.4 billion portfolio of 171 performing senior commercial real ",
        "box": [
          58.5,
          94.808896,
          555.9600000000003,
          103.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate  loans  from  a  regional  bank.  The  loans  are  secured  primarily  by  retail  and  multifamily  properties  located  across ",
        "box": [
          58.5,
          106.308896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "various markets in the Mid-Atlantic region, are primarily fixed rate, and were acquired at a discount to par. In the third ",
        "box": [
          58.5,
          117.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter  of  2025,  the  Bank  Loan  Portfolio  Joint  Venture  acquired  a  $606.0  million  portfolio  of  425  performing  senior ",
        "box": [
          58.5,
          129.308896,
          555.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial  real  estate  loans  from  a  regional  bank.  The  loans  are  secured  primarily  by  net  lease  retail  assets  located ",
        "box": [
          58.5,
          140.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "throughout the United States, are fixed rate, and were acquired at a discount to par. We have an aggregate 35% ownership ",
        "box": [
          58.5,
          152.308896,
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          160.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest in the joint venture as of March 31, 2026. As of March 31, 2026, our share of the fair value of the loans held by our ",
        "box": [
          58.5,
          163.808896,
          555.7599899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bank Loan Portfolio Joint Venture was $553.4 million.",
        "box": [
          58.5,
          175.308896,
          279.14999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Bank Loan Portfolio Joint Venture is recorded on our consolidated balance sheets as an investment in unconsolidated ",
        "box": [
          58.5,
          198.808896,
          555.9700000000001,
          207.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities. As of March 31, 2026, our investment in the joint venture totaled $101.3 million. During the three months ended ",
        "box": [
          58.5,
          210.308896,
          555.98999,
          218.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March  31,  2026,  we  did  not  make  any  contributions  to  the  joint  venture,  received  $10.6  million  of  distributions,  and ",
        "box": [
          58.5,
          221.808896,
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          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded $0.9 million of income from unconsolidated entities in our consolidated statements of operations.",
        "box": [
          58.5,
          233.308896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Joint Venture",
        "box": [
          58.5,
          262.6489260000001,
          162.02,
          270.8772225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the fourth quarter of 2024, we entered into a joint venture with a Blackstone-advised investment vehicle to invest in ",
        "box": [
          58.5,
          280.30889599999995,
          555.9999999999997,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "triple  net  lease  properties,  or  our  Net  Lease  Joint  Venture.  Our  investment  in  the  joint  venture  is  recorded  on  our ",
        "box": [
          58.5,
          291.80889599999995,
          555.99002,
          300.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated  balance  sheets  as  an  investment  in  unconsolidated  entities.  As  of  March  31,  2026,  our  investment  in ",
        "box": [
          58.5,
          303.30889599999995,
          555.89001,
          311.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated entities related to the joint venture totaled $143.1 million. During the three months ended March 31, 2026, ",
        "box": [
          58.5,
          314.80889599999995,
          555.89001,
          323.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we contributed $58.9 million to the joint  venture,  received  $22.4  million  of  distributions,  and  recorded  $0.4  million  of ",
        "box": [
          58.5,
          326.30889599999995,
          555.8800000000001,
          334.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income from unconsolidated entities in our consolidated statements of operations, inclusive of $3.1 million of depreciation ",
        "box": [
          58.5,
          337.80889599999995,
          555.9199900000002,
          346.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and amortization expense. We have an aggregate 75% ownership interest in the joint venture as of March 31, 2026. As of ",
        "box": [
          58.5,
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          555.9200200000001,
          357.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, our share of the carrying value of investments held by our Net Lease Joint Venture was $515.6 million.",
        "box": [
          58.5,
          360.80889599999995,
          539.71997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 71,
    "width": 612.0,
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    "cells": [
      {
        "text": "The following  table  details  the  tenant  industries  and  the  geographic  location  of  the  assets  held  by  our  Net  Lease  Joint ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture as of March 31, 2026:",
        "box": [
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          65.808896,
          181.19,
          74.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant Industry",
        "box": [
          180.03999,
          87.23315479999997,
          236.23198999999994,
          93.81579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Properties",
        "box": [
          368.45999,
          87.23315479999997,
          443.0759900000001,
          93.81579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of Annualized Base Rent",
        "box": [
          456.54999,
          87.23315479999997,
          550.7339899999998,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Early Childhood Education",
        "box": [
          61.13,
          99.808896,
          170.46000000000004,
          108.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          401.69,
          99.808896,
          411.69,
          108.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21%",
        "box": [
          495.39999,
          100.47888599999999,
          513.72999,
          108.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restaurants - Quick Service",
        "box": [
          61.13,
          114.808896,
          172.94000000000003,
          123.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68",
        "box": [
          401.69,
          114.808896,
          411.69,
          123.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          499.56,
          115.47888599999999,
          509.56,
          123.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Car Washes",
        "box": [
          61.13,
          129.808896,
          109.11999999999996,
          138.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          401.69,
          129.808896,
          411.69,
          138.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          499.56,
          130.478886,
          509.56,
          138.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Automotive Service",
        "box": [
          61.13,
          144.808896,
          141.32,
          153.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          401.69,
          144.808896,
          411.69,
          153.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          499.56,
          145.478886,
          509.56,
          153.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pet Care",
        "box": [
          61.13,
          159.808896,
          95.24999999999997,
          168.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          401.69,
          159.808896,
          411.69,
          168.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          502.06,
          160.478886,
          507.06,
          168.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Medical / Dental",
        "box": [
          61.13,
          174.808896,
          128.24999999999994,
          183.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          401.69,
          174.808896,
          411.69,
          183.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "box": [
          502.06,
          175.478886,
          507.06,
          183.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Home Improvement",
        "box": [
          61.13,
          189.808896,
          141.89,
          198.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          404.19,
          189.808896,
          409.19,
          198.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          502.06,
          190.478886,
          507.06,
          198.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convenience Stores",
        "box": [
          61.13,
          204.808896,
          140.75999999999996,
          213.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          401.69,
          204.808896,
          411.69,
          213.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          502.06,
          205.478886,
          507.06,
          213.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Retail",
        "box": [
          61.13,
          219.808896,
          110.21999999999997,
          228.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          404.19,
          219.808896,
          409.19,
          228.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          502.06,
          220.478886,
          507.06,
          228.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wholesale Trade",
        "box": [
          61.13,
          234.808896,
          129.07999999999996,
          243.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          404.19,
          234.808896,
          409.19,
          243.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
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          234.808896,
          507.06,
          243.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Grocery",
        "box": [
          61.13,
          249.058896,
          93.86999999999999,
          257.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          404.19,
          249.058896,
          409.19,
          257.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          502.06,
          249.728886,
          507.06,
          257.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          61.13,
          264.058896,
          99.42999999999999,
          272.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          404.19,
          264.058896,
          409.19,
          272.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          502.06,
          264.728886,
          507.06,
          272.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Casual Dining",
        "box": [
          61.13,
          279.058896,
          118.56999999999996,
          287.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          404.19,
          279.058896,
          409.19,
          287.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          502.06,
          279.728916,
          507.06,
          287.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Services",
        "box": [
          61.13,
          294.05889599999995,
          120.21999999999997,
          302.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          404.19,
          294.05889599999995,
          409.19,
          302.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          499.56,
          294.05889599999995,
          509.56,
          302.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     Total",
        "box": [
          61.13,
          308.30889599999995,
          94.70999999999998,
          316.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260",
        "box": [
          399.19,
          308.30889599999995,
          414.19,
          316.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          492.89999,
          308.30889599999995,
          516.22999,
          316.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "State",
        "box": [
          199.47,
          339.2331248,
          216.78999999999996,
          345.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Properties",
        "box": [
          368.45999,
          339.2331248,
          443.0759900000001,
          345.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of Annualized Base Rent",
        "box": [
          456.54999,
          339.2331248,
          550.7339899999998,
          345.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          61.13,
          351.80889599999995,
          89.99999999999999,
          360.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          401.69,
          351.80889599999995,
          411.69,
          360.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16%",
        "box": [
          495.39999,
          352.47891599999997,
          513.72999,
          360.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          61.13,
          366.80889599999995,
          84.97999999999999,
          375.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          401.69,
          366.80889599999995,
          411.69,
          375.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          499.56,
          367.47891599999997,
          509.56,
          375.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Illinois",
        "box": [
          61.13,
          381.80889599999995,
          89.42999999999999,
          390.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          401.69,
          381.80889599999995,
          411.69,
          390.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          502.06,
          382.47891599999997,
          507.06,
          390.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          61.13,
          396.80889599999995,
          93.32,
          405.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          401.69,
          396.80889599999995,
          411.69,
          405.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          502.06,
          397.47891599999997,
          507.06,
          405.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Missouri",
        "box": [
          61.13,
          411.80889599999995,
          96.68,
          420.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          401.69,
          411.80889599999995,
          411.69,
          420.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          502.06,
          412.47891599999997,
          507.06,
          420.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Minnesota",
        "box": [
          61.13,
          426.80889599999995,
          103.32,
          435.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          401.69,
          426.80889599999995,
          411.69,
          435.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          502.06,
          427.47891599999997,
          507.06,
          435.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Alabama",
        "box": [
          61.13,
          441.80889599999995,
          97.18999999999998,
          450.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          401.69,
          441.80889599999995,
          411.69,
          450.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          502.06,
          442.47891599999997,
          507.06,
          450.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arizona",
        "box": [
          61.13,
          456.80889599999995,
          93.32,
          465.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          404.19,
          456.80889599999995,
          409.19,
          465.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          502.06,
          457.47891599999997,
          507.06,
          465.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oklahoma",
        "box": [
          61.13,
          471.80889599999995,
          102.75999999999999,
          480.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          401.69,
          471.80889599999995,
          411.69,
          480.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          502.06,
          472.47891599999997,
          507.06,
          480.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wisconsin",
        "box": [
          61.13,
          486.80889599999995,
          103.30999999999999,
          495.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          401.69,
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          411.69,
          495.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          502.06,
          487.47891599999997,
          507.06,
          495.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All other (25 states)",
        "box": [
          61.13,
          501.80889599999995,
          140.76,
          510.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83",
        "box": [
          401.69,
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          411.69,
          510.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          499.56,
          502.47891599999997,
          509.56,
          510.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260",
        "box": [
          399.19,
          516.808896,
          414.19,
          525.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          492.89999,
          516.808896,
          516.22999,
          525.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, our Net Lease Joint Venture's leases had a weighted average remaining lease term of over 15 years ",
        "box": [
          58.5,
          545.058896,
          555.83997,
          553.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(based on annualized base rent), with weighted average annual rent increases of approximately 2%, and a rent coverage ",
        "box": [
          58.5,
          556.558896,
          555.9500100000002,
          564.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ratio of approximately 3x.",
        "box": [
          58.5,
          568.058896,
          162.83,
          576.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Core+ Real Estate Debt Fund Investment",
        "box": [
          58.5,
          597.398926,
          234.90000000000006,
          605.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the fourth quarter of 2025, we made a $75.0 million capital commitment at the initial closing of a new BREDS-advised ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "private fund formed to invest in Core+ real estate debt investments in the U.S. and Canada. Blackstone affiliates, including ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "us, do not pay management fees or carried interest with respect to their investments in the BREDS-advised private fund. ",
        "box": [
          58.5,
          638.058896,
          555.95001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our capital  commitment  represented  a  minority  of  the  total  capital  commitments  the  BREDS-advised  private  fund  had ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received as of March 31, 2026. As of March 31, 2026, the BREDS-advised private fund had not called any capital or made ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any investments. To fund its future investments, the BREDS-advised private fund will draw down on capital commitments ",
        "box": [
          58.5,
          672.558896,
          555.9200099999998,
          680.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "made by its investors, including us, on a pro rata basis.",
        "box": [
          58.5,
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          277.46999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 72,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Debt Securities Investment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the first quarter of 2026, we invested $66.7 million in a significant risk transfer, or SRT, transaction with a UK financial ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "institution structured as a credit-linked note, or the UK Bank Loan Portfolio SRT. The investment constitutes the first-loss ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tranche of a reference portfolio comprising a diversified, granular portfolio of low-leverage commercial real estate loans ",
        "box": [
          58.5,
          94.808896,
          555.95,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held by the UK financial institution. The SRT investment earns a floating-rate cash coupon of SONIA + 7.00%. As of ",
        "box": [
          58.5,
          106.308896,
          555.84999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, no realized credit losses have been incurred with respect to the underlying reference loan portfolio.",
        "box": [
          58.5,
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          522.3999999999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Multifamily Lending Partnership",
        "box": [
          58.5,
          147.14892600000007,
          235.30000000000007,
          155.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  second  quarter  of  2024,  we  entered  into  an  agreement  with  M&T  Realty  Capital  Corporation,  or  MTRCC,  a ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiary  of  M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC's Fannie ",
        "box": [
          58.5,
          176.308896,
          555.89,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mae DUS and Freddie Mac Optigo lending platforms, or our Agency Multifamily Lending Partnership. We will receive a ",
        "box": [
          58.5,
          187.808896,
          555.9300100000004,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie ",
        "box": [
          58.5,
          199.308896,
          555.8700000000003,
          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer ",
        "box": [
          58.5,
          210.808896,
          555.8600000000002,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to MTRCC for origination under the Fannie Mae program. During the three months ended March 31, 2026, we did not ",
        "box": [
          58.5,
          222.308896,
          555.94,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "refer any loans to MTRCC.",
        "box": [
          58.5,
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          168.10999999999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "III. Financings",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Financings",
        "box": [
          58.5,
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          170.09,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loan portfolio financing consists of secured debt, securitizations, and asset-specific debt. The following table details ",
        "box": [
          58.5,
          304.30889599999995,
          555.8799999999999,
          312.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our portfolio financing ($ in thousands):",
        "box": [
          58.5,
          315.80889599999995,
          219.22000000000003,
          324.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          336.9931348,
          63.13,
          343.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio Financing",
        "box": [
          435.17999,
          337.4831248,
          501.58798999999993,
          344.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding Principal Balance",
        "box": [
          415.75,
          345.4831248,
          521.038,
          352.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          357.9931348,
          63.13,
          364.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          398.32999,
          358.2331248,
          451.42599000000007,
          364.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          479.56,
          358.2331248,
          544.2,
          364.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt",
        "box": [
          61.13,
          370.80889599999995,
          113.01999999999997,
          379.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.88,
          370.80889599999995,
          393.38,
          379.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,099,002 ",
        "box": [
          422.42,
          370.80889599999995,
          464.92,
          379.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.88,
          370.80889599999995,
          480.38,
          379.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,125,839 ",
        "box": [
          504.42,
          370.80889599999995,
          551.9200000000001,
          379.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitizations",
        "box": [
          61.13,
          385.80889599999995,
          120.47999999999995,
          394.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          385.80889599999995,
          388.38,
          394.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,892,723 ",
        "box": [
          422.42,
          385.80889599999995,
          464.92,
          394.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.88,
          385.80889599999995,
          475.38,
          394.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,149,496 ",
        "box": [
          509.42,
          385.80889599999995,
          551.9200000000001,
          394.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific debt",
        "box": [
          61.13,
          400.80889599999995,
          137.42,
          409.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.88,
          400.80889599999995,
          388.38,
          409.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "961,050 ",
        "box": [
          429.92,
          400.80889599999995,
          464.92,
          409.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.88,
          400.80889599999995,
          475.38,
          409.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "999,810 ",
        "box": [
          516.92,
          400.80889599999995,
          551.92,
          409.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loan portfolio financing",
        "box": [
          61.13,
          415.80889599999995,
          179.60000000000005,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          385.88,
          415.80889599999995,
          393.38,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,952,775 ",
        "box": [
          417.42,
          415.80889599999995,
          464.92,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.88,
          415.80889599999995,
          480.38,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,275,145 ",
        "box": [
          504.42,
          415.80889599999995,
          551.9200000000001,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 73,
    "width": 612.0,
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    "cells": [
      {
        "text": "Secured Debt",
        "box": [
          58.5,
          54.318906000000084,
          112.60999999999997,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our secured credit facilities by spread over the applicable base rates as of March 31, 2026 ($ in ",
        "box": [
          58.5,
          71.808896,
          556.0000100000001,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands): ",
        "box": [
          58.5,
          83.308896,
          107.08,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended ",
        "box": [
          172.09,
          98.98315479999997,
          246.93799999999996,
          105.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          181.95,
          106.98315479999997,
          235.04599999999996,
          113.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          376.20001,
          106.98315479999997,
          429.2960100000001,
          113.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Spread",
        "box": [
          61.13,
          139.23315479999997,
          85.56200000000001,
          145.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          85.55,
          138.59194112,
          91.61319999999999,
          142.87065532921497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New Financings (2)",
        "box": [
          178.27,
          138.59194112,
          238.72319999999996,
          145.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          271.76999,
          131.23315479999997,
          289.99399,
          137.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings",
        "box": [
          260.89001,
          139.23315479999997,
          300.8820100000001,
          145.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          322.69,
          120.8531448,
          357.57,
          127.43578204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          330.35999,
          130.04309479999995,
          351.91198999999995,
          136.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (1)(3)(4)",
        "box": [
          323.26001,
          138.59194112,
          356.9896200000002,
          145.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral (5)",
        "box": [
          383.75,
          138.59194112,
          424.00320000000005,
          145.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          446.44,
          120.8531448,
          481.32,
          127.43578204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in ",
        "box": [
          454.10999,
          130.04309479999995,
          475.66198999999995,
          136.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield (1)(3)",
        "box": [
          448.70999,
          138.59194112,
          479.0364000000001,
          145.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest",
        "box": [
          505.82001,
          130.04309479999995,
          546.4600099999999,
          136.62573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Margin (6)",
        "box": [
          509.20999,
          138.59194112,
          543.0331699999999,
          145.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 1.50% or less (7)",
        "box": [
          61.13,
          151.808896,
          129.4632,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          171.38,
          151.808896,
          178.88,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,040 ",
        "box": [
          216.67,
          151.808896,
          246.67,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,350,442 ",
        "box": [
          254.63,
          151.808896,
          308.17,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.55 %",
        "box": [
          331.95999,
          151.808896,
          366.74998999999997,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,979,079 ",
        "box": [
          377.63,
          151.808896,
          431.17,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.07 %",
        "box": [
          455.70999,
          151.808896,
          490.49998999999997,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.52 %",
        "box": [
          517.96002,
          151.808896,
          552.7500200000001,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 1.51% to + 1.75%",
        "box": [
          61.13,
          166.808896,
          141.82001,
          175.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          171.38,
          166.808896,
          173.88,
          175.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          234.17,
          166.808896,
          246.67,
          175.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          254.63,
          166.808896,
          257.13,
          175.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,141,407 ",
        "box": [
          265.67,
          166.808896,
          308.17,
          175.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.75 %",
        "box": [
          331.95999,
          166.808896,
          366.74998999999997,
          175.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.63,
          166.808896,
          380.13,
          175.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,819,823 ",
        "box": [
          388.67,
          166.808896,
          431.17,
          175.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.48 %",
        "box": [
          455.70999,
          166.808896,
          490.49998999999997,
          175.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.73 %",
        "box": [
          517.96002,
          166.808896,
          552.7500200000001,
          175.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 1.76% to + 2.00%",
        "box": [
          61.13,
          181.808896,
          141.82001,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          171.38,
          181.808896,
          173.88,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102,261 ",
        "box": [
          211.67,
          181.808896,
          246.67,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          254.63,
          181.808896,
          257.13,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,086,492 ",
        "box": [
          265.67,
          181.808896,
          308.17,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.07 %",
        "box": [
          331.95999,
          181.808896,
          366.74998999999997,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.63,
          181.808896,
          380.13,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,729,600 ",
        "box": [
          388.67,
          181.808896,
          431.17,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.82 %",
        "box": [
          455.70999,
          181.808896,
          490.49998999999997,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +0.75 %",
        "box": [
          517.96002,
          181.808896,
          552.7500200000001,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 2.01% or more",
        "box": [
          61.13,
          196.808896,
          128.96,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          171.38,
          196.808896,
          173.88,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          234.17,
          196.808896,
          246.67,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          254.63,
          196.808896,
          257.13,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,520,661 ",
        "box": [
          265.67,
          196.808896,
          308.17,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +2.61 %",
        "box": [
          331.95999,
          196.808896,
          366.74998999999997,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.63,
          196.808896,
          380.13,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,351,849 ",
        "box": [
          388.67,
          196.808896,
          431.17,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +4.27 %",
        "box": [
          455.70999,
          196.808896,
          490.49998999999997,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.66 %",
        "box": [
          517.96002,
          196.808896,
          552.7500200000001,
          205.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          211.808896,
          82.21,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          171.38,
          211.808896,
          178.88,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161,301 ",
        "box": [
          211.67,
          211.808896,
          246.67,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  9,099,002 ",
        "box": [
          254.63,
          211.808896,
          308.17,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.83 %",
        "box": [
          331.95999,
          211.808896,
          366.74998999999997,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  12,880,351 ",
        "box": [
          377.63,
          211.808896,
          431.17,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +3.36 %",
        "box": [
          455.70999,
          211.808896,
          490.49998999999997,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  +1.53 %",
        "box": [
          517.96002,
          211.808896,
          552.7500200000001,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          240.558896,
          70.16,
          248.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  spread,  all-in  cost,  and  all-in  yield  are  expressed  over  the  relevant  floating  benchmark  rates,  which  include ",
        "box": [
          85.5,
          240.558896,
          555.9,
          248.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.",
        "box": [
          85.5,
          252.058896,
          364.4199999999999,
          260.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          263.558896,
          70.16,
          271.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the amount of new borrowings we closed during the three months ended March 31, 2026.",
        "box": [
          85.5,
          263.558896,
          489.32001,
          271.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          275.058896,
          70.16,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  addition  to  spread,  the  cost  includes  the  associated  deferred  fees  and  expenses  related  to  the  respective ",
        "box": [
          85.5,
          275.058896,
          555.87,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension ",
        "box": [
          85.5,
          286.55889599999995,
          555.9299999999998,
          294.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans ",
        "box": [
          85.5,
          298.05889599999995,
          555.9299999999996,
          306.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted for under the cost-recovery and nonaccrual methods, if any, and owned real estate assets.",
        "box": [
          85.5,
          309.55889599999995,
          484.17999999999995,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          321.05889599999995,
          70.16,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the weighted-average all-in cost as of March 31, 2026 and is not necessarily indicative of the spread ",
        "box": [
          85.5,
          321.05889599999995,
          555.8899999999999,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable to recent or future borrowings.",
        "box": [
          85.5,
          332.55889599999995,
          251.4200000000001,
          340.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          344.05889599999995,
          70.16,
          352.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  principal  balance  of  the  collateral  loan  assets  and  the  carrying  value  of  the  collateral  owned  real ",
        "box": [
          85.5,
          344.05889599999995,
          555.9800000000001,
          352.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate assets.",
        "box": [
          85.5,
          355.55889599999995,
          136.51999999999995,
          363.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          367.05889599999995,
          70.16,
          375.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.",
        "box": [
          85.5,
          367.05889599999995,
          492.1199999999999,
          375.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          378.55889599999995,
          70.16,
          386.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes  an  interest  rate  swap  with  a  $35.6  million  notional  amount  that  effectively  converts  our  floating  rate ",
        "box": [
          85.5,
          378.55889599999995,
          555.93,
          386.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liability to a fixed rate liability to align with the financed fixed rate loan exposure.",
        "box": [
          85.5,
          390.05889599999995,
          413.6500000000001,
          398.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 74,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Securitizations",
        "box": [
          58.5,
          54.318906000000084,
          117.87999999999997,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have financed certain pools of our loans through CLOs and have also financed one of our loans through a securitization ",
        "box": [
          58.5,
          71.808896,
          555.9200000000003,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vehicle,  or  the  European  Loan  Securitization.  The  following  table  details  our  securitized  debt  obligations  and  the ",
        "box": [
          58.5,
          83.308896,
          555.9,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ in thousands):",
        "box": [
          58.5,
          94.808896,
          514.0800099999999,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          382.57999,
          109.86315479999996,
          435.67599000000007,
          116.44579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized Debt Obligations",
        "box": [
          61.13,
          131.98315479999997,
          159.30599999999998,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          272.09,
          131.98315479999997,
          293.40999999999997,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          313.85999,
          123.98315479999997,
          345.39599,
          130.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          315.07999,
          131.98315479999997,
          344.18399000000005,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book",
        "box": [
          381.48999,
          122.66314479999994,
          399.27398999999997,
          129.24578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          377.35001,
          131.98315479999997,
          397.34201,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          397.33002,
          131.34194112,
          403.39322000000004,
          135.62065532921497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          433.31,
          122.79309479999995,
          468.19,
          129.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Yield/Cost (2)",
        "box": [
          428.73999,
          131.34194112,
          472.76318000000003,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term (3)",
        "box": [
          505.29999,
          131.34194112,
          530.4532099999999,
          138.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLOs",
        "box": [
          61.13,
          144.558896,
          84.99999999999999,
          152.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 FL6 Collateralized Loan Obligation",
        "box": [
          61.13,
          159.558896,
          227.0400000000001,
          167.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          174.558896,
          220.30000000000007,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          174.558896,
          285.25,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          174.558896,
          310.88,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "880,000 ",
        "box": [
          321.92,
          174.558896,
          356.92,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.13,
          174.558896,
          371.63,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "872,024 ",
        "box": [
          382.67,
          174.558896,
          417.67,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.84 %",
        "box": [
          441.20999,
          174.558896,
          478.49998999999997,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2043",
        "box": [
          492.17999,
          174.558896,
          543.55999,
          182.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          189.558896,
          194.47000000000003,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          277.75,
          189.558896,
          287.75,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          189.558896,
          305.88,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "999,379 ",
        "box": [
          321.92,
          189.558896,
          356.92,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          189.558896,
          366.63,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "999,379 ",
        "box": [
          382.67,
          189.558896,
          417.67,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.04 %",
        "box": [
          441.20999,
          189.558896,
          478.49998999999997,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2029",
        "box": [
          485.26001,
          189.558896,
          550.4800100000001,
          197.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 FL5 Collateralized Loan Obligation",
        "box": [
          71.12,
          204.558896,
          237.03000000000011,
          212.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          219.558896,
          220.30000000000007,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          219.558896,
          285.25,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          219.558896,
          305.88,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "831,250 ",
        "box": [
          321.92,
          219.558896,
          356.92,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          219.558896,
          366.63,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "822,738 ",
        "box": [
          382.67,
          219.558896,
          417.67,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.15 %",
        "box": [
          441.20999,
          219.558896,
          478.49998999999997,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2042",
        "box": [
          496.19,
          219.558896,
          550.8700000000001,
          227.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          234.558896,
          194.47000000000003,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          277.75,
          234.558896,
          287.75,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          234.558896,
          305.88,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,984 ",
        "box": [
          321.92,
          234.558896,
          356.92,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          234.558896,
          366.63,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,984 ",
        "box": [
          382.67,
          234.558896,
          417.67,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.44 %",
        "box": [
          441.20999,
          234.558896,
          478.49998999999997,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2029",
        "box": [
          492.29001,
          234.558896,
          550.8700100000001,
          242.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021 FL4 Collateralized Loan Obligation",
        "box": [
          71.12,
          249.558896,
          237.03000000000011,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.38,
          249.558896,
          272.88,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          249.558896,
          305.88,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          249.558896,
          366.63,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.88,
          249.558896,
          427.38,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.88,
          249.558896,
          487.38,
          257.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          264.558896,
          220.30000000000007,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          264.558896,
          285.25,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          264.558896,
          305.88,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "516,012 ",
        "box": [
          321.92,
          264.558896,
          356.92,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          264.558896,
          366.63,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "516,012 ",
        "box": [
          382.67,
          264.558896,
          417.67,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.60 %",
        "box": [
          441.20999,
          264.558896,
          478.49998999999997,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2038",
        "box": [
          510.04999,
          264.558896,
          550.86999,
          272.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          279.558896,
          194.47000000000003,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          277.75,
          279.558896,
          287.75,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          279.558896,
          305.88,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "645,605 ",
        "box": [
          321.92,
          279.558896,
          356.92,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          279.558896,
          366.63,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "645,605 ",
        "box": [
          382.67,
          279.558896,
          417.67,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.98 %",
        "box": [
          441.20999,
          279.558896,
          478.49998999999997,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2027",
        "box": [
          510.04999,
          279.558896,
          550.86999,
          287.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2020 FL2 Collateralized Loan Obligation",
        "box": [
          71.12,
          294.55889599999995,
          237.03000000000011,
          302.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          309.55889599999995,
          220.30000000000007,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          309.55889599999995,
          285.25,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          309.55889599999995,
          305.88,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "475,960 ",
        "box": [
          321.92,
          309.55889599999995,
          356.92,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          309.55889599999995,
          366.63,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "475,960 ",
        "box": [
          382.67,
          309.55889599999995,
          417.67,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.88 %",
        "box": [
          441.20999,
          309.55889599999995,
          478.49998999999997,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2038",
        "box": [
          492.29001,
          309.55889599999995,
          550.8700100000001,
          317.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          324.55889599999995,
          194.47000000000003,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          277.75,
          324.55889599999995,
          287.75,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          324.55889599999995,
          305.88,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "644,610 ",
        "box": [
          321.92,
          324.55889599999995,
          356.92,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          324.55889599999995,
          366.63,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "644,610 ",
        "box": [
          382.67,
          324.55889599999995,
          417.67,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.76 %",
        "box": [
          441.20999,
          324.55889599999995,
          478.49998999999997,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2027",
        "box": [
          497.29001,
          324.55889599999995,
          550.8700100000001,
          332.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          61.13,
          339.55889599999995,
          82.21,
          347.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding",
        "box": [
          78.5,
          354.55889599999995,
          220.30000000000007,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          280.25,
          354.55889599999995,
          285.25,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,703,222 ",
        "box": [
          303.38,
          354.55889599999995,
          356.92,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,686,734 ",
        "box": [
          364.13,
          354.55889599999995,
          417.67,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.89 %",
        "box": [
          441.20999,
          354.55889599999995,
          478.49998999999997,
          362.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          78.5,
          369.55889599999995,
          194.47000000000003,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          277.75,
          369.55889599999995,
          287.75,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          369.55889599999995,
          305.88,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,287,578 ",
        "box": [
          314.42,
          369.55889599999995,
          356.92,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          369.55889599999995,
          366.63,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,287,578 ",
        "box": [
          375.17,
          369.55889599999995,
          417.67,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.27 %",
        "box": [
          441.20999,
          369.55889599999995,
          478.49998999999997,
          377.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitizations",
        "box": [
          61.13,
          384.55889599999995,
          120.47999999999995,
          392.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "European Loan Securitization",
        "box": [
          71.12,
          399.55889599999995,
          190.40000000000006,
          407.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided",
        "box": [
          78.5,
          414.55889599999995,
          157.05,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          414.55889599999995,
          285.25,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          303.38,
          414.55889599999995,
          310.88,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189,501 ",
        "box": [
          321.92,
          414.55889599999995,
          356.92,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.13,
          414.55889599999995,
          371.63,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,755 ",
        "box": [
          382.67,
          414.55889599999995,
          417.67,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.65 %",
        "box": [
          441.20999,
          414.55889599999995,
          478.49998999999997,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          414.55889599999995,
          537.45001,
          422.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets (4)",
        "box": [
          78.5,
          429.55889599999995,
          200.53319999999997,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          280.25,
          429.55889599999995,
          285.25,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          429.55889599999995,
          305.88,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "245,066 ",
        "box": [
          321.92,
          429.55889599999995,
          356.92,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          429.55889599999995,
          366.63,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,518 ",
        "box": [
          382.67,
          429.55889599999995,
          417.67,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.97 %",
        "box": [
          441.20999,
          429.55889599999995,
          478.49998999999997,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2030",
        "box": [
          498.29001,
          429.55889599999995,
          537.45001,
          437.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          60.13,
          444.55889599999995,
          81.21,
          452.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior CLO Securities Outstanding / ",
        "box": [
          73.63,
          459.55889599999995,
          223.20000000000005,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Provided (5)",
        "box": [
          83.63,
          470.958896,
          168.24318999999997,
          479.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          280.25,
          459.55889599999995,
          285.25,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,892,723 ",
        "box": [
          303.38,
          459.55889599999995,
          356.92,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,874,489 ",
        "box": [
          364.13,
          459.55889599999995,
          417.67,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 1.88 %",
        "box": [
          441.20999,
          459.55889599999995,
          478.49998999999997,
          467.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying Collateral Assets",
        "box": [
          73.63,
          485.80889599999995,
          189.60000000000002,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          277.75,
          485.80889599999995,
          287.75,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          303.38,
          485.80889599999995,
          305.88,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,532,644 ",
        "box": [
          314.42,
          485.80889599999995,
          356.92,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
          485.80889599999995,
          366.63,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,530,096 ",
        "box": [
          375.17,
          485.80889599999995,
          417.67,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 3.27 %",
        "box": [
          441.20999,
          485.80889599999995,
          478.49998999999997,
          494.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          513.058896,
          70.16,
          521.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The book value of underlying collateral assets excludes any applicable CECL reserves.",
        "box": [
          85.5,
          513.058896,
          433.3800000000001,
          521.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          524.558896,
          70.16,
          532.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan ",
        "box": [
          85.5,
          524.558896,
          555.8699999999999,
          532.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination costs, purchase discounts, and accrual of exit fees, while all-in cost includes the amortization of deferred ",
        "box": [
          85.5,
          536.058896,
          555.9700000000003,
          544.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination fees and financing costs. The weighted-average all-in yield and cost are expressed as a spread over the ",
        "box": [
          85.5,
          547.558896,
          555.9400100000003,
          555.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant  floating  benchmark  rates,  which  is  SOFR  for  the  CLOs  and  EURIBOR  for  the  European  Loan ",
        "box": [
          85.5,
          559.058896,
          555.9400000000002,
          567.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, ",
        "box": [
          85.5,
          570.558896,
          555.9100099999998,
          578.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned real estate assets, and cash from repayment proceeds held in certain of our CLOs that may be used to add ",
        "box": [
          85.5,
          582.058896,
          555.9900000000001,
          590.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "new eligible collateral assets.",
        "box": [
          85.5,
          593.558896,
          202.52000000000004,
          601.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          605.058896,
          70.16,
          613.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underlying  collateral  assets  term  represents  the  weighted-average  final  maturity  of  such  loans,  assuming  all ",
        "box": [
          85.5,
          605.058896,
          555.9899999999999,
          613.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower, and excludes owned real estate assets. Repayments of securitized ",
        "box": [
          85.5,
          616.558896,
          555.8800000000003,
          624.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt  obligations  are  tied  to  timing  of  the  related  collateral  loan  asset  repayments.  The  term  of  these  obligations ",
        "box": [
          85.5,
          628.058896,
          555.8399999999998,
          636.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "represents the rated final distribution date of the securitizations.",
        "box": [
          85.5,
          639.558896,
          339.87,
          647.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          651.058896,
          70.16,
          659.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  financed  our  $55.8  million  retained  interests  in  the  securitization  under  a  repurchase  agreement  structured ",
        "box": [
          85.5,
          651.058896,
          555.9699999999999,
          659.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities ",
        "box": [
          85.5,
          662.558896,
          555.9099999999999,
          670.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our consolidated balance sheets.",
        "box": [
          85.5,
          674.058896,
          226.72000000000006,
          682.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          685.558896,
          70.16,
          693.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  months  ended  March  31,  2026,  we  recorded  $34.7  million  of  interest  expense  related  to  our ",
        "box": [
          85.5,
          685.558896,
          555.9699999999998,
          693.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitized debt obligations.",
        "box": [
          85.5,
          697.058896,
          197.85,
          705.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 75,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Refer  to  Note  8  and  Note  19  to  our  consolidated  financial  statements  for  additional  details  of  our  securitized  debt ",
        "box": [
          58.5,
          54.308896000000004,
          555.8599999999997,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations.",
        "box": [
          58.5,
          65.808896,
          105.39999999999998,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-Specific Debt ",
        "box": [
          58.5,
          95.31890600000008,
          138.92999999999998,
          103.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our asset-specific debt ($ in thousands): ",
        "box": [
          58.5,
          112.808896,
          329.84999999999997,
          121.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          354.45001,
          128.23315479999997,
          407.5460100000001,
          134.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-Specific Debt",
        "box": [
          61.13,
          149.98315479999997,
          127.09000000000003,
          156.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          230.09,
          149.98315479999997,
          251.41,
          156.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          292.10999,
          140.87310479999996,
          323.64599,
          147.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Balance",
        "box": [
          293.32999,
          149.98315479999997,
          322.43399000000005,
          156.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value (1)",
        "box": [
          352.47,
          149.34194112,
          398.2832000000001,
          156.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          425.44,
          140.87310479999996,
          460.32,
          147.4557420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield/Cost (2)",
        "box": [
          421.85999,
          149.34194112,
          463.88318000000004,
          156.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg.",
        "box": [
          498.19,
          140.79309479999995,
          533.0699999999999,
          147.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Term (3)",
        "box": [
          502.04999,
          149.34194112,
          529.2032099999999,
          156.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing provided",
        "box": [
          61.13,
          162.558896,
          139.11999999999998,
          170.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          238.25,
          162.558896,
          243.25,
          170.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          278.63,
          162.558896,
          286.13,
          170.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "961,050 ",
        "box": [
          303.17,
          162.558896,
          338.17,
          170.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          162.558896,
          353.63,
          170.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "959,352 ",
        "box": [
          370.67,
          162.558896,
          405.67,
          170.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.72 %",
        "box": [
          436.70999,
          162.558896,
          473.99998999999997,
          170.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          491.54001,
          162.558896,
          550.1200100000001,
          170.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral assets",
        "box": [
          61.13,
          177.558896,
          126.28999999999994,
          185.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          238.25,
          177.558896,
          243.25,
          185.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          278.63,
          177.558896,
          286.13,
          185.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,195,137 ",
        "box": [
          295.67,
          177.558896,
          338.17,
          185.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          177.558896,
          353.63,
          185.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,186,818 ",
        "box": [
          363.17,
          177.558896,
          405.67,
          185.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 4.09 %",
        "box": [
          436.70999,
          177.558896,
          473.99998999999997,
          185.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2030",
        "box": [
          491.54001,
          177.558896,
          550.1200100000001,
          185.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          204.808896,
          70.16,
          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The book value of underlying collateral assets excludes any applicable CECL reserves.",
        "box": [
          85.5,
          204.808896,
          433.3800000000001,
          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          216.308896,
          70.16,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, ",
        "box": [
          85.5,
          216.308896,
          555.92,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and ",
        "box": [
          85.5,
          227.808896,
          555.8499800000002,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost ",
        "box": [
          85.5,
          239.308896,
          555.9000000000001,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "includes the amortization of deferred origination fees and financing costs.",
        "box": [
          85.5,
          250.808896,
          380.13000000000005,
          259.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          262.308896,
          70.16,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all ",
        "box": [
          85.5,
          262.308896,
          555.9399999999998,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case ",
        "box": [
          85.5,
          273.808896,
          555.9800000000002,
          282.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the corresponding collateral loans.",
        "box": [
          85.5,
          285.30889599999995,
          233.37000000000006,
          293.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Financing ",
        "box": [
          58.5,
          314.648896,
          150.64999999999998,
          322.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our outstanding corporate financing ($ in thousands): ",
        "box": [
          58.5,
          332.30889599999995,
          383.4399999999999,
          340.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          347.4931348,
          63.13,
          354.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Financing",
        "box": [
          437.76999,
          347.9831248,
          509.50599000000005,
          354.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding Principal Balance",
        "box": [
          421.0,
          355.9831248,
          526.2879999999999,
          362.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          368.4931348,
          63.13,
          375.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          406.20001,
          368.7331248,
          459.2960100000001,
          375.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          482.19,
          368.7331248,
          546.83,
          375.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term loans",
        "box": [
          61.13,
          381.30889599999995,
          106.34999999999998,
          389.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          381.30889599999995,
          403.88,
          389.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,919,843 ",
        "box": [
          427.67,
          381.30889599999995,
          470.17,
          389.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          381.30889599999995,
          485.63,
          389.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,847,726 ",
        "box": [
          509.42,
          381.30889599999995,
          551.9200000000001,
          389.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes",
        "box": [
          61.13,
          396.30889599999995,
          143.81999999999996,
          404.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          396.30889599999995,
          398.88,
          404.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          435.17,
          396.30889599999995,
          470.17,
          404.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          396.30889599999995,
          480.63,
          404.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          516.92,
          396.30889599999995,
          551.92,
          404.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible notes",
        "box": [
          61.13,
          411.30889599999995,
          131.87999999999994,
          419.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          411.30889599999995,
          398.88,
          419.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          435.17,
          411.30889599999995,
          470.17,
          419.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          411.30889599999995,
          480.63,
          419.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          516.92,
          411.30889599999995,
          551.92,
          419.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total corporate financing",
        "box": [
          61.13,
          426.30889599999995,
          162.65,
          434.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          426.30889599999995,
          403.88,
          434.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,971,316 ",
        "box": [
          427.67,
          426.30889599999995,
          470.17,
          434.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          426.30889599999995,
          485.63,
          434.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,899,199 ",
        "box": [
          509.42,
          426.30889599999995,
          551.9200000000001,
          434.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 76,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table details our outstanding senior term loan facilities, or Term Loans, our outstanding senior secured notes, ",
        "box": [
          58.5,
          54.308896000000004,
          555.9599999999996,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or Senior Secured Notes, and convertible senior notes, or Convertible Notes, as of March 31, 2026 ($ in thousands):",
        "box": [
          58.5,
          65.808896,
          522.0,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Financing",
        "box": [
          61.13,
          92.73315479999997,
          132.86600000000004,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Face Value",
        "box": [
          238.64,
          92.73315479999997,
          276.616,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate (1)",
        "box": [
          311.79001,
          92.09194112,
          362.46322000000004,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in Cost (1)(2)",
        "box": [
          394.28,
          92.09194112,
          443.4764100000001,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          492.95999,
          92.73315479999997,
          524.0559900000001,
          99.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans",
        "box": [
          61.13,
          105.308896,
          109.67999999999998,
          113.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-7 Term Loan",
        "box": [
          69.13,
          119.558896,
          131.27999999999997,
          127.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          225.38,
          119.558896,
          227.88,
          127.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,839 ",
        "box": [
          255.92,
          119.558896,
          290.91999999999996,
          127.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          333.95999,
          119.558896,
          371.24998999999997,
          127.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.66 %",
        "box": [
          415.70999,
          119.558896,
          452.99998999999997,
          127.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 9, 2029",
        "box": [
          500.04999,
          119.558896,
          550.86999,
          127.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-8 Term Loan",
        "box": [
          69.13,
          134.558896,
          131.27999999999997,
          142.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          225.38,
          134.558896,
          227.88,
          142.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "698,250 ",
        "box": [
          255.92,
          134.558896,
          290.91999999999996,
          142.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          333.95999,
          134.558896,
          371.24998999999997,
          142.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.76 %",
        "box": [
          415.70999,
          134.558896,
          452.99998999999997,
          142.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 19, 2032",
        "box": [
          472.32999,
          134.558896,
          550.86999,
          142.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "B-9 Term Loan",
        "box": [
          69.13,
          149.558896,
          131.27999999999997,
          157.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          225.38,
          149.558896,
          227.88,
          157.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "770,754 ",
        "box": [
          255.92,
          149.558896,
          290.91999999999996,
          157.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.50 %",
        "box": [
          333.95999,
          149.558896,
          371.24998999999997,
          157.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  + 2.80 %",
        "box": [
          415.70999,
          149.558896,
          452.99998999999997,
          157.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 10, 2030",
        "box": [
          472.32999,
          149.558896,
          550.86999,
          157.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total term loans",
        "box": [
          78.13,
          164.558896,
          143.58999999999995,
          172.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          225.38,
          164.558896,
          232.88,
          172.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,919,843 ",
        "box": [
          248.42,
          164.558896,
          290.91999999999996,
          172.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Secured Notes",
        "box": [
          61.13,
          179.558896,
          147.70999999999998,
          187.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2021",
        "box": [
          69.13,
          194.558896,
          123.80999999999997,
          202.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          225.38,
          194.558896,
          232.88,
          202.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,316 ",
        "box": [
          255.92,
          194.558896,
          290.91999999999996,
          202.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.75 %",
        "box": [
          342.09,
          194.558896,
          371.24999999999994,
          202.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.06 %",
        "box": [
          423.84,
          194.558896,
          452.99999999999994,
          202.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 15, 2027",
        "box": [
          482.29001,
          194.558896,
          550.87001,
          202.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024",
        "box": [
          69.13,
          209.558896,
          132.66999999999996,
          217.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          225.38,
          209.558896,
          227.88,
          217.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          255.92,
          209.558896,
          290.91999999999996,
          217.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.75 %",
        "box": [
          342.09,
          209.558896,
          371.24999999999994,
          217.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          374.63,
          208.85189112,
          380.69320000000005,
          213.13060532921497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.14 %",
        "box": [
          423.84,
          209.558896,
          452.99999999999994,
          217.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 1, 2029",
        "box": [
          477.32999,
          209.558896,
          550.8699900000001,
          217.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total senior secured notes",
        "box": [
          78.13,
          224.558896,
          182.71999999999997,
          232.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          225.38,
          224.558896,
          232.88,
          232.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          255.92,
          224.558896,
          290.91999999999996,
          232.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes",
        "box": [
          61.13,
          239.558896,
          134.09999999999997,
          247.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes (4)",
        "box": [
          69.13,
          254.558896,
          148.16321,
          262.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          225.38,
          254.558896,
          232.88,
          262.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          255.92,
          254.558896,
          290.91999999999996,
          262.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.50 %",
        "box": [
          342.09,
          254.558896,
          371.24999999999994,
          262.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.79 %",
        "box": [
          423.84,
          254.558896,
          452.99999999999994,
          262.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 15, 2027",
        "box": [
          487.29001,
          254.558896,
          550.87001,
          262.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total corporate financings",
        "box": [
          78.13,
          269.558896,
          183.54000000000002,
          277.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          225.38,
          269.558896,
          232.88,
          277.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,971,316 ",
        "box": [
          248.42,
          269.558896,
          290.91999999999996,
          277.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          297.30889599999995,
          70.16,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The B-7 Term Loan and B-9 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. ",
        "box": [
          85.5,
          297.30889599999995,
          520.31,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          308.80889599999995,
          70.16,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes  issue  discounts,  transaction  expenses,  and/or  issuance  costs,  as  applicable,  that  are  amortized  through ",
        "box": [
          85.5,
          308.80889599999995,
          555.8999999999999,
          317.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense over the life of each respective financing.",
        "box": [
          85.5,
          320.30889599999995,
          317.66,
          328.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          331.80889599999995,
          70.16,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts ",
        "box": [
          85.5,
          331.80889599999995,
          555.8299999999998,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our fixed rate exposure to a SOFR + 3.95% floating rate exposure. Refer to Note 11 to our consolidated financial ",
        "box": [
          85.5,
          343.30889599999995,
          555.9000000000001,
          351.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements for further information. ",
        "box": [
          85.5,
          354.80889599999995,
          226.17000000000013,
          363.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          366.30889599999995,
          70.16,
          374.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The conversion price of the Convertible Notes is $36.27, which represents the price of class A common stock per ",
        "box": [
          85.5,
          366.30889599999995,
          555.9799999999999,
          374.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share  based  on  a  conversion  rate  of  27.5702.  The  conversion  rate  represents  the  number  of  shares  of  class  A ",
        "box": [
          85.5,
          377.80889599999995,
          555.9499900000001,
          386.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has ",
        "box": [
          85.5,
          389.30889599999995,
          555.9699999999999,
          397.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not been exceeded as of March 31, 2026.",
        "box": [
          85.5,
          400.80889599999995,
          249.50999,
          409.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 2, Note 10, Note 11, and Note 12 to our consolidated financial statements for further discussion of our Term ",
        "box": [
          58.5,
          424.30889599999995,
          555.9699999999997,
          432.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, Senior Secured Notes, and Convertible Notes.",
        "box": [
          58.5,
          435.80889599999995,
          271.90000000000003,
          444.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating Rate Loan Portfolio",
        "box": [
          58.5,
          465.148896,
          181.46000000000004,
          473.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates ",
        "box": [
          58.5,
          482.80889599999995,
          555.9699999999998,
          491.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will decrease net income. As of March 31, 2026, 97% of our loans by principal balance earned a floating rate of interest, ",
        "box": [
          58.5,
          494.30889599999995,
          555.8299899999997,
          502.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily  indexed  to  SOFR,  and  were  financed  with  liabilities  that  pay  interest  at  floating  rates,  which  resulted  in  an ",
        "box": [
          58.5,
          505.80889599999995,
          555.99,
          514.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on ",
        "box": [
          58.5,
          517.308896,
          555.92,
          525.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain of our floating rate loans.",
        "box": [
          58.5,
          528.808896,
          189.44000000000005,
          537.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our liabilities are generally currency and index-matched to each collateral asset, resulting in a net exposure to movements ",
        "box": [
          58.5,
          552.308896,
          555.96,
          560.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in benchmark rates that varies by currency silo based on the relative proportion of floating rate assets and liabilities. ",
        "box": [
          58.5,
          563.808896,
          524.0199999999998,
          572.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 77,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table details our investment portfolio's exposure to interest rates by currency as of March 31, 2026 (amounts ",
        "box": [
          58.5,
          54.308896000000004,
          555.9200300000001,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in thousands): ",
        "box": [
          58.5,
          65.808896,
          117.35,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          81.23315479999997,
          63.13,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
          293.13,
          81.23315479999997,
          309.122,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.11002,
          81.23315479999997,
          311.11002,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          361.16,
          81.23315479999997,
          377.608,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.59,
          81.23315479999997,
          379.59,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          429.19,
          81.23315479999997,
          446.07800000000003,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.06,
          81.23315479999997,
          448.06,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All Other (1)",
        "box": [
          486.53,
          80.59194112,
          525.22317,
          87.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate loans (2)(3)(4)(5)",
        "box": [
          61.13,
          93.808896,
          159.73279999999994,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.13,
          93.808896,
          278.63,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,636,374 ",
        "box": [
          289.67,
          93.808896,
          332.17,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          339.38,
          93.808896,
          346.88,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,567,661 ",
        "box": [
          357.92,
          93.808896,
          400.42,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          407.63,
          93.808896,
          415.13,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,234,422 ",
        "box": [
          426.17,
          93.808896,
          468.67,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          93.808896,
          483.38,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,102,077 ",
        "box": [
          494.42,
          93.808896,
          536.9200000000001,
          102.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate portfolio financings (2)(5)(6)(7)",
        "box": [
          61.13,
          108.808896,
          217.73280999999997,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          271.13,
          108.808896,
          273.63,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,868,156)   ",
        "box": [
          286.34,
          108.808896,
          341.88,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,953,983)   ",
        "box": [
          354.59,
          108.808896,
          410.13,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,576,628)   ",
        "box": [
          422.84,
          108.808896,
          478.38,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,681,832) ",
        "box": [
          491.09,
          108.808896,
          540.25,
          117.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate corporate financings (8)",
        "box": [
          61.13,
          123.808896,
          202.29321,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          271.13,
          123.808896,
          273.63,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,369,843)   ",
        "box": [
          286.34,
          123.808896,
          341.88,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          387.92,
          123.808896,
          400.42,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          407.63,
          123.808896,
          410.13,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          456.17,
          123.808896,
          468.67,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.88,
          123.808896,
          478.38,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          524.42,
          123.808896,
          536.92,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net floating rate exposure",
        "box": [
          78.5,
          138.808896,
          182.54,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.13,
          138.808896,
          278.63,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(601,625)  \u00a3 ",
        "box": [
          293.84,
          138.808896,
          346.88,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "613,678 ",
        "box": [
          365.42,
          138.808896,
          400.42,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          407.63,
          138.808896,
          415.13,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "657,794 ",
        "box": [
          433.67,
          138.808896,
          468.67,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          138.808896,
          483.38,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "420,245 ",
        "box": [
          501.92,
          138.808896,
          536.9200000000001,
          147.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net floating rate exposure in USD (8)",
        "box": [
          78.5,
          153.808896,
          221.3632,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.13,
          153.808896,
          278.63,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(601,625)  $ ",
        "box": [
          293.84,
          153.808896,
          346.88,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "811,712 ",
        "box": [
          365.42,
          153.808896,
          400.42,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          407.63,
          153.808896,
          415.13,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "759,949 ",
        "box": [
          433.67,
          153.808896,
          468.67,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.88,
          153.808896,
          483.38,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "420,245 ",
        "box": [
          501.92,
          153.808896,
          536.9200000000001,
          162.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          182.558896,
          70.16,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.",
        "box": [
          85.5,
          182.558896,
          391.54000000000013,
          190.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          194.058896,
          70.16,
          202.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  floating  rate  loans  and  related  liabilities  are  currency  and  index-matched  to  the  applicable  benchmark  rate ",
        "box": [
          85.5,
          194.058896,
          555.9300000000004,
          202.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relevant in each arrangement.",
        "box": [
          85.5,
          205.558896,
          203.64000000000004,
          213.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          217.058896,
          70.16,
          225.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes $376.9 million of principal balance on floating rate impaired loans.",
        "box": [
          85.5,
          217.058896,
          392.9099999999999,
          225.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          228.558896,
          70.16,
          236.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers' ",
        "box": [
          85.5,
          228.558896,
          555.88,
          236.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exposure to an increase in interest rates.",
        "box": [
          85.5,
          240.058896,
          245.0,
          248.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          251.558896,
          70.16,
          259.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes amounts related to our investments in unconsolidated entities.",
        "box": [
          85.5,
          251.558896,
          371.5499999999999,
          259.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          263.058896,
          70.16,
          271.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes amounts outstanding under secured debt, securitizations, and asset-specific debt. Excludes amounts related ",
        "box": [
          85.5,
          263.058896,
          555.9700000000001,
          271.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the indebtedness of unconsolidated entities.",
        "box": [
          85.5,
          274.558896,
          269.73,
          282.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          286.05889599999995,
          70.16,
          294.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes  an  interest  rate  swap  with  a  $35.6  million  notional  amount  that  effectively  converts  our  floating  rate ",
        "box": [
          85.5,
          286.05889599999995,
          555.98,
          294.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liability to a fixed rate liability to align with the financed fixed rate loan exposure.",
        "box": [
          85.5,
          297.55889599999995,
          413.6500000000001,
          305.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          58.5,
          309.05889599999995,
          70.16,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes amounts outstanding under Term Loans and the Senior Secured Notes due 2029. In connection with the ",
        "box": [
          85.5,
          309.05889599999995,
          555.85,
          317.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuance of the Senior Secured Notes due 2029, we entered into an interest rate swap with a notional amount of ",
        "box": [
          85.5,
          320.55889599999995,
          555.8799900000001,
          328.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$450.0 million to effectively convert our fixed rate exposure to floating rate exposure for such notes.",
        "box": [
          85.5,
          332.05889599999995,
          488.1200099999999,
          340.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          58.5,
          343.55889599999995,
          70.16,
          351.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the U.S. dollar equivalent as of March 31, 2026.",
        "box": [
          85.5,
          343.55889599999995,
          324.44,
          351.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates, ",
        "box": [
          58.5,
          372.55889599999995,
          555.9800000000002,
          380.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the ",
        "box": [
          58.5,
          384.05889599999995,
          555.8499999999999,
          392.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may ",
        "box": [
          58.5,
          395.55889599999995,
          555.9400000000003,
          403.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate ",
        "box": [
          58.5,
          407.05889599999995,
          555.8399999999998,
          415.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stress-testing  during  our  underwriting  process,  which  generally  includes  a  requirement  for  our  borrower  to  purchase  an ",
        "box": [
          58.5,
          418.55889599999995,
          555.88,
          426.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  rate  cap  contract  with  an  unaffiliated  third  party,  provide  an  interest  reserve  deposit,  and/or  provide  interest ",
        "box": [
          58.5,
          430.05889599999995,
          555.8899999999998,
          438.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guarantees or other structural protections.",
        "box": [
          58.5,
          441.55889599999995,
          224.6800000000001,
          449.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 78,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "IV. Our Results of Operations ",
        "box": [
          58.5,
          54.148926000000074,
          189.53,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating Results",
        "box": [
          58.5,
          71.64892600000007,
          135.93999999999997,
          79.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  sets  forth  information  regarding  our  consolidated  results  of  operations  for  the  three  months  ended ",
        "box": [
          58.5,
          89.308896,
          555.94,
          97.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 and December 31, 2025 ($ in thousands, except per share data):",
        "box": [
          58.5,
          100.808896,
          378.77,
          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          122.23315479999997,
          63.13,
          128.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          377.20999,
          122.23315479999997,
          450.0659900000001,
          128.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
          510.39999,
          122.23315479999997,
          536.6079899999999,
          128.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          134.98315479999997,
          63.13,
          141.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          347.70001,
          134.98315479999997,
          400.7960100000001,
          141.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          420.69,
          134.98315479999997,
          485.3300000000001,
          141.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          521.5,
          134.98315479999997,
          525.5,
          141.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments",
        "box": [
          61.13,
          147.39892600000007,
          237.97000000000003,
          155.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest and related income",
        "box": [
          78.5,
          161.808896,
          186.95000000000005,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
          161.808896,
          346.88,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "305,557 ",
        "box": [
          375.17,
          161.808896,
          410.17,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.13,
          161.808896,
          425.63,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "318,848 ",
        "box": [
          453.92,
          161.808896,
          488.92,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          161.808896,
          503.63,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,291) ",
        "box": [
          518.59,
          161.808896,
          555.2500000000001,
          170.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Interest and related expenses",
        "box": [
          78.5,
          176.808896,
          217.19000000000003,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          176.808896,
          341.88,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220,736 ",
        "box": [
          375.17,
          176.808896,
          410.17,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          176.808896,
          420.63,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "234,932 ",
        "box": [
          453.92,
          176.808896,
          488.92,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          176.808896,
          498.63,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,196) ",
        "box": [
          518.59,
          176.808896,
          555.2500000000001,
          185.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net",
        "box": [
          98.5,
          191.64892600000007,
          293.6600000000001,
          199.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          191.808896,
          341.88,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,821 ",
        "box": [
          380.17,
          191.808896,
          410.17,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          191.808896,
          420.63,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,916 ",
        "box": [
          458.92,
          191.808896,
          488.92,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          191.808896,
          498.63,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "905 ",
        "box": [
          534.42,
          191.808896,
          551.92,
          200.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          78.5,
          206.808896,
          207.22000000000003,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          206.808896,
          341.88,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,594 ",
        "box": [
          380.17,
          206.808896,
          410.17,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          206.808896,
          420.63,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,402 ",
        "box": [
          458.92,
          206.808896,
          488.92,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          206.808896,
          498.63,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(808) ",
        "box": [
          531.09,
          206.808896,
          555.2500000000001,
          215.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenues",
        "box": [
          98.5,
          221.64892600000007,
          177.31000000000003,
          229.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159,415",
        "box": [
          376.62,
          221.808896,
          409.12,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159,318",
        "box": [
          455.37,
          221.808896,
          487.87,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          540.87,
          221.808896,
          550.87,
          230.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          61.13,
          236.64892600000007,
          100.54999999999998,
          244.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and incentive fees",
        "box": [
          78.5,
          251.058896,
          205.26000000000005,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          251.058896,
          341.88,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,813 ",
        "box": [
          380.17,
          251.058896,
          410.17,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          251.058896,
          420.63,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,434 ",
        "box": [
          458.92,
          251.058896,
          488.92,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          251.058896,
          498.63,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,621) ",
        "box": [
          523.59,
          251.058896,
          555.2500000000001,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          78.5,
          266.058896,
          225.24000000000004,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          266.058896,
          341.88,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,981 ",
        "box": [
          380.17,
          266.058896,
          410.17,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          266.058896,
          420.63,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,243 ",
        "box": [
          458.92,
          266.058896,
          488.92,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          266.058896,
          498.63,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "738 ",
        "box": [
          534.42,
          266.058896,
          551.92,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from owned real estate",
        "box": [
          78.5,
          281.05889599999995,
          210.01000000000005,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          281.05889599999995,
          341.88,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,975 ",
        "box": [
          380.17,
          281.05889599999995,
          410.17,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          281.05889599999995,
          420.63,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78,380 ",
        "box": [
          458.92,
          281.05889599999995,
          488.92,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          281.05889599999995,
          498.63,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,595 ",
        "box": [
          526.92,
          281.05889599999995,
          551.92,
          289.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          98.5,
          295.898896,
          160.95,
          304.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          296.05889599999995,
          341.88,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,769 ",
        "box": [
          375.17,
          296.05889599999995,
          410.17,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          296.05889599999995,
          420.63,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "108,057 ",
        "box": [
          453.92,
          296.05889599999995,
          488.92,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          296.05889599999995,
          498.63,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,712 ",
        "box": [
          526.92,
          296.05889599999995,
          551.92,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in current expected credit loss reserve",
        "box": [
          61.13,
          311.05889599999995,
          248.08000000000004,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          311.05889599999995,
          341.88,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(55,055) ",
        "box": [
          376.84,
          311.05889599999995,
          413.49999999999994,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          311.05889599999995,
          420.63,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,375)   ",
        "box": [
          455.59,
          311.05889599999995,
          498.63,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(36,680) ",
        "box": [
          518.59,
          311.05889599999995,
          555.2500000000001,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from unconsolidated entities",
        "box": [
          61.13,
          326.05889599999995,
          207.34000000000006,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          326.05889599999995,
          341.88,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,383 ",
        "box": [
          385.17,
          326.05889599999995,
          410.17,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          326.05889599999995,
          420.63,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,272 ",
        "box": [
          463.92,
          326.05889599999995,
          488.92,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          326.05889599999995,
          498.63,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,889) ",
        "box": [
          523.59,
          326.05889599999995,
          555.2500000000001,
          334.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss on disposition of owned real estate",
        "box": [
          61.13,
          341.05889599999995,
          235.13000000000008,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          341.05889599999995,
          341.88,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160) ",
        "box": [
          389.34000000000003,
          341.05889599999995,
          413.5,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          341.05889599999995,
          420.63,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          476.42,
          341.05889599999995,
          488.92,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          341.05889599999995,
          498.63,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160) ",
        "box": [
          531.09,
          341.05889599999995,
          555.2500000000001,
          349.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income, net",
        "box": [
          61.13,
          356.05889599999995,
          132.98999999999998,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          356.05889599999995,
          341.88,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 ",
        "box": [
          402.67,
          356.05889599999995,
          410.17,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          356.05889599999995,
          420.63,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 ",
        "box": [
          481.42,
          356.05889599999995,
          488.92,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          356.05889599999995,
          498.63,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1) ",
        "box": [
          541.09,
          356.05889599999995,
          555.2500000000001,
          364.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss) income before income taxes",
        "box": [
          61.13,
          370.898896,
          207.10000000000005,
          379.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          371.05889599999995,
          341.88,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,182) ",
        "box": [
          381.84,
          371.05889599999995,
          413.49999999999994,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          371.05889599999995,
          420.63,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,163 ",
        "box": [
          458.92,
          371.05889599999995,
          488.92,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          371.05889599999995,
          498.63,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,345) ",
        "box": [
          518.59,
          371.05889599999995,
          555.2500000000001,
          379.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          61.13,
          386.05889599999995,
          146.04999999999998,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          386.05889599999995,
          341.88,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,158 ",
        "box": [
          385.17,
          386.05889599999995,
          410.17,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          386.05889599999995,
          420.63,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "535 ",
        "box": [
          471.42,
          386.05889599999995,
          488.92,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          386.05889599999995,
          498.63,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "623 ",
        "box": [
          534.42,
          386.05889599999995,
          551.92,
          394.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income",
        "box": [
          61.13,
          400.898896,
          133.85,
          409.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          401.05889599999995,
          341.88,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,340) ",
        "box": [
          381.84,
          401.05889599999995,
          413.49999999999994,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          401.05889599999995,
          420.63,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,628 ",
        "box": [
          458.92,
          401.05889599999995,
          488.92,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          401.05889599999995,
          498.63,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,968) ",
        "box": [
          518.59,
          401.05889599999995,
          555.2500000000001,
          409.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss (income) attributable to non-controlling interests",
        "box": [
          61.13,
          416.05889599999995,
          290.8500000000001,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          339.38,
          416.05889599999995,
          341.88,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43 ",
        "box": [
          397.67,
          416.05889599999995,
          410.17,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.13,
          416.05889599999995,
          420.63,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(68) ",
        "box": [
          473.09000000000003,
          416.05889599999995,
          492.25,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          416.05889599999995,
          498.63,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111 ",
        "box": [
          534.42,
          416.05889599999995,
          551.92,
          424.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income attributable to Blackstone Mortgage Trust, ",
        "box": [
          61.13,
          430.898896,
          322.8600000000001,
          439.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inc.",
        "box": [
          71.13,
          442.29891599999996,
          87.50999999999999,
          450.5272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
          431.05889599999995,
          346.88,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297) ",
        "box": [
          381.84,
          431.05889599999995,
          413.49999999999994,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.13,
          431.05889599999995,
          425.63,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,560 ",
        "box": [
          458.92,
          431.05889599999995,
          488.92,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          431.05889599999995,
          503.63,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,857) ",
        "box": [
          518.59,
          431.05889599999995,
          555.2500000000001,
          439.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income per share of common stock, basic and diluted",
        "box": [
          61.13,
          457.148896,
          329.01000000000005,
          465.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
          457.30889599999995,
          346.88,
          465.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.04) ",
        "box": [
          386.84,
          457.30889599999995,
          413.49999999999994,
          465.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.13,
          457.30889599999995,
          425.63,
          465.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.24 ",
        "box": [
          468.92,
          457.30889599999995,
          488.92,
          465.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          457.30889599999995,
          503.63,
          465.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.28) ",
        "box": [
          528.59,
          457.30889599999995,
          555.2500000000001,
          465.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares of common stock outstanding, basic ",
        "box": [
          61.13,
          486.398896,
          325.42999999999995,
          494.6271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and diluted",
        "box": [
          71.13,
          497.79891599999996,
          119.72999999999999,
          506.0272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078,373",
        "box": [
          359.12,
          486.55889599999995,
          409.12,
          494.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,167,576",
        "box": [
          437.87,
          486.55889599999995,
          487.87,
          494.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          486.55889599999995,
          498.63,
          494.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "911 ",
        "box": [
          534.42,
          486.55889599999995,
          551.92,
          494.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share",
        "box": [
          61.13,
          512.648926,
          185.74,
          520.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          339.38,
          512.808896,
          346.88,
          521.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          390.17,
          512.808896,
          410.17,
          521.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.13,
          512.808896,
          425.63,
          521.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          468.92,
          512.808896,
          488.92,
          521.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          512.808896,
          503.63,
          521.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          512.808896,
          551.92,
          521.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net",
        "box": [
          58.5,
          540.568906,
          240.85,
          548.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income  from  loans  and  other  investments,  net  increased  $0.9  million  during  the  three  months  ended  March  31,  2026 ",
        "box": [
          58.5,
          558.058896,
          555.97998,
          566.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to the three  months  ended  December  31,  2025.  The  increase  was  primarily  driven  by  lower  financing  costs, ",
        "box": [
          58.5,
          569.558896,
          555.8999999999999,
          577.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily  due  to  the  issuance  of  our  FL6  CLO  and  B-9  Term  Loan.  This  increase  was  partially  offset  by  (i)  a ",
        "box": [
          58.5,
          581.058896,
          555.8799899999999,
          589.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$490.3 million decrease in the weighted-average principal balance of our loan portfolio, and (ii) declines in floating-rate ",
        "box": [
          58.5,
          592.558896,
          555.8900100000001,
          600.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indices.",
        "box": [
          58.5,
          604.058896,
          89.28999999999999,
          612.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate ",
        "box": [
          58.5,
          633.568906,
          189.17,
          641.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate decreased by $0.8 million during the three months ended March 31, 2026 compared to the ",
        "box": [
          58.5,
          651.058896,
          555.84,
          659.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three  months  ended  December  31,  2025.  The  decrease  was  primarily  due  to  the  seasonality  of  the  operations  at  our ",
        "box": [
          58.5,
          662.558896,
          555.8999899999995,
          670.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hospitality assets. This was partially offset by the acquisition or consolidation of two owned real estate assets during the ",
        "box": [
          58.5,
          674.058896,
          555.8499999999999,
          682.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three  months  ended  December  31,  2025,  as  the  three  months  ended  March  31,  2026  reflected  a  full  quarter  of  income ",
        "box": [
          58.5,
          685.558896,
          555.9799999999998,
          693.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognition compared to a partial period during the three months ended December 31, 2025.",
        "box": [
          58.5,
          697.058896,
          426.70999,
          705.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 79,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Expenses",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses  include  management  and  incentive  fees  payable  to  our  Manager,  general  and  administrative  expenses,  and ",
        "box": [
          58.5,
          71.808896,
          555.9200000000002,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses  from  owned  real  estate.  Expenses  increased  by  $2.7  million  during  the  three  months  ended  March  31,  2026 ",
        "box": [
          58.5,
          83.308896,
          555.97998,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to the three months ended December 31, 2025, primarily due to a $6.9 million increase in expenses from owned ",
        "box": [
          58.5,
          94.808896,
          555.8199999999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate mainly as a result of the acquisition or consolidation of two owned real estate assets during the three months ",
        "box": [
          58.5,
          106.308896,
          555.9200000000001,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended  December  31,  2025,  as  the  three  months  ended  March  31,  2026  reflected  a  full  quarter  of  expense  recognition ",
        "box": [
          58.5,
          117.808896,
          555.83,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to a partial period during the three months ended December 31, 2025, which was partially offset by the benefit ",
        "box": [
          58.5,
          129.308896,
          555.83001,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from a $3.3 million property tax refund received by one of our owned real estate assets. This was also partially offset by a ",
        "box": [
          58.5,
          140.808896,
          555.9400100000004,
          149.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.6 million decrease in management fees payable to our Manager, due to lower Equity, as defined in our Management ",
        "box": [
          58.5,
          152.308896,
          555.9299999999998,
          160.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement, primarily resulting from charge-offs of CECL reserves.",
        "box": [
          58.5,
          163.808896,
          329.01999,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in current expected credit loss reserve",
        "box": [
          58.5,
          193.31890600000008,
          248.82000000000002,
          201.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we recorded a $55.1 million increase in our CECL reserves, as compared ",
        "box": [
          58.5,
          210.808896,
          555.9799900000003,
          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  an  $18.4  million  increase  during  the  three  months  ended  December  31,  2025.  The  increase  during  the  three  months ",
        "box": [
          58.5,
          222.308896,
          555.98,
          230.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended March 31, 2026 is primarily due to (i) an increase in our asset-specific CECL reserves, driven by two additional ",
        "box": [
          58.5,
          233.808896,
          555.91999,
          242.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans that were impaired during the three months ended March 31, 2026, and (ii) an increase in our general CECL reserves ",
        "box": [
          58.5,
          245.308896,
          555.9100000000003,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "driven by new loan originations.",
        "box": [
          58.5,
          256.808896,
          188.11000000000004,
          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We may be required to record further increases to our CECL reserves in the future, depending on the performance of our ",
        "box": [
          58.5,
          280.30889599999995,
          555.9100000000003,
          288.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan portfolio and changes in broader market conditions, and there may be volatility in the level of our CECL reserves. ",
        "box": [
          58.5,
          291.80889599999995,
          555.8499999999998,
          300.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Any  such  reserve  increases  are  difficult  to  predict,  but  are  expected  to  be  primarily  the  result  of  incremental  loan ",
        "box": [
          58.5,
          303.30889599999995,
          555.8500000000001,
          311.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairments resulting from changes in the specific credit quality factors of such loans and to be concentrated in our loans ",
        "box": [
          58.5,
          314.80889599999995,
          555.9399999999998,
          323.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable with a risk rating of '4' as of March 31, 2026. ",
        "box": [
          58.5,
          326.30889599999995,
          289.91998,
          334.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from unconsolidated entities",
        "box": [
          58.5,
          355.81890599999997,
          204.18000000000004,
          364.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  months  ended  March  31,  2026,  we  recorded  income  from  unconsolidated  entities  of  $1.4  million ",
        "box": [
          58.5,
          373.30889599999995,
          555.92004,
          381.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to $7.3 million during the three months ended December 31, 2025. This decrease was primarily due to lower ",
        "box": [
          58.5,
          384.80889599999995,
          555.97001,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income from our Bank Loan Portfolio Joint Venture as a result of unrealized losses on the fair value adjustment of the ",
        "box": [
          58.5,
          396.30889599999995,
          555.8999800000001,
          404.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio  during  the  three  months  ended  March  31,  2026,  compared  to  unrealized  gains  during  the  three  months  ended ",
        "box": [
          58.5,
          407.80889599999995,
          555.95001,
          416.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025. ",
        "box": [
          58.5,
          419.30889599999995,
          142.04001,
          427.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          58.5,
          448.81890599999997,
          142.85999999999996,
          457.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The income tax provision increased by $0.6 million during the three months ended March 31, 2026 compared to the three ",
        "box": [
          58.5,
          466.30889599999995,
          555.8300000000002,
          474.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended December 31, 2025, primarily due to an increase in the income tax provisions related to our taxable REIT ",
        "box": [
          58.5,
          477.80889599999995,
          555.8999900000001,
          486.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiaries.",
        "box": [
          58.5,
          489.30889599999995,
          108.16999999999997,
          497.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends per share ",
        "box": [
          58.5,
          518.818906,
          142.03999999999996,
          527.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we declared dividends of $0.47 per share, or $79.3 million in aggregate. ",
        "box": [
          58.5,
          536.308896,
          555.9699900000003,
          544.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  months  ended  December  31,  2025,  we  declared  dividends  of  $0.47  per  share,  or  $79.1  million  in ",
        "box": [
          58.5,
          547.808896,
          555.9800399999999,
          556.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate.",
        "box": [
          58.5,
          559.308896,
          99.81999999999998,
          567.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 80,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The  following  table  sets  forth  information  regarding  our  consolidated  results  of  operations  for  the  three  months  ended ",
        "box": [
          58.5,
          54.308896000000004,
          555.94,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 and 2025 ($ in thousands, except per share data):",
        "box": [
          58.5,
          65.808896,
          320.23000999999994,
          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          87.23315479999997,
          63.13,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          362.04001,
          87.23315479999997,
          471.9840100000002,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
          510.39999,
          87.23315479999997,
          536.6079899999999,
          93.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          99.98315479999997,
          63.13,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          371.5,
          99.98315479999997,
          387.5,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          446.5,
          99.98315479999997,
          462.5,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          521.5,
          99.98315479999997,
          525.5,
          106.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments",
        "box": [
          61.13,
          112.39892600000007,
          237.97000000000003,
          120.62722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest and related income",
        "box": [
          78.5,
          126.808896,
          186.95000000000005,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          126.808896,
          353.63,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "305,557 ",
        "box": [
          378.92,
          126.808896,
          413.92,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.13,
          126.808896,
          428.63,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "332,057 ",
        "box": [
          453.92,
          126.808896,
          488.92,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          126.808896,
          503.63,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,500) ",
        "box": [
          518.59,
          126.808896,
          555.2500000000001,
          135.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Interest and related expenses",
        "box": [
          78.5,
          141.808896,
          217.19000000000003,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.13,
          141.808896,
          348.63,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220,736 ",
        "box": [
          378.92,
          141.808896,
          413.92,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.13,
          141.808896,
          423.63,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "242,233 ",
        "box": [
          453.92,
          141.808896,
          488.92,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          141.808896,
          498.63,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,497) ",
        "box": [
          518.59,
          141.808896,
          555.2500000000001,
          150.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net",
        "box": [
          98.5,
          156.64892600000007,
          293.6600000000001,
          164.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.13,
          156.808896,
          348.63,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,821 ",
        "box": [
          383.92,
          156.808896,
          413.92,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.13,
          156.808896,
          423.63,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,824 ",
        "box": [
          458.92,
          156.808896,
          488.92,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          156.808896,
          498.63,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,003) ",
        "box": [
          523.59,
          156.808896,
          555.2500000000001,
          165.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          78.5,
          171.808896,
          207.22000000000003,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.13,
          171.808896,
          348.63,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,594 ",
        "box": [
          383.92,
          171.808896,
          413.92,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.13,
          171.808896,
          423.63,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,033 ",
        "box": [
          458.92,
          171.808896,
          488.92,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,561",
        "box": [
          523.37,
          171.808896,
          550.87,
          180.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenues",
        "box": [
          98.5,
          186.64892600000007,
          177.31000000000003,
          194.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159,415",
        "box": [
          380.37,
          186.808896,
          412.87,
          195.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,857",
        "box": [
          455.37,
          186.808896,
          487.87,
          195.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,558",
        "box": [
          523.37,
          186.808896,
          550.87,
          195.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          61.13,
          201.64892600000007,
          100.54999999999998,
          209.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and incentive fees",
        "box": [
          78.5,
          216.058896,
          205.26000000000005,
          224.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,813",
        "box": [
          385.37,
          216.058896,
          412.87,
          224.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,235",
        "box": [
          460.37,
          216.058896,
          487.87,
          224.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,422)",
        "box": [
          521.71002,
          216.058896,
          550.8700200000001,
          224.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          78.5,
          231.058896,
          225.24000000000004,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,981",
        "box": [
          385.37,
          231.058896,
          412.87,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,664",
        "box": [
          460.37,
          231.058896,
          487.87,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,317",
        "box": [
          528.37,
          231.058896,
          550.87,
          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from owned real estate",
        "box": [
          78.5,
          246.058896,
          210.01000000000005,
          254.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,975",
        "box": [
          385.37,
          246.058896,
          412.87,
          254.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,302",
        "box": [
          460.37,
          246.058896,
          487.87,
          254.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,673",
        "box": [
          523.37,
          246.058896,
          550.87,
          254.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          98.5,
          260.8989260000001,
          160.95,
          269.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,769",
        "box": [
          380.37,
          261.058896,
          412.87,
          269.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,201",
        "box": [
          460.37,
          261.058896,
          487.87,
          269.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,568",
        "box": [
          523.37,
          261.058896,
          550.87,
          269.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in current expected credit loss reserve",
        "box": [
          61.13,
          276.058896,
          248.08000000000004,
          284.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(55,055)",
        "box": [
          378.70999,
          276.058896,
          412.86999,
          284.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(49,505)",
        "box": [
          453.70999,
          276.058896,
          487.86999,
          284.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,550)",
        "box": [
          521.71002,
          276.058896,
          550.8700200000001,
          284.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from unconsolidated entities",
        "box": [
          61.13,
          291.05889599999995,
          232.05000000000007,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,383",
        "box": [
          390.37,
          291.05889599999995,
          412.87,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(874)",
        "box": [
          466.20999,
          291.05889599999995,
          487.86999,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,257",
        "box": [
          528.37,
          291.05889599999995,
          550.87,
          299.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss on disposition of owned real estate",
        "box": [
          61.13,
          306.05889599999995,
          235.13000000000008,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160)",
        "box": [
          391.20999,
          306.05889599999995,
          412.86999,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          477.87,
          306.05889599999995,
          487.87,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160)",
        "box": [
          529.21002,
          306.05889599999995,
          550.8700200000001,
          314.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income, net",
        "box": [
          61.13,
          321.05889599999995,
          132.98999999999998,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          407.87,
          321.05889599999995,
          412.87,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90",
        "box": [
          477.87,
          321.05889599999995,
          487.87,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(86)",
        "box": [
          534.21002,
          321.05889599999995,
          550.8700200000001,
          329.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss) income before income taxes",
        "box": [
          61.13,
          335.898896,
          207.10000000000005,
          344.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,182)",
        "box": [
          383.70999,
          336.05889599999995,
          412.86999,
          344.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367",
        "box": [
          472.87,
          336.05889599999995,
          487.87,
          344.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,549)",
        "box": [
          521.71002,
          336.05889599999995,
          550.8700200000001,
          344.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          61.13,
          351.05889599999995,
          146.04999999999998,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,158",
        "box": [
          390.37,
          351.05889599999995,
          412.87,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "718",
        "box": [
          472.87,
          351.05889599999995,
          487.87,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "440",
        "box": [
          535.87,
          351.05889599999995,
          550.87,
          359.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss",
        "box": [
          61.13,
          365.898896,
          94.16,
          374.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,340)",
        "box": [
          383.70999,
          366.05889599999995,
          412.86999,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(351)",
        "box": [
          466.20999,
          366.05889599999995,
          487.86999,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,989)",
        "box": [
          521.71002,
          366.05889599999995,
          550.8700200000001,
          374.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss (income) attributable to non-controlling interests",
        "box": [
          61.13,
          381.05889599999995,
          290.8500000000001,
          389.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43",
        "box": [
          402.87,
          381.05889599999995,
          412.87,
          389.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          476.20999,
          381.05889599999995,
          487.86999,
          389.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49",
        "box": [
          540.87,
          381.05889599999995,
          550.87,
          389.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss attributable to Blackstone Mortgage Trust, Inc.",
        "box": [
          61.13,
          395.898896,
          299.56000000000006,
          404.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          396.05889599999995,
          353.63,
          404.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,297)  $ ",
        "box": [
          385.59,
          396.05889599999995,
          428.63,
          404.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(357)  $ ",
        "box": [
          468.09,
          396.05889599999995,
          503.63,
          404.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,940) ",
        "box": [
          523.59,
          396.05889599999995,
          555.2500000000001,
          404.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss per share of common stock, basic and diluted",
        "box": [
          61.13,
          410.898896,
          289.33,
          419.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          411.05889599999995,
          353.63,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.04) ",
        "box": [
          390.59,
          411.05889599999995,
          417.24999999999994,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.13,
          411.05889599999995,
          428.63,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.00) ",
        "box": [
          465.59,
          411.05889599999995,
          492.24999999999994,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          411.05889599999995,
          503.63,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.04) ",
        "box": [
          528.59,
          411.05889599999995,
          555.2500000000001,
          419.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares of common stock outstanding, basic ",
        "box": [
          61.13,
          425.898896,
          325.42999999999995,
          434.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and diluted",
        "box": [
          71.13,
          437.29891599999996,
          119.72999999999999,
          445.5272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078,373",
        "box": [
          362.87,
          426.05889599999995,
          412.87,
          434.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172,004,888",
        "box": [
          437.87,
          426.05889599999995,
          487.87,
          434.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,926,515)",
        "box": [
          504.20999,
          426.05889599999995,
          550.86999,
          434.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share",
        "box": [
          61.13,
          452.30889599999995,
          177.38,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          346.13,
          452.30889599999995,
          353.63,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          393.92,
          452.30889599999995,
          413.92,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          421.13,
          452.30889599999995,
          428.63,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.47 ",
        "box": [
          468.92,
          452.30889599999995,
          488.92,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          452.30889599999995,
          503.63,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          539.42,
          452.30889599999995,
          551.92,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net ",
        "box": [
          58.5,
          486.56890599999997,
          243.34,
          494.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income  from  loans  and  other  investments,  net  decreased  $5.0  million  during  the  three  months  ended  March  31,  2026 ",
        "box": [
          58.5,
          504.05889599999995,
          555.94,
          512.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to the three months ended March 31, 2025. The decrease was primarily due to (i) a $303.5 million decrease in ",
        "box": [
          58.5,
          515.558896,
          555.8500000000004,
          523.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  weighted-average  principal  balance  of  our  loan  portfolio,  (ii)  an  $846.9  million  increase  in  the  weighted-average ",
        "box": [
          58.5,
          527.058896,
          555.9800000000002,
          535.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal balance of our outstanding financing arrangements, (iii) a decline in interest income related to additional loans ",
        "box": [
          58.5,
          538.558896,
          555.91,
          546.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted for under the cost-recovery method or loans that are now accounted for as owned real estate assets during the ",
        "box": [
          58.5,
          550.058896,
          555.92,
          558.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026, and (iv) declines in floating-rate indices.",
        "box": [
          58.5,
          561.558896,
          369.82999999999987,
          569.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          58.5,
          591.068906,
          186.67999999999998,
          599.2972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate increased by $37.6 million during the three months ended March 31, 2026, primarily due ",
        "box": [
          58.5,
          608.558896,
          547.99999,
          616.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the acquisition or consolidation of five additional owned real estate assets.",
        "box": [
          58.5,
          620.058896,
          365.89000999999996,
          628.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          58.5,
          649.568906,
          95.66999999999997,
          657.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses  include  management  and  incentive  fees  payable  to  our  Manager,  general  and  administrative  expenses,  and ",
        "box": [
          58.5,
          667.058896,
          555.9200000000002,
          675.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses from owned real estate. Expenses increased by $34.6 million during the three months ended March 31, 2026 ",
        "box": [
          58.5,
          678.558896,
          555.88,
          686.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to the three months ended March 31, 2025 primarily due to a $35.7 million increase in expenses from owned real ",
        "box": [
          58.5,
          690.058896,
          555.9299900000002,
          698.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate  due  to  the  acquisition  or  consolidation  of  five  additional  owned  real  estate  assets.  This  was  partially  offset  by  a ",
        "box": [
          58.5,
          701.558896,
          555.8899799999998,
          709.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.4 million decrease in management fees payable to our Manager, due to lower Equity, as defined in our Management ",
        "box": [
          58.5,
          713.058896,
          555.9299999999998,
          721.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement, primarily resulting from charge-offs of CECL reserves and repurchases of class A common shares.",
        "box": [
          58.5,
          724.558896,
          503.0099899999999,
          732.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 81,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Changes in current expected credit loss reserve",
        "box": [
          58.5,
          54.318906000000084,
          248.82000000000002,
          62.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we recorded a $55.1 million increase in our CECL reserves, as compared ",
        "box": [
          58.5,
          71.808896,
          555.9799900000003,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to a $49.5 million increase during the three months ended March 31, 2025. The increase during the three months ended ",
        "box": [
          58.5,
          83.308896,
          555.98999,
          91.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 was primarily due to (i) an increase in our asset-specific CECL reserves, driven by two additional loans ",
        "box": [
          58.5,
          94.808896,
          555.95001,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  were  impaired  during  the  three  months  ended  March  31,  2026,  and  (ii)  an  increase  in  our  general  CECL  reserves ",
        "box": [
          58.5,
          106.308896,
          555.8800000000003,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "driven by new loan originations.",
        "box": [
          58.5,
          117.808896,
          188.11000000000004,
          126.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We may be required to record further increases to our CECL reserves in the future, depending on the performance of our ",
        "box": [
          58.5,
          141.308896,
          555.9100000000003,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan portfolio and changes in broader market conditions, and there may be volatility in the level of our CECL reserves. ",
        "box": [
          58.5,
          152.808896,
          555.8499999999998,
          161.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Any  such  reserve  increases  are  difficult  to  predict,  but  are  expected  to  be  primarily  the  result  of  incremental  loan ",
        "box": [
          58.5,
          164.308896,
          555.8500000000001,
          172.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairments resulting from changes in the specific credit quality factors of such loans and to be concentrated in our loans ",
        "box": [
          58.5,
          175.808896,
          555.9399999999998,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable with a risk rating of '4' as of March 31, 2026. ",
        "box": [
          58.5,
          187.308896,
          289.91998,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from unconsolidated entities",
        "box": [
          58.5,
          216.81890600000008,
          228.89000000000004,
          225.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  months  ended  March  31,  2026,  we  recorded  income  from  unconsolidated  entities  of  $1.4  million ",
        "box": [
          58.5,
          234.308896,
          555.92004,
          242.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to a loss of $0.9 million during the three months ended March 31, 2025. The increase was primarily due to ",
        "box": [
          58.5,
          245.808896,
          555.99999,
          254.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income from our Bank Loan Portfolio Joint Venture, which did not exist during the three months ended March 31, 2025, as ",
        "box": [
          58.5,
          257.308896,
          555.9899600000001,
          265.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "well as income from our Net Lease Joint Venture, which incurred a loss during the three months ended March 31, 2025.",
        "box": [
          58.5,
          268.808896,
          538.29999,
          277.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          58.5,
          298.31890599999997,
          142.85999999999996,
          306.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The income tax provision increased by $0.4 million during the three months ended March 31, 2026 as compared to the ",
        "box": [
          58.5,
          315.80889599999995,
          555.9699900000002,
          324.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three  months  ended  March  31,  2025,  due  to  an  increase  in  the  income  tax  provisions  related  to  our  taxable  REIT ",
        "box": [
          58.5,
          327.30889599999995,
          555.8399999999999,
          335.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiaries.",
        "box": [
          58.5,
          338.80889599999995,
          108.16999999999997,
          347.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends per share",
        "box": [
          58.5,
          368.31890599999997,
          139.54999999999995,
          376.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we declared dividends of $0.47 per share, or $79.3 million in aggregate. ",
        "box": [
          58.5,
          385.80889599999995,
          543.6200000000002,
          394.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2025, we declared dividends of $0.47 per share, or $80.6 million in aggregate.",
        "box": [
          58.5,
          397.30889599999995,
          541.1200000000002,
          405.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "V. Liquidity and Capital Resources",
        "box": [
          58.5,
          426.648896,
          209.25000000000003,
          434.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capitalization ",
        "box": [
          58.5,
          444.148896,
          121.50999999999998,
          452.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have capitalized our business to date primarily through the issuance and sale of shares of our class A common stock, ",
        "box": [
          58.5,
          461.80889599999995,
          555.9599999999996,
          470.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporate  debt,  and  asset-level  financings.  As  of  March  31,  2026,  our  capitalization  structure  included  $3.4  billion  of ",
        "box": [
          58.5,
          473.30889599999995,
          555.99003,
          481.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common equity, $3.0 billion of corporate debt, and $13.0 billion of asset-level financings. Our $3.0 billion of corporate ",
        "box": [
          58.5,
          484.80889599999995,
          555.9000000000002,
          493.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt  includes  $1.9  billion  of  Term  Loan  borrowings,  $785.3  million  of  Senior  Secured  Notes,  and  $266.2  million  of ",
        "box": [
          58.5,
          496.30889599999995,
          555.92997,
          504.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible  Notes.  Our  $13.0  billion  of  asset-level  financings  includes  $9.1  billion  of  secured  debt,  $2.9  billion  of ",
        "box": [
          58.5,
          507.80889599999995,
          555.90999,
          516.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitizations,  and  $961.1  million  of  asset-specific  debt.  Our  asset-level  financings  are  generally  structured  to  provide ",
        "box": [
          58.5,
          519.308896,
          555.9899999999998,
          527.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currency, index and term-matched financing without capital markets-based mark-to-market provisions.",
        "box": [
          58.5,
          530.808896,
          469.9399999999998,
          539.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, we had $991.8 million of liquidity that can be used to satisfy our short-term cash requirements and ",
        "box": [
          58.5,
          554.308896,
          555.8999999999999,
          562.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as working capital for our business. ",
        "box": [
          58.5,
          565.808896,
          203.1,
          574.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See  Notes  6,  7,  8,  9,  10,  11,  and  12  to  our  consolidated  financial  statements  for  additional  details  regarding  our  other ",
        "box": [
          58.5,
          589.308896,
          555.8400099999997,
          597.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured  debt,  secured  debt,  securitized  debt  obligations,  asset-specific  debt,  Term  Loans,  Senior  Secured  Notes,  and ",
        "box": [
          58.5,
          600.808896,
          555.9599999999999,
          609.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes, respectively.",
        "box": [
          58.5,
          612.308896,
          187.22,
          620.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 82,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Debt-to-Equity Ratio and Total Leverage Ratio",
        "box": [
          58.5,
          54.148926000000074,
          260.31000000000006,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents our debt-to-equity ratio and total leverage ratio:",
        "box": [
          58.5,
          71.808896,
          365.33,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          93.23315479999997,
          63.13,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          408.07999,
          93.23315479999997,
          461.17599000000007,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          479.56,
          93.23315479999997,
          544.2,
          99.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt-to-equity ratio (1)(2)",
        "box": [
          61.13,
          105.808896,
          152.8764,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.7x",
        "box": [
          425.87,
          105.808896,
          443.37,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.9x",
        "box": [
          503.12,
          105.808896,
          520.62,
          114.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total leverage ratio (1)(3)",
        "box": [
          61.13,
          120.808896,
          151.44640999999996,
          129.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.5x",
        "box": [
          425.87,
          120.808896,
          443.37,
          129.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.5x",
        "box": [
          503.12,
          120.808896,
          520.62,
          129.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          146.558896,
          70.16,
          154.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  debt  and  leverage  amounts  included  in  the  calculations  above  use  gross  outstanding  principal  balances, ",
        "box": [
          85.5,
          146.558896,
          555.9799999999999,
          154.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excluding any unamortized deferred financing costs and discounts. ",
        "box": [
          85.5,
          158.058896,
          354.93000000000006,
          166.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          169.558896,
          70.16,
          177.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents,  in  each  case  at  period  end,  the  ratio  of  (i)  total  outstanding  secured  debt,  asset-specific  debt,  Term ",
        "box": [
          85.5,
          169.558896,
          555.91,
          177.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.",
        "box": [
          85.5,
          181.058896,
          409.85999999999984,
          189.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          192.558896,
          70.16,
          200.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents, in each case at period end, the ratio of (i) total outstanding secured debt, securitizations, asset-specific ",
        "box": [
          85.5,
          192.558896,
          555.8800000000001,
          200.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.",
        "box": [
          85.5,
          204.058896,
          456.1899999999998,
          212.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sources of Liquidity",
        "box": [
          58.5,
          233.39892600000007,
          145.11,
          241.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our primary sources of liquidity include cash and cash equivalents, available borrowings under our secured debt facilities, ",
        "box": [
          58.5,
          251.058896,
          555.96,
          259.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and net receivables from servicers related to loan repayments, which are set forth in the following table ($ in thousands): ",
        "box": [
          58.5,
          262.558896,
          543.1899999999999,
          270.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          283.9831248,
          63.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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          463.42599000000007,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          481.44,
          283.9831248,
          546.08,
          290.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          61.13,
          296.55889599999995,
          166.28,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.13,
          296.55889599999995,
          410.63,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "549,153 ",
        "box": [
          436.67,
          296.55889599999995,
          471.67,
          304.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          479.63,
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          487.13,
          304.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452,526 ",
        "box": [
          513.92,
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          548.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Available borrowings under secured debt",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          403.13,
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          405.63,
          319.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "438,678 ",
        "box": [
          436.67,
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          471.67,
          319.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.63,
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          482.13,
          319.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "551,552 ",
        "box": [
          513.92,
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          548.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan principal payments held by servicer, net (1)",
        "box": [
          61.13,
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          250.02321,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          403.13,
          326.55889599999995,
          405.63,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,991 ",
        "box": [
          446.67,
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          471.67,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.63,
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          482.13,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,626 ",
        "box": [
          518.92,
          326.55889599999995,
          548.92,
          334.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.13,
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          410.63,
          349.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "991,822 ",
        "box": [
          436.67,
          341.55889599999995,
          471.67,
          349.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          479.63,
          341.55889599999995,
          487.13,
          349.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,019,704 ",
        "box": [
          506.42,
          341.55889599999995,
          548.9200000000001,
          349.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
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          70.16,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  loan  principal  payments  held  by  our  third-party  servicer  as  of  the  balance  sheet  date,  which  were ",
        "box": [
          85.5,
          367.80889599999995,
          555.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remitted to us during the subsequent remittance cycle, net of the related secured debt balance.",
        "box": [
          85.5,
          379.30889599999995,
          459.41999999999996,
          387.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we generated cash flow from operating activities of $169.7 million and ",
        "box": [
          58.5,
          402.80889599999995,
          555.89,
          411.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received $599.3 million from loan principal collections, sales proceeds, and cost-recovery proceeds. Furthermore, we are ",
        "box": [
          58.5,
          414.30889599999995,
          555.9200100000003,
          422.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "able to generate incremental liquidity through provisions of certain of our CLOs, which allow us to effectively replace, for ",
        "box": [
          58.5,
          425.80889599999995,
          555.9900000000002,
          434.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a  period of time, a repaid loan in the CLO with additional eligible CLO collateral to maintain the aggregate amount of ",
        "box": [
          58.5,
          437.30889599999995,
          555.8499999999998,
          445.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral assets in the CLO, and the related financing outstanding.",
        "box": [
          58.5,
          448.80889599999995,
          324.53000000000003,
          457.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have access to further  liquidity  through  public  and  private  offerings  of  equity  and  debt  securities,  syndicated  term ",
        "box": [
          58.5,
          472.30889599999995,
          555.9900000000002,
          480.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans,  and  similar  transactions.  To  facilitate  public  offerings  of  securities,  in  July  2025,  we  filed  a  shelf  registration ",
        "box": [
          58.5,
          483.80889599999995,
          555.95,
          492.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statement with the SEC that is effective for a term of three years and expires in July 2028. The amount of securities to be ",
        "box": [
          58.5,
          495.30889599999995,
          555.8000000000001,
          503.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit ",
        "box": [
          58.5,
          506.80889599999995,
          555.8099999999996,
          515.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the amount of securities we may issue. The securities covered by this registration statement include: (i) class A common ",
        "box": [
          58.5,
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          526.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock;  (ii)  preferred  stock;  (iii)  depositary  shares  representing  preferred  stock;  (iv)  debt  securities;  (v)  warrants;  (vi) ",
        "box": [
          58.5,
          529.808896,
          555.8599999999997,
          538.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subscription rights; (vii) purchase contracts; and (viii) units consisting of one or more of such securities or any combination ",
        "box": [
          58.5,
          541.308896,
          555.8399999999999,
          549.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of these securities. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be ",
        "box": [
          58.5,
          552.808896,
          555.8299999999998,
          561.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "described in detail in a prospectus supplement, or other offering materials, at the time of any offering.",
        "box": [
          58.5,
          564.308896,
          464.9499999999997,
          572.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  may  also  access  liquidity  through  our  dividend  reinvestment  plan  and  direct  stock  purchase  plan,  under  which ",
        "box": [
          58.5,
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          555.8500000000003,
          596.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,956,862 shares of class A common stock were available for issuance as of March 31, 2026, and our 'at the market' ",
        "box": [
          58.5,
          599.308896,
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          607.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock offering program, pursuant to which we may sell, from time to time, up to $480.9 million of additional ",
        "box": [
          58.5,
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          619.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares of our class A common stock as of March 31, 2026. Refer to Note 14 to our consolidated financial statements for ",
        "box": [
          58.5,
          622.308896,
          556.00001,
          630.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional details.",
        "box": [
          58.5,
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          129.49999999999994,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Uses of Liquidity",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to funding our lending and other investment activity and our general operating expenses, our primary uses of ",
        "box": [
          58.5,
          680.808896,
          555.9599999999997,
          689.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liquidity include interest and principal payments with respect to our outstanding borrowings under secured debt, our asset-",
        "box": [
          58.5,
          692.308896,
          553.4700000000003,
          700.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "specific  debt,  our  Term  Loans,  our  Senior  Secured  Notes,  and  our  Convertible  Notes.  From  time  to  time,  we  have ",
        "box": [
          58.5,
          703.808896,
          555.91001,
          712.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchased  and  may  continue  to  repurchase  our  outstanding  debt  or  shares  of  our  class  A  common  stock.  Such ",
        "box": [
          58.5,
          715.308896,
          555.9499999999999,
          723.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 83,
    "width": 612.0,
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    "cells": [
      {
        "text": "repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and ",
        "box": [
          58.5,
          54.308896000000004,
          555.9599999999997,
          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material.",
        "box": [
          58.5,
          65.808896,
          541.54,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In October 2025, our board of directors authorized the repurchase of up to $150.0 million of shares of our class A common ",
        "box": [
          58.5,
          89.308896,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock under our repurchase program. Repurchases may be made from time to time in open market transactions, in privately ",
        "box": [
          58.5,
          100.808896,
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          109.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "negotiated transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 ",
        "box": [
          58.5,
          112.308896,
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          120.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, ",
        "box": [
          58.5,
          123.808896,
          555.9600000000003,
          132.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including  legal  requirements,  price  and  economic  and  market  conditions.  The  repurchase  program  may  be  changed, ",
        "box": [
          58.5,
          135.308896,
          555.98,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "suspended or discontinued at any time and does not have a specified expiration date.",
        "box": [
          58.5,
          146.808896,
          395.89,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we repurchased 43,765 shares of class A common stock at a weighted-",
        "box": [
          58.5,
          170.308896,
          553.3200000000002,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average price per share of $18.29, for a total cost of $0.8 million. As of March 31, 2026, the amount remaining available ",
        "box": [
          58.5,
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          555.8100100000001,
          190.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for repurchases under the program was $148.8 million.",
        "box": [
          58.5,
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          278.03,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, we had unfunded commitments of $1.2 billion related to 52 loans receivable and $715.5 million of ",
        "box": [
          58.5,
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          555.99,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "committed or identified financing for those commitments resulting in net unfunded commitments of $453.4 million. The ",
        "box": [
          58.5,
          228.308896,
          555.9300200000001,
          236.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and ",
        "box": [
          58.5,
          239.808896,
          555.9000000000001,
          248.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carry  costs.  Loan  funding  commitments  are  generally  subject  to  certain  conditions,  including,  without  limitation,  the ",
        "box": [
          58.5,
          251.308896,
          555.9499999999997,
          259.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and ",
        "box": [
          58.5,
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          555.89001,
          271.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts  of  such  future  loan  fundings  are  uncertain  and  will  depend  on  the  current  and  future  performance  of  the ",
        "box": [
          58.5,
          274.308896,
          555.88,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which ",
        "box": [
          58.5,
          285.80889599999995,
          555.8899999999996,
          294.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have a weighted-average future funding period of 1.8 years.",
        "box": [
          58.5,
          297.30889599999995,
          297.69,
          305.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82",
        "box": [
          301.0,
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          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 84,
    "width": 612.0,
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    "cells": [
      {
        "text": "Contractual Obligations and Commitments ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our contractual obligations and commitments as of March 31, 2026 were as follows ($ in thousands):",
        "box": [
          58.5,
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          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          98.85522420000007,
          62.88,
          104.61503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
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          242.88,
          104.61503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment Timing",
        "box": [
          402.91,
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          452.8690000000001,
          104.61503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          120.60522420000007,
          62.88,
          126.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          259.39001,
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          277.61401,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Obligation",
        "box": [
          250.28999,
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          286.7379899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less Than",
        "box": [
          314.59,
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          349.92600000000004,
          117.12573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 Year (1)",
        "box": [
          317.78,
          119.09194112,
          346.71319000000005,
          126.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 to 3",
        "box": [
          386.67001,
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          405.33401,
          118.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Years",
        "box": [
          386.01001,
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          406.0020100000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3 to 5",
        "box": [
          450.42001,
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          469.08401,
          118.31579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Years",
        "box": [
          449.76001,
          119.73315479999997,
          469.7520100000001,
          126.31579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "More Than",
        "box": [
          504.07001,
          111.73315479999997,
          542.95001,
          118.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 Years",
        "box": [
          510.51001,
          119.73315479999997,
          536.5020099999999,
          126.31579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded loan commitments (2)",
        "box": [
          61.13,
          132.28100540000003,
          172.13320999999996,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.13,
          132.28100540000003,
          247.88,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,168,941 ",
        "box": [
          258.752,
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          297.002,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.88,
          132.28100540000003,
          311.63,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260,622 ",
        "box": [
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          360.752,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          368.63,
          132.28100540000003,
          375.38,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "828,429 ",
        "box": [
          393.002,
          132.28100540000003,
          424.502,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          432.38,
          132.28100540000003,
          439.13,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,265 ",
        "box": [
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          488.252,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          132.28100540000003,
          502.88,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,625 ",
        "box": [
          525.002,
          132.28100540000003,
          552.002,
          139.68647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments under secured debt (3)",
        "box": [
          61.13,
          146.53100540000003,
          213.55320999999998,
          153.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          146.53100540000003,
          243.38,
          153.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,099,002 ",
        "box": [
          258.752,
          146.53100540000003,
          297.002,
          153.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          146.53100540000003,
          307.13,
          153.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,076,162 ",
        "box": [
          322.502,
          146.53100540000003,
          360.752,
          153.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          146.53100540000003,
          370.88,
          153.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,879,343 ",
        "box": [
          386.252,
          146.53100540000003,
          424.502,
          153.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          146.53100540000003,
          434.63,
          153.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,143,497 ",
        "box": [
          450.002,
          146.53100540000003,
          488.252,
          153.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          146.53100540000003,
          498.38,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          146.53100540000003,
          552.002,
          153.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments under asset-specific debt (3)",
        "box": [
          61.13,
          160.78100540000003,
          234.52321,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          160.78100540000003,
          243.38,
          168.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "961,050 ",
        "box": [
          265.502,
          160.78100540000003,
          297.002,
          168.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          160.78100540000003,
          307.13,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          349.502,
          160.78100540000003,
          360.752,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          160.78100540000003,
          370.88,
          168.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "366,601 ",
        "box": [
          393.002,
          160.78100540000003,
          424.502,
          168.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          160.78100540000003,
          434.63,
          168.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "594,449 ",
        "box": [
          456.752,
          160.78100540000003,
          488.252,
          168.18647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          160.78100540000003,
          498.38,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          160.78100540000003,
          552.002,
          168.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments of term loans (4)",
        "box": [
          61.13,
          175.03100540000003,
          193.08319999999998,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          175.03100540000003,
          243.38,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,919,843 ",
        "box": [
          258.752,
          175.03100540000003,
          297.002,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          175.03100540000003,
          307.13,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,239 ",
        "box": [
          333.752,
          175.03100540000003,
          360.752,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          175.03100540000003,
          370.88,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,477 ",
        "box": [
          397.502,
          175.03100540000003,
          424.502,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          175.03100540000003,
          434.63,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,877 ",
        "box": [
          450.002,
          175.03100540000003,
          488.252,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          175.03100540000003,
          498.38,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "663,250 ",
        "box": [
          520.502,
          175.03100540000003,
          552.002,
          182.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments of senior secured notes",
        "box": [
          61.13,
          189.28100540000003,
          222.3470000000001,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          189.28100540000003,
          243.38,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "785,316 ",
        "box": [
          265.502,
          189.28100540000003,
          297.002,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          189.28100540000003,
          307.13,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          349.502,
          189.28100540000003,
          360.752,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          189.28100540000003,
          370.88,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "335,316 ",
        "box": [
          393.002,
          189.28100540000003,
          424.502,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          189.28100540000003,
          434.63,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000 ",
        "box": [
          456.752,
          189.28100540000003,
          488.252,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          189.28100540000003,
          498.38,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          189.28100540000003,
          552.002,
          196.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments of convertible notes (5)",
        "box": [
          61.13,
          203.53100540000003,
          217.0632,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          203.53100540000003,
          243.38,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          265.502,
          203.53100540000003,
          297.002,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          203.53100540000003,
          307.13,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,157 ",
        "box": [
          329.252,
          203.53100540000003,
          360.752,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          203.53100540000003,
          370.88,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          413.252,
          203.53100540000003,
          424.502,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          203.53100540000003,
          434.63,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          477.002,
          203.53100540000003,
          488.252,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          203.53100540000003,
          498.38,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          203.53100540000003,
          552.002,
          210.93647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments of other secured debt (6)",
        "box": [
          61.13,
          217.78100540000003,
          221.29321,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          217.78100540000003,
          243.38,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,825 ",
        "box": [
          270.002,
          217.78100540000003,
          297.002,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          217.78100540000003,
          307.13,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          349.502,
          217.78100540000003,
          360.752,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          217.78100540000003,
          370.88,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          413.252,
          217.78100540000003,
          424.502,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          217.78100540000003,
          434.63,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,825 ",
        "box": [
          461.252,
          217.78100540000003,
          488.252,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          217.78100540000003,
          498.38,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          217.78100540000003,
          552.002,
          225.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest payments (3)(7)",
        "box": [
          61.13,
          232.03100540000003,
          136.94639999999998,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.13,
          232.03100540000003,
          243.38,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,945,539 ",
        "box": [
          258.752,
          232.03100540000003,
          297.002,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.88,
          232.03100540000003,
          307.13,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "698,877 ",
        "box": [
          329.252,
          232.03100540000003,
          360.752,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.63,
          232.03100540000003,
          370.88,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "858,751 ",
        "box": [
          393.002,
          232.03100540000003,
          424.502,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
          232.03100540000003,
          434.63,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "387,911 ",
        "box": [
          456.752,
          232.03100540000003,
          488.252,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.13,
          232.03100540000003,
          498.38,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.752,
          232.03100540000003,
          552.002,
          239.43647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total (8)",
        "box": [
          61.13,
          246.28100540000003,
          86.1732,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.13,
          246.28100540000003,
          247.88,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,184,673 ",
        "box": [
          254.252,
          246.28100540000003,
          297.002,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.88,
          246.28100540000003,
          311.63,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,321,057 ",
        "box": [
          322.502,
          246.28100540000003,
          360.752,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          368.63,
          246.28100540000003,
          375.38,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,306,917 ",
        "box": [
          386.252,
          246.28100540000003,
          424.502,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          432.38,
          246.28100540000003,
          439.13,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,882,824 ",
        "box": [
          450.002,
          246.28100540000003,
          488.252,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.13,
          246.28100540000003,
          502.88,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "673,875 ",
        "box": [
          520.502,
          246.28100540000003,
          552.002,
          253.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          273.308896,
          70.16,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents ",
        "box": [
          85.5,
          273.308896,
          131.82999999999996,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "known  and  estimated  short-term ",
        "box": [
          136.09999999999997,
          273.308896,
          280.44,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash ",
        "box": [
          284.71,
          273.308896,
          304.96,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requirements ",
        "box": [
          309.22999999999996,
          273.308896,
          363.8799999999999,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related ",
        "box": [
          368.14999999999986,
          273.308896,
          397.80999999999983,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to ",
        "box": [
          402.0799999999998,
          273.308896,
          412.3499999999998,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our ",
        "box": [
          416.6199999999998,
          273.308896,
          432.44999999999976,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contractual ",
        "box": [
          436.71999999999974,
          273.308896,
          483.5799999999997,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations ",
        "box": [
          487.8499999999997,
          273.308896,
          534.7499999999997,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and ",
        "box": [
          539.0199999999996,
          273.308896,
          555.9499999999997,
          281.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments. Refer to 'Sources of Liquidity' above for information about our sources of funds to satisfy our short-",
        "box": [
          85.5,
          284.80889599999995,
          553.4699999999998,
          293.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term cash requirements. ",
        "box": [
          85.5,
          296.30889599999995,
          183.70000000000002,
          304.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          307.80889599999995,
          70.16,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the ",
        "box": [
          85.5,
          307.80889599999995,
          555.9999999999999,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "final loan maturity date; however, we may be obligated to fund these commitments earlier than such date.",
        "box": [
          85.5,
          319.30889599999995,
          507.72999999999985,
          327.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          330.80889599999995,
          70.16,
          339.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  secured  debt  and  asset-specific  debt  agreements  are  generally  term-matched  to  their  underlying  collateral. ",
        "box": [
          85.5,
          330.80889599999995,
          555.9000000000002,
          339.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Therefore, the allocation of both principal and interest payments under such agreements is generally allocated based ",
        "box": [
          85.5,
          342.30889599999995,
          555.87,
          350.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. ",
        "box": [
          85.5,
          353.80889599999995,
          555.8600000000001,
          362.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In limited instances, the maturity date of the respective debt agreement is used.",
        "box": [
          85.5,
          365.30889599999995,
          401.17,
          373.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          376.80889599999995,
          70.16,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance ",
        "box": [
          85.5,
          376.80889599999995,
          555.9200000000003,
          385.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due in quarterly installments. Refer to Note 10 to our consolidated financial statements for further details on our ",
        "box": [
          85.5,
          388.30889599999995,
          555.8599899999997,
          396.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loans. ",
        "box": [
          85.5,
          399.80889599999995,
          139.04999999999995,
          408.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          411.30889599999995,
          70.16,
          419.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer ",
        "box": [
          85.5,
          411.30889599999995,
          555.95,
          419.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to Note 12 to our consolidated financial statements for further details on our Convertible Notes.",
        "box": [
          85.5,
          422.80889599999995,
          467.5699999999999,
          431.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          434.30889599999995,
          70.16,
          442.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts are included in other liabilities on our consolidated balance sheets. ",
        "box": [
          85.5,
          434.30889599999995,
          392.9000000000001,
          442.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          445.80889599999995,
          70.16,
          454.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  interest  payments  on  our  secured  debt,  asset-specific  debt,  Term  Loans,  Senior  Secured  Notes, ",
        "box": [
          85.5,
          445.80889599999995,
          556.0000000000002,
          454.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible Notes, and other secured debt. Future interest payment obligations are estimated assuming the interest ",
        "box": [
          85.5,
          457.30889599999995,
          555.9899999999998,
          465.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates in effect as of March 31, 2026 will remain constant into the future. This is only an estimate as actual amounts ",
        "box": [
          85.5,
          468.80889599999995,
          555.8499899999998,
          477.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowed and interest rates will vary over time.",
        "box": [
          85.5,
          480.30889599999995,
          275.2700000000001,
          488.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          58.5,
          491.80889599999995,
          70.16,
          500.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total does not include $2.9 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities ",
        "box": [
          85.5,
          491.80889599999995,
          555.9399999999998,
          500.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will not require cash outlays from us.",
        "box": [
          85.5,
          503.30889599999995,
          234.52000000000004,
          511.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are also required to settle our foreign exchange and interest rate derivatives with our derivative counterparties upon ",
        "box": [
          58.5,
          526.808896,
          555.89,
          535.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity which, depending on foreign currency exchange and interest rate movements, may result in cash received from or ",
        "box": [
          58.5,
          538.308896,
          555.8399999999998,
          546.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due to such counterparties. The table above does not include these amounts as they are not fixed and determinable. Refer to ",
        "box": [
          58.5,
          549.808896,
          555.88,
          558.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 13 to our consolidated financial statements for details regarding our derivative contracts. ",
        "box": [
          58.5,
          561.308896,
          436.9099999999999,
          569.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are required to pay our Manager a base management fee, an incentive fee, and reimbursements for certain expenses ",
        "box": [
          58.5,
          584.808896,
          555.95,
          593.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pursuant to our Management Agreement. The table above does not include the amounts payable to our Manager under our ",
        "box": [
          58.5,
          596.308896,
          555.9500000000004,
          604.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management Agreement as they are not fixed and determinable. Refer to Note 15 to our consolidated financial statements ",
        "box": [
          58.5,
          607.808896,
          555.9599899999998,
          616.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for additional terms and details of the fees payable under our Management Agreement. ",
        "box": [
          58.5,
          619.308896,
          408.07,
          627.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As a REIT, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends ",
        "box": [
          58.5,
          642.808896,
          555.8199999999998,
          651.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to comply with the REIT provisions of the Internal Revenue Code. Our taxable income does not necessarily equal our net ",
        "box": [
          58.5,
          654.308896,
          555.8800000000002,
          662.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income as calculated in accordance with GAAP, or our Distributable Earnings as described above. ",
        "box": [
          58.5,
          665.808896,
          454.1299999999999,
          674.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 85,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Cash Flows ",
        "box": [
          58.5,
          54.148926000000074,
          110.14999999999999,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides a breakdown of the net change in our cash and cash equivalents ($ in thousands):",
        "box": [
          58.5,
          71.808896,
          500.27999999999986,
          80.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          83.37469720000001,
          61.5,
          93.24865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          418.67001,
          100.66314479999994,
          528.6140100000001,
          107.24578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          113.78314479999995,
          63.13,
          120.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          424.75,
          113.78314479999995,
          440.75,
          120.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          506.5,
          113.78314479999995,
          522.5,
          120.36578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows provided by operating activities",
        "box": [
          61.13,
          126.3309954,
          217.86500000000015,
          133.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          126.3309954,
          403.13,
          133.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,727 ",
        "box": [
          438.752,
          126.3309954,
          470.252,
          133.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          126.3309954,
          484.88,
          133.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,516 ",
        "box": [
          520.502,
          126.3309954,
          552.002,
          133.73646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows provided by investing activities",
        "box": [
          61.13,
          140.5809954,
          216.87500000000014,
          147.98646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          140.5809954,
          398.63,
          147.98646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220,826 ",
        "box": [
          438.752,
          140.5809954,
          470.252,
          147.98646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          140.5809954,
          480.38,
          147.98646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260,939 ",
        "box": [
          520.502,
          140.5809954,
          552.002,
          147.98646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows used in financing activities",
        "box": [
          61.13,
          154.8309954,
          200.36900000000014,
          162.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.38,
          154.8309954,
          398.63,
          162.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(292,857) ",
        "box": [
          435.764,
          154.8309954,
          473.25800000000004,
          162.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.13,
          154.8309954,
          480.38,
          162.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,142) ",
        "box": [
          522.014,
          154.8309954,
          555.0079999999999,
          162.23646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net increase in cash and cash equivalents",
        "box": [
          61.13,
          169.0809954,
          210.08900000000006,
          176.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          396.38,
          169.0809954,
          403.13,
          176.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97,696 ",
        "box": [
          443.252,
          169.0809954,
          470.252,
          176.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          478.13,
          169.0809954,
          484.88,
          176.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "343,313 ",
        "box": [
          520.502,
          169.0809954,
          552.002,
          176.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We experienced a net increase in cash and cash equivalents of $97.7 million for the three months ended March 31, 2026, ",
        "box": [
          58.5,
          196.60888599999998,
          555.91003,
          204.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to a net increase of $343.3 million for the three months ended March 31, 2025. During the three months ended ",
        "box": [
          58.5,
          208.10888599999998,
          555.94,
          216.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, we (i) received $880.0 million of net proceeds from the issuance of a securitized debt obligation, (ii) ",
        "box": [
          58.5,
          219.60888599999998,
          555.8400099999998,
          227.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received $599.3 million from loan principal collections and sales proceeds, (iii) received a net $72.1 million under our ",
        "box": [
          58.5,
          231.10888599999998,
          555.86999,
          239.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured  term  loan  borrowings,  and  (iv)  received  aggregate  distributions  of  $33.0  million  from  unconsolidated  entities, ",
        "box": [
          58.5,
          242.60888599999998,
          555.9600099999999,
          250.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily  as  a  result  of  our  Net  Lease  Joint  Venture  refinancing  its  portfolio  through  an  asset-backed  securitization ",
        "box": [
          58.5,
          254.10888599999998,
          555.96,
          262.3371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transaction.  Also,  during  the  three  months  ended  March  31,  2026,  we  (i)  repaid  a  net  $1.0  billion  of  secured  debt ",
        "box": [
          58.5,
          265.608886,
          555.9600000000002,
          273.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings and asset-specific financings, (ii) funded $290.8 million of loans, (iii) repaid $133.6 million of securitized debt ",
        "box": [
          58.5,
          277.108916,
          555.8500000000001,
          285.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations,  (iv)  paid  $79.1  million  of  dividends  on  our  class  A  common  stock,  and  (v)  invested  $58.9  million  in ",
        "box": [
          58.5,
          288.60891599999997,
          555.9900399999999,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated entities.",
        "box": [
          58.5,
          300.10891599999997,
          152.82,
          308.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 3 to our consolidated financial statements for further discussion of our loan activity. Refer to Notes 5, 7, 8, ",
        "box": [
          58.5,
          323.60891599999997,
          555.84998,
          331.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 14 to our consolidated financial statements for further discussion of our investments in unconsolidated entities, secured ",
        "box": [
          58.5,
          335.10891599999997,
          555.99,
          343.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt, securitized debt obligations, and equity, respectively.",
        "box": [
          58.5,
          346.60891599999997,
          293.2,
          354.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VI. Other Items ",
        "box": [
          58.5,
          375.948916,
          128.99999999999997,
          384.1772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Taxes ",
        "box": [
          58.5,
          393.448916,
          120.11999999999998,
          401.6772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  have  elected  to  be  taxed  as  a  REIT  under  the  Internal  Revenue  Code  for  U.S.  federal  income  tax  purposes.  We ",
        "box": [
          58.5,
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          555.8700000000002,
          419.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any ",
        "box": [
          58.5,
          422.60891599999997,
          555.9299999999998,
          430.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  capital  gain,  in  order  for  U.S.  federal  income  tax  not  to  apply  to  our  earnings.  To  the  extent  that  we  satisfy  this ",
        "box": [
          58.5,
          434.10891599999997,
          555.8599999999998,
          442.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income ",
        "box": [
          58.5,
          445.60891599999997,
          555.97,
          453.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax  on  our  undistributed  taxable  income.  In  addition,  we  will  be  subject  to  a  4%  nondeductible  excise  tax  if  the  actual ",
        "box": [
          58.5,
          457.10891599999997,
          555.8700000000001,
          465.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal ",
        "box": [
          58.5,
          468.60891599999997,
          555.8600000000001,
          476.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax laws.",
        "box": [
          58.5,
          480.10891599999997,
          94.00999999999999,
          488.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  qualification  as  a  REIT  also  depends  on  our  ability  to  meet  various  other  requirements  imposed  by  the  Internal ",
        "box": [
          58.5,
          503.60891599999997,
          555.9499999999998,
          511.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to ",
        "box": [
          58.5,
          515.108886,
          555.9300000000001,
          523.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. ",
        "box": [
          58.5,
          526.608886,
          555.7800000000003,
          534.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification ",
        "box": [
          58.5,
          538.108886,
          555.8099999999996,
          546.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on ",
        "box": [
          58.5,
          549.608886,
          555.7999999999997,
          557.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full ",
        "box": [
          58.5,
          561.108886,
          555.8300000000002,
          569.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable years. As of March 31, 2026 and December 31, 2025, we were in compliance with all REIT requirements. ",
        "box": [
          58.5,
          572.608886,
          516.32999,
          580.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furthermore, our taxable REIT subsidiaries are subject to federal, state, and local income tax on their net taxable income. ",
        "box": [
          58.5,
          596.108886,
          555.97,
          604.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 16 to our consolidated financial statements for further discussion of our income taxes.",
        "box": [
          58.5,
          607.608886,
          458.60999999999984,
          615.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Critical Accounting Policies ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial ",
        "box": [
          58.5,
          654.608886,
          555.89,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us ",
        "box": [
          58.5,
          666.108886,
          555.8800000000001,
          674.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related ",
        "box": [
          58.5,
          677.608886,
          555.8400000000001,
          685.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disclosure of contingent assets and liabilities. Actual results could differ from these estimates. We evaluated our critical ",
        "box": [
          58.5,
          689.108886,
          555.8600000000001,
          697.3371825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounting policies and believe them to be appropriate. The following is a summary of our significant accounting policies ",
        "box": [
          58.5,
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          555.8399999999998,
          708.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that we believe are the most affected by our judgments, estimates, and assumptions: ",
        "box": [
          58.5,
          712.108886,
          396.14001,
          720.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 86,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Current Expected Credit Losses ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The current expected credit loss, or CECL, reserve required under the FASB Accounting Standards Codification, or ASC, ",
        "box": [
          58.5,
          71.808896,
          555.94,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Topic 326 'Financial Instruments - Credit Losses,' or ASC 326, reflects our current estimate of potential credit losses ",
        "box": [
          58.5,
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          555.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related to our portfolio. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or ",
        "box": [
          58.5,
          94.808896,
          555.9299999999998,
          103.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial ",
        "box": [
          58.5,
          106.308896,
          555.8699999999998,
          114.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounting Standards Board Staff Q&A Topic 326, No. 1. Estimating the CECL reserve requires judgment, including the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "following assumptions:",
        "box": [
          58.5,
          129.308896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          146.808896,
          80.0,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Historical  loan  loss  reference  data:  To  estimate  the  historic  loan  losses  relevant  to  our  portfolio,  we  have ",
        "box": [
          94.5,
          146.808896,
          555.9399899999996,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "augmented our historical loan performance with market loan loss data licensed from Trepp LLC. This database ",
        "box": [
          94.5,
          158.308896,
          555.8800000000003,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through February 28, ",
        "box": [
          94.5,
          169.808896,
          555.8800000000002,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026. Within this database, we focused our historical loss reference calculations on the most relevant subset of ",
        "box": [
          94.5,
          181.308896,
          555.89,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio, ",
        "box": [
          94.5,
          192.808896,
          555.9699999999998,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including  asset  type,  geography,  and  origination  loan-to-value,  or  LTV.  We  believe  this  CMBS  data,  which ",
        "box": [
          94.5,
          204.308896,
          555.9400000000002,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "includes  month-over-month  loan  and  property  performance,  is  the  most  relevant,  available,  and  comparable ",
        "box": [
          94.5,
          215.808896,
          555.9200000000002,
          224.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dataset to our portfolio.",
        "box": [
          94.5,
          227.308896,
          188.29000000000002,
          235.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          244.808896,
          80.0,
          253.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expected timing and amount of future loan fundings and repayments: Expected credit losses are estimated over ",
        "box": [
          94.5,
          244.808896,
          555.98999,
          253.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan ",
        "box": [
          94.5,
          256.308896,
          555.8900000000002,
          264.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for ",
        "box": [
          94.5,
          267.808896,
          555.9200000000004,
          276.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of ",
        "box": [
          94.5,
          279.308896,
          555.9100000000002,
          287.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  loans  are  subject  to  the  obligation  to  extend  credit  through  our  unfunded  loan  commitments.  The  CECL ",
        "box": [
          94.5,
          290.80889599999995,
          555.9399999999998,
          299.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserve  for  unfunded  loan  commitments  is  adjusted  quarterly,  as  we  consider  the  expected  timing  of  future ",
        "box": [
          94.5,
          302.30889599999995,
          555.9200000000003,
          310.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for ",
        "box": [
          94.5,
          313.80889599999995,
          555.8900000000004,
          322.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded loan commitments are similar to those used for the related outstanding loans receivable.",
        "box": [
          94.5,
          325.30889599999995,
          485.6899999999999,
          333.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          342.80889599999995,
          80.0,
          351.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current  credit  quality  of  our  portfolio:  Our  risk  rating  is  our  primary  credit  quality  indicator  in  assessing  our ",
        "box": [
          94.5,
          342.80889599999995,
          555.9599999999997,
          351.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves. We perform a quarterly risk review of our portfolio of loans and assign each loan a risk rating ",
        "box": [
          94.5,
          354.30889599999995,
          555.8699999999998,
          362.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic ",
        "box": [
          94.5,
          365.80889599999995,
          555.89,
          374.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and ",
        "box": [
          94.5,
          377.30889599999995,
          555.9300000000002,
          385.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exit plan, and project sponsorship.",
        "box": [
          94.5,
          388.80889599999995,
          231.6,
          397.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          406.30889599999995,
          80.0,
          414.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expectations of performance and market conditions: Our CECL reserves are adjusted to reflect our estimation of ",
        "box": [
          94.5,
          406.30889599999995,
          555.9599999999998,
          414.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  current  and  future  economic  conditions  that  impact  the  performance  of  the  commercial  real  estate  assets ",
        "box": [
          94.5,
          417.80889599999995,
          556.0,
          426.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or ",
        "box": [
          94.5,
          429.30889599999995,
          555.9399999999998,
          437.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for ",
        "box": [
          94.5,
          440.80889599999995,
          555.9399999999999,
          449.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have ",
        "box": [
          94.5,
          452.30889599999995,
          555.9300000000007,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "also  licensed  certain  macroeconomic  financial  forecasts  to  inform  our  view  of  the  potential  future  impact  that ",
        "box": [
          94.5,
          463.80889599999995,
          555.9300000000003,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "broader  economic  conditions  may  have  on  our  loan  portfolio's  performance.  We  generally  also  incorporate ",
        "box": [
          94.5,
          475.30889599999995,
          555.9099999999999,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information from other sources, including information and opinions available to our Manager, to further inform ",
        "box": [
          94.5,
          486.80889599999995,
          555.9699999999999,
          495.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these  estimations.  This  process  requires  significant  judgments  about  future  events  that,  while  based  on  the ",
        "box": [
          94.5,
          498.30889599999995,
          555.9599999999999,
          506.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information  available  to  us  as  of  the  balance  sheet  date,  are  ultimately  indeterminate  and  the  actual  economic ",
        "box": [
          94.5,
          509.80889599999995,
          555.9099999999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condition impacting our portfolio could vary significantly from the estimates we made as of March 31, 2026.",
        "box": [
          94.5,
          521.308896,
          530.16003,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          76.5,
          538.808896,
          80.0,
          547.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impairment: impairment is indicated when it is deemed probable that we will not be able to collect all amounts ",
        "box": [
          94.5,
          538.808896,
          555.9199999999996,
          547.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant ",
        "box": [
          94.5,
          550.308896,
          555.8499999999999,
          558.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "judgment from management and is based on several factors including (i) the underlying collateral performance, ",
        "box": [
          94.5,
          561.808896,
          556.0000000000002,
          570.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower's ",
        "box": [
          94.5,
          573.308896,
          555.9399999999999,
          581.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we ",
        "box": [
          94.5,
          584.808896,
          555.8299999999998,
          593.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "record the impairment as a component of our CECL reserves by applying the practical expedient for collateral ",
        "box": [
          94.5,
          596.308896,
          555.8500000000003,
          604.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dependent  loans.  The  CECL  reserves  are  assessed  on  an  individual  basis  for  these  loans  by  comparing  the ",
        "box": [
          94.5,
          607.808896,
          555.9099999999997,
          616.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These ",
        "box": [
          94.5,
          619.308896,
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          627.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, ",
        "box": [
          94.5,
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          555.9500000000002,
          639.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "leasing,  creditworthiness  of  major  tenants,  occupancy  rates,  availability  and  cost  of  financing,  exit  plan,  loan ",
        "box": [
          94.5,
          642.308896,
          555.9499999999998,
          650.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sponsorship,  actions  of  other  lenders,  and  other  factors  deemed  relevant  by  us.  Actual  losses,  if  any,  could ",
        "box": [
          94.5,
          653.808896,
          555.9399999999998,
          662.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ultimately  differ  materially  from  these  estimates.  We  only  expect  to  charge  off  the  impairment  losses  in  our ",
        "box": [
          94.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-",
        "box": [
          94.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recoverable.  This  is  generally  at  the  time  a  loan  is  repaid  or  foreclosed,  or  the  underlying  collateral  assets  are ",
        "box": [
          94.5,
          688.308896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "otherwise consolidated. However, non-recoverability may also be concluded if, in our determination, it is nearly ",
        "box": [
          94.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain that all amounts due will not be collected. ",
        "box": [
          94.5,
          711.308896,
          293.65000000000003,
          719.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85",
        "box": [
          301.0,
          769.728886,
          311.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 87,
    "width": 612.0,
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    "cells": [
      {
        "text": "These assumptions vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve. ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The sensitivity of each assumption and its impact on the CECL reserves may change over time and from period to period. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, our CECL reserves increased by $8.6 million, bringing our total reserves ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to $304.7 million as of March 31, 2026. See Notes 2 and 3 to our consolidated financial statements for further discussion of ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our CECL reserves.",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Recognition ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest  income  from  our  loans  receivable  portfolio  is  recognized  over  the  life  of  each  loan  using  the  effective  interest ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method  and  is  recorded  on  the  accrual  basis.  Recognition  of  fees,  premiums,  and  discounts  associated  with  these ",
        "box": [
          58.5,
          158.808896,
          555.97,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments  is  deferred  and  recorded  over  the  term  of  the  loan  as  an  adjustment  to  yield.  Income  accrual  is  generally ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized ",
        "box": [
          58.5,
          193.308896,
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          201.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually ",
        "box": [
          58.5,
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          213.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses ",
        "box": [
          58.5,
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          555.97,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are deferred and recognized as a reduction to interest income; however, expenses related to loans we acquire are included ",
        "box": [
          58.5,
          227.808896,
          555.8800000000002,
          236.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in general and administrative expenses as incurred.",
        "box": [
          58.5,
          239.308896,
          262.4000000000001,
          247.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The sources of revenue from our owned real estate assets, which is included in revenue from owned real estate on our ",
        "box": [
          58.5,
          262.808896,
          555.9000000000002,
          271.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations, and the related revenue recognition policies are as follows:",
        "box": [
          58.5,
          274.308896,
          448.8299999999999,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties. ",
        "box": [
          58.5,
          291.80889599999995,
          555.94,
          300.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We determine if an arrangement is a lease at contract inception, which is subject to the provisions of ASC 842. Base rent is ",
        "box": [
          58.5,
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          555.8100000000002,
          311.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. We begin to ",
        "box": [
          58.5,
          314.80889599999995,
          555.9500000000002,
          323.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space.",
        "box": [
          58.5,
          326.30889599999995,
          523.7700000000001,
          334.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income. ",
        "box": [
          58.5,
          349.80889599999995,
          555.8699999999997,
          358.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue ",
        "box": [
          58.5,
          361.30889599999995,
          555.8600000000004,
          369.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. ",
        "box": [
          58.5,
          372.80889599999995,
          555.96,
          381.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant  reimbursement  income  primarily  consists  of  amounts  due  from  tenants  for  costs  related  to  common  area ",
        "box": [
          58.5,
          384.30889599999995,
          555.9099999999999,
          392.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maintenance, real estate taxes, and other recoverable costs included in lease agreements.",
        "box": [
          58.5,
          395.80889599999995,
          411.2799999999999,
          404.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We evaluate the collectability of receivables related to rental revenue on an individual lease basis and exercise judgment in ",
        "box": [
          58.5,
          419.30889599999995,
          555.89,
          427.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment ",
        "box": [
          58.5,
          430.80889599999995,
          555.94,
          439.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "history, available information about the financial condition of the tenant, and current economic trends, among other factors. ",
        "box": [
          58.5,
          442.30889599999995,
          555.9600000000002,
          450.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.",
        "box": [
          58.5,
          453.80889599999995,
          444.54,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned Real Estate",
        "box": [
          58.5,
          483.31890599999997,
          135.07999999999996,
          491.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We may assume legal title, physical possession, or control of the collateral underlying a loan through a foreclosure, a deed-",
        "box": [
          58.5,
          500.80889599999995,
          553.3300000000003,
          509.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in-lieu  of  foreclosure  transaction,  or  a  loan  modification  in  which  we  receive  an  equity  interest  in  and/or  control  over ",
        "box": [
          58.5,
          512.308896,
          555.8299999999998,
          520.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decision-making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are  classified  as  owned  real  estate,  on  our  consolidated  balance  sheet  and  are  initially  recognized  at  fair  value  on  the ",
        "box": [
          58.5,
          535.308896,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition date in accordance with the ASC Topic 805, 'Business Combinations,' or ASC 805.",
        "box": [
          58.5,
          546.808896,
          442.56,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon acquisition of owned real estate assets, we assess the fair value of acquired tangible and intangible assets, which may ",
        "box": [
          58.5,
          570.308896,
          555.9199999999997,
          578.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include land, buildings, tenant improvements, 'above-market' and 'below-market' leases, acquired in-place leases, other ",
        "box": [
          58.5,
          581.808896,
          555.8900000000001,
          590.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "identified  intangible  assets  and  assumed  liabilities,  as  applicable,  and  allocate  the  fair  value  to  the  acquired  assets  and ",
        "box": [
          58.5,
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          555.9100000000001,
          601.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or ",
        "box": [
          58.5,
          604.808896,
          555.9799899999998,
          613.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows ",
        "box": [
          58.5,
          616.308896,
          555.8799999999995,
          624.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are based on a number of factors, including the historical operating results, known and anticipated trends, and market and ",
        "box": [
          58.5,
          627.808896,
          556.0000000000002,
          636.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic conditions. We capitalize acquisition-related costs associated with asset acquisitions. ",
        "box": [
          58.5,
          639.308896,
          441.27998999999994,
          647.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real  estate  assets  held  for  investment,  except  for  land,  are  depreciated  using  the  straight-line  method  over  the  assets' ",
        "box": [
          58.5,
          662.808896,
          555.87,
          671.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated  useful  lives  of  up  to  40  years  for  buildings,  15  years  for  land  improvements,  and  10  years  for  tenant ",
        "box": [
          58.5,
          674.308896,
          555.9900000000001,
          682.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated ",
        "box": [
          58.5,
          685.808896,
          555.9200000000004,
          694.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over their estimated useful lives. Lease intangibles are amortized over the remaining term of applicable leases on a straight-",
        "box": [
          58.5,
          697.308896,
          553.41,
          705.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "line basis. The cost of ordinary repairs and maintenance are expensed as incurred.",
        "box": [
          58.5,
          708.808896,
          385.3100000000001,
          717.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 88,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the ",
        "box": [
          58.5,
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          62.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The ",
        "box": [
          58.5,
          65.808896,
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          74.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of ",
        "box": [
          58.5,
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          555.8999900000001,
          85.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental ",
        "box": [
          58.5,
          88.808896,
          555.9300000000003,
          97.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates, capital requirements and anticipated holding periods that could differ materially from actual results.",
        "box": [
          58.5,
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          480.9599999999997,
          108.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 'Property, ",
        "box": [
          58.5,
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          555.92,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Plant,  and  Equipment.' Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is ",
        "box": [
          58.5,
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          555.9599999999997,
          143.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a ",
        "box": [
          58.5,
          146.808896,
          555.8300000000002,
          155.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real  estate  asset  previously  classified  as  held  for  sale,  the  real  estate  asset  is  reclassified  as  held  for  investment.  Upon ",
        "box": [
          58.5,
          158.308896,
          555.9599999999999,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for ",
        "box": [
          58.5,
          169.808896,
          555.8299999999995,
          178.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale,  adjusted  for  depreciation  expense  that  would  have  been  recognized  had  the  real  estate  been  classified  as  held  for ",
        "box": [
          58.5,
          181.308896,
          555.9900000000001,
          189.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, and (ii) its estimated fair value at the time of reclassification.",
        "box": [
          58.5,
          192.808896,
          350.55,
          201.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, we had 13 owned real estate assets that were all classified as held for investment.",
        "box": [
          58.5,
          216.308896,
          475.7999799999998,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          251.308896,
          61.0,
          259.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 89,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "VII. Loan Portfolio Details",
        "box": [
          40.5,
          36.148926000000074,
          154.86,
          44.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides details of our loan portfolio, on a loan-by-loan basis, as of March 31, 2026 ($ in millions):",
        "box": [
          40.5,
          53.808896000000004,
          519.2499899999999,
          62.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          51.87,
          113.9931348,
          55.87,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.13,
          113.9931348,
          100.122,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dublin, IE",
        "box": [
          124.13,
          113.9931348,
          157.90599999999998,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/14/2019",
        "box": [
          208.67999,
          113.9931348,
          241.12798999999998,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          247.13,
          113.9931348,
          253.13,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "988 ",
        "box": [
          286.09,
          113.9931348,
          300.09,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          316.13,
          113.9931348,
          322.13,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "942 ",
        "box": [
          343.09,
          113.9931348,
          357.09,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.13,
          113.9931348,
          379.13,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "942 ",
        "box": [
          400.09,
          113.9931348,
          414.09,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          113.9931348,
          432.13,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.20  %",
        "box": [
          444.578,
          113.9931348,
          475.794,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          113.9931348,
          495.13,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.95  %",
        "box": [
          507.578,
          113.9931348,
          538.794,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/29/2027",
        "box": [
          564.92999,
          113.9931348,
          597.3779900000001,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$272 / sqft",
        "box": [
          631.40997,
          113.9931348,
          665.6339700000001,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  74 %",
        "box": [
          698.92999,
          113.9931348,
          716.2499899999999,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          113.9931348,
          738.12,
          120.57577204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          51.87,
          126.74310480000003,
          55.87,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          64.13,
          126.74310480000003,
          99.69000000000001,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, AU",
        "box": [
          124.13,
          126.74310480000003,
          175.67399999999995,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/24/2022",
        "box": [
          208.67999,
          126.74310480000003,
          241.12798999999998,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "913",
        "box": [
          286.87,
          126.74310480000003,
          298.87,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "913",
        "box": [
          343.87,
          126.74310480000003,
          355.87,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "908",
        "box": [
          400.87,
          126.74310480000003,
          412.87,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          126.74310480000003,
          432.13,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.75  %",
        "box": [
          444.578,
          126.74310480000003,
          475.794,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          126.74310480000003,
          495.13,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.93  %",
        "box": [
          507.578,
          126.74310480000003,
          538.794,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/21/2030",
        "box": [
          564.92999,
          126.74310480000003,
          597.3779900000001,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$415 / sqft",
        "box": [
          631.40997,
          126.74310480000003,
          665.6339700000001,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  59 %",
        "box": [
          698.92999,
          126.74310480000003,
          716.2499899999999,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          126.74310480000003,
          738.12,
          133.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          51.87,
          139.49310480000003,
          55.87,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.13,
          139.49310480000003,
          100.122,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin",
        "box": [
          124.13,
          139.49310480000003,
          145.46599999999998,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/28/2022",
        "box": [
          208.67999,
          139.49310480000003,
          241.12798999999998,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "675",
        "box": [
          286.87,
          139.49310480000003,
          298.87,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "539",
        "box": [
          343.87,
          139.49310480000003,
          355.87,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "536",
        "box": [
          400.87,
          139.49310480000003,
          412.87,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          139.49310480000003,
          432.13,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+4.60  %",
        "box": [
          444.578,
          139.49310480000003,
          475.794,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          139.49310480000003,
          495.13,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+5.08  %",
        "box": [
          507.578,
          139.49310480000003,
          538.794,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2029",
        "box": [
          568.92999,
          139.49310480000003,
          597.3779900000001,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$448 / sqft",
        "box": [
          631.40997,
          139.49310480000003,
          665.6339700000001,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  53 %",
        "box": [
          698.92999,
          139.49310480000003,
          716.2499899999999,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          139.49310480000003,
          738.12,
          146.0757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          51.87,
          152.24310480000003,
          55.87,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          64.13,
          152.24310480000003,
          100.122,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, Spain",
        "box": [
          124.13,
          152.24310480000003,
          182.3379999999999,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/22/2018",
        "box": [
          208.67999,
          152.24310480000003,
          241.12798999999998,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "498",
        "box": [
          286.87,
          152.24310480000003,
          298.87,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "498",
        "box": [
          343.87,
          152.24310480000003,
          355.87,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "498",
        "box": [
          400.87,
          152.24310480000003,
          412.87,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          152.24310480000003,
          432.13,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.25  %",
        "box": [
          444.578,
          152.24310480000003,
          475.794,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          152.24310480000003,
          495.13,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.25  %",
        "box": [
          507.578,
          152.24310480000003,
          538.794,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/15/2026",
        "box": [
          564.92999,
          152.24310480000003,
          597.3779900000001,
          158.8257420449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n / a",
        "box": [
          651.84998,
          152.24310480000003,
          665.62598,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  71 %",
        "box": [
          698.92999,
          152.24310480000003,
          716.2499899999999,
          158.8257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          734.12,
          152.24310480000003,
          738.12,
          158.8257420449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          51.87,
          164.99310480000003,
          55.87,
          171.5757420449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          64.13,
          164.99310480000003,
          94.79400000000001,
          171.5757420449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, SE",
        "box": [
          124.13,
          164.99310480000003,
          173.44999999999993,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/30/2021",
        "box": [
          208.67999,
          164.99310480000003,
          241.12798999999998,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "489",
        "box": [
          286.87,
          164.99310480000003,
          298.87,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "489",
        "box": [
          343.87,
          164.99310480000003,
          355.87,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "489",
        "box": [
          400.87,
          164.99310480000003,
          412.87,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          164.99310480000003,
          432.13,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.20  %",
        "box": [
          444.578,
          164.99310480000003,
          475.794,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          164.99310480000003,
          495.13,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.41  %",
        "box": [
          507.578,
          164.99310480000003,
          538.794,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/18/2027",
        "box": [
          564.92999,
          164.99310480000003,
          597.3779900000001,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$88 / sqft",
        "box": [
          635.40997,
          164.99310480000003,
          665.6339700000001,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  76 %",
        "box": [
          698.92999,
          164.99310480000003,
          716.2499899999999,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          734.12,
          164.99310480000003,
          738.12,
          171.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          51.87,
          177.74310480000003,
          55.87,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-Storage",
        "box": [
          64.13,
          177.74310480000003,
          104.10600000000004,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, CAN",
        "box": [
          124.13,
          177.74310480000003,
          181.00999999999996,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/20/2025",
        "box": [
          208.67999,
          177.74310480000003,
          241.12798999999998,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "449",
        "box": [
          286.87,
          177.74310480000003,
          298.87,
          184.3257420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "234",
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        "text": "234",
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        "text": "+3.25  %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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        "text": "+3.51  %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "2/15/2027",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$239,117 / unit",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  69 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "2",
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        "text": "20",
        "box": [
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        "from_ocr": false,
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        "text": "Multifamily",
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        "text": "240",
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        "text": "231",
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        "text": "231",
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        "text": "+2.60  %",
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        "from_ocr": false,
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      {
        "text": "$214,474 / unit",
        "box": [
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        "from_ocr": false,
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        "text": "  74 %",
        "box": [
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        "from_ocr": false,
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        "confidence": 1.0
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        "text": "$473 / sqft",
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        "from_ocr": false,
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        "text": "  62 %",
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        "from_ocr": false,
        "confidence": 1.0
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        "confidence": 1.0
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      {
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$111 / sqft",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  43 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "37",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Multifamily",
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "+2.65  %",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$295,195 / unit",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  63 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "confidence": 1.0
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        "text": "135",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  4.00  %",
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          475.794,
          180.8257420449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  4.00  %",
        "box": [
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          538.794,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$685 / sqft",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  68 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "4",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "39",
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "  70 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "  65 %",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
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          538.794,
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
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        "text": "  50 %",
        "box": [
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          716.2499899999999,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
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        "text": "  75 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "text": "$313 / sqft",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          698.92999,
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          716.2499899999999,
          330.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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          102.80200000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified, UK",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3/29/2021",
        "box": [
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        "confidence": 1.0
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        "text": "115",
        "box": [
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        "from_ocr": false,
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        "text": "115",
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "+4.40  %",
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$50,125 / unit",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  61 %",
        "box": [
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          716.2499899999999,
          342.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "3",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "51",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Multifamily",
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        "from_ocr": false,
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        "text": "+3.11  %",
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$189,003 / unit",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  64 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "confidence": 1.0
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      {
        "text": "$241,972 / unit",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  73 %",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$531 / sqft",
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        "from_ocr": false,
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        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "104",
        "box": [
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          298.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
          343.87,
          421.7431348,
          355.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
          400.87,
          421.7431348,
          412.87,
          428.3257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.00  %",
        "box": [
          449.09,
          421.7431348,
          475.794,
          428.3257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.00  %",
        "box": [
          512.09003,
          421.7431348,
          538.794,
          428.3257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2029",
        "box": [
          564.92999,
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          597.3779900000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$115 / sqft",
        "box": [
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          665.6339700000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  43 %",
        "box": [
          698.92999,
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          716.2499899999999,
          428.3257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
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          428.3257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          47.87,
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          55.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.13,
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          102.80200000000002,
          441.0757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Washington, DC",
        "box": [
          124.13,
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          177.90599999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/17/2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
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          298.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "104",
        "box": [
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          355.87,
          441.0757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103",
        "box": [
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          412.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          432.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.50  %",
        "box": [
          444.578,
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          475.794,
          441.0757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+2.83  %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "12/9/2030",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$292,642 / unit",
        "box": [
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          665.6320200000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  72 %",
        "box": [
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          716.2499899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "58",
        "box": [
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          55.87,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mixed-Use",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "New York",
        "box": [
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          157.674,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/10/2020",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "103",
        "box": [
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          298.87,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "103",
        "box": [
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          355.87,
          453.8257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103",
        "box": [
          400.87,
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          412.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          432.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.00  %",
        "box": [
          444.578,
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          475.794,
          453.8257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          495.13,
          453.8257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.01  %",
        "box": [
          507.578,
          447.2431348,
          538.794,
          453.8257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/11/2029",
        "box": [
          564.92999,
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          597.3779900000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$628 / sqft",
        "box": [
          631.40997,
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          665.6339700000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  48 %",
        "box": [
          698.92999,
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          716.2499899999999,
          453.8257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59",
        "box": [
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          55.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
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          102.80200000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various, TX",
        "box": [
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          164.11399999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/15/2025",
        "box": [
          204.67999,
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          241.12798999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
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          298.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "102",
        "box": [
          343.87,
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          355.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101",
        "box": [
          400.87,
          459.9931348,
          412.87,
          466.5757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          459.9931348,
          432.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.60  %",
        "box": [
          444.578,
          459.9931348,
          475.794,
          466.5757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          459.9931348,
          495.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.93  %",
        "box": [
          507.578,
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          538.794,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2030",
        "box": [
          564.92999,
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          597.3779900000001,
          466.5757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$226,659 / unit",
        "box": [
          616.96002,
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          665.6320200000001,
          466.5757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  73 %",
        "box": [
          698.92999,
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          716.2499899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Industrial",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Diversified, US",
        "box": [
          124.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5/22/2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "115",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "101",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          432.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.00  %",
        "box": [
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          475.794,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.36  %",
        "box": [
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          538.794,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6/9/2030",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$859,363 / acre",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  56 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "3",
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        "from_ocr": false,
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      {
        "text": "Senior Loan Portfolio (1)",
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        "from_ocr": false,
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      {
        "text": "Property Type",
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        "confidence": 1.0
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      {
        "text": "Location",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Origination",
        "box": [
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        "from_ocr": false,
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        "text": "Date (2)",
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        "text": "Total",
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        "text": "Balance",
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        "from_ocr": false,
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        "text": "Net Book",
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        "text": "Value (4)",
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        "text": "Cash",
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        "text": "All-in",
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        "text": " ",
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        "text": "SQFT / Unit / ",
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        "text": "Key / Acre / MW",
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        "from_ocr": false,
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        "text": "  68 %",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "text": "  72 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  76 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$404,364 / key",
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        "from_ocr": false,
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        "text": "  64 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "text": "  78 %",
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "text": "  67 %",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "text": "  64 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "  60 %",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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          475.794,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  77 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "44",
        "box": [
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        "text": "44",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "44",
        "box": [
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        "from_ocr": false,
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        "text": " ",
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        "confidence": 1.0
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        "text": "+2.75  %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          495.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+2.99  %",
        "box": [
          507.578,
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          538.794,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "12/9/2026",
        "box": [
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          597.3779900000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$144,479 / unit",
        "box": [
          616.96002,
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          665.6320200000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          698.92999,
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          716.2499899999999,
          257.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "105",
        "box": [
          43.87,
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          55.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.13,
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          102.80200000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dublin, IE",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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        "confidence": 1.0
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        "text": "40",
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        "from_ocr": false,
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        "text": "+2.65  %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+2.87  %",
        "box": [
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          538.794,
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$351,613 / unit",
        "box": [
          616.96002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  73 %",
        "box": [
          698.92999,
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          716.2499899999999,
          270.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "106",
        "box": [
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        "from_ocr": false,
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        "text": "Multifamily",
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        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$155,163 / unit",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  72 %",
        "box": [
          698.92999,
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          716.2499899999999,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  69 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
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        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
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        "text": "  75 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "text": "+3.65  %",
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        "from_ocr": false,
        "confidence": 1.0
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        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  39 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "confidence": 1.0
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        "text": "35",
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        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "+3.00  %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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        "box": [
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        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$372,340 / unit",
        "box": [
          616.96002,
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          665.6320200000001,
          333.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  72 %",
        "box": [
          698.92999,
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          716.2499899999999,
          333.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
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          738.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111",
        "box": [
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          55.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
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          83.24200000000002,
          346.5757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hamburg, DEU",
        "box": [
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          174.778,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/19/2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "text": "33",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "32",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          339.9931348,
          432.13,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.90  %",
        "box": [
          444.578,
          339.9931348,
          475.794,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          339.9931348,
          495.13,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.40  %",
        "box": [
          507.578,
          339.9931348,
          538.794,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/4/2030",
        "box": [
          568.92999,
          339.9931348,
          597.3779900000001,
          346.5757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$108 / sqft",
        "box": [
          631.40997,
          339.9931348,
          665.6339700000001,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          698.92999,
          339.9931348,
          716.2499899999999,
          346.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
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          738.12,
          346.5757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112",
        "box": [
          43.87,
          352.7431348,
          55.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
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          100.122,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
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          157.674,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/21/2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
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          298.87,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
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          355.87,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          404.87,
          352.7431348,
          412.87,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          352.7431348,
          432.13,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.25  %",
        "box": [
          444.578,
          352.7431348,
          475.794,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          352.7431348,
          495.13,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.52  %",
        "box": [
          507.578,
          352.7431348,
          538.794,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2030",
        "box": [
          568.92999,
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          597.3779900000001,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$775 / sqft",
        "box": [
          631.40997,
          352.7431348,
          665.6339700000001,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  59 %",
        "box": [
          698.92999,
          352.7431348,
          716.2499899999999,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
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          738.12,
          359.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "113",
        "box": [
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          55.87,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
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          84.56200000000001,
          372.0757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin",
        "box": [
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          145.46599999999998,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/15/2021",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
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          355.87,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          404.87,
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          412.87,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          365.4931348,
          432.13,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.06  %",
        "box": [
          444.578,
          365.4931348,
          475.794,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          495.13,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.13  %",
        "box": [
          507.578,
          365.4931348,
          538.794,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2029",
        "box": [
          564.92999,
          365.4931348,
          597.3779900000001,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$155 / sqft",
        "box": [
          631.40997,
          365.4931348,
          665.6339700000001,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  40 %",
        "box": [
          698.92999,
          365.4931348,
          716.2499899999999,
          372.0757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
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          738.12,
          372.0757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114",
        "box": [
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          55.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.13,
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          102.80200000000002,
          384.8257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Las Vegas",
        "box": [
          124.13,
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          157.66599999999997,
          384.8257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/4/2021",
        "box": [
          212.67999,
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          241.12798999999998,
          384.8257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          290.87,
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          298.87,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          347.87,
          378.2431348,
          355.87,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          404.87,
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          412.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          378.2431348,
          432.13,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.86  %",
        "box": [
          444.578,
          378.2431348,
          475.794,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          378.2431348,
          495.13,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.11  %",
        "box": [
          507.578,
          378.2431348,
          538.794,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2026",
        "box": [
          568.92999,
          378.2431348,
          597.3779900000001,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$180,000 / unit",
        "box": [
          616.96002,
          378.2431348,
          665.6320200000001,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  73 %",
        "box": [
          698.92999,
          378.2431348,
          716.2499899999999,
          384.8257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          378.2431348,
          738.12,
          384.8257720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115",
        "box": [
          43.87,
          390.9931348,
          55.87,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          64.13,
          390.9931348,
          102.80200000000002,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Atlanta",
        "box": [
          124.13,
          390.9931348,
          147.68199999999996,
          397.5757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2025",
        "box": [
          212.67999,
          390.9931348,
          241.12798999999998,
          397.5757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          290.87,
          390.9931348,
          298.87,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          347.87,
          390.9931348,
          355.87,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          404.87,
          390.9931348,
          412.87,
          397.5757720449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          390.9931348,
          432.13,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.85  %",
        "box": [
          444.578,
          390.9931348,
          475.794,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          390.9931348,
          495.13,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+2.94  %",
        "box": [
          507.578,
          390.9931348,
          538.794,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2030",
        "box": [
          568.92999,
          390.9931348,
          597.3779900000001,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$205,882 / unit",
        "box": [
          616.96002,
          390.9931348,
          665.6320200000001,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          698.92999,
          390.9931348,
          716.2499899999999,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          390.9931348,
          738.12,
          397.5757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal: Senior loan portfolio",
        "box": [
          43.13,
          403.7431348,
          140.674,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          247.13,
          403.7431348,
          253.13,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,181 ",
        "box": [
          276.09,
          403.7431348,
          300.09,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          316.13,
          403.7431348,
          322.13,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,144 ",
        "box": [
          333.09,
          403.7431348,
          357.09,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.13,
          403.7431348,
          379.13,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,089 ",
        "box": [
          390.09,
          403.7431348,
          414.09,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          403.7431348,
          432.13,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.16  %",
        "box": [
          444.578,
          403.7431348,
          475.794,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          403.7431348,
          495.13,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.49  %",
        "box": [
          507.578,
          403.7431348,
          538.794,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4 yrs",
        "box": [
          575.59998,
          403.7431348,
          597.3759799999999,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          698.92999,
          403.7431348,
          716.2499899999999,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0",
        "box": [
          731.12,
          403.7431348,
          741.12,
          410.3257720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan Portfolio (1)",
        "box": [
          43.13,
          42.59194112,
          123.35320999999999,
          49.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          65.02,
          72.48315479999997,
          114.98800000000003,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          140.89999,
          72.48315479999997,
          171.12399,
          79.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
        "box": [
          198.64,
          64.48315479999997,
          238.63999999999993,
          71.06579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date (2)",
        "box": [
          207.60001,
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          229.64319999999998,
          79.06579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
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        "text": "+5.00  %",
        "box": [
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          475.794,
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "+5.12  %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$111 / sqft",
        "box": [
          631.40997,
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          665.6339700000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  70 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "text": "120",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Multifamily",
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        "from_ocr": false,
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        "text": "+8.80  %",
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$515,378 / unit",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  50 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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          538.794,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$739,765 / unit",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "  69 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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          170.49310480000003,
          475.794,
          177.0757420449462
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        "from_ocr": false,
        "confidence": 1.0
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          538.794,
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        "from_ocr": false,
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      {
        "text": "$9,840,909 / MW",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  64 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$947,029 / key",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  53 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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      {
        "text": "126",
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        "box": [
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        "text": "5/20/2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "28",
        "box": [
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        "from_ocr": false,
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      {
        "text": "17",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "17",
        "box": [
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          412.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  10.00  %",
        "box": [
          445.09,
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          475.794,
          228.0757420449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  10.06  %",
        "box": [
          508.09,
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          538.794,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "10/1/2034",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$1,038 / sqft",
        "box": [
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          665.6339700000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  59 %",
        "box": [
          698.92999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "127",
        "box": [
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          55.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
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      {
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        "box": [
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        "from_ocr": false,
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      {
        "text": "12/20/2019",
        "box": [
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        "confidence": 1.0
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      {
        "text": "14",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "14",
        "box": [
          347.87,
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          355.87,
          240.8257420449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "14",
        "box": [
          404.87,
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          412.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          453.31,
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          465.758,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(9)",
        "box": [
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          475.19320000000005,
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        "from_ocr": false,
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      {
        "text": "n/m",
        "box": [
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          528.758,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3/31/2029",
        "box": [
          564.92999,
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          597.3779900000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$832 / sqft",
        "box": [
          631.40997,
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          665.6339700000001,
          240.8257420449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/m",
        "box": [
          703.81,
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          716.258,
          240.8257420449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5",
        "box": [
          734.12,
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          738.12,
          240.8257420449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "128",
        "box": [
          43.87,
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          55.87,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Office",
        "box": [
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          84.56200000000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Chicago",
        "box": [
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          150.79399999999998,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "9/30/2021",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "44",
        "box": [
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          298.87,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "11",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11",
        "box": [
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          412.87,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/m",
        "box": [
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          465.758,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "(9)",
        "box": [
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          475.19320000000005,
          250.63060532921503
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/m",
        "box": [
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          528.758,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "10/9/2029",
        "box": [
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          597.3779900000001,
          253.5757420449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$158 / sqft",
        "box": [
          631.40997,
          246.99310480000003,
          665.6339700000001,
          253.5757420449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/m",
        "box": [
          703.81,
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          716.258,
          253.5757420449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5",
        "box": [
          734.12,
          246.99310480000003,
          738.12,
          253.5757420449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "129",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Other",
        "box": [
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          82.346,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Honolulu",
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          154.35399999999998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3/2/2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "41",
        "box": [
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          298.87,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "5",
        "box": [
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          355.87,
          266.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4",
        "box": [
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          412.87,
          266.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          259.7431348,
          432.13,
          266.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "box": [
          444.578,
          259.7431348,
          475.794,
          266.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          259.7431348,
          495.13,
          266.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+11.54  %",
        "box": [
          503.578,
          259.7431348,
          538.794,
          266.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3/9/2032",
        "box": [
          568.92999,
          259.7431348,
          597.3779900000001,
          266.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$65 / sqft",
        "box": [
          635.40997,
          259.7431348,
          665.6339700000001,
          266.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  69 %",
        "box": [
          698.92999,
          259.7431348,
          716.2499899999999,
          266.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          734.12,
          259.7431348,
          738.12,
          266.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130",
        "box": [
          43.87,
          272.4931348,
          55.87,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life Sciences/",
        "box": [
          64.13,
          272.4931348,
          109.65800000000006,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Studio",
        "box": [
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          281.6031148,
          85.01800000000001,
          288.1857520449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Boston",
        "box": [
          124.13,
          272.4931348,
          146.802,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/13/2021",
        "box": [
          208.67999,
          272.4931348,
          241.12798999999998,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "15",
        "box": [
          290.87,
          272.4931348,
          298.87,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          347.87,
          272.4931348,
          355.87,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          404.87,
          272.4931348,
          412.87,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          453.31,
          272.4931348,
          465.758,
          279.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          469.13,
          271.85192112,
          475.19320000000005,
          276.130635329215
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          516.31,
          272.4931348,
          528.758,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2030",
        "box": [
          568.92999,
          272.4931348,
          597.3779900000001,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$644 / sqft",
        "box": [
          631.40997,
          272.4931348,
          665.6339700000001,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/m",
        "box": [
          703.81,
          272.4931348,
          716.258,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          734.12,
          272.4931348,
          738.12,
          279.0757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal: subordinate loan portfolio",
        "box": [
          43.13,
          294.2431348,
          157.12199999999999,
          300.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          247.13,
          294.2431348,
          253.13,
          300.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "628 ",
        "box": [
          286.09,
          294.2431348,
          300.09,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          316.13,
          294.2431348,
          322.13,
          300.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496 ",
        "box": [
          343.09,
          294.2431348,
          357.09,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.13,
          294.2431348,
          379.13,
          300.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "469 ",
        "box": [
          400.09,
          294.2431348,
          414.09,
          300.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          294.2431348,
          432.13,
          300.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+6.53  %",
        "box": [
          444.578,
          294.2431348,
          475.794,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          294.2431348,
          495.13,
          300.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+7.01  %",
        "box": [
          507.578,
          294.2431348,
          538.794,
          300.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1 yrs",
        "box": [
          575.59998,
          294.2431348,
          597.3759799999999,
          300.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          698.92999,
          294.2431348,
          716.2499899999999,
          300.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.7",
        "box": [
          731.12,
          294.2431348,
          741.12,
          300.8257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subtotal: loans receivable portfolio",
        "box": [
          43.13,
          312.9931348,
          155.77800000000002,
          319.5757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          247.13,
          312.9931348,
          253.13,
          319.5757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,808 ",
        "box": [
          276.09,
          312.9931348,
          300.09,
          319.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          316.13,
          312.9931348,
          322.13,
          319.5757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,639 ",
        "box": [
          333.09,
          312.9931348,
          357.09,
          319.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.13,
          312.9931348,
          379.13,
          319.5757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,558 ",
        "box": [
          390.09,
          312.9931348,
          414.09,
          319.5757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CECL reserve",
        "box": [
          43.13,
          325.7431348,
          107.53800000000003,
          332.3257720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          373.13,
          325.7431348,
          375.13,
          332.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(292) ",
        "box": [
          397.426,
          325.7431348,
          416.75399999999996,
          332.3257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loans receivable portfolio",
        "box": [
          43.13,
          338.4931348,
          143.77,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          247.13,
          338.4931348,
          253.13,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,808 ",
        "box": [
          276.09,
          338.4931348,
          300.09,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          316.13,
          338.4931348,
          322.13,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,639 ",
        "box": [
          333.09,
          338.4931348,
          357.09,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          373.13,
          338.4931348,
          379.13,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,266 ",
        "box": [
          390.09,
          338.4931348,
          414.09,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.13,
          338.4931348,
          432.13,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.23  %",
        "box": [
          444.578,
          338.4931348,
          475.794,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          338.4931348,
          495.13,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+3.46  %",
        "box": [
          507.578,
          338.4931348,
          538.794,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4 yrs",
        "box": [
          575.59998,
          338.4931348,
          597.3759799999999,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  65 %",
        "box": [
          698.92999,
          338.4931348,
          716.2499899999999,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0",
        "box": [
          731.12,
          338.4931348,
          741.12,
          345.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          40.5,
          362.12890600000003,
          52.16,
          370.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage ",
        "box": [
          67.5,
          362.12890600000003,
          754.0000000000008,
          370.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans. ",
        "box": [
          67.5,
          373.62890600000003,
          93.58999999999999,
          381.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          40.5,
          385.12890600000003,
          52.16,
          393.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date loan was originated or acquired by us, and the LTV as of such date, excluding any loans that are impaired.",
        "box": [
          67.5,
          385.12890600000003,
          513.9300000000001,
          393.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          40.5,
          396.62890600000003,
          52.16,
          404.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment. ",
        "box": [
          67.5,
          396.62890600000003,
          499.40999999999997,
          404.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          40.5,
          408.12890600000003,
          52.16,
          416.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery ",
        "box": [
          67.5,
          408.12890600000003,
          753.8300000000008,
          416.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds.",
        "box": [
          67.5,
          419.62890600000003,
          105.50999,
          427.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          40.5,
          431.12890600000003,
          52.16,
          439.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, ",
        "box": [
          67.5,
          431.12890600000003,
          753.9500000000007,
          439.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CORRA, and other indices as applicable to each loan. As of March 31, 2026, 97% of our loans by principal balance earned a floating rate of interest, primarily indexed to ",
        "box": [
          67.5,
          442.62890600000003,
          753.8800000000008,
          450.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR. The remaining 3% of our loans by principal balance earned a fixed rate of interest. In addition to cash coupon, all-in yield includes the amortization of deferred ",
        "box": [
          67.5,
          454.12890600000003,
          754.0000000000005,
          462.3572025561827
        ],
        "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. Excludes loans accounted for under the cost-recovery and ",
        "box": [
          67.5,
          465.62890600000003,
          753.9500100000013,
          473.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonaccrual methods, if any. ",
        "box": [
          67.5,
          477.12890600000003,
          180.70999,
          485.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          40.5,
          488.62890600000003,
          52.16,
          496.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum maturity assumes all extension options are exercised; however, our loans may be repaid prior to such date. Excludes loans accounted for under the cost-",
        "box": [
          67.5,
          488.62890600000003,
          751.3199900000008,
          496.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recovery and nonaccrual methods, if any. ",
        "box": [
          67.5,
          500.12890600000003,
          235.09,
          508.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          40.5,
          511.62890600000003,
          52.16,
          519.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This loan has an interest rate of SOFR minus 1.30% with a SOFR floor of 3.50%, for an all-in rate of 2.36% as of March 31, 2026.",
        "box": [
          67.5,
          511.62890600000003,
          590.44,
          519.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          40.5,
          523.128906,
          52.16,
          531.3572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinate loans include: (i) loans in which we have previously originated a whole loan and sold a senior mortgage interest to a third party, resulting in these subordinate ",
        "box": [
          67.5,
          523.128906,
          753.9300000000009,
          531.3572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests  in  mortgages,  (ii)  mezzanine  loans,  and  (iii)  the  subordinate  portion  of  loans  that  have  been  modified  that  have  resulted  in  a  restructured  senior  loan  and  a ",
        "box": [
          67.5,
          534.628906,
          753.8200000000002,
          542.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinate loan. ",
        "box": [
          67.5,
          546.128906,
          138.82,
          554.3572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          40.5,
          557.628906,
          52.16,
          565.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These subordinate  loans  are  the  result  of  a  loan  modification  which  resulted  in  a  restructured  senior  loan  and  a  subordinate  loan.  Each  of  the  subordinate  loans  are ",
        "box": [
          67.5,
          557.628906,
          753.9400000000005,
          565.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted for under the cost-recovery method.",
        "box": [
          67.5,
          569.128906,
          253.9500000000001,
          577.3572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92",
        "box": [
          391.0,
          589.728886,
          401.0,
          597.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 94,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "ITEM 3. ",
        "box": [
          58.5,
          54.148926000000074,
          97.63999999999999,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ",
        "box": [
          130.5,
          54.148926000000074,
          494.4900000000004,
          62.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Risk ",
        "box": [
          58.5,
          72.14892600000007,
          138.70999999999995,
          80.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Net Interest Income ",
        "box": [
          58.5,
          102.31890600000008,
          201.41000000000005,
          110.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates ",
        "box": [
          58.5,
          119.808896,
          555.9699999999998,
          128.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will decrease net income. As of March 31, 2026, 97% of our loans by principal balance earned a floating rate of interest, ",
        "box": [
          58.5,
          131.308896,
          555.82999,
          139.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily  indexed  to  SOFR,  and  were  financed  with  liabilities  that  pay  interest  at  floating  rates,  which  resulted  in  an ",
        "box": [
          58.5,
          142.808896,
          555.99,
          151.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount of net equity that is positively correlated to changing interest rates, subject to the impact of interest rate floors on ",
        "box": [
          58.5,
          154.308896,
          555.9900000000001,
          162.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain of our floating rate loans. ",
        "box": [
          58.5,
          165.808896,
          191.94000000000005,
          174.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table projects the impact on our net interest income, presented net of implied changes in incentive fees, for ",
        "box": [
          58.5,
          189.308896,
          555.9,
          197.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the twelve-month period following March 31, 2026, of an increase in the various floating-rate indices referenced by our ",
        "box": [
          58.5,
          200.808896,
          555.9599799999997,
          209.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio, assuming no change in credit spreads, portfolio composition, or asset performance, relative to the average indices ",
        "box": [
          58.5,
          212.308896,
          555.9100000000001,
          220.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the three months ended March 31, 2026 ($ in thousands): ",
        "box": [
          58.5,
          223.808896,
          318.30999999999995,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          58.5,
          235.3746972,
          61.5,
          245.24865306741924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          253.45886600000006,
          63.63,
          261.68716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets (Liabilities) ",
        "box": [
          202.96001,
          255.3131148,
          267.84000999999995,
          261.8957520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sensitive to ",
        "box": [
          214.95,
          264.50311479999993,
          255.82199999999992,
          271.08575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in ",
        "box": [
          215.39,
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          255.37399999999997,
          280.2757520449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rates (1)",
        "box": [
          207.48,
          282.24191112,
          261.26320000000004,
          289.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Sensitivity as of March 31, 2026 (2)(3)",
        "box": [
          328.19,
          252.62191112000005,
          495.3063900000001,
          259.8457620449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          61.13,
          268.3931248,
          63.13,
          274.97576204494624
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in Rates",
        "box": [
          311.19,
          268.63311479999993,
          369.83000000000015,
          275.21575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decrease in Rates",
        "box": [
          452.81,
          268.63311479999993,
          513.2260000000001,
          275.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 Basis Points",
        "box": [
          279.32999,
          282.0131248,
          330.43399000000005,
          288.5957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.40997,
          282.0131248,
          332.40997,
          288.5957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100 Basis Points",
        "box": [
          348.57999,
          282.0131248,
          403.68399000000005,
          288.5957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          403.65997,
          282.0131248,
          405.65997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 Basis Points",
        "box": [
          421.82999,
          281.9431148,
          472.93399000000005,
          288.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100 Basis Points",
        "box": [
          491.07999,
          281.9431148,
          546.1839899999999,
          288.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate assets (4)(5)(6)",
        "box": [
          62.12,
          295.458896,
          156.86958999999996,
          303.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          202.88,
          295.458896,
          210.38,
          303.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,716,124 ",
        "box": [
          219.42,
          295.458896,
          266.91999999999996,
          303.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          273.38,
          295.458896,
          280.88,
          303.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,433 ",
        "box": [
          307.42,
          295.458896,
          337.42,
          303.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.63,
          295.458896,
          352.13,
          303.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,014 ",
        "box": [
          373.67,
          295.458896,
          408.67,
          303.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.88,
          295.458896,
          423.38,
          303.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(64,463)  $ ",
        "box": [
          446.59,
          295.458896,
          494.63,
          303.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(114,423) ",
        "box": [
          512.84,
          295.458896,
          554.5000000000001,
          303.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate liabilities (5)(6)(7)",
        "box": [
          61.13,
          310.458896,
          169.71959999999996,
          318.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,325,843)",
        "box": [
          214.21001,
          310.458896,
          265.87001000000004,
          318.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,303)",
        "box": [
          302.20999,
          310.458896,
          336.36999,
          318.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(122,607)",
        "box": [
          368.45999,
          310.458896,
          407.61999,
          318.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61,303",
        "box": [
          451.37,
          310.458896,
          478.87,
          318.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,607",
        "box": [
          517.62,
          310.458896,
          550.12,
          318.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net exposure",
        "box": [
          67.13,
          325.458896,
          120.13999999999997,
          333.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          202.88,
          325.458896,
          210.38,
          333.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,390,281 ",
        "box": [
          224.42,
          325.458896,
          266.91999999999996,
          333.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          273.38,
          325.458896,
          280.88,
          333.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,130 ",
        "box": [
          312.42,
          325.458896,
          337.42,
          333.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.63,
          325.458896,
          352.13,
          333.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,407 ",
        "box": [
          378.67,
          325.458896,
          408.67,
          333.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.88,
          325.458896,
          423.38,
          333.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,160)  $ ",
        "box": [
          451.59,
          325.458896,
          494.63,
          333.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,184 ",
        "box": [
          526.17,
          325.458896,
          551.17,
          333.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.5,
          351.208896,
          70.16,
          359.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects the USD equivalent value of floating rate assets and liabilities denominated in foreign currencies. ",
        "box": [
          85.5,
          351.208896,
          512.1399999999998,
          359.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
          362.708896,
          70.16,
          370.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increases (decreases) in interest income and expense are presented net of theoretical impact of incentive fees. Refer ",
        "box": [
          85.5,
          362.708896,
          555.9600000000003,
          370.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to Note 15 to our consolidated financial statements for additional details of our incentive fee calculation. ",
        "box": [
          85.5,
          374.208896,
          505.7699999999998,
          382.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          58.5,
          385.708896,
          70.16,
          393.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes income from loans accounted for under the cost-recovery method.",
        "box": [
          85.5,
          385.708896,
          388.49,
          393.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.5,
          397.208896,
          70.16,
          405.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes $376.9 million of principal balance on floating rate impaired loans.",
        "box": [
          85.5,
          397.208896,
          392.9099999999999,
          405.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          58.5,
          408.708896,
          70.16,
          416.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers' ",
        "box": [
          85.5,
          408.708896,
          555.88,
          416.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exposure to an increase in interest rates.",
        "box": [
          85.5,
          420.208896,
          245.0,
          428.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          58.5,
          431.708896,
          70.16,
          439.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes amounts related to our investments in unconsolidated entities. ",
        "box": [
          85.5,
          431.708896,
          374.0499999999999,
          439.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          58.5,
          443.208896,
          70.16,
          451.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes amounts outstanding under our secured debt, securitizations, asset-specific debt, Term Loans, and Senior ",
        "box": [
          85.5,
          443.208896,
          555.9699999999999,
          451.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Notes due 2029, for which we entered into an interest rate swap with a notional amount of $450.0 million ",
        "box": [
          85.5,
          454.708896,
          555.88,
          462.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that effectively converts our fixed rate exposure to floating rate exposure for such notes. Excludes amounts related to ",
        "box": [
          85.5,
          466.208896,
          555.9399999999999,
          474.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the indebtedness of our unconsolidated entities. ",
        "box": [
          85.5,
          477.708896,
          277.78999999999996,
          485.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Value ",
        "box": [
          58.5,
          507.218936,
          145.93,
          515.4472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026,  97%  of  our  loans  by  principal  balance  earned  a  floating  rate  of  interest,  so  the  value  of  such ",
        "box": [
          58.5,
          524.708926,
          555.9000000000001,
          532.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments is generally not impacted by changes in market interest rates. Additionally, we generally hold all of our loans ",
        "box": [
          58.5,
          536.208926,
          555.9099999999999,
          544.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to maturity and so do not expect to realize gains or losses resulting from any mark to market valuation adjustments on our ",
        "box": [
          58.5,
          547.708926,
          555.9599999999997,
          555.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan portfolio.",
        "box": [
          58.5,
          559.208926,
          115.66999999999999,
          567.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk of Non-Performance",
        "box": [
          58.5,
          588.718936,
          160.61999999999995,
          596.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates, ",
        "box": [
          58.5,
          606.208926,
          555.9800000000002,
          614.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the ",
        "box": [
          58.5,
          617.708926,
          555.8499999999999,
          625.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may ",
        "box": [
          58.5,
          629.208926,
          555.9400000000003,
          637.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate ",
        "box": [
          58.5,
          640.708926,
          555.8399999999998,
          648.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stress-testing  during  our  underwriting  process,  which  generally  includes  a  requirement  for  our  borrower  to  purchase  an ",
        "box": [
          58.5,
          652.208926,
          555.88,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  rate  cap  contract  with  an  unaffiliated  third  party,  provide  an  interest  reserve  deposit,  and/or  provide  interest ",
        "box": [
          58.5,
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          555.8899999999998,
          671.9372225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guarantees or other structural protections.",
        "box": [
          58.5,
          675.208926,
          224.6800000000001,
          683.4372225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93",
        "box": [
          301.0,
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          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 95,
    "width": 612.0,
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    "cells": [
      {
        "text": "Credit Risks ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans are subject to credit risk, including the risk of default. The performance and value of our loans depend upon the ",
        "box": [
          58.5,
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          80.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowers' ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest and principal due to us. To monitor this risk, our asset management team reviews our loan portfolios and, in certain ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instances, is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "necessary.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition, we are exposed to the risks generally associated with the commercial real estate market, including changes in ",
        "box": [
          58.5,
          141.308896,
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          149.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond our control. We seek to ",
        "box": [
          58.5,
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          556.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "manage these risks through our underwriting and asset management processes.",
        "box": [
          58.5,
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          172.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the ",
        "box": [
          58.5,
          187.808896,
          555.9999999999999,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and ",
        "box": [
          58.5,
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          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from our long-standing core business model of originating senior loans collateralized by large assets in major markets with ",
        "box": [
          58.5,
          210.808896,
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          219.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "experienced,  well-capitalized  institutional  sponsors.  While  we  believe  the  principal  amounts  of  our  loans  are  generally ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of ",
        "box": [
          58.5,
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          242.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain loans. As of March 31, 2026, we had an aggregate $84.9 million asset-specific CECL reserve related to seven of our ",
        "box": [
          58.5,
          245.308896,
          555.84001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans  receivable,  with  an  aggregate  amortized  cost  basis  of  $372.2  million,  net  of  cost-recovery  proceeds.  This  CECL ",
        "box": [
          58.5,
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          265.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of March 31, ",
        "box": [
          58.5,
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          555.9400000000002,
          276.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026.",
        "box": [
          58.5,
          279.808896,
          81.0,
          288.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information ",
        "box": [
          58.5,
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          311.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "advantages  derived  from  our  position  as  part  of  Blackstone's  real  estate  platform.  Blackstone  has  built  the  world's ",
        "box": [
          58.5,
          314.80889599999995,
          555.8799999999999,
          323.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preeminent global real estate business, with a proven track record of successfully navigating market cycles and emerging ",
        "box": [
          58.5,
          326.30889599999995,
          555.91,
          334.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone ",
        "box": [
          58.5,
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          555.9599999999998,
          346.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly asset manage ",
        "box": [
          58.5,
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          555.8500000000001,
          357.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.",
        "box": [
          58.5,
          360.80889599999995,
          450.40999999999985,
          369.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital Market Risks ",
        "box": [
          58.5,
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          153.15999999999997,
          398.3771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of ",
        "box": [
          58.5,
          407.80889599999995,
          555.9300000000001,
          416.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our class A common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and ",
        "box": [
          58.5,
          419.30889599999995,
          555.8000000000002,
          427.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our related ability to finance our business through borrowings under credit facilities or other debt instruments. As a REIT, ",
        "box": [
          58.5,
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          555.9999999999998,
          439.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we  are  required  to  distribute  a  significant  portion  of  our  taxable  income  annually,  which  constrains  our  ability  to ",
        "box": [
          58.5,
          442.30889599999995,
          555.9899999999998,
          450.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek ",
        "box": [
          58.5,
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          462.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing, and ",
        "box": [
          58.5,
          465.30889599999995,
          555.8699999999995,
          473.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "terms of capital we raise. ",
        "box": [
          58.5,
          476.80889599999995,
          161.12,
          485.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  master  repurchase  agreements  and  secured  credit  facilities  are  generally  structured  without  capital  markets-based ",
        "box": [
          58.5,
          500.30889599999995,
          555.9299999999997,
          508.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mark-to-market provisions, which means the margin call provisions do not permit valuation adjustments based on capital ",
        "box": [
          58.5,
          511.80889599999995,
          555.8599999999999,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "markets events. The majority of our master repurchase agreements and secured credit facilities are non-mark-to-market, ",
        "box": [
          58.5,
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          531.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which means the margin call provisions only permit valuation adjustments if the loan or collateral pledged or sold by us ",
        "box": [
          58.5,
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          543.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "becomes defaulted, and the margin call provisions for the remainder are limited to collateral-specific credit marks generally ",
        "box": [
          58.5,
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          554.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined on a commercially reasonable basis. There can be no assurance we will not experience margin calls under any ",
        "box": [
          58.5,
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          555.9400000000002,
          566.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset-level financing that contains margin call provisions. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Counterparty Risk",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The nature of our business requires us to hold our cash and cash equivalents and obtain financing from various financial ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations to us under these ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "various contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing agreements with high credit-quality institutions. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The nature  of  our  loans  also  exposes  us  to  the  risk  that  our  counterparties  do  not  make  required  interest  and  principal ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "payments on scheduled due dates. We seek to manage this risk through a comprehensive credit analysis prior to making a ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan and active monitoring of the asset portfolios that serve as our collateral, as further discussed above.",
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        "confidence": 1.0
      },
      {
        "text": "94",
        "box": [
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  },
  {
    "page_no": 96,
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      {
        "text": "Currency Risk ",
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        "text": "Our loans that are denominated in a foreign currency are also subject to risks related to fluctuations in currency rates. We ",
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        "text": "generally mitigate this exposure by matching the currency of our assets to the currency of the financing for our assets. As a ",
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        "confidence": 1.0
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      {
        "text": "result, we substantially reduce our exposure to changes in portfolio value related to changes in foreign currency rates. In ",
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        "confidence": 1.0
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      {
        "text": "addition, substantially all of our net asset exposure to foreign currencies has been hedged with foreign currency forward ",
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        "confidence": 1.0
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      {
        "text": "contracts as of March 31, 2026.",
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      {
        "text": "The following tables outline our assets and liabilities that are denominated in a foreign currency (amounts in thousands): ",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          63.13,
          163.3157920449462
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        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          414.45001,
          156.73315479999997,
          467.5460100000001,
          163.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          355.92001,
          169.228886,
          376.46001,
          177.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          431.39001,
          169.228886,
          452.4900100000001,
          177.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All Other (1)",
        "box": [
          493.32999,
          169.228886,
          540.17319,
          177.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency assets",
        "box": [
          61.13,
          183.558896,
          155.46999999999994,
          191.78719255618262
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        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          331.88,
          183.558896,
          339.38,
          191.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,762,416 ",
        "box": [
          357.17,
          183.558896,
          399.67,
          191.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          407.63,
          183.558896,
          415.13,
          191.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,263,111 ",
        "box": [
          432.92,
          183.558896,
          475.42,
          191.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          483.38,
          183.558896,
          490.88,
          191.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,142,617 ",
        "box": [
          508.67,
          183.558896,
          551.1700000000001,
          191.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency liabilities",
        "box": [
          61.13,
          198.558896,
          169.31000000000003,
          206.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,964,193)",
        "box": [
          351.95999,
          198.558896,
          398.61999,
          206.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,582,400)",
        "box": [
          427.70999,
          198.558896,
          474.36999,
          206.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,690,189)",
        "box": [
          503.45999,
          198.558896,
          550.11999,
          206.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency contracts - notional",
        "box": [
          61.13,
          213.558896,
          210.97000000000003,
          221.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(791,078)",
        "box": [
          359.45999,
          213.558896,
          398.61999,
          221.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(698,366)",
        "box": [
          435.20999,
          213.558896,
          474.36999,
          221.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(444,052)",
        "box": [
          510.95999,
          213.558896,
          550.11999,
          221.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net exposure to exchange rate fluctuations",
        "box": [
          61.13,
          228.558896,
          231.7400000000001,
          236.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          331.88,
          228.558896,
          339.38,
          236.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,145 ",
        "box": [
          374.67,
          228.558896,
          399.67,
          236.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          407.63,
          228.558896,
          415.13,
          236.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,655) ",
        "box": [
          442.09,
          228.558896,
          478.74999999999994,
          236.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          483.38,
          228.558896,
          490.88,
          236.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,376 ",
        "box": [
          526.17,
          228.558896,
          551.17,
          236.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net exposure to exchange rate fluctuations in USD (2)",
        "box": [
          61.13,
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          270.5732100000001,
          251.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          331.88,
          243.558896,
          339.38,
          251.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,450 ",
        "box": [
          374.67,
          243.558896,
          399.67,
          251.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          407.63,
          243.558896,
          415.13,
          251.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,397) ",
        "box": [
          442.09,
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          478.74999999999994,
          251.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          483.38,
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          490.88,
          251.78719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,376 ",
        "box": [
          526.17,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes Swedish Krona, Australian Dollar, and Canadian Dollar currencies.",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
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          70.16,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the U.S. Dollar equivalent as of March 31, 2026.",
        "box": [
          94.5,
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          335.66,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 4. ",
        "box": [
          58.5,
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        "confidence": 1.0
      },
      {
        "text": "CONTROLS AND PROCEDURES ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Evaluation of Disclosure Controls and Procedures ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Exchange Act) that are designed to ensure that information required to be disclosed in the company's reports under the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exchange Act is recorded, processed, and summarized and reported within the time periods specified in the SEC's rules ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and forms, and that such information is accumulated and communicated to the company's management, including its Chief ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Any  controls  and  procedures,  no  matter  how  well  designed  and  operated,  can  provide  only  reasonable  assurance  of ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our disclosure ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "supervision  and  with  the  participation  of  our  management,  including  our  Chief  Executive  Officer  and  Chief  Financial ",
        "box": [
          58.5,
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          555.94,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Officer.  Based  upon  this  evaluation,  our  Chief  Executive  Officer  and  Chief  Financial  Officer  have  concluded  that  our ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by ",
        "box": [
          58.5,
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          555.8699999999999,
          480.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SEC  rules  and  forms  and  (b)  include,  without  limitation,  controls  and  procedures  designed  to  ensure  that  information ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  management,  including  our  Chief  Executive  Officer  and  Chief  Financial  Officer,  as  appropriate  to  allow  timely ",
        "box": [
          58.5,
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          555.9899999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decisions regarding required disclosure. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in Internal Control Over Financial Reporting",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There  have  been  no  changes  in  our  'internal  control  over  financial  reporting'  (as  defined  in  Rule  13a-15(f)  of  the ",
        "box": [
          58.5,
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          555.96,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exchange  Act)  that  occurred  during  our  most  recent  quarter  that  have  materially  affected,  or  are  reasonably  likely  to ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "materially affect, our internal control over financial reporting. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 97,
    "width": 612.0,
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    "cells": [
      {
        "text": "PART II. OTHER INFORMATION ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "ITEM 1.  ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "LEGAL PROCEEDINGS ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, we were not involved in any material legal proceedings.",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 1A.  ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "RISK FACTORS ",
        "box": [
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      {
        "text": "There have been no material changes to the risk factors previously disclosed under 'Part I, Item 1A. Risk Factors' of our ",
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        "confidence": 1.0
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      {
        "text": "Annual Report on Form 10-K for the year ended December 31, 2025.",
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        "confidence": 1.0
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      {
        "text": "96",
        "box": [
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        "text": "ITEM 2.  ",
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      {
        "text": "UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS",
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      {
        "text": "The following table sets forth information regarding repurchases of shares of our class A common stock during the three ",
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      {
        "text": "months ended March 31, 2026:",
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      {
        "text": "Period",
        "box": [
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      {
        "text": "Total Number of ",
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      {
        "text": "Shares Purchased",
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      {
        "text": "Average Price ",
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      {
        "text": "Paid per Share (1)",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Total Number of ",
        "box": [
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          458.17199,
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        "confidence": 1.0
      },
      {
        "text": "Shares Purchased ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "as Part of Publicly ",
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          460.93599,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Announced Plans or ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Programs (2)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Approximate Dollar ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value of Shares that ",
        "box": [
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          547.8999999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "May Yet Be Purchased ",
        "box": [
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          552.3399999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under the Program",
        "box": [
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          544.6640100000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands) (2)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 1 - January 31, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200",
        "box": [
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          310.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          319.88,
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          327.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.75 ",
        "box": [
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          385.42,
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        "confidence": 1.0
      },
      {
        "text": "200",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          154.808896,
          478.88,
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        "confidence": 1.0
      },
      {
        "text": "149,619 ",
        "box": [
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          154.808896,
          551.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 1 - February 28, 2026",
        "box": [
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          186.62,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "100",
        "box": [
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          310.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          319.88,
          169.808896,
          322.38,
          178.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.75 ",
        "box": [
          360.42,
          169.808896,
          385.42,
          178.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100",
        "box": [
          447.37,
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          462.37,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          473.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149,617 ",
        "box": [
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          551.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 1 - March 31, 2026",
        "box": [
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          166.61999999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,465",
        "box": [
          283.37,
          184.808896,
          310.87,
          193.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          319.88,
          184.808896,
          322.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.29 ",
        "box": [
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          385.42,
          193.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,465",
        "box": [
          434.87,
          184.808896,
          462.37,
          193.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.38,
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          473.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "148,822 ",
        "box": [
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          551.92,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
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          82.21,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,765",
        "box": [
          283.37,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          319.88,
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          327.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.29 ",
        "box": [
          360.42,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,765",
        "box": [
          434.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "148,822 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The average price paid per share is calculated on a trade date basis and excludes associated commissions.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In October 2025, our board of directors authorized the repurchase of up to $150.0 million of shares of our class A ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common  stock  under  our  repurchase  program.  Repurchases  may  be  made  from  time  to  time  in  open  market ",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions,  in  privately  negotiated  transactions,  in  agreements  and  arrangements  structured  in  a  manner ",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consistent with Rules 10b-18 and 10b5-1 under the Exchange Act or otherwise. The timing and the actual amounts ",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchased  will  depend  on  a  variety  of  factors,  including  legal  requirements,  price  and  economic  and  market ",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a ",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "specified expiration date. See Note 14 to our consolidated financial statements and 'Part I. Item 2. Management's ",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - ",
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          555.9800000000002,
          325.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Uses of Liquidity' for further information regarding this repurchase program, including activity during October ",
        "box": [
          94.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025.",
        "box": [
          94.5,
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          117.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 99,
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    "cells": [
      {
        "text": "ITEM 3.  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "DEFAULTS UPON SENIOR SECURITIES",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          307.97,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "None. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 4.  ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MINE SAFETY DISCLOSURES ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Not applicable. ",
        "box": [
          58.5,
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          122.01999999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 5.  ",
        "box": [
          58.5,
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          100.13999999999999,
          140.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OTHER INFORMATION",
        "box": [
          116.99999999999999,
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          229.96999999999997,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rule 10b5-1 Trading Arrangements",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  months  ended  March  31,  2026,  two  of  our  officers  adopted  a  'Rule  10b5-1  trading  arrangement,'  as ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defined in Item 408(c) of Regulation S-K, each of which is intended to satisfy the affirmative defense of Rule 10b5-1(c) ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the Exchange Act. Marcin Urbaszek, our Chief Financial Officer, adopted a Rule 10b5-1 sales plan on February 27, ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 that provides for the automatic sale of shares of class A common stock in order to satisfy tax withholding obligations ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "arising  from  vesting  of  an  aggregate  of  15,337  shares  of  restricted  stock  granted  on  December  15,  2025,  held  by  Mr. ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Urbaszek. The number of shares to be sold under the plan is unknown, as the number of shares will vary based on the ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extent to which vesting conditions are satisfied and the market price of our class A common stock at the time of vesting. ",
        "box": [
          58.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mr.  Urbaszek's  Rule  10b5-1  sales  plan  will  expire  on  December  31,  2028,  subject  to  the  plan's  earlier  expiration  or ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "completion in accordance with its terms. F. Austin Pe\u00f1a, our President, adopted a Rule 10b5-1 sales plan on March 26, ",
        "box": [
          58.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 that provides for the automatic sale of shares of class A common stock in order to satisfy tax withholding obligations ",
        "box": [
          58.5,
          270.308896,
          555.87,
          278.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "arising from vesting of an aggregate 36,843 shares of restricted stock granted on December 15, 2025, held by Mr. Pe\u00f1a. ",
        "box": [
          58.5,
          281.80889599999995,
          555.96999,
          290.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The number of shares to be sold under the plan is unknown, as the number of shares will vary based on the extent to which ",
        "box": [
          58.5,
          293.30889599999995,
          555.7800000000002,
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        "text": "EXHIBITS ",
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        "text": "liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the ",
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        "text": "SIGNATURES ",
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        "text": "signed on its behalf by the undersigned thereunto duly authorized. ",
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        "text": "BLACKSTONE MORTGAGE TRUST, INC.",
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        "text": "April 29, 2026",
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        "text": "/s/ Timothy S. Johnson",
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        "text": "/s/ Marcin Urbaszek",
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