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        "text": "Franklin BSP ",
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        "text": "Realty Trust",
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        "text": "Second Quarter 2026",
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        "text": "Supplemental Information",
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        "text": "BSP",
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        "text": "BENEFIT STREET PARTNERS",
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        "text": "by Franklin Templeton",
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        "text": "BENEFIT STREET PARTNERS",
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        "text": "2",
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        "text": "Important Information",
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        "text": "The information herein relates to the Company's business and financial information as of June 30, 2026 and does not reflect s",
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        "text": "ubsequent developments. ",
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        "text": "Risk Factors ",
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        "text": "Investing in and owning our common stock involves a high degree of risk. For a discussion of these risks, see the section entitl",
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        "text": "ed 'Risk Factors' in our Annual Report on Form 10",
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        "text": "-",
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        "text": "K filed with the SEC on February 25, 2026, and the risk disclosures in our subsequent periodic reports filed with the SEC, including our Quarterly Report on Form 10-Q for the ",
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        "text": "quarter ended June 30, 2026. ",
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        "text": "Forward-Looking Statements",
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        "text": "Certain statements included in this presentation are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of ",
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        "text": "Franklin BSP Realty Trust, Inc. ('FBRT' or the 'Company') and may include the assumptions on which such statements are based,",
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        "text": " and generally are identified by the use of words ",
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        "text": "such as \"may,\" \"will,\" \"seeks,\" \"anticipates,\" \"believes,\" \"estimates,\" \"expects,\" \"plans,\" \"intends,\" \"should\" or similar expressions. Actual results may differ materially from those ",
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        "text": "contemplated by such forward-looking statements. Factors that could cause actual outcomes to differ materially from our forward-looking statements include macroeconomic ",
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        "text": "factors in the United States including inflation, changing interest rates and economic contraction, impairments in the value of real estate property securing our loans or that we ",
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        "text": "own, the extent of any recoveries on delinquent loans, and the financial stability of our borrowers, and the other factors set forth in the risk factors section of our most recent Form ",
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        "text": "10-K and Form 10-Q. The extent to which these factors impact us and our borrowers will depend on future developments, which are highly uncertain and cannot be predicted with ",
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        "text": "confidence.  Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to ",
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        "text": "reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.",
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        "text": "Additional Important Information",
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        "text": "The summary information provided in this presentation does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. ",
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        "text": "Nothing shall be relied upon as a promise or representation as to the future performance of the Company. This summary is not an offer to sell securities and is not soliciting an ",
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        "text": "offer to buy securities in any jurisdiction where the offer or sale is not permitted. This summary is not advice, a recommendation or an offer to enter into any transaction with us or ",
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        "text": "any of our affiliated funds. There is no guarantee that any of the goals, targets or objectives described in this summary will be achieved.",
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        "text": "The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal, ERISA or tax advice or investment recommendations. Investors ",
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        "text": "should also seek advice from their own independent tax, accounting, financial, ERISA, investment and legal advisors to properly assess the merits and risks associated with their ",
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        "text": "investment in light of their own financial condition and other circumstances.  The information contained herein is qualified in its entirety by reference to our most recent Annual ",
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        "text": "Report on Form 10-K and Quarterly Report on Form 10-Q.  You may obtain a copy of the most recent Annual Report or Quarterly Report by calling (844) 785-4393 and/or visiting ",
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        "text": "www.fbrtreit.com.",
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        "text": "This presentation contains information regarding FBRT's financial results that is calculated and presented on the basis of me",
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        "text": "thodologies other than in accordance with ",
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        "text": "accounting principles generally accepted in the United States ('GAAP'), including Distributable Earnings. Please refer to the",
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      {
        "text": " appendix for the reconciliation of the applicable GAAP ",
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        "text": "financial measures to non-GAAP financial measures.",
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        "text": "PAST PERFORMANCE IS NOT A GUARANTEE OR INDICATIVE OF FUTURE RESULTS. INVESTMENTS INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE ",
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      {
        "text": "INVESTMENT.  ",
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        "text": "There is no guarantee that any of the estimates, targets or projections illustrated in this summary will be achieved. Any refere",
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        "text": "nces herein to any of the Company's ",
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      {
        "text": "past or present investments, portfolio characteristics, or performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or ",
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        "text": "will be profitable or that any future investments will be profitable or will equal the performance of these investments.  There can be no guarantee that the investment objective of ",
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        "text": "the Company will be achieved. Any investment entails a risk of loss. An investor could lose all or substantially all of his or her investment. Please refer to our most recent Annual ",
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        "text": "Report on Form 10-K and Quarterly Report on Form 10-Q for a more complete list of risk factors. The following slides contain summaries of certain financial information about the ",
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        "text": "Company. The information contained in this presentation is summary information that is intended to be considered in the context of our filings with the Securities and Exchange ",
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        "text": "Commission and other public announcements that we may make, by press release or otherwise, from time to time.",
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        "text": "FBRT 2Q 2026 ",
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        "text": "Financial Update",
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        "text": "BENEFIT STREET PARTNERS",
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        "text": "4",
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        "text": "2Q 2026 Highlights",
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        "text": "1.",
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        "text": "Fully Converted assumes conversion of our series of convertible preferred stock and Class A units in FBRT OP LLC, our operating ",
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        "text": "partnership ('OP Units'), along with full vesting of our outstanding equity compensation awards.",
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        "text": "2.",
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        "text": "Please see appendix for GAAP net income to Distributable Earnings calculation.",
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        "text": "3.",
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        "text": "Excludes the impact of accumulated depreciation and amortization of real property and includes the impact of the fair value of our MSRs over their carrying value. Please see appendix for GAAP book value to adjusted book value calculation.",
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        "text": "4.",
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        "text": "Cash excludes restricted cash. Total liquidity amount includes the cash available we can invest at a market advance rate utilizing our available capacity on financing lines.",
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        "text": "FBRT 2Q 2026 Financial Update",
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        "text": "Earnings",
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        "text": "\u2022",
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        "text": "$0.12 ",
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        "text": "$0.13 ",
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        "text": "per fully converted share  (1)",
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        "text": "$30.2 million ",
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          557.8992799999999,
          130.15362068965516
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per fully converted share  (1)",
        "box": [
          557.81,
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          685.19776,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          202.68,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings  (2)  of ",
        "box": [
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      {
        "text": "$28.3 million ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "or",
        "box": [
          410.18,
          138.7,
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        "confidence": 1.0
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      {
        "text": " $0.25 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per fully converted share  (1)",
        "box": [
          452.3,
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          579.69776,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Declared a 2Q 2026 cash dividend of ",
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        "confidence": 1.0
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      {
        "text": "$0.20 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share, representing an annualized yield of 5.6% on fully converted ",
        "box": [
          420.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "book value per share  (1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capitalization",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
          202.68,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fully converted book value per share is ",
        "box": [
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      {
        "text": "$14.24 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "vs. $14.18 in Q1 2026  (1) . Adjusted fully converted book value per ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "share is ",
        "box": [
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      {
        "text": "$14.74 ",
        "box": [
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      {
        "text": "vs. $14.58 in Q1 2026  (1) (3)",
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net debt to equity is ",
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      {
        "text": "2.6x; ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "recourse net debt to equity is ",
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      {
        "text": "0.7x",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "confidence": 1.0
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      {
        "text": "79% ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of financing sources are non-mark-to-market on our core book",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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      {
        "text": "$797 million ",
        "box": [
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      },
      {
        "text": "of liquidity of which $136 million is cash and $78 million is CLO reinvest/ramp available  (4)",
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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      {
        "text": "Repurchased ",
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      {
        "text": "$16.0 million ",
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      {
        "text": "of common stock with a weighted average price of $8.70, which resulted in ",
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      {
        "text": "$0.11 ",
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      {
        "text": "of ",
        "box": [
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          305.4436206896552
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "accretion to fully converted book value per share  (1)",
        "box": [
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      {
        "text": "Investments",
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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      {
        "text": "Core Portfolio: ",
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      {
        "text": "Principal balance totaled $4.3 billion following $458 million of loan repayments, with $167 million ",
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        "confidence": 1.0
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      {
        "text": "of new loan commitments and $248 million of total fundings during the quarter ",
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          367.8736206896552
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Agency Business:",
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      {
        "text": " Originated ",
        "box": [
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      {
        "text": "$399 million ",
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        "confidence": 1.0
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      {
        "text": "of new loan commitments under programs with Fannie Mae, Freddie ",
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        "confidence": 1.0
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      {
        "text": "Mac, and HUD",
        "box": [
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      {
        "text": "Portfolio",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
          202.68,
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        "confidence": 1.0
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      {
        "text": "Core Portfolio ",
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          436.7936206896552
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        "confidence": 1.0
      },
      {
        "text": "of ",
        "box": [
          284.16,
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      {
        "text": "172 ",
        "box": [
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      {
        "text": "CRE loans and ",
        "box": [
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      {
        "text": "$4.3 billion ",
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      {
        "text": "of principal balance, average size of $25 million and 80% ",
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      {
        "text": "multifamily. One asset was removed from the watch list. 12 assets remain on the watch list, five of which are risk ",
        "box": [
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      {
        "text": "rated a five and seven of which are risk rated a four",
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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      {
        "text": "REO portfolio ",
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      {
        "text": "of",
        "box": [
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      {
        "text": " ",
        "box": [
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      {
        "text": "six foreclosure positions (vs. six in Q1 2026) totaling ",
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      {
        "text": "$199 million ",
        "box": [
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      {
        "text": "and one investment real estate ",
        "box": [
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      {
        "text": "owned position of ",
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      {
        "text": "$115 million",
        "box": [
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        "confidence": 1.0
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  },
  {
    "page_no": 5,
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      {
        "text": "BENEFIT STREET PARTNERS",
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        "text": "5",
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      {
        "text": "Income Statement",
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      {
        "text": "Balance Sheet - Assets (End of Quarter)",
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      {
        "text": "Net interest income ",
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      {
        "text": "(1)",
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      {
        "text": "                                $29.3",
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      {
        "text": "Total core portfolio",
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      {
        "text": "                          $4,275.1",
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      {
        "text": "Operating expenses ",
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      {
        "text": "(1), (2)",
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      {
        "text": "                                 (15.0)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variable interest entities assets, at fair value",
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      },
      {
        "text": "                                544.0",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision) / Benefit for credit loss ",
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      {
        "text": "(1)",
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      {
        "text": "                                    (5.2)",
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        "from_ocr": false,
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      {
        "text": "Loans held-for-sale",
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        "confidence": 1.0
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      {
        "text": "                                251.8",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NewPoint net income (loss)",
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        "confidence": 1.0
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      {
        "text": "                                    (3.1)",
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      {
        "text": "Total real estate securities",
        "box": [
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      {
        "text": "                                187.2",
        "box": [
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          768.4349239393122,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other income/(loss)",
        "box": [
          31.20879111044508,
          156.41186557965375,
          96.30031724815805,
          163.47343243845273
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " (1)",
        "box": [
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          103.6126636754061,
          159.025975154511
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                                   10.3",
        "box": [
          331.6147446621344,
          155.84276766390377,
          401.92585746942945,
          162.90433452270275
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mortgage servicing rights",
        "box": [
          438.2206951125344,
          155.84276766390377,
          521.7825356774312,
          162.90433452270275
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                                205.5",
        "box": [
          699.2940122517343,
          155.84276766390377,
          768.4349240644955,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "GAAP net income (loss)",
        "box": [
          31.20879123143269,
          172.38454708170372,
          108.92070905974565,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                               $16.3",
        "box": [
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          401.40372614972773,
          179.4461139405027
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash and restricted cash",
        "box": [
          438.2206952378327,
          172.38454708170372,
          519.8300869705959,
          179.4461139405027
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                                155.0",
        "box": [
          699.2940123770327,
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          768.4349241897938,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "NewPoint adjustments to GAAP net income (loss) ",
        "box": [
          31.20879136086932,
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          192.45285466131838,
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        "from_ocr": false,
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      {
        "text": "(3)",
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          198.81640281319537,
          192.07159412906094
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                                   10.5",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Real estate owned",
        "box": [
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          498.2046747458877,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                                317.5",
        "box": [
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          768.4349243149197,
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        "from_ocr": false,
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      {
        "text": "Other adjustments to GAAP net income (loss) ",
        "box": [
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          179.3499187077317,
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        "from_ocr": false,
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      {
        "text": "(3)",
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          185.6928664008937,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                                     3.4",
        "box": [
          332.184342977742,
          205.4301660562537,
          401.92648440277105,
          212.4917329150527
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other assets",
        "box": [
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          480.22432859187523,
          212.4917329150527
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                                447.7",
        "box": [
          699.294012627342,
          205.4301660562537,
          768.4349244401031,
          212.4917329150527
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable Earnings before realized gain/(loss)",
        "box": [
          31.208791611178608,
          222.51827947317372,
          192.56421130889765,
          229.5798463319727
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          193.11131007354558,
          222.0914560363612,
          195.10165621288056,
          229.69483109404507
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3)",
        "box": [
          194.8201038796435,
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          201.09479482361962,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                               $30.2",
        "box": [
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          221.94918155742369,
          401.40372652516294,
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        "from_ocr": false,
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      {
        "text": "Total assets",
        "box": [
          438.2206956132679,
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          479.0365271461211,
          229.01074841622267
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        "from_ocr": false,
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      {
        "text": "                         $6,383.8",
        "box": [
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          221.94918155742369,
          767.941216057435,
          229.01074841622267
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Realized gain/(loss) adjustments to GAAP net income (loss)",
        "box": [
          31.208791736361988,
          239.04488294655374,
          223.818240267861,
          246.10644980535272
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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": "                                    (1.9)",
        "box": [
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          238.47578503080376,
          404.22112894096836,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable Earnings",
        "box": [
          31.208791861487892,
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          103.90967181265086,
          262.6254653065227
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          104.17428797225486,
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          106.16463411158985,
          262.74045006859507
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3)",
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          112.1615700419289,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                               $28.3",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Balance Sheet - Debt & Equity",
        "box": [
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          537.0532103741004,
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        "from_ocr": false,
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      {
        "text": "Collateralized loan obligations",
        "box": [
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          534.9003201520632,
          278.5829708641527
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      {
        "text": "                          $2,943.6",
        "box": [
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          768.4195268097436,
          278.5829708641527
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        "from_ocr": false,
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      {
        "text": "GAAP net income (loss) per share, fully converted ",
        "box": [
          31.20879211179718,
          288.6095174222737,
          194.10835385166018,
          295.6710842810727
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(4)",
        "box": [
          194.2505064402621,
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          200.5251973842382,
          291.22362699713096
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      {
        "text": "$0.13",
        "box": [
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          401.8970558016156,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Warehouse - Core",
        "box": [
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          288.04041950652373,
          497.3064005588375,
          295.1019863653227
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                559.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "GAAP return on common equity",
        "box": [
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      {
        "text": "3.3%",
        "box": [
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          403.74264818538893,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Warehouse - NewPoint",
        "box": [
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          304.56702297990375,
          513.5718584452588,
          311.62858983870274
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        "from_ocr": false,
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      {
        "text": "                                243.4",
        "box": [
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      {
        "text": "GAAP dividend coverage, fully converted ",
        "box": [
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          165.08145321376185,
          328.7394671722527
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      {
        "text": "(3), (4)",
        "box": [
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          179.99347028930745,
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      {
        "text": "63.4%",
        "box": [
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          403.7420217529533,
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      {
        "text": "Repo - securities",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                                196.5",
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        "from_ocr": false,
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      {
        "text": "Asset specific financings",
        "box": [
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      {
        "text": "                                  37.1",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Distributable Earnings per share before realized gain/(loss), fully converted",
        "box": [
          31.20879261258818,
          354.72351928800373,
          278.93223403291927,
          361.78508614680277
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " (3), (4)",
        "box": [
          279.1737624754531,
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          295.12706161590916,
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        "from_ocr": false,
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      {
        "text": "$0.28",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Unsecured debt",
        "box": [
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        "confidence": 1.0
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      {
        "text": "                                185.9",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable Earnings return on common equity before realized gain/(loss) ",
        "box": [
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          278.90996287859116,
          378.30410164797274
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3)",
        "box": [
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        "confidence": 1.0
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      {
        "text": "7.8%",
        "box": [
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      {
        "text": "Total debt",
        "box": [
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      {
        "text": "                         $4,165.5",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Distributable Earnings dividend coverage before realized gain/(loss), fully converted",
        "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": "(3), (4)",
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      {
        "text": "137.7%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Preferred equity ",
        "box": [
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      {
        "text": "(5)",
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        "confidence": 1.0
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      {
        "text": "                                348.5",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable Earnings per share, fully converted",
        "box": [
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          190.16633826452838,
          411.34972062252274
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " (3), (4)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$0.25",
        "box": [
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          401.4037279020077,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Common stock/retained earnings ",
        "box": [
          438.22069699442335,
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          548.7901757772044,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(6)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                             1,200.7",
        "box": [
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          403.7190558479738,
          768.4255465626619,
          410.78062270677276
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable Earnings return on common equity ",
        "box": [
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          190.14406711025782,
          427.87632409590276
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3)",
        "box": [
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        "confidence": 1.0
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      {
        "text": "7.2%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total equity ",
        "box": [
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          478.7692732990119,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(5), (6)",
        "box": [
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          493.5001772164079,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                         $1,549.2",
        "box": [
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          767.9412175594631,
          427.3072261801527
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable Earnings dividend coverage, fully converted ",
        "box": [
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          220.26968457682767,
          444.39533959707273
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3), (4)",
        "box": [
          220.46720208519753,
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          235.28244454153364,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "127.4%",
        "box": [
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          403.77261003838504,
          443.82624168132276
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value per share, fully converted",
        "box": [
          438.22069724473266,
          437.33377273827375,
          560.1930711079624,
          444.39533959707273
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          560.2133867110997,
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          562.2037328504346,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          561.9221805171976,
          435.07160852316747,
          568.1968714611737,
          439.947882313131
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$14.24",
        "box": [
          744.892228136422,
          436.7646748225237,
          767.935578664983,
          443.82624168132276
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend per share",
        "box": [
          31.208793484474914,
          469.82926372759874,
          92.56616843373386,
          476.8908305863977
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.200",
        "box": [
          379.49894719647494,
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          401.89643062087003,
          476.8908305863977
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net debt/total equity",
        "box": [
          438.2206974908749,
          469.82926372759874,
          506.89789962068227,
          476.8908305863977
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.60x  ",
        "box": [
          748.879413966875,
          469.82926372759874,
          770.64587780674,
          476.8908305863977
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend per share yield on book value",
        "box": [
          31.20879360962956,
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          156.30657035623653,
          493.41364007367275
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5.6%",
        "box": [
          388.6352982792296,
          486.3520732148737,
          403.7426495623487,
          493.41364007367275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net debt/total equity ex. NewPoint",
        "box": [
          438.22069761602955,
          486.3520732148737,
          552.346157351633,
          493.41364007367275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.44x  ",
        "box": [
          748.8794140920296,
          486.3520732148737,
          770.6458779318947,
          493.41364007367275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recourse net debt/total equity",
        "box": [
          438.2206977411859,
          502.87511034131506,
          538.7532532500314,
          509.93667720011405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.70x  ",
        "box": [
          748.879414217186,
          502.87511034131506,
          770.645878057051,
          509.93667720011405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Highlights",
        "box": [
          34.872,
          39.74000000000001,
          249.192,
          62.58913793103454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note: All numbers in millions except per share and share data. ",
        "box": [
          36.12,
          510.70799999999997,
          218.42831999999976,
          516.8772672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.",
        "box": [
          36.12,
          520.548,
          41.45668,
          526.7172672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes NewPoint.",
        "box": [
          46.104,
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          526.7172672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.",
        "box": [
          36.12,
          530.268,
          41.45668,
          536.4372672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Does not include real estate owned operating income which is reported under Other income / (loss).",
        "box": [
          46.104,
          530.268,
          336.74496000000005,
          536.4372672413793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.",
        "box": [
          36.12,
          540.108,
          41.45668,
          546.2772672413794
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings.",
        "box": [
          46.104,
          540.108,
          346.40664,
          546.2772672413794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.",
        "box": [
          36.12,
          549.948,
          41.45668,
          556.1172672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards.",
        "box": [
          46.104,
          549.948,
          528.71176,
          556.1172672413793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5.",
        "box": [
          36.12,
          559.668,
          41.45668,
          565.8372672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $90 million of preferred equity that converts to common equity on 1/21/28, subject to the holder's right to accelerate the conversion. These amounts are reflected as temporary equity on the consolidated balance sheets. The remaining ",
        "box": [
          46.104,
          559.668,
          756.5250400000011,
          565.8372672413793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$259 million of preferred equity represents the Series E preferred, which is not convertible into common equity.",
        "box": [
          46.104,
          567.468,
          367.6675199999999,
          573.6372672413793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6.",
        "box": [
          36.12,
          577.308,
          41.45668,
          583.4772672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes non-controlling interest.",
        "box": [
          46.104,
          577.308,
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          583.4772672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FBRT 2Q 2026 Financial Update",
        "box": [
          35.496,
          23.379999999999995,
          192.13152000000002,
          33.89060344827578
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        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 6,
    "width": 792.0,
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    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
        "box": [
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          589.506,
          719.2140799999995,
          597.1604612068966
        ],
        "from_ocr": false,
        "confidence": 1.0
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        "text": "6",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$26.7",
        "box": [
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      {
        "text": "$17.9",
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          178.982539463185,
          211.59589713706356
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      {
        "text": "$13.5",
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          264.20196831343276,
          231.48109251531463
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      {
        "text": "$28.3",
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          349.3411774714401,
          158.9160109689392
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        "confidence": 1.0
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      {
        "text": "3Q'25",
        "box": [
          72.85163858261645,
          308.26578757822483,
          94.57093417656307,
          316.04975627047276
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        "confidence": 1.0
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      {
        "text": "4Q'25",
        "box": [
          158.02641537011644,
          308.26579355234406,
          179.82770150968804,
          316.0497622503428
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1Q'26",
        "box": [
          243.21481939511642,
          308.26579952741906,
          264.934114989063,
          316.04976821966704
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2Q'26",
        "box": [
          328.38505377011643,
          308.2658055012197,
          350.1617427460005,
          316.0497741974932
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$25.9 (2)",
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          162.59206784984593,
          272.6764742962944,
          171.0826592440115
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      {
        "text": "$28.4 (2)",
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      {
        "text": "$27.7 (2)",
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          187.00657448418107,
          162.72090844376453
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      {
        "text": "$30.2 (2)",
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      {
        "text": "Earnings & Distributions",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Note: All numbers in millions except per share data.  ",
        "box": [
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          554.0292672413793
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      {
        "text": "1.",
        "box": [
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        "text": "Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings.",
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      {
        "text": "2.",
        "box": [
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      {
        "text": "Distributable earnings before realized gain/(loss).",
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        "confidence": 1.0
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      {
        "text": "3.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards.",
        "box": [
          46.104,
          577.284,
          528.71176,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "FBRT 2Q 2026 Financial Update",
        "box": [
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      {
        "text": "Distributable Earnings ($M)  (1)",
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      {
        "text": "GAAP Net Income (Loss) ($M)",
        "box": [
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      {
        "text": "$17.6",
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        "text": "$18.4",
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        "text": "$12.3",
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        "text": "3Q'25",
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        "text": "1Q'26",
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        "text": "2Q'26",
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          318.65626109350933
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      {
        "text": "3Q'25",
        "box": [
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          91.16040572622813,
          370.24745630374855
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      {
        "text": "4Q'25",
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      {
        "text": "1Q'26",
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      {
        "text": "2Q'26",
        "box": [
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        "text": "$0.355",
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        "text": "$0.200",
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        "text": "$0.22",
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        "text": "$0.09",
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        "text": "Distributable earnings per share, fully converted ",
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      {
        "text": "(1), (3)",
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        "text": "$0.23",
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        "text": "$0.22",
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        "text": "$0.22",
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      {
        "text": "Distributable earnings per share before realized gain/(loss), fully converted ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(1), (3)",
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        "text": "61%",
        "box": [
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        "text": "34%",
        "box": [
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        "text": "45%",
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        "text": "127%",
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        "text": "Distributable dividend coverage, fully converted ",
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      {
        "text": "(1), (3)",
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        "text": "66%",
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        "text": "63%",
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      {
        "text": "110%",
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        "from_ocr": false,
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      {
        "text": "138%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Distributable dividend coverage before realized gain/(loss), fully converted ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(1), (3)",
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  },
  {
    "page_no": 7,
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    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
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        "text": "7",
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      {
        "text": "Core Net Fundings",
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      {
        "text": "Note: All numbers in millions. ",
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        "text": "1.",
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        "text": "Includes full paydowns, dispositions, partial paydowns, non-REO related charge-offs and amortization.",
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        "text": "2.",
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        "text": "Includes REO related charge-offs.",
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      {
        "text": "FBRT 2Q 2026 Financial Update",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2Q 2026 ($M)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "YTD 2026 ($M)",
        "box": [
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      {
        "text": "$165 ",
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      {
        "text": "$84 ",
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      {
        "text": "($458)",
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      {
        "text": "$4,609 ",
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      {
        "text": "($57)",
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      {
        "text": "$4,343 ",
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      {
        "text": "1Q26 Loans",
        "box": [
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          89.27047903538877,
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        "text": "Outstanding",
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        "text": "Fundings on",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "New Loans",
        "box": [
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        "from_ocr": false,
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        "text": "Fundings on",
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      {
        "text": "Existing Loans",
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        "from_ocr": false,
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      {
        "text": "Repayments\u00b9",
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        "text": "REO/",
        "box": [
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      {
        "text": "Foreclosures\u00b2",
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        "confidence": 1.0
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      {
        "text": "2Q26 Loans",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Outstanding",
        "box": [
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      {
        "text": "$627 ",
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      {
        "text": "$117 ",
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      {
        "text": "($780)",
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      {
        "text": "($57)",
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      {
        "text": "$4,436 ",
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        "text": "$4,343 ",
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      {
        "text": "4Q25 Loans",
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        "from_ocr": false,
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        "text": "Outstanding",
        "box": [
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        "text": "Fundings on",
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      {
        "text": "New Loans",
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        "text": "Fundings on",
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        "text": "Existing Loans",
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        "text": "Repayments\u00b9",
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        "text": "REO/",
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        "text": "Foreclosures\u00b2",
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        "confidence": 1.0
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      {
        "text": "2Q26 Loans",
        "box": [
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        "from_ocr": false,
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        "text": "Outstanding",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Total",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Commitment  of",
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      {
        "text": "$635M",
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      {
        "text": "Total",
        "box": [
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        "text": "Commitment  of",
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        "text": "$167M",
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  {
    "page_no": 8,
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      {
        "text": "BENEFIT STREET PARTNERS",
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        "text": "8",
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      {
        "text": "Capitalization Overview",
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        "text": "1.",
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      {
        "text": "On our core book (excluding repo-securities and NewPoint), 79% of financings are non-mark-to-market.",
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        "text": "2.",
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      {
        "text": "Net leverage represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase agreements - commercial mortgage loans, repurchase agreements - real estate securities, ",
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        "text": "asset-specific financing arrangements, and unsecured debt, less cash and cash equivalents, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse net leverage excludes collateralized loan obligations.",
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      {
        "text": "FBRT 2Q 2026 Financial Update",
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        "text": "Financing Sources  (1)",
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        "text": "Net Leverage  (2)",
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        "text": "Average cost of debt, including financing costs, was 6.2% in 2Q26 vs. 6.0% in 1Q26",
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        "text": "Collateralized Loan ",
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        "text": "Obligations, ",
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        "text": "71%",
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        "text": "Warehouse, ",
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        "text": "19%",
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      {
        "text": "Unsecured Debt, ",
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        "text": "4%",
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        "text": "Repo - Securities, ",
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        "text": "5%",
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        "text": "Asset ",
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        "text": "Specific ",
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        "text": "Financings, ",
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        "text": "1%",
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        "text": "0.70x  ",
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        "text": "2.60x  ",
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        "text": "0.00x",
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        "text": "0.50x",
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        "text": "1.00x",
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          457.0501936199309,
          360.00442502441854
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      {
        "text": "1.50x",
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      {
        "text": "2.00x",
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          457.05018616533175,
          276.00078222749846
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      {
        "text": "2.50x",
        "box": [
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          234.0110268506985
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      {
        "text": "3.00x",
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        "from_ocr": false,
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      {
        "text": "Recourse Net Leverage",
        "box": [
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          599.8396777141572,
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        "from_ocr": false,
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      {
        "text": "Total Net Leverage",
        "box": [
          638.0401646155918,
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  },
  {
    "page_no": 9,
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    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
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        "text": "9",
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        "text": "Financing Lines",
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        "text": "1.",
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      {
        "text": "Outstanding balance as of June 30, 2026 and net of tranches held by FBRT.",
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        "text": "2.",
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        "text": "Cost of debt is shown before discount and transaction costs.",
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        "text": "3.",
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      {
        "text": "Capacity for loans. Excludes bond repurchase agreements.",
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      {
        "text": "FBRT 2Q 2026 Financial Update",
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      {
        "text": "CLOs",
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      {
        "text": "Warehouse/Revolver/Other",
        "box": [
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      {
        "text": "CLO Name",
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      {
        "text": "Debt Amount (1)",
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      {
        "text": "Reinvest",
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      {
        "text": "End Date",
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      {
        "text": "Cost of ",
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      {
        "text": "Debt (2)",
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      {
        "text": "BSPRT 2023-FL10",
        "box": [
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          120.470208,
          171.76724137931035
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        "confidence": 1.0
      },
      {
        "text": "$356 million",
        "box": [
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          252.44132799999997,
          171.76724137931035
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Ended",
        "box": [
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          162.262,
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        "confidence": 1.0
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      {
        "text": "S + 2.92%",
        "box": [
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          171.76724137931035
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      {
        "text": "BSPRT 2024-FL11",
        "box": [
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          120.47627999999997,
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        "confidence": 1.0
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      {
        "text": "$886 million",
        "box": [
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          252.3880000000001,
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        "confidence": 1.0
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      {
        "text": "10/8/27",
        "box": [
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          316.43428000000006,
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        "confidence": 1.0
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      {
        "text": "S + 1.99%",
        "box": [
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          385.87496,
          197.9523922413793
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      {
        "text": "BSPRT 2025-FL12",
        "box": [
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          120.47627999999997,
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        "confidence": 1.0
      },
      {
        "text": "$947 million",
        "box": [
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      {
        "text": "5/8/28",
        "box": [
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        "text": "S + 1.61%",
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          385.87496,
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      {
        "text": "BSPRT 2026-FL13",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$778 million",
        "box": [
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          250.3123922413793
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      {
        "text": "11/10/28",
        "box": [
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        "confidence": 1.0
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      {
        "text": "S + 1.76%",
        "box": [
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          385.87496,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          37.416,
          267.02,
          60.32399999999999,
          276.5023922413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,967 million",
        "box": [
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        "confidence": 1.0
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      {
        "text": "CLO",
        "box": [
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          56.071079999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reinvestment available",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$78 million",
        "box": [
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        "text": "Repo ",
        "box": [
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          62.714400000000005,
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      {
        "text": "-",
        "box": [
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      {
        "text": " Securities ",
        "box": [
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      {
        "text": "(outstanding)",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "$197 million",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Name",
        "box": [
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      {
        "text": "Capacity  (3)",
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      {
        "text": "JP Morgan",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "$750 million",
        "box": [
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      {
        "text": "Barclays (Warehouse) ",
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          510.7467200000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$500 million",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Atlas SP Partners",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$350 million",
        "box": [
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      {
        "text": "Wells Fargo",
        "box": [
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      {
        "text": "$250 million",
        "box": [
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      {
        "text": "Morgan Stanley",
        "box": [
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      {
        "text": "$150 million",
        "box": [
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      {
        "text": "Barclays (Secured Revolver)",
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        "confidence": 1.0
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      {
        "text": "$100 million",
        "box": [
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      {
        "text": "BAML Line of Credit (NewPoint)",
        "box": [
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          551.4466,
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        "confidence": 1.0
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      {
        "text": "$450 million",
        "box": [
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      {
        "text": "Fifth Third Warehouse Line of Credit (NewPoint)",
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      {
        "text": "$400 million",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Fifth Third Line of Credit (NewPoint)",
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      {
        "text": "$125 million",
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      {
        "text": "JPM Line of Credit (NewPoint)",
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      {
        "text": "$700 million",
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        "text": "PNC Line of Credit (NewPoint)",
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      {
        "text": "$500 million ",
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      {
        "text": "$100 million",
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        "text": "Total",
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      {
        "text": "$4,375 million",
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  {
    "page_no": 10,
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        "text": "10",
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        "text": "$78",
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        "text": "$583",
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        "text": "$136",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Available &",
        "box": [
          426.0955539315753,
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          528.5394508283084,
          461.34593035427605
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In Progress\u00b9",
        "box": [
          447.90491441442737,
          463.7781740466927,
          506.95899193969683,
          473.9544983819641
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          631.8789852630753,
          451.1926847802529,
          656.3597500408484,
          461.34593287182076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidity",
        "box": [
          623.6398936909274,
          463.7781775079635,
          665.787791250394,
          473.9545015102513
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidity ($M)",
        "box": [
          36.12,
          104.75200000000001,
          124.65288000000001,
          118.14159482758623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidity",
        "box": [
          34.872,
          39.74000000000001,
          127.79999999999998,
          62.58913793103454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.",
        "box": [
          36.12,
          577.284,
          41.45668,
          583.4532672413793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents cash available at 6/30/2026 that we can invest at a market advance rate utilizing our available capacity on financing lines.",
        "box": [
          46.104,
          577.284,
          437.74960000000016,
          583.4532672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FBRT 2Q 2026 Financial Update",
        "box": [
          35.496,
          23.379999999999995,
          192.13152000000002,
          33.89060344827578
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 11,
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    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
        "box": [
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        "text": "11",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Income Statement (QTD)",
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      },
      {
        "text": "Volume",
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          507.13665338897704,
          81.45357040574845
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      },
      {
        "text": "UPB",
        "box": [
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      {
        "text": "Count",
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          714.0601370823531,
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      {
        "text": "Net interest income",
        "box": [
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          114.85747323106642,
          100.95289529876857
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        "confidence": 1.0
      },
      {
        "text": "                             $0.6",
        "box": [
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          92.37416290952751,
          421.27808417503,
          100.95289529876857
        ],
        "from_ocr": false,
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      },
      {
        "text": "Q2 2026 Total",
        "box": [
          476.2233430658287,
          92.37416290952751,
          533.8849159740817,
          100.95289529876857
        ],
        "from_ocr": false,
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      },
      {
        "text": "                       $398.8",
        "box": [
          578.2430686068489,
          92.37416290952751,
          653.7638372762409,
          100.95289529876857
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        "confidence": 1.0
      },
      {
        "text": "                               20",
        "box": [
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          92.37416290952751,
          739.2901407734033,
          100.95289529876857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain / (loss) on sales",
        "box": [
          37.497567657155116,
          114.13992239072752,
          123.08840146110838,
          122.71865477996857
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                9.7",
        "box": [
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          114.13992239072752,
          421.304530736881,
          122.71865477996857
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights",
        "box": [
          37.49756780507769,
          135.87572899190747,
          140.2985239621271,
          144.45446138114858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                3.9",
        "box": [
          341.2392494388577,
          135.87572899190747,
          421.3045308848036,
          144.45446138114858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights amortization, impairments & payoffs",
        "box": [
          37.49756795306822,
          157.6215198864275,
          288.5363668822288,
          166.20025227566856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            (11.3)",
        "box": [
          341.9984289798882,
          157.6215198864275,
          424.4567737323292,
          166.20025227566856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing and ancillary fees",
        "box": [
          37.4975681009908,
          179.3573264876075,
          147.7992166612754,
          187.93605887684856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             12.4",
        "box": [
          342.7476193183108,
          179.3573264876075,
          421.27808476699204,
          187.93605887684856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing interest on escrows",
        "box": [
          37.49756824911722,
          201.12308596880752,
          154.55164302337195,
          209.70181835804857
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                8.0",
        "box": [
          341.23924988289724,
          201.12308596880752,
          421.30453132884315,
          209.70181835804857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          37.49756839710775,
          222.8688768633275,
          90.88591029678685,
          231.44760925256855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                1.2",
        "box": [
          341.2392500308878,
          222.8688768633275,
          421.3045314768337,
          231.44760925256855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Revenues",
        "box": [
          37.497568545030326,
          244.60468346450745,
          99.06274699487088,
          253.18341585374856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           $24.5",
        "box": [
          341.9984295718503,
          244.60468346450745,
          421.37980026589514,
          253.18341585374856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses",
        "box": [
          37.497568693156744,
          266.37044294570745,
          117.10227298298962,
          274.94917533494856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            (28.9)",
        "box": [
          341.99842971997674,
          266.37044294570745,
          424.45677447241775,
          274.94917533494856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Taxes",
        "box": [
          37.49756884114727,
          288.1162338402275,
          61.694514104197054,
          296.6949662294686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                3.2",
        "box": [
          341.2392504749273,
          288.1162338402275,
          421.3045319208732,
          296.6949662294686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All other",
        "box": [
          37.49756898906985,
          309.8520404414075,
          71.34985267022648,
          318.4307728306486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              (1.9)",
        "box": [
          342.74762020638985,
          309.8520404414075,
          424.4632427769755,
          318.4307728306486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP net income (loss)",
        "box": [
          37.497569137060374,
          331.5978313359275,
          132.75275661441287,
          340.1765637251686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            ($3.1)",
        "box": [
          341.99843016388036,
          331.5978313359275,
          424.58298849041427,
          340.1765637251686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights",
        "box": [
          37.4975692851868,
          353.3635908171275,
          140.2985254422362,
          361.9423232063686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              (3.9)",
        "box": [
          342.74762050250683,
          353.3635908171275,
          424.4632430730925,
          361.9423232063686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights amortization, impairments & payoffs",
        "box": [
          37.497569433109376,
          375.0993974183075,
          288.53636836226997,
          383.67812980754854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             11.3",
        "box": [
          342.7476206504294,
          375.0993974183075,
          421.2780860991106,
          383.67812980754854
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair value adjustments on equity investments",
        "box": [
          37.4975695810999,
          396.8451883128275,
          220.43513003184847,
          405.4239207020686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              (0.3)",
        "box": [
          342.7476207984199,
          396.8451883128275,
          424.46324336900557,
          405.4239207020686
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other adjustments",
        "box": [
          37.49756972902248,
          418.58099491400753,
          111.84638018341532,
          427.1597273032486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                3.4",
        "box": [
          341.2392513628025,
          418.58099491400753,
          421.30453280874843,
          427.1597273032486
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings",
        "box": [
          37.497569877182876,
          440.3517465418775,
          126.00033114056524,
          448.9304789311186
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             $7.4",
        "box": [
          342.7476210945029,
          440.3517465418775,
          421.3862696066924,
          448.9304789311186
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ROE",
        "box": [
          37.49757017309598,
          483.8333440375775,
          54.491326457558124,
          492.4120764268186
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        "from_ocr": false,
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      {
        "text": "GAAP return on equity",
        "box": [
          37.497570331414586,
          507.0967475197775,
          127.37966565452645,
          515.6754799090186
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (1)",
        "box": [
          127.50028520148385,
          504.84404133494,
          136.98802981278962,
          510.5473537266792
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3.0%)",
        "box": [
          398.98683183874243,
          505.5991035187775,
          424.45492809801357,
          514.1778359080186
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings return on equity",
        "box": [
          37.49757047936842,
          528.8371468958939,
          191.83874114278282,
          537.415879285135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (1)",
        "box": [
          192.01055535293028,
          526.60980081614,
          201.49829996423603,
          532.3131132078793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.2%",
        "box": [
          404.98035351069626,
          527.3395028948939,
          424.3631524476311,
          535.918235284135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NewPoint Financial Highlights",
        "box": [
          34.872,
          39.74000000000001,
          359.3560000000001,
          62.58913793103454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note: All numbers in millions. ",
        "box": [
          36.12,
          567.468,
          123.23063999999995,
          573.6372672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.",
        "box": [
          36.12,
          577.308,
          41.45668,
          583.4772672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on final purchase price of $410 million.",
        "box": [
          46.104,
          577.308,
          179.4299999999999,
          583.4772672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FBRT 2Q 2026 Financial Update",
        "box": [
          35.496,
          23.379999999999995,
          192.13152000000002,
          33.89060344827578
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 12,
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    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
        "box": [
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          589.506,
          719.2140799999995,
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        "from_ocr": false,
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      {
        "text": "12",
        "box": [
          747.34,
          589.218,
          756.42654,
          596.8724612068966
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "MSR Rollforward",
        "box": [
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          129.10299556568788,
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      {
        "text": "MSR ",
        "box": [
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          118.39402842968752,
          309.955656200506,
          129.82469653820385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Value on ",
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          413.38805505170126,
          111.83255996320383
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      {
        "text": "Commitments  (1)",
        "box": [
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      {
        "text": "Total",
        "box": [
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          494.6561938199538,
          114.07908090070384
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        "from_ocr": false,
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      {
        "text": "MSR Value",
        "box": [
          451.00929925302245,
          118.39402842968752,
          509.721181213084,
          129.82469653820385
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Ending balance at 3/31",
        "box": [
          41.489623653460754,
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          149.32449827570383
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        "confidence": 1.0
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      {
        "text": "$211.9",
        "box": [
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          312.97421024275945,
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        "from_ocr": false,
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      {
        "text": "$5.8",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$217.7",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "OMSR - new commitments",
        "box": [
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          169.59310940070384
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        "confidence": 1.0
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      {
        "text": "     -",
        "box": [
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          298.14788076816,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.9",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.9",
        "box": [
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          169.59310940070384
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "OMSR - moved at settlement",
        "box": [
          41.48962394083308,
          178.40109880468742,
          194.59676466008688,
          189.83176691320375
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4.9",
        "box": [
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          300.9925524518132,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(4.9)",
        "box": [
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          399.5110897454907,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "     -",
        "box": [
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          178.40109880468742,
          484.1515878316798,
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        "text": "(11.3)",
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        "text": "     -",
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      {
        "text": "(11.3)",
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        "text": "$205.5",
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        "text": "Change",
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      {
        "text": "6/30",
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      {
        "text": "UPB",
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        "from_ocr": false,
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      {
        "text": "Fannie",
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      {
        "text": "$7,937",
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      {
        "text": "($2)",
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        "text": "Freddie",
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        "text": "Ginnie",
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        "text": "422",
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        "text": "448",
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        "text": "33",
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        "text": "481",
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      {
        "text": " Benefit Street Partners ",
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      {
        "text": "(2)",
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        "text": "10,025",
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        "text": "10,909",
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        "text": "25,216",
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        "text": "$1,708",
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        "text": "$22,019",
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        "text": "Note: All numbers in millions. ",
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        "text": "1.",
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        "text": "Included in commercial mortgage loans held for sale and derivative instruments on the balance sheet.",
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        "text": "2.",
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        "text": "Represents the bridge book serviced for the Company's affiliates, including $4.6 billion of the $10.9 billion serviced for a wholly owned subsidiary; related revenue is eliminated in consolidation.",
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        "text": "FBRT 2Q 2026 Financial Update",
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  {
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        "text": "BENEFIT STREET PARTNERS",
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        "text": "14",
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        "text": "Post-Rate Hike, ",
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        "text": "77%",
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        "text": "23%",
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        "text": ", 99%",
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        "text": ", 1%",
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        "text": "Floating, ",
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        "text": "6%",
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          260.2397394607856,
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        "text": "Other, ",
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          227.72062577232,
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          251.5453082444672,
          426.5721944557994
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      {
        "text": "3%",
        "box": [
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          418.70578277111474,
          261.58622879118553,
          426.5721946899348
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        "text": "Texas, ",
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          585.3422500405483,
          504.32181807794444
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        "from_ocr": false,
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      {
        "text": "27%",
        "box": [
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          496.4791004044616,
          599.8586767066279,
          504.32181841644024
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        "from_ocr": false,
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        "text": "Florida, ",
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          557.5147842750586,
          444.4675541111858
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      {
        "text": "15%",
        "box": [
          556.9805246620389,
          436.6248364382843,
          572.0561459287381,
          444.467554450263
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        "text": "North Carolina, ",
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          593.2914833977416,
          380.0887572944216
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        "from_ocr": false,
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      {
        "text": "14%",
        "box": [
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          591.3308734530528,
          389.84462885810376
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        "from_ocr": false,
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      {
        "text": "Various, ",
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          606.9751484387169,
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          639.0322193756566,
          363.98161523446964
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      {
        "text": "8%",
        "box": [
          638.4630507799968,
          356.1388975607542,
          649.0754588762218,
          363.9816154686591
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        "from_ocr": false,
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      {
        "text": "Georgia, ",
        "box": [
          662.4804324115566,
          360.94839349966304,
          694.5436373632065,
          368.81480591881893
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        "from_ocr": false,
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      {
        "text": "7%",
        "box": [
          693.9783087478767,
          360.94839423413424,
          704.5845579099248,
          368.8148061529543
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "New York, ",
        "box": [
          689.3404062059017,
          376.677248353387,
          728.1560057996314,
          384.543660929996
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        "from_ocr": false,
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      {
        "text": "5%",
        "box": [
          727.5906771843017,
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          738.1969263463499,
          384.5436611641314
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        "from_ocr": false,
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      {
        "text": "Arizona, ",
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          735.3810224271928,
          397.4601850550322
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      {
        "text": "3%",
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          745.409300935198,
          397.46018528887276
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        "from_ocr": false,
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      {
        "text": "South ",
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          736.1421177309267,
          411.7405910153144
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      {
        "text": "Carolina, ",
        "box": [
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          746.6715926850036,
          421.4964628702419
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        "from_ocr": false,
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      {
        "text": "3%",
        "box": [
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          413.6537451974567,
          756.7297931781288,
          421.49646310478016
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        "from_ocr": false,
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      {
        "text": "All Other, ",
        "box": [
          708.4406363293459,
          467.1181606063177,
          743.5159877830757,
          474.9845730957112
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        "from_ocr": false,
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      {
        "text": "18%",
        "box": [
          708.4406395307711,
          476.8926977863989,
          723.5661307726705,
          484.7354157995405
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        "from_ocr": false,
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      {
        "text": "Core Loan Portfolio Composition",
        "box": [
          34.872,
          39.74000000000001,
          386.42400000000015,
          62.58913793103454
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        "from_ocr": false,
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      {
        "text": "1.",
        "box": [
          36.12,
          557.676,
          41.45668,
          563.8452672413794
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      {
        "text": "Weighted average loan-to-value percentage (WA LTV) represents the weighted average ratio of the loan amount to the appraised value of the property at the time of origination.",
        "box": [
          46.104,
          557.676,
          559.7459200000004,
          563.8452672413794
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.",
        "box": [
          36.12,
          567.516,
          41.45668,
          573.6852672413793
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      {
        "text": "Unpaid principal balance (UPB) represents the portion of the loan that has not yet been remitted to the lender.",
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        "text": "3.",
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      {
        "text": "Five risk rated 5 and four risk rated 4. ",
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        "from_ocr": false,
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      {
        "text": "Portfolio",
        "box": [
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          77.87855999999998,
          33.89060344827578
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      {
        "text": "$4.3B ",
        "box": [
          94.176,
          116.93,
          130.65504,
          128.81155172413793
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      {
        "text": "total portfolio;",
        "box": [
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          128.81155172413793
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      {
        "text": "64.2% ",
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          143.81155172413793
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        "text": "WA LTV  (1)",
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          142.92,
          131.36,
          198.4864,
          143.81155172413793
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      {
        "text": "Portfolio Summary",
        "box": [
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      {
        "text": "Rate Type",
        "box": [
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          586.00468,
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      {
        "text": "Collateral Summary",
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      {
        "text": "Collateral by Vintage",
        "box": [
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          410.3712000000001,
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        "text": "Collateral by State",
        "box": [
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      {
        "text": "161 senior",
        "box": [
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      {
        "text": " loans",
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      {
        "text": "; ",
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        "text": "average",
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        "text": "UPB",
        "box": [
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      {
        "text": " (2)",
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      {
        "text": " of $27M",
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      {
        "text": "11 mezzanine ",
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        "text": "loans;",
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        "text": "average ",
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        "text": "UPB",
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        "text": " (2)",
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      {
        "text": " of $5M",
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        "text": "9 non-performing ",
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        "text": "loans  (3)",
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        "text": "Portfolio Overview",
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  },
  {
    "page_no": 15,
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      {
        "text": "BENEFIT STREET PARTNERS",
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        "text": "15",
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        "text": "Southeast, ",
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        "text": "71%",
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        "text": "12%",
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        "text": "Mideast, ",
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        "text": "9%",
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        "text": "4%",
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        "text": "Far West, ",
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        "text": "4%",
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        "text": "Multifamily, ",
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        "text": "78%",
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        "text": "Mixed Use, ",
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        "text": "22%",
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        "text": "Various, ",
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        "text": "12%",
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        "text": "New Jersey, ",
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        "text": "9%",
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        "text": "Georgia, ",
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        "text": "7%",
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        "text": "Texas, ",
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        "text": "4%",
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        "text": "Washington, ",
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        "text": "4%",
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        "from_ocr": false,
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      {
        "text": "By Region",
        "box": [
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          99.66374400000001,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "By State",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9 loans; $167 million total commitment ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "($165 million",
        "box": [
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        "confidence": 1.0
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      {
        "text": "of initial funding / $2 million of future funding)",
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        "confidence": 1.0
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      {
        "text": "2.38% ",
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          215.8306034482759
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      {
        "text": "weighted average spread  (1) ; ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "6.03% ",
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      {
        "text": "all-in coupon  (2)",
        "box": [
          277.08,
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          354.07039999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.0% ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "and ",
        "box": [
          119.38,
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          140.70928000000004,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.1% ",
        "box": [
          140.62,
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          167.51344,
          279.6006034482759
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average origination and",
        "box": [
          167.28,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " exit fees, respectively",
        "box": [
          158.04,
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        "from_ocr": false,
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      {
        "text": "By Collateral",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Core Originations in the Quarter",
        "box": [
          34.872,
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          375.8400000000001,
          62.58913793103454
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio",
        "box": [
          35.496,
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          77.87855999999998,
          33.89060344827578
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        "from_ocr": false,
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      {
        "text": "Overview",
        "box": [
          36.48,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Note: Charts shown above are based on the initial funding/unpaid principal balance of the newly originated loans. ",
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          36.12,
          557.676,
          369.30864,
          563.8452672413794
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        "confidence": 1.0
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      {
        "text": "1.",
        "box": [
          36.12,
          567.516,
          41.45668,
          573.6852672413793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents the Year 1 weighted average spread. The weighted average spread will increase to 2.48% in Year 2, reflecting one loan",
        "box": [
          46.104,
          567.516,
          423.63408,
          573.6852672413793
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        "from_ocr": false,
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      {
        "text": "'s rate increase to SOFR + 2.25%.",
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          423.67,
          567.516,
          519.2953600000001,
          573.6852672413793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.",
        "box": [
          36.12,
          577.356,
          41.45668,
          583.5252672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in coupon based on 6/30/26 SOFR indices.",
        "box": [
          46.104,
          577.356,
          181.27415999999988,
          583.5252672413793
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 16,
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      {
        "text": "BENEFIT STREET PARTNERS",
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        "text": "16",
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        "text": "Investment",
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      {
        "text": "Loan Type",
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        "text": "Default Date",
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        "text": "Loan Risk ",
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      {
        "text": "456-Unit Apartment Community",
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      {
        "text": "Q4 2021",
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        "text": "Q1 2026",
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      {
        "text": "Durham, NC",
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        "text": "5",
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        "text": "276-Unit Apartment Community",
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      {
        "text": "Senior Loan",
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      {
        "text": "Q2 2022",
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        "text": "Q1 2026",
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        "text": "Multifamily",
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        "from_ocr": false,
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      {
        "text": "Charlotte, NC",
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        "text": "184-Unit Apartment Community",
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        "from_ocr": false,
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      {
        "text": "Senior Loan",
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        "text": "Q4 2021",
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          318.52146767788554,
          214.06966097532768
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        "from_ocr": false,
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      {
        "text": "None",
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        "from_ocr": false,
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        "text": "Yes",
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        "text": "Multifamily",
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        "from_ocr": false,
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      {
        "text": "Acquisition",
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      {
        "text": "Glendale, AZ",
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        "text": "5",
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        "text": "Q4 2022",
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          246.34128256500765
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "San Antonio, TX",
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        "from_ocr": false,
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        "text": "5",
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      {
        "text": "Suburban Office Park",
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      {
        "text": "Floating Rate",
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        "text": "Senior Loan",
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        "from_ocr": false,
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      {
        "text": "Q4 2019",
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        "from_ocr": false,
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        "text": "Yes",
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          278.5829583258077
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        "from_ocr": false,
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      {
        "text": "Office",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Acquisition",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Alpharetta, GA",
        "box": [
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        "from_ocr": false,
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      {
        "text": "5",
        "box": [
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          746.81853683544,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "848-Unit Apartment Community",
        "box": [
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          155.82188114369526,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating Rate",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Senior Loan",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Q1 2021",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Q2 2026",
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        "from_ocr": false,
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      {
        "text": "Yes",
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition",
        "box": [
          579.0098484794779,
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          624.5663741969639,
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        "from_ocr": false,
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      },
      {
        "text": "Garland, TX",
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        "text": "Core Portfolio - Watch List Loans (Risk Rating 4&5)",
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  {
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        "text": "301k Square Foot Office Complex",
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        "text": "in the portfolio and completed the foreclosure of a Huntersville, North Carolina ",
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        "text": "asset, where favorable underlying economics supported an ",
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        "text": "increase in carrying value",
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      {
        "text": "Appendix",
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      {
        "text": "BENEFIT STREET PARTNERS",
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        "text": "19",
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        "text": "Core Portfolio ",
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        "text": "-",
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        "text": " FBRT Portfolio Details ",
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        "text": "-",
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      {
        "text": " Top 15 Loans",
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        "text": "Note: All numbers in millions.  ",
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        "text": "1.",
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        "text": "Effective Yield defined as: (1) current spread of the loan plus (2) the greater of any applicable index or index floor.",
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        "text": "As-is loan to value percentage is from metrics at origination. Predevelopment construction loans at origination will not have an LTV and therefore is nil",
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        "text": "Appendix",
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      {
        "text": "10/28/25",
        "box": [
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        "from_ocr": false,
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      {
        "text": "93",
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      {
        "text": "92",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 2.30%",
        "box": [
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          426.49414716715677,
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        "from_ocr": false,
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      {
        "text": "5.95%",
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        "from_ocr": false,
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      {
        "text": "11/9/30",
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        "from_ocr": false,
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      {
        "text": "Various",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "72.1%",
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        "from_ocr": false,
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      {
        "text": "Loan 4",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Senior Loan",
        "box": [
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        "from_ocr": false,
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      {
        "text": "12/15/21",
        "box": [
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        "from_ocr": false,
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      {
        "text": "80",
        "box": [
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        "from_ocr": false,
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      {
        "text": "80",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4.25%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "4.25%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3/9/27",
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      {
        "text": "North Carolina",
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "76.1%",
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        "from_ocr": false,
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      {
        "text": "Loan 5",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Senior Loan",
        "box": [
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        "from_ocr": false,
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      {
        "text": "2/16/24",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "79",
        "box": [
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        "from_ocr": false,
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      {
        "text": "79",
        "box": [
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          349.58124524021,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 3.65%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "7.30%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3/9/29",
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      {
        "text": "Texas",
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "53.3%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loan 6",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Senior Loan",
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        "from_ocr": false,
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      {
        "text": "2/10/22",
        "box": [
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        "from_ocr": false,
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      {
        "text": "77",
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        "from_ocr": false,
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      {
        "text": "77",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 3.20%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "6.85%",
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        "from_ocr": false,
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      {
        "text": "2/9/27",
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      {
        "text": "Florida",
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "74.5%",
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        "from_ocr": false,
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      {
        "text": "Loan 7",
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      {
        "text": "Senior Loan",
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        "from_ocr": false,
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      {
        "text": "3/7/24",
        "box": [
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        "from_ocr": false,
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      {
        "text": "75",
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      {
        "text": "75",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 2.70%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "6.35%",
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        "from_ocr": false,
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        "text": "3/9/29",
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      {
        "text": "North Carolina",
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      {
        "text": "Industrial",
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      {
        "text": "58.6%",
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        "from_ocr": false,
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      {
        "text": "Loan 8",
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      {
        "text": "Senior Loan",
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      {
        "text": "2/9/26",
        "box": [
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      {
        "text": "73",
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      {
        "text": "73",
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        "from_ocr": false,
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      {
        "text": "+ 3.50%",
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        "from_ocr": false,
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      {
        "text": "7.15%",
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        "text": "2/9/31",
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        "text": "Florida",
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        "text": "Multifamily",
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        "confidence": 1.0
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      {
        "text": "62.9%",
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      {
        "text": "Loan 9",
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        "text": "Senior Loan",
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        "text": "9/6/24",
        "box": [
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        "from_ocr": false,
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        "text": "73",
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        "text": "73",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 2.75%",
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      {
        "text": "6.40%",
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        "text": "9/9/28",
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        "text": "Florida",
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      {
        "text": "72.7%",
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      {
        "text": "Loan 10",
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        "text": "Senior Loan",
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      {
        "text": "3/31/21",
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        "text": "72",
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      {
        "text": "72",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 2.20%",
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        "text": "5.85%",
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        "text": "7/9/26",
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        "text": "Texas",
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        "text": "Multifamily",
        "box": [
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        "confidence": 1.0
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      {
        "text": "72.6%",
        "box": [
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          757.1248518818418,
          311.00872039030884
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan 11",
        "box": [
          12.01055529575,
          321.3626295885275,
          43.85018986667548,
          329.50365459803027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          92.520989945525,
          321.36263099954283,
          138.64006245826718,
          329.5036562593052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/1/26",
        "box": [
          198.68656221491003,
          321.36263286018675,
          225.54938008265881,
          329.5036577824666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          273.49743706425,
          321.3626341713124,
          283.30310021700006,
          329.50365879465073
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70",
        "box": [
          339.77558208746,
          321.36263533289446,
          349.58124524021,
          329.5036599562328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 2.00%",
        "box": [
          396.05932832656003,
          321.36263631931604,
          426.49414716715677,
          329.5036613041983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.66%",
        "box": [
          465.88724081915,
          321.36263754311096,
          489.21232151235154,
          329.50366240338883
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/31",
        "box": [
          530.02983054661,
          321.3626386672656,
          556.8926484143591,
          329.50366358954534
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          582.0329748373401,
          321.3626395786659,
          637.9514936640828,
          329.5036650101721
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          654.69880303406,
          321.3626408521977,
          697.4343254646084,
          329.50366605266044
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93.9%",
        "box": [
          733.7997711886401,
          321.36264223851094,
          757.1248518818418,
          329.5036670987888
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan 12",
        "box": [
          12.01055529575,
          339.8670511672475,
          43.85018986667548,
          348.0080761767503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          92.520989945525,
          339.8670525782628,
          138.64006245826718,
          348.0080778380252
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/29/24",
        "box": [
          196.55100691916002,
          339.8670544014793,
          228.3906414900855,
          348.0080794109822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          273.49743706425,
          339.86705575003236,
          283.30310021700006,
          348.0080803733707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          339.77558208746,
          339.86705691161444,
          349.58124524021,
          348.0080815349528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.25%",
        "box": [
          396.05932832656003,
          339.867057898036,
          426.49414716715677,
          348.0080828829183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.25%",
        "box": [
          465.88724081915,
          339.86705912183095,
          489.21232151235154,
          348.0080839821088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/29",
        "box": [
          530.02983054661,
          339.8670602459856,
          556.8926484143591,
          348.0080851682654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          596.27950149921,
          339.86706140706866,
          623.0309620224817,
          348.0080863273968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          654.69880303406,
          339.8670624309177,
          697.4343254646084,
          348.0080876313805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58.7%",
        "box": [
          733.7997711886401,
          339.8670638172309,
          757.1248518818418,
          348.0080886775088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan 13",
        "box": [
          12.01055529575,
          358.3904224864475,
          43.85018986667548,
          366.5314474959503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          92.520989945525,
          358.3904238974628,
          138.64006245826718,
          366.5314491572252
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/14/22",
        "box": [
          196.55100691916002,
          358.39042572067933,
          228.3906414900855,
          366.53145073018214
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64",
        "box": [
          273.49743706425,
          358.3904270692324,
          283.30310021700006,
          366.5314516925707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64",
        "box": [
          339.77558208746,
          358.3904282308145,
          349.58124524021,
          366.53145285415286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.45%",
        "box": [
          396.05932832656003,
          358.3904292172361,
          426.49414716715677,
          366.5314542021183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.10%",
        "box": [
          465.88724081915,
          358.39043044103096,
          489.21232151235154,
          366.5314553013088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/27",
        "box": [
          530.02983054661,
          358.3904315651856,
          556.8926484143591,
          366.5314564874654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          594.8463066118401,
          358.3904327011507,
          624.4844921419458,
          366.5314576720712
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          654.69880303406,
          358.3904337501177,
          697.4343254646084,
          366.5314589505805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71.6%",
        "box": [
          733.7997711886401,
          358.39043513643094,
          757.1248518818418,
          366.5314599967088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan 14",
        "box": [
          12.01055529575,
          376.8853691949275,
          43.85018986667548,
          385.0263942044303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          92.520989945525,
          376.88537060594285,
          138.64006245826718,
          385.02639586570524
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/24/25",
        "box": [
          196.55100691916002,
          376.8853724291593,
          228.3906414900855,
          385.0263974386621
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          273.49743706425,
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          283.30310021700006,
          385.0263984010507
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
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          349.58124524021,
          385.02639956263283
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 2.50%",
        "box": [
          396.05932832656003,
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          426.49414716715677,
          385.0264009105983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.15%",
        "box": [
          465.88724081915,
          376.885377149511,
          489.21232151235154,
          385.02640200978885
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2/9/29",
        "box": [
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          556.8926484143591,
          385.02640319594536
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Texas",
        "box": [
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          621.4060654547296,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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          697.4343254646084,
          385.02640565906046
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "86.7%",
        "box": [
          733.7997711886401,
          376.88538184491097,
          757.1248518818418,
          385.02640670518883
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan 15",
        "box": [
          12.01055529575,
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          43.85018986667548,
          403.5497655236303
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
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          138.64006245826718,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2/12/25",
        "box": [
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          228.3906414900855,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "57",
        "box": [
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          283.30310021700006,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "56",
        "box": [
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          349.58124524021,
          403.54977088183284
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4.75%",
        "box": [
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          422.9436678460115,
          403.54977216757305
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4.75%",
        "box": [
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          489.21232151235154,
          403.5497733289888
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2/9/29",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Texas",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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          697.4343254646084,
          403.5497769782604
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "88.6%",
        "box": [
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          395.4087531641109,
          757.1248518818418,
          403.5497780243888
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loans 16 - 172",
        "box": [
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          70.88432672592779,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior & Mezz Loans",
        "box": [
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          413.9084260687428,
          172.4241675827574,
          422.04945192060103
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
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          227.33790764284947,
          422.04945288301207
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3,191",
        "box": [
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          413.90842914070583,
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        "from_ocr": false,
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      {
        "text": "3,182",
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      {
        "text": "+ 3.42%",
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          422.0494563733983
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      {
        "text": "7.18%",
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          489.21232151235154,
          422.0494574725888
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Various",
        "box": [
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          558.6527019039396,
          422.04945868959186
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Various",
        "box": [
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          624.9213555702796,
          422.0494598510076
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Various",
        "box": [
          661.12445163505,
          413.90843603401277,
          691.1995005934896,
          422.04946101258975
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "62.7%",
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          413.9084373077109,
          757.1248518818418,
          422.04946216798885
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      {
        "text": "Total/Wtd. avg.",
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      {
        "text": "$4,343",
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          291.92082514390086,
          440.57282533408386
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        "confidence": 1.0
      },
      {
        "text": "$4,330",
        "box": [
          331.23336090446,
          432.43180157158463,
          358.1989701671108,
          440.57282649566594
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 3.22%",
        "box": [
          396.05932832656003,
          432.4318027077161,
          426.5626747637582,
          440.5728276937993
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.97%",
        "box": [
          465.88724081915,
          432.43180393151096,
          489.28084910895285,
          440.5728287929898
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5 years",
        "box": [
          526.44209764975,
          432.4318049927874,
          560.7487256983256,
          440.5728300455265
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64.2%",
        "box": [
          733.7997711886401,
          432.43180862691094,
          757.1933794784429,
          440.57283348838985
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Loan Size",
        "box": [
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          81.96009952662905,
          473.3321855091396
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$25",
        "box": [
          271.36188176850004,
          465.1911643770849,
          286.240936180579,
          473.33218908933884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$25",
        "box": [
          337.64002679171,
          465.191165538667,
          352.51908120378897,
          473.3321902509209
        ],
        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 20,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
        "box": [
          586.94,
          589.506,
          719.2140799999995,
          597.1604612068966
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
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          589.218,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
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      {
        "text": "Risk Rating",
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      {
        "text": "Principal Balance",
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          159.01553058452873,
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        "confidence": 1.0
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      {
        "text": "Loan Count, 1Q26",
        "box": [
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          253.272978417451,
          423.46992206855293
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(+) Addition",
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        "from_ocr": false,
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      {
        "text": "(-) Reduction",
        "box": [
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          412.1572235489741,
          423.46992206855293
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Count, 2Q26",
        "box": [
          429.25474600584886,
          414.1791931534725,
          505.27974181445103,
          423.46992206855293
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Change QoQ",
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        "text": "Average risk rating was 2.4 for the quarter vs. 2.5 from 1Q26",
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        "text": "-",
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      {
        "text": " Risk Ratings",
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  {
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      {
        "text": "BENEFIT STREET PARTNERS",
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        "text": "21",
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      {
        "text": "$0.11 ",
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        "text": "$0.06 ",
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        "text": "-0.75%",
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        "text": "-0.50%",
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      {
        "text": "6/30/2026",
        "box": [
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        "text": "+0.25%",
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      {
        "text": "+0.50%",
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      {
        "text": "Change in Floating Base Rate Indices",
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      {
        "text": "Core Portfolio ",
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        "text": "-",
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        "confidence": 1.0
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      {
        "text": " Earnings Sensitivity",
        "box": [
          206.5,
          39.74000000000001,
          425.5960000000002,
          62.58913793103454
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Note: Reflects earnings impact of an increase or decrease in the floating-rate indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition or asset performance.",
        "box": [
          36.12,
          577.284,
          608.9116000000006,
          583.4532672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Appendix",
        "box": [
          35.496,
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          81.51071999999999,
          33.89060344827578
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Annual EPS Sensitivity on Index Rates",
        "box": [
          48.0,
          106.21000000000004,
          286.7361599999999,
          119.57674568965518
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of 6/30/26",
        "box": [
          494.09,
          236.332,
          556.7895200000002,
          245.83724137931034
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1M SOFR: 3.66%",
        "box": [
          488.57,
          251.36999999999995,
          562.48316,
          260.8523922413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of 7/15/26",
        "box": [
          494.09,
          169.76999999999998,
          556.7583200000001,
          179.2523922413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR: 3.68%",
        "box": [
          488.57,
          184.76999999999998,
          562.48316,
          194.2523922413793
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 22,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
        "box": [
          586.94,
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          719.2140799999995,
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        "from_ocr": false,
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        "text": "22",
        "box": [
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      {
        "text": "$365",
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        "text": "$795",
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        "text": "$1,281",
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      {
        "text": "$593",
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          568.0324440503722,
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      {
        "text": "$417",
        "box": [
          656.6511530818004,
          386.10155129999373,
          678.8076721934883,
          395.38781223145105
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026 ROY",
        "box": [
          91.01719761824201,
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          136.28719426368062,
          516.402148233626
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2027",
        "box": [
          212.870947098442,
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          235.69147823898288,
          516.402148233626
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        "from_ocr": false,
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      {
        "text": "2028",
        "box": [
          323.646174839542,
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          346.46670598008296,
          516.402148233626
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2029",
        "box": [
          434.44138188044195,
          507.11588730216874,
          457.2619130209829,
          516.402148233626
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2030",
        "box": [
          545.226599271442,
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          568.047130411983,
          516.402148233626
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2031",
        "box": [
          655.981847712742,
          507.11588730216874,
          678.8707330327237,
          516.402148233626
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        "confidence": 1.0
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      {
        "text": "Core Portfolio ",
        "box": [
          34.872,
          39.74000000000001,
          189.72000000000003,
          62.58913793103454
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          189.94,
          39.74000000000001,
          206.524,
          62.58913793103454
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " Fully Extended Maturities",
        "box": [
          206.5,
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          485.30800000000016,
          62.58913793103454
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note: All numbers in millions. ",
        "box": [
          36.12,
          577.284,
          123.23063999999995,
          583.4532672413793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Appendix",
        "box": [
          35.496,
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          81.51071999999999,
          33.89060344827578
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fully Extended Maturity by Year",
        "box": [
          48.0,
          106.21000000000004,
          246.46943999999993,
          119.57674568965518
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        "from_ocr": false,
        "confidence": 1.0
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    ]
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  {
    "page_no": 23,
    "width": 792.0,
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    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
        "box": [
          586.94,
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          719.2140799999995,
          597.1604612068966
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "23",
        "box": [
          747.34,
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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          505.5027621824523,
          152.2262513810856
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        "from_ocr": false,
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      {
        "text": "93%",
        "box": [
          458.44915404270887,
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        "from_ocr": false,
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      {
        "text": "Hospitality",
        "box": [
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          358.9446640230994,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4%",
        "box": [
          346.6495230132937,
          138.18197429778138,
          359.0930058569856,
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        "from_ocr": false,
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        "text": "All Other",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3%",
        "box": [
          398.6737104791821,
          133.1153455958564,
          411.14213301017395,
          142.39712304994742
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Core Portfolio ",
        "box": [
          34.872,
          39.74000000000001,
          189.72000000000003,
          62.58913793103454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          189.94,
          39.74000000000001,
          206.524,
          62.58913793103454
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Allowance For Loan Loss",
        "box": [
          206.5,
          39.74000000000001,
          481.78000000000003,
          62.58913793103454
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note: All numbers in millions. Allowance for loan loss above includes future funding. ",
        "box": [
          36.12,
          577.284,
          283.0922399999998,
          583.4532672413793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Appendix",
        "box": [
          35.496,
          23.379999999999995,
          81.51071999999999,
          33.89060344827578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Allowance for Credit Loss by Collateral Type",
        "box": [
          85.512,
          91.17999999999995,
          396.1470000000001,
          104.54674568965515
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          334.74627659500675,
          405.5133570681662,
          361.53715792676974,
          415.979572373519
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Provision/",
        "box": [
          401.24187231897076,
          391.00509198261625,
          453.7110198532111,
          401.47130728796895
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Benefit)",
        "box": [
          406.2577691219867,
          405.5133570681662,
          448.85659210992947,
          415.979572373519
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2Q26",
        "box": [
          493.7461900478267,
          405.5133570681662,
          520.5370713795896,
          415.979572373519
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "UPB",
        "box": [
          575.7490989718067,
          405.5133570681662,
          597.2412904522648,
          415.979572373519
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As % of",
        "box": [
          648.2597734300508,
          391.00509198261625,
          683.5880448548725,
          401.47130728796895
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total UPB",
        "box": [
          641.2455127645068,
          405.5133570681662,
          690.707295788547,
          415.979572373519
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "General CECL Allowance",
        "box": [
          87.74836013867525,
          430.5214181228462,
          209.7834669473234,
          440.987633428199
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$33.2",
        "box": [
          331.74873005747526,
          430.5214181228462,
          360.544521062705,
          440.987633428199
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$3.7",
        "box": [
          415.2504127524552,
          430.5214181228462,
          436.91886002838294,
          440.987633428199
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$36.9",
        "box": [
          490.7386516851552,
          430.5214181228462,
          519.534442690385,
          440.987633428199
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4,152",
        "box": [
          568.7548223782752,
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          601.4172248966192,
          440.987633428199
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.9%",
        "box": [
          654.2548701012553,
          430.5214181228462,
          678.3688665393238,
          440.987633428199
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific CECL Allowance",
        "box": [
          87.74836150435999,
          464.52260926732527,
          211.28164257449973,
          474.98882457267797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16.3",
        "box": [
          337.24423525016,
          464.52260926732527,
          359.5405937974482,
          474.98882457267797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.5",
        "box": [
          420.25631851327995,
          464.52260926732527,
          435.43634931848305,
          474.98882457267797
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.8",
        "box": [
          496.26413235326,
          464.52260926732527,
          518.5604909005483,
          474.98882457267797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$191",
        "box": [
          572.75155379996,
          464.52260926732527,
          597.4273655860877,
          474.98882457267797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.4%",
        "box": [
          654.25487146694,
          464.52260926732527,
          678.3688679050085,
          474.98882457267797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Allowance for Credit Losses",
        "box": [
          88.24795412708477,
          498.5247975434253,
          252.6395317845211,
          508.991012848778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$49.5",
        "box": [
          331.74873278888475,
          498.5247975434253,
          360.54452379411447,
          508.991012848778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$5.2",
        "box": [
          415.25041548386474,
          498.5247975434253,
          436.91886275979243,
          508.991012848778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$54.7",
        "box": [
          490.73865441656477,
          498.5247975434253,
          519.5344454217945,
          508.991012848778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4,343",
        "box": [
          568.7548251096848,
          498.5247975434253,
          601.4172276280287,
          508.991012848778
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.3%",
        "box": [
          654.2548728326648,
          498.5247975434253,
          678.3688692707333,
          508.991012848778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As % of Total UPB",
        "box": [
          87.74836419575897,
          531.5298541985253,
          175.65594260660578,
          541.996069503878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.1%",
        "box": [
          335.24587291355897,
          531.5298541985253,
          359.35986935162737,
          541.996069503878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.1%",
        "box": [
          415.25041680953893,
          531.5298541985253,
          438.2738305131392,
          541.996069503878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.3%",
        "box": [
          494.235794541239,
          531.5298541985253,
          518.3497909793074,
          541.996069503878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "C",
        "box": [
          319.0,
          191.0,
          464.0,
          301.66666666666663
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        "from_ocr": true,
        "confidence": 0.55238
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    ]
  },
  {
    "page_no": 24,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
        "box": [
          586.94,
          589.506,
          719.2140799999995,
          597.1604612068966
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "24",
        "box": [
          747.34,
          589.218,
          756.42654,
          596.8724612068966
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP Net Income to Distributable Earnings Reconciliation",
        "box": [
          34.872,
          39.74000000000001,
          658.632,
          62.58913793103454
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note: All numbers in millions except share and per share data.  ",
        "box": [
          36.12,
          493.07,
          220.35287999999974,
          499.2392672413793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.",
        "box": [
          36.12,
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          41.45668,
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        "confidence": 1.0
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      {
        "text": "Represents unrealized gains and losses on (i) commercial mortgage loans, held for sale, measured at fair value, (ii) other real estate investments, measured at fair value and (iii) derivatives.",
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          46.104,
          502.90999999999997,
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      {
        "text": "2.",
        "box": [
          36.12,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payment obligations in the quarter.",
        "box": [
          46.104,
          512.748,
          539.7284800000002,
          518.9172672413794
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.",
        "box": [
          36.12,
          522.468,
          41.45668,
          528.6372672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents transaction-related and non-recurring costs associated with the acquisition of NewPoint.",
        "box": [
          46.104,
          522.468,
          341.98639999999995,
          528.6372672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4.",
        "box": [
          36.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents non-cash (income) loss from equity method investments, net of cash received as return on capital for the quarter.",
        "box": [
          46.104,
          532.308,
          411.70247999999975,
          538.4772672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents amounts deemed nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed non-",
        "box": [
          46.104,
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        "confidence": 1.0
      },
      {
        "text": "recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized upon sale.  Amount may be different than the GAAP basis. As of June 30, 2026, the Company has $10.0 million of GAAP gain ",
        "box": [
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          549.948,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments and $4.6 million of GAAP loss adjustments that would run through distributable earnings if and when cash gains or losses are realized. ",
        "box": [
          46.104,
          557.748,
          479.8961600000003,
          563.9172672413792
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.",
        "box": [
          36.12,
          567.468,
          41.45668,
          573.6372672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the average of all classes of equity except the Series E Preferred Stock.",
        "box": [
          46.104,
          567.468,
          286.9331999999997,
          573.6372672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.",
        "box": [
          36.12,
          577.308,
          41.45668,
          583.4772672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards.",
        "box": [
          46.104,
          577.308,
          528.71176,
          583.4772672413793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Appendix",
        "box": [
          35.496,
          23.379999999999995,
          81.51071999999999,
          33.89060344827578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2Q'26",
        "box": [
          430.9710739305593,
          79.8241050388807,
          454.0425129969724,
          88.37059203015087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q'26",
        "box": [
          511.0338988858093,
          79.82410669374417,
          534.1053379522223,
          88.37059368501434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q'25",
        "box": [
          591.0599598300594,
          79.82410834784787,
          614.1313988964723,
          88.37059533911793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q'25",
        "box": [
          671.1135937825594,
          79.82411000252137,
          694.1850328489724,
          88.37059699379142
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP Net Income (Loss)",
        "box": [
          70.06796922380082,
          96.37291843393166,
          168.93914746242433,
          104.91940699194919
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           16.3",
        "box": [
          408.20496039630075,
          96.37292542307512,
          477.5054429597049,
          104.91941336987935
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           12.3",
        "box": [
          488.2310213405508,
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          557.5590769122049,
          104.9194150245529
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        "confidence": 1.0
      },
      {
        "text": "                           18.4",
        "box": [
          568.2938462958008,
          96.37292873204228,
          637.6127108647049,
          104.91941667922646
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        "confidence": 1.0
      },
      {
        "text": "                           17.6",
        "box": [
          648.3382892455508,
          96.37293038652581,
          717.638771808955,
          104.91941833333004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments:",
        "box": [
          70.06796964034592,
          121.21451688683163,
          123.58688008931443,
          129.76100450743775
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized (Gain) / Loss ",
        "box": [
          70.06796987179409,
          135.0174457129716,
          167.35792799730757,
          143.5639342383061
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          167.3731159516849,
          132.9683602363139,
          174.9667225226943,
          138.87002627277496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (6.5)",
        "box": [
          407.5156358149454,
          133.63991488086708,
          480.88019597434464,
          142.186402911674
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              3.2",
        "box": [
          487.55088776194543,
          133.63991653516064,
          558.1568603559596,
          142.18640450894878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              1.8",
        "box": [
          567.6045217144455,
          133.6399181898342,
          638.2104943084596,
          142.18640616362234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              1.9",
        "box": [
          647.6489646641954,
          133.63991984431777,
          718.2641282609595,
          142.1864078182959
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinated Performance Fee ",
        "box": [
          70.06797007998966,
          147.43365314673161,
          194.92146972267062,
          155.9801422417924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          194.97369741813046,
          145.38456824056578,
          202.56730398913987,
          151.2862342770269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          407.515636023141,
          146.05612231462703,
          468.13813463254326,
          154.60261008206118
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          487.550887970141,
          146.0561239689206,
          548.1917685850433,
          154.60261173673473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (0.3)",
        "box": [
          567.604521922641,
          146.05612562359414,
          640.9874640875403,
          154.60261365478107
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (0.3)",
        "box": [
          647.6489648723909,
          146.05612727807772,
          721.0227160345403,
          154.60261530907468
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Cash Compensation Expense",
        "box": [
          70.06797026524059,
          158.48150635887163,
          204.2830117139478,
          167.0279956474314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              3.4",
        "box": [
          407.51563623149053,
          158.48151333376705,
          478.1032268200048,
          167.02800130717526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              3.1",
        "box": [
          487.55088817849054,
          158.4815149880606,
          558.1568607725047,
          167.0280029618488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              3.3",
        "box": [
          567.6045221309905,
          158.48151664273416,
          638.2104947250048,
          167.02800461652237
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              5.2",
        "box": [
          647.6489650807405,
          158.48151829721775,
          718.2641286775047,
          167.02800627119592
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation & Amortization, net",
        "box": [
          70.06797047343615,
          170.89771379263163,
          197.08666356645526,
          179.444202932446
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              1.9",
        "box": [
          407.51563643968615,
          170.89772076752706,
          478.10322702820037,
          179.4442087409352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              3.4",
        "box": [
          487.55088838668615,
          170.89772242182062,
          558.1568609807002,
          179.44421039560876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              3.4",
        "box": [
          567.6045223391861,
          170.89772407649417,
          638.2104949332003,
          179.44421205028232
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              3.4",
        "box": [
          647.6489652889361,
          170.89772573097775,
          718.2641288857002,
          179.44421370495587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transaction-Related and Non-Recurring Items ",
        "box": [
          70.06797070488432,
          184.70064261877167,
          255.51993434146843,
          193.2471329663761
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          255.70784421456312,
          182.62400821181404,
          263.30145078557257,
          188.5256742482751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          407.5156366480357,
          183.32311178666708,
          468.1381352574379,
          191.86959955410123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          487.5508885950357,
          183.32311344096064,
          548.191769209938,
          191.86960120877478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          567.6045225475357,
          183.3231150956342,
          628.2454031624379,
          191.86960286344834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              4.0",
        "box": [
          647.6489654972856,
          183.32311675011778,
          718.2641290940497,
          191.86960472409595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Reversal of) / Provision for Credit Loss",
        "box": [
          70.06797088998127,
          195.73931224553166,
          224.9287158609998,
          204.28580196082902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              7.2",
        "box": [
          407.51563685623125,
          195.7393192204271,
          478.10322744474547,
          204.28580719383524
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            11.4",
        "box": [
          487.55088880323126,
          195.73932087472065,
          558.1561031395186,
          204.2858088484931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (7.9)",
        "box": [
          567.6045227557313,
          195.7393225293942,
          640.9874649206305,
          204.28581056058107
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (0.6)",
        "box": [
          647.6489657054811,
          195.73932418387778,
          721.0227168676305,
          204.28581221487468
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Gain) / Loss on Debt Extinguishment Reversal",
        "box": [
          70.06797109786885,
          208.13715250853164,
          252.8067047676392,
          216.68364280005483
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              0.9",
        "box": [
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          478.10322765263305,
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        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
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          548.1917696260211,
          216.6836489055347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              7.7",
        "box": [
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          638.210495557633,
          216.68365076618232
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
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          208.13716444687776,
          708.2714645227711,
          216.68365221431185
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Income from mortgage servicing rights",
        "box": [
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          223.5451486782657,
          229.10903321437127
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (3.9)",
        "box": [
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          220.56255050256703,
          480.8801974318676,
          229.10903853337402
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        "confidence": 1.0
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      {
        "text": "                             (6.7)",
        "box": [
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          560.9338313843675,
          229.10904018804752
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                             (8.8)",
        "box": [
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          640.9874653368676,
          229.10904184272107
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        "confidence": 1.0
      },
      {
        "text": "                           (19.7)",
        "box": [
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          220.56255545195967,
          721.0127680233908,
          229.10904349680902
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Amortization and write-offs of MSRs",
        "box": [
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          213.24924974086997,
          241.52524043531957
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        "confidence": 1.0
      },
      {
        "text": "                            11.3",
        "box": [
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          232.97875793632704,
          478.10246981145133,
          241.52524590971962
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              9.0",
        "box": [
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          241.5252475644088
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      {
        "text": "                              9.7",
        "box": [
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          638.2104959741781,
          241.52524921908235
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      {
        "text": "                            15.9",
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          718.2449896634513,
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      {
        "text": "Deferred tax adjustment",
        "box": [
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          166.07318850637512,
          253.95063047935105
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        "from_ocr": false,
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      {
        "text": "                             (0.3)",
        "box": [
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      {
        "text": "                              0.7",
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      {
        "text": "                              3.0",
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      {
        "text": "                             -",
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      {
        "text": "Fair value adjustments on equity investments",
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      {
        "text": " (4)",
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      {
        "text": "                             (0.2)",
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          480.88019805660826,
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      {
        "text": "                           (10.4)",
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      {
        "text": "                             (2.6)",
        "box": [
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          640.9874659616083,
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      {
        "text": "                              0.9",
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      {
        "text": "Distributable Earnings before realized gain/(loss)",
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          265.33967204651344,
          278.7922309840458
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           30.2",
        "box": [
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          477.50544587521273,
          278.79223536941936
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        "confidence": 1.0
      },
      {
        "text": "                           25.9",
        "box": [
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          278.79223702409297
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      {
        "text": "                           27.7",
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      {
        "text": "                           28.4",
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      {
        "text": "Realized Gain / (Loss) on Debt Extinguishment",
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      {
        "text": "                             (0.9)",
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      {
        "text": "                             -",
        "box": [
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          548.1917708756564,
          291.2084442642348
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (7.7)",
        "box": [
          567.6045242132542,
          282.66195815109415,
          640.9874663781534,
          291.20844618228114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          647.6489671630042,
          282.6619598055778,
          708.2714657724065,
          291.2084475730119
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized Gain / (Loss) Adjustment on Loans and REO ",
        "box": [
          70.06797257895236,
          296.46487669337165,
          278.3038805726216,
          305.0113675119103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          278.47395990084317,
          294.41579351311964,
          286.06756647185256,
          300.3174595495807
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (1.0)",
        "box": [
          407.5156385221037,
          295.08734586126707,
          480.8801986815029,
          303.63383389207405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           (12.3)",
        "box": [
          486.86156526285373,
          295.0873475013126,
          560.9330743762761,
          303.6338355467319
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (2.2)",
        "box": [
          567.6045244216037,
          295.0873491702342,
          640.9874665865029,
          303.6338372014211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (1.7)",
        "box": [
          647.6489673713537,
          295.08735082471776,
          721.0227185335029,
          303.6338388557147
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings",
        "box": [
          70.0679727640493,
          307.5035463201316,
          158.0502943146653,
          316.0500346530813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           28.3",
        "box": [
          408.20496393654923,
          307.50355330927505,
          477.5054464999534,
          316.05004125607934
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           13.5",
        "box": [
          488.2310248807993,
          307.5035549633787,
          557.5590804524534,
          316.05004291075295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           17.9",
        "box": [
          568.2938498360493,
          307.5035566182422,
          637.6127144049534,
          316.05004456542645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           26.7",
        "box": [
          648.3382927857992,
          307.50355827272574,
          717.6387753492035,
          316.05004621953003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.5% Series E Cumulative Redeemable Preferred Stock Dividend",
        "box": [
          70.06797297239885,
          319.92893733927167,
          321.73352884546426,
          328.4754290554821
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (4.8)",
        "box": [
          407.5156389386488,
          319.92894431416704,
          480.880199098048,
          328.475432344974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (4.8)",
        "box": [
          487.5508908856488,
          319.92894596846065,
          560.933833050548,
          328.4754339996476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (4.8)",
        "box": [
          567.6045248381488,
          319.92894762313415,
          640.9874670030481,
          328.47543565432113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (4.8)",
        "box": [
          647.6489677878988,
          319.9289492776178,
          721.0227189500481,
          328.4754373086147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Noncontrolling Interests Net (Income) / Loss",
        "box": [
          70.06797318059441,
          332.3451447730316,
          244.90959049000293,
          340.89163490132495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (0.7)",
        "box": [
          407.51563914684436,
          332.34515174792705,
          480.88019930624364,
          340.8916397787341
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (0.3)",
        "box": [
          487.55089109384437,
          332.34515340222066,
          560.9338332587436,
          340.8916414334076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (0.7)",
        "box": [
          567.6045250463444,
          332.3451550568942,
          640.9874672112436,
          340.89164308808114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (0.3)",
        "box": [
          647.6489679960944,
          332.34515671137774,
          721.0227191582436,
          340.89164474237475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Noncontrolling Interests Net (Income) / Loss DE Adjustments",
        "box": [
          70.06797338894397,
          344.77053579217164,
          309.66774169435746,
          353.31702725898754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              0.6",
        "box": [
          407.5156393551939,
          344.770542767067,
          478.1032299437082,
          353.3170307404753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              0.2",
        "box": [
          487.5508913021939,
          344.7705444213607,
          558.156863896208,
          353.31703239514883
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (0.5)",
        "box": [
          567.604525254694,
          344.7705460760342,
          640.9874674195931,
          353.3170341072211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (0.5)",
        "box": [
          647.6489682044439,
          344.77054773051776,
          721.0227193665932,
          353.3170357615147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings to Common",
        "box": [
          70.06797359713953,
          357.18674322593165,
          206.02595085234302,
          365.73323255051713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           23.4",
        "box": [
          408.20496476963945,
          357.1867502150751,
          477.50544733304366,
          365.7332381618794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             8.6",
        "box": [
          488.2310257138895,
          357.18675186917875,
          557.5598395432705,
          365.7332398165686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           11.8",
        "box": [
          568.2938506691395,
          357.1867535240423,
          637.6127152380436,
          365.73324147122645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           21.0",
        "box": [
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          357.1867551785258,
          717.6387761822937,
          365.7332431253301
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Average Common Stock & Common Stock Equivalents ",
        "box": [
          70.06797392098218,
          376.49982328007167,
          284.5029834944576,
          385.046314226743
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          284.677888099123,
          374.45074022805204,
          292.27149467013237,
          380.35240626451315
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,297.7",
        "box": [
          446.8531316341335,
          375.1222932610558,
          480.8403800041185,
          383.668780477951
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,340.9",
        "box": [
          526.8791925783835,
          375.1222949151594,
          560.8664409483683,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$1,370.0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$1,385.4",
        "box": [
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          375.12229822469646,
          720.9828998561184,
          383.66878544159164
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        "confidence": 1.0
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      {
        "text": "GAAP Net Income / (Loss) ROE",
        "box": [
          70.06797410607912,
          387.53849290683166,
          191.46255475133202,
          396.0849819303981
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.3%",
        "box": [
          462.0182863798291,
          387.5385010082729,
          480.3011440809715,
          396.0849879005652
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        "confidence": 1.0
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      {
        "text": "2.1%",
        "box": [
          542.071920332329,
          387.5385026629464,
          560.3547780334713,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.8%",
        "box": [
          622.125554284829,
          387.53850431762,
          640.4084119859714,
          396.0849912099123
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        "confidence": 1.0
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      {
        "text": "3.6%",
        "box": [
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          720.4344729302214,
          396.08499286401593
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      {
        "text": "Distributable Earnings ROE",
        "box": [
          70.06797431435167,
          399.9592921332817,
          175.6054328025639,
          408.50578082908834
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.2%",
        "box": [
          462.0182865881016,
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          480.301144289244,
          408.5057871270152
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.6%",
        "box": [
          542.0719205406016,
          399.95930188939644,
          560.3547782417439,
          408.50578878168875
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.5%",
        "box": [
          622.1255544931016,
          399.95930354406994,
          640.408412194244,
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        "confidence": 1.0
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      {
        "text": "6.1%",
        "box": [
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          720.434473138494,
          408.5057920904659
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      {
        "text": "GAAP Net Income / (Loss) Earnings Per Share, Diluted",
        "box": [
          70.06797461501871,
          417.8902425877317,
          282.5174748419185,
          426.4367334933634
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$0.12",
        "box": [
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          417.89025056094044,
          478.0951890423767,
          426.43673753586904
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        "confidence": 1.0
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      {
        "text": "$0.07",
        "box": [
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          558.1488229948766,
          426.4367391905426
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$0.13",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$0.12",
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      {
        "text": "Fully Converted Weighted Average Shares Outstanding ",
        "box": [
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          287.21621438667904,
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        "confidence": 1.0
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      {
        "text": "(7)",
        "box": [
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          295.02879642054006,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "               91,748,980",
        "box": [
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        "confidence": 1.0
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      {
        "text": "               95,257,000",
        "box": [
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      {
        "text": "               96,607,015",
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      {
        "text": "               97,406,462",
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      {
        "text": "GAAP Net Income / (Loss) Earnings Per Share, Fully Converted ",
        "box": [
          70.06797505466245,
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          318.220706699171,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(7)",
        "box": [
          318.50077935280325,
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        "confidence": 1.0
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      {
        "text": "$0.13",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$0.08",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$0.13",
        "box": [
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      {
        "text": "$0.13",
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          718.2285183081717,
          451.27834095221976
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable Earnings Per Share, Fully Converted ",
        "box": [
          70.06797526293501,
          456.5301780740816,
          265.8517748658629,
          465.0766686352407
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(7)",
        "box": [
          266.04772686682577,
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          273.6413334378352,
          460.3827606734459
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$0.25",
        "box": [
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          478.09518966719435,
          463.6991352152191
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$0.09",
        "box": [
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      {
        "text": "$0.12",
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      {
        "text": "$0.22",
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      {
        "text": "Distributable Earnings Per Share before realized gain/(loss), Fully Converted ",
        "box": [
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          371.22751772565357,
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        "confidence": 1.0
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      {
        "text": "(7)",
        "box": [
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          379.21838223535775,
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      {
        "text": "$0.28",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$0.22",
        "box": [
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          558.1488238279668,
          476.1199360963426
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$0.22",
        "box": [
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          638.1840757749668,
          476.1199377506362
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$0.23",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 25,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
        "box": [
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          719.2140799999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "25",
        "box": [
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      {
        "text": "June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Stockholders' equity applicable to convertible common stock",
        "box": [
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      {
        "text": " $                          1,288,620 ",
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares:",
        "box": [
          46.62271772237658,
          150.60565375000004,
          76.35180044538124,
          159.1633431643993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock",
        "box": [
          46.62271784921249,
          165.61681928125,
          106.66521656802917,
          174.17450869564925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,124,154",
        "box": [
          440.6232101237624,
          165.61681928125,
          484.6459854426573,
          174.17450869564925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted stock and restricted stock units",
        "box": [
          54.114171118295246,
          180.59802240625004,
          219.59737452717087,
          189.15571182064923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,634,880",
        "box": [
          445.6175123453452,
          180.59802240625004,
          484.64199012756404,
          189.15571182064923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series H convertible preferred stock",
        "box": [
          54.11417124504677,
          195.59920046875004,
          194.02155362542737,
          204.1568898831493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,370,498",
        "box": [
          445.61751247209673,
          195.59920046875004,
          484.6419902543156,
          204.1568898831493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A OP Units",
        "box": [
          54.11417137188269,
          210.61036600000006,
          120.22474713612432,
          219.16805541439925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,385,951",
        "box": [
          445.61751259893265,
          210.61036600000006,
          484.6419903811515,
          219.16805541439925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total outstanding shares",
        "box": [
          46.622718356134214,
          225.6115440625,
          146.19312043603787,
          234.16923347689925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90,515,483",
        "box": [
          439.62435021168415,
          225.6115440625,
          484.7528640144119,
          234.16923347689925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully converted book value per share ",
        "box": [
          46.62271848693639,
          241.092120625,
          192.679085606681,
          249.64981003939926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          192.62614591317896,
          238.84494015625,
          200.12359226639805,
          244.5500664325162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                                  14.24 ",
        "box": [
          386.61482790193696,
          240.59274718750004,
          486.6796658892453,
          249.15043660189923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          406.6120142382522,
          329.11168271875005,
          462.72599492914196,
          337.6693721331493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity applicable to convertible common stock",
        "box": [
          46.62271937006204,
          345.61098109375,
          287.4130063486046,
          354.16867050814926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                          1,288,620 ",
        "box": [
          386.614828789282,
          345.61098109375,
          486.6457055223447,
          354.16867050814926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated depreciation and amortization adjustment",
        "box": [
          46.62271949664479,
          360.59218421875005,
          268.3367701931253,
          369.1498736331493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,518",
        "box": [
          457.6238161025748,
          360.59218421875005,
          484.66496543805056,
          369.1498736331493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MSR Fair Value adjustment",
        "box": [
          46.622719623480705,
          375.60334975,
          154.97610136765138,
          384.16103916439926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,158",
        "box": [
          457.6238162294107,
          375.60334975,
          484.6649655648865,
          384.16103916439926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjusted Stockholders' equity applicable to convertible common stock",
        "box": [
          46.622719750232235,
          390.6045278125,
          324.8732690225319,
          399.16221722689926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,334,296",
        "box": [
          445.6175141197822,
          390.6045278125,
          484.64199190200105,
          399.16221722689926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares:",
        "box": [
          46.62271987706815,
          405.61569334375,
          76.35180260007282,
          414.1733827581493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock",
        "box": [
          54.114173146108705,
          420.591902734375,
          114.15667186492539,
          429.1495921487743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,124,154",
        "box": [
          440.62321227815863,
          420.591902734375,
          484.64598759705353,
          429.1495921487743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted stock and restricted stock units",
        "box": [
          54.11417327290243,
          435.59807453125,
          219.59737668177806,
          444.15576394564926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,634,880",
        "box": [
          445.6175144999524,
          435.59807453125,
          484.64199228217126,
          444.15576394564926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series H convertible preferred stock",
        "box": [
          54.11417339969615,
          450.604246328125,
          194.02155578007674,
          459.16193574252424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,370,498",
        "box": [
          445.61751462674613,
          450.604246328125,
          484.641992408965,
          459.16193574252424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A OP Units",
        "box": [
          54.114173526489864,
          465.610418125,
          120.22474929073151,
          474.1681075393992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,385,951",
        "box": [
          445.6175147535398,
          465.610418125,
          484.6419925357587,
          474.1681075393992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total outstanding shares",
        "box": [
          46.62272051057262,
          480.59162125,
          146.19312259047626,
          489.14931066439925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90,515,483",
        "box": [
          439.6243523661226,
          480.59162125,
          484.75286616885035,
          489.14931066439925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjusted fully converted book value per share ",
        "box": [
          46.622720641585765,
          496.097166484375,
          227.63121154297838,
          504.65485589877426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          227.61622854539831,
          493.849986015625,
          235.1136748986174,
          499.5551122918912
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                                  14.74 ",
        "box": [
          386.6148300565863,
          495.59779304687504,
          486.67966804389465,
          504.15548246127423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value Per Share & Shares Outstanding",
        "box": [
          34.872,
          39.74000000000001,
          506.78400000000005,
          62.58913793103454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Appendix",
        "box": [
          35.496,
          23.379999999999995,
          81.51071999999999,
          33.89060344827578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note: All numbers in thousands except per share and share data. Preferred stock values expressed in common stock equivalents.",
        "box": [
          36.12,
          564.684,
          412.95792000000006,
          570.8532672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.",
        "box": [
          36.12,
          574.524,
          41.45668,
          580.6932672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully Converted book value per share assumed conversion of the Company's Series H preferred stock, OP Units and the vesting of the Company's unvested RSUs. ",
        "box": [
          46.104,
          574.524,
          517.97056,
          580.6932672413793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value Per Share",
        "box": [
          45.768,
          91.17999999999995,
          180.76259999999994,
          104.54674568965515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjusted Book Value Per Share",
        "box": [
          45.768,
          302.31,
          239.9271599999999,
          315.67674568965515
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 26,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
        "box": [
          586.94,
          589.506,
          719.2140799999995,
          597.1604612068966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          747.34,
          589.218,
          756.42654,
          596.8724612068966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          579.9738601241901,
          80.68904699731002,
          598.202966588637,
          88.5553532970614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          680.46199151579,
          80.68904699731002,
          698.6910979802368,
          88.5553532970614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income",
        "box": [
          37.74749476427454,
          92.69091208675002,
          65.28086823531646,
          100.5572183865014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          46.76245891845589,
          104.70276208890999,
          105.71413090735196,
          112.56906838866138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                        97,187 ",
        "box": [
          547.7297560971058,
          104.70276208890999,
          634.2643962928103,
          112.56906838866138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                      111,171 ",
        "box": [
          648.2178874887059,
          104.70276208890999,
          734.7690592805785,
          112.56906838866138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Interest expense",
        "box": [
          46.762458998786414,
          116.68465735291,
          131.9001793182697,
          124.55096365266138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,261",
        "box": [
          608.4621457262365,
          116.68465735291,
          632.5982761846925,
          124.55096365266138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70,213",
        "box": [
          708.9502771178364,
          116.68465735291,
          733.0864075762926,
          124.55096365266138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          46.76245907925082,
          128.68652244235,
          121.41088162994771,
          136.55282874210138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,926",
        "box": [
          608.4621458067008,
          128.68652244235,
          632.5982762651569,
          136.55282874210138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,958",
        "box": [
          708.9502771983008,
          128.68652244235,
          733.0864076567569,
          136.55282874210138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(loss) on sales, including fee-based services, net",
        "box": [
          46.76245915978216,
          140.69837244450997,
          250.1010920826104,
          148.56467874426136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           15,775 ",
        "box": [
          547.729756338432,
          140.69837244450997,
          634.4603284125924,
          148.56467874426136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               264 ",
        "box": [
          649.7162197090321,
          140.69837244450997,
          734.9503576913659,
          148.56467874426136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights",
        "box": [
          46.762459240246564,
          152.70023753394997,
          143.14166495417382,
          160.56654383370136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             3,917 ",
        "box": [
          547.7297564188965,
          152.70023753394997,
          634.4600038544614,
          160.56654383370136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " -  ",
        "box": [
          723.9635637888766,
          152.70023753394997,
          737.2384355647597,
          160.56654383370136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing revenue, net",
        "box": [
          46.762459320577086,
          164.68213279794998,
          129.61055357075077,
          172.54843909770136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             9,658 ",
        "box": [
          547.7297564992269,
          164.68213279794998,
          634.4600039347919,
          172.54843909770136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " -  ",
        "box": [
          723.9635638692071,
          164.68213279794998,
          737.2384356450901,
          172.54843909770136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(loss) on derivatives",
        "box": [
          46.76245940110843,
          176.69398280011,
          143.877321144525,
          184.5602890998614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               480 ",
        "box": [
          549.2280885587584,
          176.69398280011,
          634.462226541092,
          184.5602890998614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              (217)",
        "box": [
          645.9703900028584,
          176.69398280011,
          732.6593084480024,
          184.5602890998614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned ",
        "box": [
          46.76245948157283,
          188.69584788955,
          170.06336955557663,
          196.5621541893014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             5,538 ",
        "box": [
          547.7297566602227,
          188.69584788955,
          634.4600040957877,
          196.5621541893014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             8,336 ",
        "box": [
          648.2178880518228,
          188.69584788955,
          734.9481354873877,
          196.5621541893014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total income",
        "box": [
          46.762459561903356,
          200.67774315354995,
          95.24136537818137,
          208.5440494533014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                       65,294 ",
        "box": [
          548.4789227300533,
          200.67774315354995,
          634.2531095020164,
          208.5440494533014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                       49,341 ",
        "box": [
          648.9670541216533,
          200.67774315354995,
          734.7412408936165,
          208.5440494533014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          37.7474955687847,
          212.68959315570999,
          73.45574334505098,
          220.55589945546143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Compensation and benefits",
        "box": [
          46.76245972289911,
          224.69145824515,
          149.15916644208758,
          232.55776454490137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                        20,969 ",
        "box": [
          547.729756901549,
          224.69145824515,
          634.2643970972534,
          232.55776454490137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                             -   ",
        "box": [
          654.211216209149,
          224.69145824515,
          739.1836205669493,
          232.55776454490137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset management and subordinated performance fee",
        "box": [
          46.76245980343045,
          236.70330824730996,
          250.95246992892615,
          244.56961454706135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             5,969 ",
        "box": [
          547.7297569820804,
          236.70330824730996,
          634.4600044176452,
          244.56961454706135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             5,537 ",
        "box": [
          648.2178883736805,
          236.70330824730996,
          734.9481358092453,
          244.56961454706135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition expenses",
        "box": [
          46.762459883760975,
          248.68520351130996,
          126.67619581406143,
          256.55150981106135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               415 ",
        "box": [
          549.2280890414108,
          248.68520351130996,
          634.4622270237446,
          256.55150981106135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               175 ",
        "box": [
          649.7162204330109,
          248.68520351130996,
          734.9503584153447,
          256.55150981106135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Administrative services expenses",
        "box": [
          46.76245996422538,
          260.68706860075,
          174.5351668017543,
          268.5533749005014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             2,028 ",
        "box": [
          547.7297571428753,
          260.68706860075,
          634.4600045784401,
          268.5533749005014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             3,884 ",
        "box": [
          648.2178885344754,
          260.68706860075,
          734.9481359700402,
          268.5533749005014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
          46.76246004475672,
          272.69891860291,
          112.45075747223504,
          280.5652249026614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             7,241 ",
        "box": [
          547.7297572234066,
          272.69891860291,
          634.4600046589716,
          280.5652249026614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             4,698 ",
        "box": [
          648.2178886150067,
          272.69891860291,
          734.9481360505716,
          280.5652249026614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other expenses",
        "box": [
          46.762460125087244,
          284.68081386691,
          104.97021028640982,
          292.5471201666614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           12,030 ",
        "box": [
          547.7297573037372,
          284.68081386691,
          634.4603293778974,
          292.5471201666614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           11,569 ",
        "box": [
          648.2178886953373,
          284.68081386691,
          734.9484607694975,
          292.5471201666614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          46.76246020555165,
          296.68267895635,
          159.9956282130607,
          304.5489852561014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             1,983 ",
        "box": [
          547.7297573842015,
          296.68267895635,
          634.4600048197665,
          304.5489852561014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             1,381 ",
        "box": [
          648.2178887758016,
          296.68267895635,
          734.9481362113665,
          304.5489852561014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share-based compensation",
        "box": [
          46.762460286083,
          308.69452895851,
          150.27504974663168,
          316.56083525826136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             2,457 ",
        "box": [
          547.7297574647329,
          308.69452895851,
          634.4600049002978,
          316.56083525826136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             2,316 ",
        "box": [
          648.2178888563329,
          308.69452895851,
          734.9481362918979,
          316.56083525826136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          46.7624603665474,
          320.69639404795,
          103.41624048804975,
          328.5627003477014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                       53,092 ",
        "box": [
          548.4789235346974,
          320.69639404795,
          634.2531103066603,
          328.5627003477014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                       29,560 ",
        "box": [
          648.9670549262974,
          320.69639404795,
          734.7412416982604,
          328.5627003477014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income/(loss)",
        "box": [
          37.74749637322792,
          332.67828931195004,
          113.21423293425572,
          340.5445956117014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision)/benefit for credit losses",
        "box": [
          46.76246052740926,
          344.69013931411,
          181.2800586016046,
          352.55644561386146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                        (7,235)",
        "box": [
          546.2314257270592,
          344.69013931411,
          631.9725493066853,
          352.55644561386146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                          1,487 ",
        "box": [
          648.2178890976593,
          344.69013931411,
          734.7359976971953,
          352.55644561386146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gain/(loss) on real estate securities, available for sale",
        "box": [
          46.76246060787367,
          356.69200440354996,
          283.79248652169736,
          364.5583107033014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                -   ",
        "box": [
          553.7230857025236,
          356.69200440354996,
          638.9568990462618,
          364.5583107033014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               113 ",
        "box": [
          649.7162211571236,
          356.69200440354996,
          734.9503591394574,
          364.5583107033014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gain/(loss) on extinguishment of debt",
        "box": [
          46.762460688204186,
          368.67389966755,
          222.43546742338242,
          376.5402059673014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              (933)",
        "box": [
          545.4822598983542,
          368.67389966755,
          632.1711783434982,
          376.5402059673014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                -   ",
        "box": [
          654.2112171744542,
          368.67389966755,
          739.4450305181923,
          376.5402059673014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(loss) on other real estate investments",
        "box": [
          46.76246076873554,
          380.68574966971,
          213.46707658261096,
          388.55205596946143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             7,705 ",
        "box": [
          547.7297579473855,
          380.68574966971,
          634.4600053829504,
          388.55205596946143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             2,684 ",
        "box": [
          648.2178893389855,
          380.68574966971,
          734.9481367745504,
          388.55205596946143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) from equity method investments",
        "box": [
          46.76246084919994,
          392.68761475915,
          225.44421808700872,
          400.55392105890144
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             1,345 ",
        "box": [
          547.7297580278498,
          392.68761475915,
          634.4600054634147,
          400.55392105890144
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               181 ",
        "box": [
          649.7162213984499,
          392.68761475915,
          734.9503593807837,
          400.55392105890144
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) from VIE's",
        "box": [
          46.76246092973128,
          404.69946476130997,
          140.14118193911213,
          412.5657710610614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               296 ",
        "box": [
          549.2280900873812,
          404.69946476130997,
          634.4622280697149,
          412.5657710610614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                -   ",
        "box": [
          654.2112174159813,
          404.69946476130997,
          739.4450307597194,
          412.5657710610614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other income/(loss)",
        "box": [
          46.762461010061806,
          416.68136002531,
          141.69515205926288,
          424.5476663250614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                         1,178 ",
        "box": [
          548.4789241782117,
          416.68136002531,
          634.2365793540065,
          424.5476663250614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                         4,465 ",
        "box": [
          648.9670555698117,
          416.68136002531,
          734.7247107456064,
          424.5476663250614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) before taxes",
        "box": [
          46.76246109052621,
          428.68322511475003,
          149.11783881929392,
          436.5495314145014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,380 ",
        "box": [
          608.4621478179763,
          428.68322511475003,
          634.4994118357866,
          436.5495314145014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,246 ",
        "box": [
          708.9502792095763,
          428.68322511475003,
          734.9875432273867,
          436.5495314145014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision)/benefit for income tax",
        "box": [
          46.76246117105755,
          440.69507511691,
          174.39464944115596,
          448.5613814166614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,895 ",
        "box": [
          612.9571438355076,
          440.69507511691,
          634.4978136955406,
          448.5613814166614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138 ",
        "box": [
          719.4685697826876,
          440.69507511691,
          735.0112169531865,
          448.5613814166614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss)",
        "box": [
          37.747497177738076,
          452.67697038091,
          105.72542067452595,
          460.5432766806614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                       16,275 ",
        "box": [
          548.4789244195381,
          452.67697038091,
          634.253111191501,
          460.5432766806614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                       24,384 ",
        "box": [
          648.967055811138,
          452.67697038091,
          734.7412425831011,
          460.5432766806614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (income)/loss attributable to non-controlling interest",
        "box": [
          37.74749725820248,
          464.67883547035,
          252.3276155754747,
          472.5451417701014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(706)",
        "box": [
          612.9571439963025,
          464.67883547035,
          632.2081877870258,
          472.5451417701014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,183)",
        "box": [
          707.4519474719025,
          464.67883547035,
          732.6956948736347,
          472.5451417701014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.",
        "box": [
          37.747497338700356,
          476.68569301615,
          277.35645225477884,
          484.5519993159014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                       15,569 ",
        "box": [
          548.4789245805003,
          476.68569301615,
          634.2531113524634,
          484.5519993159014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                       23,201 ",
        "box": [
          648.9670559721003,
          476.68569301615,
          734.7412427440635,
          484.5519993159014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Preferred stock dividends",
        "box": [
          46.76246149284823,
          488.69255056195004,
          165.57504320715856,
          496.55885686170143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,916 ",
        "box": [
          612.9571441572983,
          488.69255056195004,
          634.4978140173312,
          496.55885686170143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,748 ",
        "box": [
          713.4652533086182,
          488.69255056195004,
          735.0059231686512,
          496.55885686170143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss) applicable to common stock",
        "box": [
          37.74749749952875,
          500.67444582595,
          214.2884130335427,
          508.5407521257014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                         9,653 ",
        "box": [
          548.4789247413287,
          500.67444582595,
          634.2365799171234,
          508.5407521257014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                       16,453 ",
        "box": [
          648.9670561329286,
          500.67444582595,
          734.7412429048918,
          508.5407521257014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic earnings per share",
        "box": [
          37.7474976605245,
          524.68816091755,
          130.39056264041596,
          532.5544672173014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                           0.12 ",
        "box": [
          549.2280908918244,
          524.68816091755,
          634.2335584419612,
          532.5544672173014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                           0.19 ",
        "box": [
          649.7162222834245,
          524.68816091755,
          734.7216898335613,
          532.5544672173014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted earnings per share",
        "box": [
          37.747497740855025,
          536.67005618155,
          135.63107870609758,
          544.5363624813015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                           0.12 ",
        "box": [
          549.228090972155,
          536.67005618155,
          634.2335585222917,
          544.5363624813015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                           0.19 ",
        "box": [
          649.716222363755,
          536.67005618155,
          734.7216899138917,
          544.5363624813015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic weighted average shares outstanding",
        "box": [
          37.747497821352894,
          548.67691372735,
          201.13752860348418,
          556.5432200271014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,367,888",
        "box": [
          593.4788288324528,
          548.67691372735,
          632.6008512174727,
          556.5432200271014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,181,403",
        "box": [
          693.9669602240529,
          548.67691372735,
          733.0889826090728,
          556.5432200271014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted weighted average shares outstanding",
        "box": [
          37.74749790185144,
          560.6838711222772,
          206.37804466933383,
          568.5501774220286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,753,839",
        "box": [
          593.4788289129514,
          560.6838711222772,
          632.6008512979713,
          568.5501774220286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,181,403",
        "box": [
          693.9669603045514,
          560.6838711222772,
          733.0889826895714,
          568.5501774220286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          583.7196899913597,
          68.70715173330996,
          693.6713361594616,
          76.57345803306134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FBRT Income Statement",
        "box": [
          34.872,
          39.74000000000001,
          296.25600000000003,
          62.58913793103454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Appendix",
        "box": [
          35.496,
          23.379999999999995,
          81.51071999999999,
          33.89060344827578
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 27,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
        "box": [
          586.94,
          589.506,
          719.2140799999995,
          597.1604612068966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          747.34,
          589.218,
          756.42654,
          596.8724612068966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FBRT Balance Sheet",
        "box": [
          34.872,
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          252.07199999999997,
          62.58913793103454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Appendix",
        "box": [
          35.496,
          23.379999999999995,
          81.51071999999999,
          33.89060344827578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          681.4300342649113,
          70.8059765421101,
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          77.42685614927814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASSETS",
        "box": [
          54.613858407239896,
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          79.75779881849779,
          87.00648582605822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          54.61385847103252,
          89.94784999788999,
          137.300210682268,
          96.56872960505814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                   136,347 ",
        "box": [
          672.7357258286125,
          89.94784999788999,
          737.9013074216743,
          96.56872960505814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          54.613858534825155,
          99.51009377689002,
          102.00827342307184,
          106.13097338405817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,664",
        "box": [
          715.3552264731331,
          99.51009377689002,
          736.2285225177543,
          106.13097338405817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment securities, held to maturity",
        "box": [
          54.613858598791765,
          109.09841640255996,
          171.95224702270565,
          115.71929600972817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,356",
        "box": [
          715.3552265370997,
          109.09841640255996,
          736.2285225817209,
          115.71929600972817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, held for investment, net of allowance for credit losses of $54,457 as of June\u00a030, 2026",
        "box": [
          54.61385866258439,
          118.66066018155999,
          405.25184536944903,
          125.28153978872814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,275,122",
        "box": [
          706.2262026086925,
          118.66066018155999,
          736.2320003689392,
          125.28153978872814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, held for sale, measured at fair value",
        "box": [
          54.61385872649301,
          128.24028985833996,
          255.4454311522117,
          134.8611694655081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "251,842",
        "box": [
          711.442787811001,
          128.24028985833996,
          736.2320004328478,
          134.8611694655081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate securities, available for sale, measured at fair value, amortized cost of $187,905 as of June\u00a030, 2026",
        "box": [
          54.61385879028564,
          137.80253363734005,
          396.96095285051985,
          144.42341324450814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,247",
        "box": [
          711.4427878747937,
          137.80253363734005,
          736.2320004966405,
          144.42341324450814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights, net",
        "box": [
          54.613858854078266,
          147.36477741634002,
          146.43966822779055,
          153.9856570235081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "205,549",
        "box": [
          711.4427879385863,
          147.36477741634002,
          736.2320005604331,
          153.9856570235081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          54.61385891804488,
          156.95310004201002,
          137.76622606831074,
          163.5739796491781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,665",
        "box": [
          715.3552268563528,
          156.95310004201002,
          736.2285229009741,
          163.5739796491781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receivable for loan repayment",
        "box": [
          54.61385898183751,
          166.51534382101,
          148.17853006834974,
          173.13622342817808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,337",
        "box": [
          715.3552269201455,
          166.51534382101,
          736.2285229647666,
          173.13622342817808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prepaid expenses and other assets",
        "box": [
          54.61385904563014,
          176.07758760001002,
          162.0685574939888,
          182.6984672071781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,233",
        "box": [
          715.3552269839381,
          176.07758760001002,
          736.2285230285593,
          182.6984672071781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned, net of depreciation",
        "box": [
          54.61385910953876,
          185.65721727679005,
          171.08281667705262,
          192.27809688395814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "164,593",
        "box": [
          711.4427881940468,
          185.65721727679005,
          736.2320008158936,
          192.27809688395814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned, held for sale",
        "box": [
          54.613859173331385,
          195.21946105579002,
          151.66320913229487,
          201.8403406629581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115,738",
        "box": [
          711.4427882578394,
          195.21946105579002,
          736.2320008796862,
          201.8403406629581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity method investments",
        "box": [
          54.61385923712402,
          204.78170483479005,
          138.20441953901548,
          211.40258444195814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,186",
        "box": [
          715.355227175432,
          204.78170483479005,
          736.2285232200531,
          211.40258444195814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets, net of amortization",
        "box": [
          54.61385930109063,
          214.37002746046,
          168.89185111047652,
          220.9909070676281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,866",
        "box": [
          711.4427883855986,
          214.37002746046,
          736.2320010074455,
          220.9909070676281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill",
        "box": [
          54.613859364883254,
          223.93227123946002,
          81.56621595745315,
          230.5531508466281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,048",
        "box": [
          715.3552273031912,
          223.93227123946002,
          736.2285233478124,
          230.5531508466281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative instruments, measured at fair value",
        "box": [
          54.61385942879187,
          233.51190091624005,
          196.37282174726894,
          240.13278052340814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,155",
        "box": [
          715.3552273670998,
          233.51190091624005,
          736.2285234117211,
          240.13278052340814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans eligible for repurchase",
        "box": [
          54.6138594925845,
          243.07414469524002,
          144.24174766131756,
          249.69502430240811
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,881",
        "box": [
          719.2676662846925,
          243.07414469524002,
          736.2320011989392,
          249.69502430240811
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variable interest entity ('VIE') assets, measured at fair value",
        "box": [
          54.613859556377136,
          252.63638847424005,
          239.38530520267503,
          259.25726808140814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "544,017",
        "box": [
          711.4427886408852,
          252.63638847424005,
          736.232001262732,
          259.25726808140814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          61.13459104334374,
          262.22471109991,
          99.47301413132803,
          268.8455907070781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $               6,383,846 ",
        "box": [
          673.1704424061237,
          262.22471109991,
          737.8700090601552,
          268.8455907070781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LIABILITIES AND STOCKHOLDERS' EQUITY",
        "box": [
          54.61385968413637,
          271.78695487891,
          188.90267208442467,
          278.4078344860781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized loan obligations",
        "box": [
          54.613859747929006,
          281.34919865791,
          148.1507090470365,
          287.9700782650781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                2,943,642 ",
        "box": [
          672.735727105509,
          281.34919865791,
          737.9082641454223,
          287.9700782650781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements and revolving credit facilities - commercial mortgage loans",
        "box": [
          54.61385981183762,
          290.92882833468997,
          312.8209133131051,
          297.5497079418581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                      802,380 ",
        "box": [
          673.1704425976176,
          290.92882833468997,
          737.9465191670134,
          297.5497079418581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements - real estate securities",
        "box": [
          54.61385987563025,
          300.49107211369,
          199.44017425548657,
          307.1119517208581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                      196,538 ",
        "box": [
          673.1704426614102,
          300.49107211369,
          737.946519230806,
          307.1119517208581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other financings",
        "box": [
          54.61385993942288,
          310.05331589269,
          105.59032995603755,
          316.6741954998581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        12,865 ",
        "box": [
          673.605158153403,
          310.05331589269,
          737.9499970180242,
          316.6741954998581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured debt",
        "box": [
          54.61386000338949,
          319.64163851836,
          103.00985923820897,
          326.2625181255281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                      185,923 ",
        "box": [
          673.1704427891694,
          319.64163851836,
          737.9465193585653,
          326.2625181255281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage note payable",
        "box": [
          54.61386006718212,
          329.20388229736,
          126.00456659206878,
          335.82476190452815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        24,186 ",
        "box": [
          673.6051582811622,
          329.20388229736,
          737.9499971457835,
          335.82476190452815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for loss sharing",
        "box": [
          54.61386013109074,
          338.78351197413997,
          136.319494336307,
          345.4043915813081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        19,409 ",
        "box": [
          673.6051583450708,
          338.78351197413997,
          737.9499972096921,
          345.4043915813081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued compensation",
        "box": [
          54.613860194883365,
          348.34575575314,
          125.46899731222766,
          354.96663536030815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        32,878 ",
        "box": [
          673.6051584088634,
          348.34575575314,
          737.9499972734848,
          354.96663536030815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liability for loans eligible for repurchase",
        "box": [
          54.613860258676,
          357.90799953214,
          178.55992319122987,
          364.5288791393081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          4,881 ",
        "box": [
          674.039873900856,
          357.90799953214,
          737.9465196138518,
          364.5288791393081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest payable",
        "box": [
          54.61386032264261,
          367.49632215781,
          104.2966172249341,
          374.11720176497806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        13,460 ",
        "box": [
          673.6051585366226,
          367.49632215781,
          737.949997401244,
          374.11720176497806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions payable",
        "box": [
          54.613860386435235,
          377.05856593681,
          120.37065496184991,
          383.6794455439781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        22,945 ",
        "box": [
          673.6051586004153,
          377.05856593681,
          737.9499974650366,
          383.6794455439781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and accrued expenses",
        "box": [
          54.61386045022787,
          386.62080971580997,
          179.8814582845098,
          393.2416893229781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        15,266 ",
        "box": [
          673.6051586642079,
          386.62080971580997,
          737.9499975288293,
          393.2416893229781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to affiliates",
        "box": [
          54.61386051413648,
          396.20043939259,
          102.99594885525357,
          402.8213189997581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        11,322 ",
        "box": [
          673.6051587281165,
          396.20043939259,
          737.9499975927379,
          402.8213189997581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative instruments, measured at fair value",
        "box": [
          54.61386057792911,
          405.76268317158997,
          196.3728228964062,
          412.3835627787581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          7,477 ",
        "box": [
          674.0398742201091,
          405.76268317158997,
          737.9465199331049,
          412.3835627787581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          54.61386064189572,
          415.35100579726,
          100.8258495654384,
          421.9718854044281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        25,022 ",
        "box": [
          673.6051588558757,
          415.35100579726,
          737.9499977204971,
          421.9718854044281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE liabilities, measured at fair value",
        "box": [
          54.61386070568835,
          424.91324957626,
          166.40875798919586,
          431.53412918342815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                      516,419 ",
        "box": [
          673.1704434914683,
          424.91324957626,
          737.9465200608641,
          431.53412918342815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          61.13459219248098,
          434.47549335526,
          106.87361073014208,
          441.0963729624281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $               4,834,613 ",
        "box": [
          673.1704435552609,
          434.47549335526,
          737.8700102092924,
          441.0963729624281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments and Contingencies",
        "box": [
          54.6138608333896,
          444.05512303204,
          158.1387318108203,
          450.67600263920815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redeemable convertible preferred stock:",
        "box": [
          54.61386089718223,
          453.61736681104003,
          179.99274588108335,
          460.2382464182081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redeemable convertible preferred stock Series H, $0.01 par value, 20,000 authorized and 17,950 issued and outstanding as of June\u00a030, 2026",
        "box": [
          54.61386096097486,
          463.17961059004,
          485.15602109442483,
          469.8004901972081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                     89,748 ",
        "box": [
          673.1704437467548,
          463.17961059004,
          737.89087674134,
          469.8004901972081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total redeemable convertible preferred stock",
        "box": [
          61.13459244794147,
          472.76793321571,
          200.43132658109374,
          479.3888128228781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                    89,748 ",
        "box": [
          674.0398746671215,
          472.76793321571,
          737.8700104647528,
          479.3888128228781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity:",
        "box": [
          54.6138610887341,
          482.33017699471,
          76.14096913736799,
          488.9510566018781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of June\u00a030, 2026",
        "box": [
          54.61386115250353,
          491.888943594154,
          617.6920610355695,
          498.5098232013221
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $                   258,742 ",
        "box": [
          672.7357285100835,
          491.888943594154,
          737.9013101031454,
          498.5098232013221
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, $0.01 par value, 900,000,000 shares authorized, 75,436,265 shares issued and outstanding as of June\u00a030, 2026",
        "box": [
          54.613861216441144,
          501.472919745379,
          445.66299412877754,
          508.0937993525471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             750 ",
        "box": [
          674.0398748586211,
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        "text": "Additional paid-in capital",
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        "text": "                   1,540,232 ",
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        "text": "Accumulated other comprehensive income/(loss)",
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        "text": "                            (658)",
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        "text": "Accumulated deficit",
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        "text": "                    (426,442)",
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      {
        "text": "Total stockholders' equity",
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        "text": " $               1,372,624 ",
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        "text": "Non-controlling interest",
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        "text": "86,861",
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      {
        "text": "Total equity",
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        "text": " $               1,459,485 ",
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      {
        "text": "Total liabilities, redeemable convertible preferred stock and equity",
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        "text": " $               6,383,846 ",
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  {
    "page_no": 28,
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    "cells": [
      {
        "text": "BENEFIT STREET PARTNERS",
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        "text": "28",
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      {
        "text": "Definitions",
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      {
        "text": "Distributable Earnings and Distributable Earnings to Common ",
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        "text": "Distributable Earnings is a non-GAAP measure, which the Company defines as GAAP net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization ",
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        "text": "over the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans and derivatives, including CECL reserves and impairments, net of realized gains and ",
        "box": [
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        "text": "losses, as described further below, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) ",
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      {
        "text": "realized gains and losses on debt extinguishment and CLO calls, (vii) non-cash income from mortgage servicing rights, and (viii) certain other non-cash items. Distributable ",
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        "text": "Earnings before realized losses, a non-GAAP measure, presents Distributable Earnings gross of realized gain (loss) on debt extinguishment and realized gain (loss) on loans and ",
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      {
        "text": "real estate owned. Further, Distributable Earnings to Common, a non-GAAP measure, presents Distributable Earnings net of (x) perpetual preferred stock dividend payments and ",
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      {
        "text": "(y) non-controlling interests in joint ventures.",
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      {
        "text": "As noted above, we exclude unrealized gains and losses on loans and other investments, including CECL reserves and impairments, from our calculation of Distributable Earnings ",
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        "text": "and include realized gains and losses. The nature of these adjustments is described more fully in the footnotes to our reconciliation tables. GAAP loan loss reserves and any ",
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        "text": "property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing definition of Distributable Earnings. ",
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        "text": "We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a ",
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        "text": "realization event. This is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed ",
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        "text": "non-recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized. The realized loss amount reflected in Distributable Earnings will ",
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      {
        "text": "generally equal the difference between the cash received and the Distributable Earnings basis of the asset. The timing of any such loss realization in our Distributable Earnings ",
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        "text": "may differ materially from the timing of the corresponding loss reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP.",
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      {
        "text": " ",
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        "confidence": 1.0
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      {
        "text": "The Company believes that Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common provide meaningful information to ",
        "box": [
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      {
        "text": "consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to ",
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      {
        "text": "Common are useful financial metrics for existing and potential future holders of its common stock as historically, over time, Distributable Earnings to Common has been an ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "indicator of common dividends per share. As a REIT, the Company generally must distribute annually at least 90% of its taxable income, subject to certain adjustments, and ",
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        "confidence": 1.0
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      {
        "text": "therefore believes dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings to Common helps investors evaluate ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "performance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "performance and the Company's operations and is one of the performance metrics the Company's board of directors considers when dividends are declared.",
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        "confidence": 1.0
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      {
        "text": "Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common do not represent net income (loss) and should not be considered as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "an alternative to GAAP net income (loss). The methodology for calculating Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Common may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies.",
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        "text": "www.bspcredit.com",
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