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        "text": "UNITED STATES",
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        "text": "SECURITIES AND EXCHANGE COMMISSION",
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        "text": "Washington, D.C. 20549",
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        "text": "FORM 10-Q",
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        "text": "(Mark One)",
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        "text": "x",
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        "text": "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934",
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        "text": " For the quarterly period ended June 30, 2026",
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        "text": " OR",
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        "text": "\u2610",
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        "text": "TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934",
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        "text": "Commission file number: 001-40923 ",
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        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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        "text": "(Exact name of registrant as specified in its charter) ",
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        "text": "Maryland",
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        "text": "(State or Other Jurisdiction of",
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        "text": "Incorporation or Organization)",
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        "text": "(I.R.S. Employer",
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        "text": "Identification No.)",
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        "text": "1 Madison Ave, Suite 1600",
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        "text": "New York, New York",
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        "text": "10010",
        "box": [
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        "text": "(Address of Principal Executive Office)",
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        "text": "(Zip Code)",
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      {
        "text": "(212) 588-6770",
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        "text": "(Registrant's Telephone Number, Including Area Code)",
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      {
        "text": "Securities registered pursuant to Section 12(b) of the Act:",
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      {
        "text": "Title of each class",
        "box": [
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        "text": "Trading Symbol(s)",
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      {
        "text": "Name of each exchange on which registered",
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      {
        "text": "Common Stock, par value $0.01 per share",
        "box": [
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      {
        "text": "FBRT",
        "box": [
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      {
        "text": "New York Stock Exchange",
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      {
        "text": "7.50% Series E Cumulative Redeemable ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Preferred Stock, par value $0.01 per share",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "FBRT PRE",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "New York Stock Exchange",
        "box": [
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      {
        "text": "Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the ",
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      {
        "text": "Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to ",
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      {
        "text": "file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "x",
        "box": [
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      {
        "text": " No ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "o",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "pursuant to Rule 405 of Regulation S-T (\u00a7232.405 of this chapter) during the preceding 12 months (or for such shorter period ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "that the registrant was required to submit such files). Yes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "x",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " No ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "o",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "reporting company or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller ",
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      {
        "text": "reporting company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act:",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Large accelerated Filer",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\tx",
        "box": [
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        "confidence": 1.0
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        "text": "Accelerated filer",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\to",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Non-accelerated filer   ",
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      {
        "text": "o",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Smaller reporting company",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\t",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
          488.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Emerging growth filer",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\t",
        "box": [
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      {
        "text": "\u2610",
        "box": [
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        "from_ocr": false,
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      {
        "text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Act.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\to",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u2610",
        "box": [
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        "confidence": 1.0
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      {
        "text": " No ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "x",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The number of shares of the registrant's common stock, $0.01 par value, outstanding as of July 27, 2026 was 83,045,416.",
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  {
    "page_no": 2,
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    "cells": [
      {
        "text": "PART I",
        "box": [
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      {
        "text": "Page",
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      {
        "text": "Item 1. Consolidated Financial Statements and Notes (unaudited)",
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      {
        "text": "1",
        "box": [
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      {
        "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations",
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        "confidence": 1.0
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      {
        "text": "59",
        "box": [
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      {
        "text": "Item 3. Quantitative and Qualitative Disclosures about Market Risk",
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        "confidence": 1.0
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      {
        "text": "91",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Item 4. Controls and Procedures",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "93",
        "box": [
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      {
        "text": "PART II",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Item 1. Legal Proceedings",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "94",
        "box": [
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      },
      {
        "text": "Item 1A. Risk Factors",
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        "confidence": 1.0
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      {
        "text": "94",
        "box": [
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      {
        "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds",
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        "text": "94",
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      {
        "text": "Item 3. Defaults Upon Senior Securities",
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      {
        "text": "Item 4. Mine Safety Disclosures",
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        "text": "Item 5. Other Information",
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        "text": "95",
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        "text": "Item 6. Exhibits",
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        "text": "96",
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        "text": "Signatures",
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        "text": "97",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "TABLE OF CONTENTS",
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      {
        "text": "i",
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  {
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      {
        "text": "June 30, 2026",
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      {
        "text": "December 31, 2025",
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      {
        "text": "ASSETS",
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      {
        "text": "Cash and cash equivalents",
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      {
        "text": "$ ",
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        "text": "136,347 ",
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      {
        "text": "$ ",
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        "text": "167,292 ",
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      {
        "text": "Restricted cash",
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      {
        "text": " ",
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        "text": "18,664 ",
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      {
        "text": " ",
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        "text": "17,889 ",
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      {
        "text": "Investment securities, held to maturity (1)",
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      {
        "text": " ",
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        "text": "23,356 ",
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      {
        "text": " ",
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        "text": "20,483 ",
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      {
        "text": "Commercial mortgage loans, held for investment, net of allowance for credit losses of $54,457 and $38,302 ",
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        "confidence": 1.0
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      {
        "text": "as of June 30, 2026 and December 31, 2025, respectively (2)",
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      {
        "text": " ",
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        "text": "4,275,122 ",
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      {
        "text": " ",
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        "text": "4,383,134 ",
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      {
        "text": "Commercial mortgage loans, held for sale, measured at fair value (3)",
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      {
        "text": " ",
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      {
        "text": "251,842 ",
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      {
        "text": " ",
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        "text": "360,718 ",
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      {
        "text": "Real estate securities, available for sale, measured at fair value, amortized cost of $187,905 and $151,946 as ",
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      {
        "text": "of June 30, 2026 and December 31, 2025, respectively (4)",
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        "text": "187,247 ",
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        "text": "151,662 ",
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      {
        "text": "Mortgage servicing rights, net",
        "box": [
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        "text": " ",
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        "text": "205,549 ",
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        "text": "Receivable for loan repayment (5)",
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        "text": " ",
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        "text": "50,619 ",
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        "text": "Prepaid expenses and other assets",
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        "text": " ",
        "box": [
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        "text": "Real estate owned, net of depreciation",
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        "text": "99,265 ",
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        "text": "Equity method investments",
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        "text": "Goodwill",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          482.25,
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        "from_ocr": false,
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      {
        "text": "92,048 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Derivative instruments, measured at fair value",
        "box": [
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          193.39943999999983,
          304.08789275292355
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "12,155 ",
        "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": "11,315 ",
        "box": [
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      {
        "text": "Loans eligible for repurchase",
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          141.40159999999995,
          315.33789275292355
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      {
        "text": " ",
        "box": [
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        "text": "4,881 ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "17,911 ",
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      {
        "text": "Variable interest entity ('VIE') assets, measured at fair value",
        "box": [
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      {
        "text": " ",
        "box": [
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        "text": "544,017 ",
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      {
        "text": "- ",
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "6,383,846 ",
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      {
        "text": "$ ",
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      {
        "text": "LIABILITIES AND STOCKHOLDERS' EQUITY",
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        "from_ocr": false,
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      {
        "text": "Collateralized loan obligations",
        "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": "2,943,642 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "2,735,582 ",
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        "from_ocr": false,
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      {
        "text": "Repurchase agreements and revolving credit facilities - commercial mortgage loans",
        "box": [
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      {
        "text": " ",
        "box": [
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      {
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,087,087 ",
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      {
        "text": "Repurchase agreements - real estate securities",
        "box": [
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        "from_ocr": false,
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      {
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      {
        "text": "196,538 ",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "187,371 ",
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      {
        "text": "Other financings",
        "box": [
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      {
        "text": "12,865 ",
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        "from_ocr": false,
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      {
        "text": "Unsecured debt",
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      {
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        "box": [
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      {
        "text": "185,923 ",
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      {
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        "text": "24,186 ",
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      {
        "text": "23,998 ",
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      {
        "text": "Allowance for loss sharing",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "text": "32,878 ",
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        "confidence": 1.0
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        "text": " ",
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        "text": "15,266 ",
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        "confidence": 1.0
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      {
        "text": " ",
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        "text": "Due to affiliates",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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        "text": "Derivative instruments, measured at fair value",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          480.34,
          511.451494184,
          482.25,
          517.7379127529236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,657 ",
        "box": [
          538.15952,
          511.451494184,
          561.0795200000002,
          517.7379127529236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE liabilities, measured at fair value",
        "box": [
          52.09,
          522.701494184,
          166.6594399999999,
          528.9879127529236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          391.84,
          522.701494184,
          393.75,
          528.9879127529236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "516,419 ",
        "box": [
          445.83952,
          522.701494184,
          472.57952,
          528.9879127529236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          480.34,
          522.701494184,
          482.25,
          528.9879127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.52952,
          522.701494184,
          557.2595200000001,
          528.9879127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          64.09,
          533.8914941840001,
          113.11587999999998,
          540.1779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          391.84,
          533.8914941840001,
          397.57,
          540.1779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,834,613 ",
        "box": [
          440.10952,
          533.8914941840001,
          472.57952,
          540.1779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          480.34,
          533.8914941840001,
          486.07,
          540.1779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,436,025 ",
        "box": [
          528.60952,
          533.8914941840001,
          561.0795200000002,
          540.1779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments and Contingencies",
        "box": [
          52.09,
          545.141494184,
          160.27239999999992,
          551.4279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redeemable convertible preferred stock:",
        "box": [
          52.09,
          556.391494184,
          185.06419999999986,
          562.6779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redeemable convertible preferred stock Series H, $0.01 par value, 20,000 authorized and 17,950 issued and ",
        "box": [
          52.09,
          567.631484184,
          383.79215000000005,
          573.9179027529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding as of June 30, 2026 and December 31, 2025",
        "box": [
          52.09,
          575.2715041839999,
          223.72274999999988,
          581.5579227529236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          391.84,
          571.451494184,
          397.57,
          577.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,748 ",
        "box": [
          449.65952,
          571.451494184,
          472.57952,
          577.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          480.34,
          571.451494184,
          486.07,
          577.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,748 ",
        "box": [
          538.1595199999999,
          571.451494184,
          561.0795200000001,
          577.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total redeemable convertible preferred stock",
        "box": [
          63.34,
          586.391494184,
          210.9677199999998,
          592.6779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          391.84,
          586.391494184,
          397.57,
          592.6779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,748 ",
        "box": [
          449.65952,
          586.391494184,
          472.57952,
          592.6779127529236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          480.34,
          586.391494184,
          486.07,
          592.6779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,748 ",
        "box": [
          538.1595199999999,
          586.391494184,
          561.0795200000001,
          592.6779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity:",
        "box": [
          52.09,
          597.641494184,
          76.69844000000002,
          603.9279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred ",
        "box": [
          52.09,
          608.881484184,
          376.1935600000001,
          615.1679027529235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock, Series E, 10,329,039 shares issued and outstanding as of June 30, 2026 and December 31, 2025",
        "box": [
          52.09,
          616.5215041839999,
          365.19275,
          622.8079227529236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          391.84,
          612.701494184,
          397.57,
          618.9879127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258,742 ",
        "box": [
          445.83952,
          612.701494184,
          472.57952,
          618.9879127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          480.34,
          612.701494184,
          486.07,
          618.9879127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258,742 ",
        "box": [
          534.33952,
          612.701494184,
          561.0795200000002,
          618.9879127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, $0.01 par value, 900,000,000 shares authorized, 75,436,265 and 81,553,982 shares issued ",
        "box": [
          52.09,
          627.631484184,
          378.17236000000014,
          633.9179027529235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and outstanding as of June 30, 2026 and December 31, 2025, respectively",
        "box": [
          52.09,
          635.2715041839999,
          277.3764799999999,
          641.5579227529236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          391.84,
          631.451494184,
          393.75,
          637.7379127529235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "750 ",
        "box": [
          459.20952,
          631.451494184,
          472.57952,
          637.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          480.34,
          631.451494184,
          482.25,
          637.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "808 ",
        "box": [
          547.70952,
          631.451494184,
          561.0795200000001,
          637.7379127529235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          52.09,
          646.551474184,
          130.60627999999997,
          652.8378927529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          391.84,
          646.451494184,
          393.75,
          652.7379127529235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,540,232 ",
        "box": [
          440.10952,
          646.451494184,
          472.57952,
          652.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          480.34,
          646.451494184,
          482.25,
          652.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,593,365 ",
        "box": [
          528.60952,
          646.451494184,
          561.0795200000002,
          652.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive income/(loss)",
        "box": [
          52.09,
          657.801474184,
          202.10139999999984,
          664.0878927529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          391.84,
          657.701494184,
          393.75,
          663.9879127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(658) ",
        "box": [
          456.6654,
          657.701494184,
          475.12364,
          663.9879127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          480.34,
          657.701494184,
          482.25,
          663.9879127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284) ",
        "box": [
          545.1654,
          657.701494184,
          563.6236400000001,
          663.9879127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated deficit",
        "box": [
          52.09,
          669.051474184,
          114.25667999999999,
          675.3378927529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          391.84,
          668.951494184,
          393.75,
          675.2379127529235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(426,442) ",
        "box": [
          443.2954,
          668.951494184,
          475.12364,
          675.2379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          480.34,
          668.951494184,
          482.25,
          675.2379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(411,101) ",
        "box": [
          531.7954,
          668.951494184,
          563.6236400000003,
          675.2379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total stockholders' equity",
        "box": [
          63.34,
          680.1414941840001,
          148.19747999999993,
          686.4279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          391.84,
          680.1414941840001,
          397.57,
          686.4279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,372,624 ",
        "box": [
          440.10952,
          680.1414941840001,
          472.57952,
          686.4279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          480.34,
          680.1414941840001,
          486.07,
          686.4279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,441,530 ",
        "box": [
          528.60952,
          680.1414941840001,
          561.0795200000002,
          686.4279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interest",
        "box": [
          52.09,
          691.551474184,
          125.72431999999998,
          697.8378927529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          391.84,
          691.451494184,
          393.75,
          697.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,861 ",
        "box": [
          449.65952,
          691.451494184,
          472.57952,
          697.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          480.34,
          691.451494184,
          482.25,
          697.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,947 ",
        "box": [
          538.15952,
          691.451494184,
          561.0795200000002,
          697.7379127529235
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total equity",
        "box": [
          63.34,
          702.6414941840001,
          103.01451999999999,
          708.9279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          391.84,
          702.6414941840001,
          397.57,
          708.9279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,459,485 ",
        "box": [
          440.10952,
          702.6414941840001,
          472.57952,
          708.9279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          480.34,
          702.6414941840001,
          486.07,
          708.9279127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,531,477 ",
        "box": [
          528.60952,
          702.6414941840001,
          561.0795200000002,
          708.9279127529236
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total liabilities, redeemable convertible preferred stock and equity",
        "box": [
          63.34,
          713.8914941840001,
          280.9730399999998,
          720.1779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          391.84,
          713.8914941840001,
          397.57,
          720.1779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,383,846 ",
        "box": [
          440.10952,
          713.8914941840001,
          472.57952,
          720.1779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          480.34,
          713.8914941840001,
          486.07,
          720.1779127529236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,057,250 ",
        "box": [
          528.60952,
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      {
        "text": "Table of Contents",
        "box": [
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      {
        "text": "PART I. Item 1. Consolidated Financial Statements and Notes (unaudited)",
        "box": [
          49.46,
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          20.377222556182687
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        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.02,
          29.148926000000074,
          395.9300000000004,
          37.37722255618269
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CONSOLIDATED BALANCE SHEETS",
        "box": [
          219.08,
          41.148926000000074,
          392.8800000000004,
          49.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(In thousands, except share and per share data) ",
        "box": [
          204.63,
          53.148926000000074,
          409.82,
          61.37722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.14999,
          65.14892600000007,
          331.79999,
          73.37722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
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  {
    "page_no": 4,
    "width": 612.0,
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    "cells": [
      {
        "text": "_________________________________________________________",
        "box": [
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          134.96,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)   Includes pledged assets of $23.1 million and $20.2 million as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
          58.46,
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          65.27525,
          105.27322349536678
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Includes pledged assets of $818.5 million and $855.2 million as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          65.26,
          101.18102539999995,
          452.26599000000004,
          108.58649230056437
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        "confidence": 1.0
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      {
        "text": "(3)",
        "box": [
          58.46,
          116.25966001000006,
          65.27525,
          121.07321349536687
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Includes pledged assets of $243.4 million and $329.2 million as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          65.26,
          116.98101540000005,
          452.01599000000004,
          124.38648230056447
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        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          58.46,
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          65.27525,
          136.87319349536688
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Includes pledged assets of $187.2 million and $151.7 million as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          65.26,
          132.78100540000003,
          452.01599000000004,
          140.18647230056445
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        "confidence": 1.0
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      {
        "text": "(5)",
        "box": [
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          65.27525,
          152.67318349536686
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        "confidence": 1.0
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      {
        "text": "  Includes $80.2 million and $50.5 million of cash held by servicer related to the CLOs as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
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          148.5809954,
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        "confidence": 1.0
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      {
        "text": "The accompanying notes are an integral part of these unaudited consolidated financial statements.",
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        "text": "Table of Contents",
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        "text": "PART I. Item 1. Consolidated Financial Statements and Notes (unaudited)",
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        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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        "text": "(In thousands, except share and per share data) ",
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        "text": "Three Months Ended June 30,",
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        "text": "Six Months Ended June 30,",
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,969 ",
        "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
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,793 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          278.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Asset management and subordinated performance fee",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          294.60999,
          292.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,969 ",
        "box": [
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          353.89999,
          292.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          363.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,537 ",
        "box": [
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          422.89999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          432.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,023 ",
        "box": [
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          491.89999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          501.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,092 ",
        "box": [
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          560.89999,
          292.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition expenses",
        "box": [
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          144.04999999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          294.60999,
          306.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "415 ",
        "box": [
          336.39999,
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          353.89999,
          306.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          363.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "175 ",
        "box": [
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          422.89999,
          306.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          432.60999,
          306.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "586 ",
        "box": [
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          491.89999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          501.60999,
          306.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474 ",
        "box": [
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          560.89999,
          306.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Administrative services expenses",
        "box": [
          58.86,
          312.97891599999997,
          192.01999999999998,
          321.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          294.60999,
          321.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,028 ",
        "box": [
          328.89999,
          312.97891599999997,
          353.89999,
          321.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          363.60999,
          321.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,884 ",
        "box": [
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          312.97891599999997,
          422.89999,
          321.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          432.60999,
          321.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,362 ",
        "box": [
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          312.97891599999997,
          491.89999,
          321.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          501.60999,
          321.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,232 ",
        "box": [
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          312.97891599999997,
          560.89999,
          321.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
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          126.83999999999996,
          335.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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        "box": [
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          294.60999,
          335.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,241 ",
        "box": [
          328.89999,
          327.22891599999997,
          353.89999,
          335.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          363.60999,
          335.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,698 ",
        "box": [
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          422.89999,
          335.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "box": [
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          432.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,526 ",
        "box": [
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          491.89999,
          335.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          501.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,274 ",
        "box": [
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          560.89999,
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "text": "Other expenses",
        "box": [
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          349.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,030 ",
        "box": [
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          353.89999,
          349.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,569 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          432.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,235 ",
        "box": [
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          491.89999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,505 ",
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          560.89999,
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        "from_ocr": false,
        "confidence": 1.0
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          180.34000000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,983 ",
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          353.89999,
          363.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,381 ",
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          422.89999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          432.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,403 ",
        "box": [
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          491.89999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,761 ",
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          560.89999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Share-based compensation",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          294.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,457 ",
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          369.97891599999997,
          353.89999,
          378.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,316 ",
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          422.89999,
          378.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,860 ",
        "box": [
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          491.89999,
          378.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,562 ",
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          560.89999,
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        "text": "Total expenses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,092 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          368.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,560 ",
        "box": [
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          422.89999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          430.10999,
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          437.60999,
          392.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,788 ",
        "box": [
          456.89999,
          384.22891599999997,
          491.89999,
          392.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.10999,
          384.22891599999997,
          506.60999,
          392.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,900 ",
        "box": [
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          560.89999,
          392.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other income/(loss)",
        "box": [
          52.11,
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          135.62999999999994,
          406.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Provision)/benefit for credit losses",
        "box": [
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          412.72891599999997,
          200.10000000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.10999,
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          299.60999,
          420.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,235)  $ ",
        "box": [
          325.56998999999996,
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          368.60999,
          420.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,487 ",
        "box": [
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          422.89999,
          420.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          430.10999,
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          437.60999,
          420.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,626)  $ ",
        "box": [
          458.56998999999996,
          412.72891599999997,
          506.60999,
          420.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,385 ",
        "box": [
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          560.89999,
          420.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gain/(loss) on real estate securities, available ",
        "box": [
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          277.38000000000005,
          434.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for sale",
        "box": [
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          88.54999999999998,
          444.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          292.10999,
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          294.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          341.39999,
          435.97891599999997,
          348.89999,
          444.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          363.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "113 ",
        "box": [
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          444.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.10999,
          435.97891599999997,
          432.60999,
          444.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          479.39999,
          435.97891599999997,
          486.89999,
          444.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          499.10999,
          435.97891599999997,
          501.60999,
          444.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "113 ",
        "box": [
          543.39999,
          435.97891599999997,
          560.89999,
          444.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gain/(loss) on extinguishment of debt",
        "box": [
          58.86,
          450.22891599999997,
          245.6,
          458.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          292.10999,
          450.22891599999997,
          294.60999,
          458.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(933)   ",
        "box": [
          333.06998999999996,
          450.22891599999997,
          363.60999,
          458.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.39999,
          450.22891599999997,
          417.89999,
          458.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.10999,
          450.22891599999997,
          432.60999,
          458.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(933)   ",
        "box": [
          471.06998999999996,
          450.22891599999997,
          501.60999,
          458.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.39999,
          450.22891599999997,
          555.89999,
          458.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(loss) on other real estate investments",
        "box": [
          58.86,
          464.47891599999997,
          231.69000000000008,
          472.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          292.10999,
          464.47891599999997,
          294.60999,
          472.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,705 ",
        "box": [
          328.89999,
          464.47891599999997,
          353.89999,
          472.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.10999,
          464.47891599999997,
          363.60999,
          472.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,684 ",
        "box": [
          397.89999,
          464.47891599999997,
          422.89999,
          472.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.10999,
          464.47891599999997,
          432.60999,
          472.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,229 ",
        "box": [
          466.89999,
          464.47891599999997,
          491.89999,
          472.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          499.10999,
          464.47891599999997,
          501.60999,
          472.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452 ",
        "box": [
          543.39999,
          464.47891599999997,
          560.89999,
          472.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) from equity method investments",
        "box": [
          58.86,
          478.72891599999997,
          245.89000000000004,
          486.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          292.10999,
          478.72891599999997,
          294.60999,
          486.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,345 ",
        "box": [
          328.89999,
          478.72891599999997,
          353.89999,
          486.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.10999,
          478.72891599999997,
          363.60999,
          486.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "181 ",
        "box": [
          405.39999,
          478.72891599999997,
          422.89999,
          486.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.10999,
          478.72891599999997,
          432.60999,
          486.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,752 ",
        "box": [
          461.89999,
          478.72891599999997,
          491.89999,
          486.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          499.10999,
          478.72891599999997,
          501.60999,
          486.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "181 ",
        "box": [
          543.39999,
          478.72891599999997,
          560.89999,
          486.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets of consolidated VIE, CMBS trust",
        "box": [
          58.86,
          492.97891599999997,
          276.1599999999999,
          501.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          292.10999,
          492.97891599999997,
          294.60999,
          501.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296 ",
        "box": [
          336.39999,
          492.97891599999997,
          353.89999,
          501.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.10999,
          492.97891599999997,
          363.60999,
          501.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          410.39999,
          492.97891599999997,
          417.89999,
          501.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.10999,
          492.97891599999997,
          432.60999,
          501.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296 ",
        "box": [
          474.39999,
          492.97891599999997,
          491.89999,
          501.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          499.10999,
          492.97891599999997,
          501.60999,
          501.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.39999,
          492.97891599999997,
          555.89999,
          501.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other income/(loss)",
        "box": [
          58.86,
          507.228886,
          164.87,
          515.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.10999,
          507.228886,
          299.60999,
          515.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,178 ",
        "box": [
          328.89999,
          507.228886,
          353.89999,
          515.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          361.10999,
          507.228886,
          368.60999,
          515.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,465 ",
        "box": [
          397.89999,
          507.228886,
          422.89999,
          515.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          430.10999,
          507.228886,
          437.60999,
          515.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,282)  $ ",
        "box": [
          463.56998999999996,
          507.228886,
          506.60999,
          515.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,131 ",
        "box": [
          535.89999,
          507.228886,
          560.89999,
          515.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) before taxes",
        "box": [
          58.86,
          521.478886,
          164.84,
          529.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          292.10999,
          521.478886,
          294.60999,
          529.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,380 ",
        "box": [
          323.89999,
          521.478886,
          353.89999,
          529.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.10999,
          521.478886,
          363.60999,
          529.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,246 ",
        "box": [
          392.89999,
          521.478886,
          422.89999,
          529.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.10999,
          521.478886,
          432.60999,
          529.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,601 ",
        "box": [
          461.89999,
          521.478886,
          491.89999,
          529.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          499.10999,
          521.478886,
          501.60999,
          529.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,605 ",
        "box": [
          530.89999,
          521.478886,
          560.89999,
          529.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision)/benefit for income tax",
        "box": [
          58.86,
          535.728886,
          195.10000000000008,
          543.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          292.10999,
          535.728886,
          294.60999,
          543.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,895 ",
        "box": [
          328.89999,
          535.728886,
          353.89999,
          543.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.10999,
          535.728886,
          363.60999,
          543.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138 ",
        "box": [
          405.39999,
          535.728886,
          422.89999,
          543.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.10999,
          535.728886,
          432.60999,
          543.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,966 ",
        "box": [
          466.89999,
          535.728886,
          491.89999,
          543.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          499.10999,
          535.728886,
          501.60999,
          543.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(516) ",
        "box": [
          540.06999,
          535.728886,
          564.22999,
          543.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss)",
        "box": [
          52.11,
          549.978886,
          125.08999999999997,
          558.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.10999,
          549.978886,
          299.60999,
          558.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,275 ",
        "box": [
          323.89999,
          549.978886,
          353.89999,
          558.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          361.10999,
          549.978886,
          368.60999,
          558.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,384 ",
        "box": [
          392.89999,
          549.978886,
          422.89999,
          558.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          430.10999,
          549.978886,
          437.60999,
          558.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,567 ",
        "box": [
          461.89999,
          549.978886,
          491.89999,
          558.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.10999,
          549.978886,
          506.60999,
          558.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,089 ",
        "box": [
          530.89999,
          549.978886,
          560.89999,
          558.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (income)/loss attributable to non-controlling interest",
        "box": [
          52.11,
          564.228886,
          278.2200000000001,
          572.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          292.10999,
          564.228886,
          294.60999,
          572.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(706)   ",
        "box": [
          333.06998999999996,
          564.228886,
          363.60999,
          572.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,183)   ",
        "box": [
          394.56998999999996,
          564.228886,
          432.60999,
          572.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,018)   ",
        "box": [
          463.56998999999996,
          564.228886,
          501.60999,
          572.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(830) ",
        "box": [
          540.06999,
          564.228886,
          564.22999,
          572.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss) attributable to Franklin BSP Realty ",
        "box": [
          52.11,
          577.478886,
          283.3100000000001,
          585.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust, Inc.",
        "box": [
          52.11,
          587.478886,
          97.36,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          292.10999,
          587.478886,
          299.60999,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,569 ",
        "box": [
          323.89999,
          587.478886,
          353.89999,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          361.10999,
          587.478886,
          368.60999,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,201 ",
        "box": [
          392.89999,
          587.478886,
          422.89999,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          430.10999,
          587.478886,
          437.60999,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,549 ",
        "box": [
          461.89999,
          587.478886,
          491.89999,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.10999,
          587.478886,
          506.60999,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,259 ",
        "box": [
          530.89999,
          587.478886,
          560.89999,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Preferred stock dividends",
        "box": [
          58.86,
          601.728886,
          184.55999999999997,
          609.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          292.10999,
          601.728886,
          294.60999,
          609.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,916 ",
        "box": [
          328.89999,
          601.728886,
          353.89999,
          609.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.10999,
          601.728886,
          363.60999,
          609.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,748 ",
        "box": [
          397.89999,
          601.728886,
          422.89999,
          609.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.10999,
          601.728886,
          432.60999,
          609.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,832 ",
        "box": [
          461.89999,
          601.728886,
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        "text": "The accompanying notes are an integral part of these unaudited consolidated financial statements.",
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        "text": "Table of Contents",
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        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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        "text": "CONSOLIDATED STATEMENTS OF OPERATIONS",
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      {
        "text": "(In thousands, except share and per share data)",
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        "text": "3",
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        "text": "Three Months Ended June 30,",
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Balance, December 31, 2025",
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          147.85400000000004,
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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": "81,553,982 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "808 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,593,365 ",
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          411.06399,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          424.10999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284) ",
        "box": [
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          475.98198999999994,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          486.35999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(411,101) ",
        "box": [
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          530.7359899999999,
          120.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          541.10999,
          120.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258,742 ",
        "box": [
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          581.31799,
          120.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          594.35999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,441,530 ",
        "box": [
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          637.56799,
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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": "89,947 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,531,477 ",
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          741.06599,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Common stock repurchases",
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          140.542,
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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": "(4,361,596) ",
        "box": [
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          132.46575204494616
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        "from_ocr": false,
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      },
      {
        "text": " ",
        "box": [
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          322.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(44) ",
        "box": [
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          358.98598999999996,
          132.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          365.35999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39,779) ",
        "box": [
          384.40799,
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          413.73598999999996,
          132.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          420.10999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          469.31799,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          482.35999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          577.31799,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "(39,823) ",
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        "from_ocr": false,
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      {
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        "box": [
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(39,823) ",
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          743.73799,
          132.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share-based compensation",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "241,659 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(9) ",
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          144.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,412 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
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      },
      {
        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,403 ",
        "box": [
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          637.56799,
          144.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,403 ",
        "box": [
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          741.06599,
          144.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Shares canceled for tax withholding on vested equity rewards",
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          248.94999999999993,
          156.46575204494616
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        "from_ocr": false,
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      {
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          266.35999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(219,141) ",
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          316.23198999999994,
          156.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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          365.35999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,228) ",
        "box": [
          388.40799,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          420.10999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          590.35999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,228) ",
        "box": [
          614.90399,
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          640.23199,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          646.60999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          697.60999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2,228) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.",
        "box": [
          52.11,
          161.57312480000002,
          259.1819999999999,
          168.1557620449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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        "text": "(In thousands, except share data)",
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        "text": "Six Months Ended June 30,",
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      {
        "text": "2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash flows from operating activities:",
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          193.57000000000014,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss)",
        "box": [
          58.84,
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          123.08199999999998,
          140.50648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.09,
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          430.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,567 ",
        "box": [
          461.962,
          133.10101539999994,
          488.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.09,
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          502.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,089 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Adjustments to reconcile net income to net cash (used in)/provided by operating activities:",
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          397.56400000000025,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Premium amortization and (discount accretion), net",
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          58.84,
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          244.31200000000013,
          166.00648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.09,
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          430.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,413) ",
        "box": [
          463.474,
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          491.968,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.09,
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          502.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,126) ",
        "box": [
          535.4739999999999,
          158.60101539999994,
          563.9679999999998,
          166.00648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accretion of deferred commitment fees",
        "box": [
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          200.79700000000008,
          178.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,089 ",
        "box": [
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          488.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,349) ",
        "box": [
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          563.9679999999998,
          178.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of deferred financing costs",
        "box": [
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          205.3060000000001,
          191.50648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,767 ",
        "box": [
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          488.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,462 ",
        "box": [
          538.462,
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          560.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share-based compensation",
        "box": [
          58.84,
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          155.068,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,860 ",
        "box": [
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          488.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
          204.25648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,562 ",
        "box": [
          538.462,
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          560.962,
          204.25648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized (gain)/loss on extinguishment of debt",
        "box": [
          58.84,
          209.60101539999994,
          227.07700000000006,
          217.00648230056436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "933 ",
        "box": [
          473.212,
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          488.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.712,
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          556.462,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized (gain)/loss on sale of available for sale securities, measured at fair value",
        "box": [
          58.84,
          222.35101539999994,
          352.01500000000004,
          229.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          477.712,
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          484.462,
          229.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(113) ",
        "box": [
          542.2239999999999,
          222.35101539999994,
          563.9679999999998,
          229.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value",
        "box": [
          58.84,
          235.10101539999994,
          403.261,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,517) ",
        "box": [
          463.474,
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          491.968,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
          242.50648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,303) ",
        "box": [
          535.4739999999999,
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          563.9679999999998,
          242.50648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets of consolidated variable interest entity, CMBS trust",
        "box": [
          58.84,
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          320.0740000000002,
          255.25648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(192) ",
        "box": [
          470.224,
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          491.968,
          255.25648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.712,
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          556.462,
          255.25648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Income)/loss from equity method investments",
        "box": [
          58.84,
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          227.32900000000012,
          268.00648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,752) ",
        "box": [
          458.974,
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          491.968,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(181) ",
        "box": [
          542.2239999999999,
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          563.9679999999998,
          268.00648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Gain)/loss on derivative instruments",
        "box": [
          58.84,
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          192.5800000000001,
          280.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
          280.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,334) ",
        "box": [
          463.474,
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          491.968,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,209 ",
        "box": [
          538.462,
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          560.962,
          280.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Gain)/loss from other real estate investments",
        "box": [
          58.84,
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          223.0630000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,229) ",
        "box": [
          463.474,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(452) ",
        "box": [
          542.2239999999999,
          286.1010154,
          563.9679999999998,
          293.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          58.84,
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          168.31600000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,403 ",
        "box": [
          466.462,
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          488.962,
          306.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,761 ",
        "box": [
          538.462,
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          560.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Straight line rental income",
        "box": [
          58.84,
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          154.582,
          319.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(370) ",
        "box": [
          470.224,
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          491.968,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "522 ",
        "box": [
          545.212,
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          560.962,
          319.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision/(benefit) for credit losses",
        "box": [
          58.84,
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          186.0730000000001,
          331.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,626 ",
        "box": [
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          488.962,
          331.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
          331.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,385) ",
        "box": [
          535.4739999999999,
          324.3510154,
          563.9679999999998,
          331.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination of commercial mortgage loans, held for sale, measured at fair value",
        "box": [
          58.84,
          337.1010154,
          345.52600000000007,
          344.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,376,844) ",
        "box": [
          447.724,
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          491.968,
          344.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(49,300) ",
        "box": [
          530.9739999999999,
          337.1010154,
          563.9679999999998,
          344.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair ",
        "box": [
          58.84,
          349.8510154,
          403.00000000000006,
          357.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value",
        "box": [
          58.84,
          358.8510154,
          78.33399999999999,
          366.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          358.8510154,
          426.34,
          366.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,334,824 ",
        "box": [
          450.712,
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          488.962,
          366.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124,723 ",
        "box": [
          529.462,
          358.8510154,
          560.962,
          366.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions from equity method investments",
        "box": [
          58.84,
          371.6010154,
          224.8450000000001,
          379.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          371.6010154,
          426.34,
          379.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,145 ",
        "box": [
          466.462,
          371.6010154,
          488.962,
          379.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.712,
          371.6010154,
          556.462,
          379.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MSR impairment and amortization",
        "box": [
          58.84,
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          184.58800000000005,
          391.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          384.3510154,
          426.34,
          391.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "17,261 ",
        "box": [
          461.962,
          384.3510154,
          488.962,
          391.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          384.3510154,
          498.34,
          391.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.712,
          384.3510154,
          556.462,
          391.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage banking activities",
        "box": [
          58.84,
          397.1010154,
          159.82900000000006,
          404.5064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          397.1010154,
          426.34,
          404.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,222) ",
        "box": [
          458.974,
          397.1010154,
          491.968,
          404.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          397.1010154,
          498.34,
          404.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.712,
          397.1010154,
          556.462,
          404.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in assets and liabilities:",
        "box": [
          52.09,
          409.8510154,
          176.1100000000001,
          417.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          58.84,
          422.6010154,
          157.3,
          430.0064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          422.6010154,
          426.34,
          430.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,714 ",
        "box": [
          466.462,
          422.6010154,
          488.962,
          430.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          422.6010154,
          498.34,
          430.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,270 ",
        "box": [
          533.962,
          422.6010154,
          560.962,
          430.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prepaid expenses and other assets",
        "box": [
          58.84,
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          180.31300000000005,
          442.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
          442.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,782 ",
        "box": [
          466.462,
          435.3510154,
          488.962,
          442.7564823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          435.3510154,
          498.34,
          442.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,060) ",
        "box": [
          535.4739999999999,
          435.3510154,
          563.9679999999998,
          442.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and accrued expenses",
        "box": [
          58.84,
          448.1010154,
          203.29000000000008,
          455.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          448.1010154,
          426.34,
          455.5064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,252) ",
        "box": [
          463.474,
          448.1010154,
          491.968,
          455.5064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          448.1010154,
          498.34,
          455.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,226 ",
        "box": [
          538.462,
          448.1010154,
          560.962,
          455.5064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to affiliates",
        "box": [
          58.84,
          460.8510154,
          116.82699999999997,
          468.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          460.8510154,
          426.34,
          468.2564823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(732) ",
        "box": [
          470.224,
          460.8510154,
          491.968,
          468.2564823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          460.8510154,
          498.34,
          468.2564823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,032) ",
        "box": [
          535.4739999999999,
          460.8510154,
          563.9679999999998,
          468.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest payable",
        "box": [
          58.84,
          473.6010154,
          116.07099999999997,
          481.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          473.6010154,
          426.34,
          481.0064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,650) ",
        "box": [
          463.474,
          473.6010154,
          491.968,
          481.0064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          473.6010154,
          498.34,
          481.0064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(466) ",
        "box": [
          542.2239999999999,
          473.6010154,
          563.9679999999998,
          481.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued compensation",
        "box": [
          58.84,
          486.3510154,
          141.56799999999998,
          493.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          486.3510154,
          426.34,
          493.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,784) ",
        "box": [
          458.974,
          486.3510154,
          491.968,
          493.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          486.3510154,
          498.34,
          493.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.712,
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          556.462,
          493.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          58.84,
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          115.08999999999996,
          506.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          499.1010154,
          426.34,
          506.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,418) ",
        "box": [
          463.474,
          499.1010154,
          491.968,
          506.5064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          499.1010154,
          498.34,
          506.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.712,
          499.1010154,
          556.462,
          506.5064823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash (used in)/provided by operating activities",
        "box": [
          52.09,
          511.8510154,
          244.59100000000012,
          519.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.09,
          511.8510154,
          430.84,
          519.2564823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,738) ",
        "box": [
          463.474,
          511.8510154,
          491.968,
          519.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.09,
          511.8510154,
          502.84,
          519.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128,057 ",
        "box": [
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          560.962,
          519.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash flows from investing activities:",
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          191.0770000000001,
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        "from_ocr": false,
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      },
      {
        "text": "Origination and purchase of commercial mortgage loans, held for investment",
        "box": [
          58.84,
          537.3510154,
          336.2920000000002,
          544.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.09,
          537.3510154,
          430.84,
          544.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(671,060) ",
        "box": [
          454.474,
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          491.968,
          544.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.09,
          537.3510154,
          502.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(223,054) ",
        "box": [
          526.4739999999999,
          537.3510154,
          563.9679999999998,
          544.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments received on commercial mortgage loans, held for investment",
        "box": [
          58.84,
          550.1010154,
          355.7860000000001,
          557.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          550.1010154,
          426.34,
          557.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "749,108 ",
        "box": [
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          488.962,
          557.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          550.1010154,
          498.34,
          557.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "596,503 ",
        "box": [
          529.462,
          550.1010154,
          560.962,
          557.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchase of and contributions to equity method investments",
        "box": [
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          562.8510154,
          274.57900000000006,
          570.2564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          562.8510154,
          426.34,
          570.2564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,760) ",
        "box": [
          458.974,
          562.8510154,
          491.968,
          570.2564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          562.8510154,
          498.34,
          570.2564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,800) ",
        "box": [
          535.4739999999999,
          562.8510154,
          563.9679999999998,
          570.2564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Return of capital from equity method investments",
        "box": [
          58.84,
          575.6010154,
          238.3270000000001,
          583.0064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          575.6010154,
          426.34,
          583.0064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,863 ",
        "box": [
          461.962,
          575.6010154,
          488.962,
          583.0064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          575.6010154,
          498.34,
          583.0064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.712,
          575.6010154,
          556.462,
          583.0064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sale of real estate owned, held for sale",
        "box": [
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          588.3510154,
          250.78300000000016,
          595.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          588.3510154,
          426.34,
          595.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,711 ",
        "box": [
          466.462,
          588.3510154,
          488.962,
          595.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          588.3510154,
          498.34,
          595.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,888 ",
        "box": [
          533.962,
          588.3510154,
          560.962,
          595.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchase of real estate owned and capital expenditures",
        "box": [
          58.84,
          601.1010154,
          255.53500000000014,
          608.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          601.1010154,
          426.34,
          608.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(431) ",
        "box": [
          470.224,
          601.1010154,
          491.968,
          608.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          601.1010154,
          498.34,
          608.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,123) ",
        "box": [
          535.4739999999999,
          601.1010154,
          563.9679999999998,
          608.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchase of real estate securities, available for sale",
        "box": [
          58.84,
          613.8510154,
          241.78300000000021,
          621.2564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          613.8510154,
          426.34,
          621.2564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(40,554) ",
        "box": [
          458.974,
          613.8510154,
          491.968,
          621.2564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          613.8510154,
          498.34,
          621.2564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,298) ",
        "box": [
          530.9739999999999,
          613.8510154,
          563.9679999999998,
          621.2564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from sale or paydown of real estate securities",
        "box": [
          58.84,
          626.6010154,
          256.7860000000002,
          634.0064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          626.6010154,
          426.34,
          634.0064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,556 ",
        "box": [
          466.462,
          626.6010154,
          488.962,
          634.0064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          626.6010154,
          498.34,
          634.0064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "181,270 ",
        "box": [
          529.462,
          626.6010154,
          560.962,
          634.0064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment of software development costs",
        "box": [
          58.84,
          639.3510154,
          202.3180000000001,
          646.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          639.3510154,
          426.34,
          646.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(120) ",
        "box": [
          470.224,
          639.3510154,
          491.968,
          646.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          639.3510154,
          498.34,
          646.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.712,
          639.3510154,
          556.462,
          646.7564823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases of investment securities, held to maturity",
        "box": [
          58.84,
          652.1010154,
          244.57300000000018,
          659.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          652.1010154,
          426.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,300) ",
        "box": [
          458.974,
          652.1010154,
          491.968,
          659.5064823005645
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        "text": " ",
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      {
        "text": "- ",
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        "from_ocr": false,
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        "text": "Sales of investment securities, held to maturity",
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          227.58100000000016,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "text": "9,400 ",
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        "text": " ",
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      {
        "text": "- ",
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        "text": "Proceeds from sale/(purchase) of derivative instruments",
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      {
        "text": " ",
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      {
        "text": "1,648 ",
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      {
        "text": "(1,572) ",
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        "text": "Payment to acquire interest in CMBS trust",
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        "text": " ",
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      {
        "text": "(27,406) ",
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      {
        "text": " ",
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      {
        "text": "- ",
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        "text": "Net cash (used in)/provided by investing activities",
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      {
        "text": "$ ",
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      {
        "text": "11,655 ",
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      {
        "text": "$ ",
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      {
        "text": "$ ",
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      {
        "text": "(55,823) ",
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        "text": "$ ",
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      {
        "text": "Table of Contents",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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        "text": "CONSOLIDATED STATEMENTS OF CASH FLOWS",
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      {
        "text": "(In thousands)",
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      {
        "text": "(Unaudited)",
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        "text": "7",
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        "text": "Shares cancelled for tax withholding on vested equity rewards",
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        "text": "(2,228) ",
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      {
        "text": "(568,021) ",
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        "text": "(589,479) ",
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        "text": "413,157 ",
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        "text": "(2,623,963) ",
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        "text": "(169,875) ",
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        "text": "Net borrowings/(paydowns) on repurchase agreements - real estate securities, less than 90 days ",
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        "text": "maturity",
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      {
        "text": "(4,564) ",
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        "text": "64 ",
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      {
        "text": "(5,216) ",
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        "confidence": 1.0
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      {
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        "text": "Distributions paid",
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      {
        "text": "(57,580) ",
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      {
        "text": "(72,676) ",
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          563.9679999999998,
          241.00648230056436
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net cash (used in)/provided by financing activities:",
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          253.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          424.09,
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          430.84,
          253.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(36,087) ",
        "box": [
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          491.968,
          253.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          496.09,
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          502.84,
          253.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(427,955) ",
        "box": [
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          563.9679999999998,
          253.75648230056436
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net change in cash, cash equivalents and restricted cash",
        "box": [
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          266.33500000000015,
          266.50648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          426.34,
          266.50648230056436
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(30,170) ",
        "box": [
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          491.968,
          266.50648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
          266.50648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "225,916 ",
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          560.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents and restricted cash, beginning of period",
        "box": [
          52.09,
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          293.60500000000013,
          279.25648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
          279.25648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "185,181 ",
        "box": [
          457.462,
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          488.962,
          279.25648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
          279.25648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "196,864 ",
        "box": [
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          560.962,
          279.25648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents and restricted cash, end of period",
        "box": [
          52.09,
          284.6010154,
          269.59300000000013,
          292.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.09,
          284.6010154,
          430.84,
          292.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "155,011 ",
        "box": [
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          488.962,
          292.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          502.84,
          292.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "422,780 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Reconciliation of cash, cash equivalents and restricted cash:",
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          281.5810000000001,
          320.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents, beginning of period",
        "box": [
          52.09,
          325.8510154,
          222.3160000000001,
          333.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          325.8510154,
          426.34,
          333.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,292 ",
        "box": [
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          488.962,
          333.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
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          498.34,
          333.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "184,443 ",
        "box": [
          529.462,
          325.8510154,
          560.962,
          333.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash, beginning of period",
        "box": [
          52.09,
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          182.32000000000002,
          346.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
          338.6010154,
          426.34,
          346.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,889 ",
        "box": [
          461.962,
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          488.962,
          346.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          496.09,
          338.6010154,
          498.34,
          346.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,421 ",
        "box": [
          533.962,
          338.6010154,
          560.962,
          346.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents and restricted cash, beginning of period",
        "box": [
          52.09,
          351.3510154,
          278.5480000000001,
          358.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.09,
          351.3510154,
          430.84,
          358.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "185,181 ",
        "box": [
          457.462,
          351.3510154,
          488.962,
          358.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          496.09,
          351.3510154,
          502.84,
          358.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "196,864 ",
        "box": [
          529.462,
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          560.962,
          358.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents, end of period",
        "box": [
          52.09,
          379.8510154,
          199.31200000000007,
          387.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          379.8510154,
          426.34,
          387.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136,347 ",
        "box": [
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          488.962,
          387.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          498.34,
          387.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "414,085 ",
        "box": [
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          560.962,
          387.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash, end of period",
        "box": [
          52.09,
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          159.316,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          392.6010154,
          426.34,
          400.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "18,664 ",
        "box": [
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          488.962,
          400.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,695 ",
        "box": [
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          560.962,
          400.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, cash equivalents and restricted cash, end of period",
        "box": [
          52.09,
          405.3510154,
          269.59300000000013,
          412.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.09,
          405.3510154,
          430.84,
          412.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "155,011 ",
        "box": [
          457.462,
          405.3510154,
          488.962,
          412.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          405.3510154,
          502.84,
          412.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "422,780 ",
        "box": [
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          560.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Supplemental disclosures of cash flow information:",
        "box": [
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          248.34400000000008,
          441.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash payments for income taxes",
        "box": [
          58.84,
          446.6010154,
          175.82200000000006,
          454.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          424.09,
          446.6010154,
          430.84,
          454.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,114 ",
        "box": [
          466.462,
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          488.962,
          454.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          502.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "766 ",
        "box": [
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          560.962,
          454.0064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash payments for interest",
        "box": [
          58.84,
          459.3510154,
          155.07700000000006,
          466.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "126,481 ",
        "box": [
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          488.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "133,972 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Supplemental disclosures of non - cash flow information:",
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          270.3490000000001,
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        "from_ocr": false,
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      {
        "text": "Distribution payable",
        "box": [
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          132.58599999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          430.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "22,945 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "36,456 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans transferred from commercial mortgage loans, held for investment to real estate owned, held ",
        "box": [
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          414.7630000000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "for sale",
        "box": [
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          85.579,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          424.09,
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          426.34,
          529.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          477.712,
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          484.462,
          529.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "169,817 ",
        "box": [
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          560.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans transferred from commercial mortgage loans, held for investment to real estate owned, held ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "for investment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "56,534 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.712,
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          556.462,
          551.5064823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer of commercial mortgage loans, held for sale to consolidated VIE CMBS trust",
        "box": [
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          370.04200000000014,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "157,413 ",
        "box": [
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          488.962,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          556.462,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Commercial mortgage loans acquired via consolidated VIE CMBS trust",
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          317.8150000000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "387,743 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          498.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          556.462,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CMBS bonds issued via consolidated VIE CMBS trust",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          426.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "360,338 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          556.462,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Seller-based financing on sales of real estate owned, held for sale",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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        "text": "72,000 ",
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        "text": " ",
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        "text": "128,129 ",
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        "text": "Modification accounted for as repayment and new loan",
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        "text": " ",
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      {
        "text": "- ",
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        "text": " ",
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        "text": "60,000 ",
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      {
        "text": "The accompanying notes are an integral part of these unaudited consolidated financial statements.",
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      {
        "text": "Table of Contents",
        "box": [
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "CONSOLIDATED STATEMENTS OF CASH FLOWS",
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      {
        "text": "(In thousands)",
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      {
        "text": "(Unaudited)",
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        "text": "8",
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  {
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      {
        "text": "Note 1 - Organization and Business Operations ",
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      {
        "text": "Franklin BSP Realty Trust, Inc., (the \"Company\") is a Maryland corporation that operates as a real estate finance company. ",
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        "text": "The Company has elected to be taxed as a real estate investment trust (a 'REIT') for U.S. federal income tax purposes since ",
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        "text": "2013. The Company's operations are organized into two business units: (i) Commercial Real Estate Financing, and (ii) Agency ",
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        "confidence": 1.0
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        "text": "Business.",
        "box": [
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        "text": "Commercial Real Estate Financing ",
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      {
        "text": "The Commercial Real Estate Financing unit primarily focuses on originating, acquiring and asset managing commercial ",
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      {
        "text": "real estate debt investments, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in ",
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        "confidence": 1.0
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      {
        "text": "such loans. Secondarily, this unit also invests in and asset manages real estate securities, with a historical focus on commercial ",
        "box": [
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      {
        "text": "mortgage-backed securities (\"CMBS\"), commercial real estate collateralized loan obligation bonds and single asset single ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "borrower bonds (collectively \"CMBS bonds\"), collateralized debt obligations (\"CDOs\") and other securities. Through this unit ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "the Company also originates conduit loans which the Company intends to sell through its taxable REIT subsidiary (\"TRS\") into ",
        "box": [
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        "text": "CMBS securitization transactions, and owns real estate that was either acquired by the Company through foreclosure, deed-in-",
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        "confidence": 1.0
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      {
        "text": "lieu of foreclosure or that was purchased for investment.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Agency Business",
        "box": [
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      {
        "text": "On July 1, 2025, through a wholly owned subsidiary, we acquired NewPoint Holdings JV LLC (\"NewPoint\"), which now ",
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        "text": "comprises our Agency Business unit. Through this unit, we originate, sell and service a range of multifamily finance products ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "under programs offered by government-sponsored enterprises ('GSEs'), such as the Federal National Mortgage Association ",
        "box": [
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      {
        "text": "('Fannie Mae') and Federal Home Loan Mortgage Corporation ('Freddie Mac') and by government agencies ('Agencies'), ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "such as the Government National Mortgage Association ('Ginnie Mae') and the Federal Housing Administration, a division of ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "the U.S. Department of Housing and Urban Development (together with Ginnie Mae, 'HUD'). We retain the servicing rights ",
        "box": [
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        "confidence": 1.0
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        "text": "and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "are an approved Fannie Mae Delegated Underwriting and Servicing  ('DUS') lender, a Freddie Mac Program Plus Seller/",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Servicer, a Multifamily Accelerated Processing ('MAP') and Section 232 LEAN lender for HUD and a Ginnie Mae issuer. ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Additionally, the Company services external portfolios of commercial real estate financing products. ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Structure",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The Company believes that it has qualified as a REIT and intends to continue to meet the requirements for qualification and ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "taxation as a REIT. As of June 30, 2026, substantially all of the Company's business is conducted through FBRT OP LLC (the ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "'OP'), a Delaware limited liability company. As of June 30, 2026, the Company is the managing member of the OP and ",
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        "text": "directly or indirectly holds 90% of the common units of membership interest in the OP. In addition, the Company, through ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "subsidiaries which are treated as taxable REIT subsidiaries ('TRS'), is indirectly subject to U.S. federal, state and local income ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "taxes. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The Company is externally-managed by Benefit Street Partners L.L.C. (the \"Advisor\") pursuant to an advisory agreement, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "as amended on August 18, 2021 (the \"Advisory Agreement\"). Established in 2008, the Advisor's credit platform manages funds ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "for institutions and high-net-worth investors across various credit funds and complementary strategies including high yield, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "levered loans, private/opportunistic debt, liquid credit, structured credit and commercial real estate debt. These strategies ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "complement each other as they all leverage the sourcing, analytical, compliance, and operational capabilities that encompass the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "platform. The Advisor manages the Company's affairs on a day-to-day basis. The Advisor receives compensation fees and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reimbursements for services related to the investment and management of the Company's assets and the operations of the ",
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        "confidence": 1.0
      },
      {
        "text": "Company. The Advisor is a wholly-owned subsidiary of Franklin Resources, Inc., which together with its various subsidiaries ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "operates as \"Franklin Templeton.'",
        "box": [
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      {
        "text": "Table of Contents",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
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        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9",
        "box": [
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        "confidence": 1.0
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    "cells": [
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        "text": "Note 2 - Summary of Significant Accounting Policies ",
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      {
        "text": "Basis of Accounting ",
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      {
        "text": "The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of accounting in conformity with accounting principles generally accepted in the United States of America (\"GAAP\") for ",
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        "confidence": 1.0
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      {
        "text": "interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. ",
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      {
        "text": "These financial statements should be read in conjunction with the audited consolidated financial statements and notes ",
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      {
        "text": "thereto as of, and for the year ended December 31, 2025, which are included in the Company's Annual Report on Form 10-K ",
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      {
        "text": "filed with the Securities and Exchange Commission (\"SEC\") on February 25, 2026, as certain disclosures that would ",
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        "confidence": 1.0
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      {
        "text": "substantially duplicate those contained in the audited consolidated financial statements have not been included in this report.",
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      },
      {
        "text": "Reclassifications",
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        "confidence": 1.0
      },
      {
        "text": "Certain prior year balances have been reclassified in order to conform to the current period presentation.",
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        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2025, $5.3 million was reclassified from ",
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        "confidence": 1.0
      },
      {
        "text": "Realized gain/(loss) on sale of commercial ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "mortgage loans, held for sale, measured at fair value ",
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      {
        "text": "to",
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        "confidence": 1.0
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      {
        "text": " Gain/(loss) on sales, including fee-based services, net ",
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        "confidence": 1.0
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      {
        "text": "on the ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "consolidated statements of operations.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "For the six months ended June 30, 2025, ",
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        "confidence": 1.0
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      {
        "text": "Unrealized gain/(loss) on derivatives ",
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        "confidence": 1.0
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      {
        "text": "and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Realized gain/(loss) on derivatives ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "combined and reclassified to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(loss) on derivatives, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resulting in net $0.3 million, respectively, being reclassified on the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Use of Estimates",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the economic environment, financial markets and any other parameters used in determining these estimates could cause actual ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nature, necessary for a fair statement of the results for the periods presented. The current period's results of operations will not ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principles of Consolidation",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the other partners or members, as well as whether the entity is a variable interest entity (\"VIE\") for which the Company is the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primary beneficiary.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's assets and liabilities are held by the OP.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the entity to finance its activities without additional subordinated financial support from other parties. The entity that ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significantly affect the VIE's economic performance and (ii) the right to receive benefits from the VIE or the obligation to ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of consolidated joint ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "ventures that are not owned by the Company.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized Loan Obligations - ",
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          205.69,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The accompanying consolidated financial statements include the accounts of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateralized loan obligations (\"CLOs\") issued and securitized by wholly owned subsidiaries of the Company. The Company ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting ",
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        "confidence": 1.0
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      {
        "text": "Standards Board ('FASB') Accounting Standards Codification ('ASC') 810, ",
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        "confidence": 1.0
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      {
        "text": "Consolidation",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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        "confidence": 1.0
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
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          331.82000999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 13,
    "width": 612.0,
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    "cells": [
      {
        "text": "Commercial Mortgage-Backed Securities - ",
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        "confidence": 1.0
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      {
        "text": "The Company invests in subordinate, non-investment grade and unrated ",
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        "confidence": 1.0
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      {
        "text": "securities issued by commercial mortgage-backed securities ('CMBS') trusts, certain of which securities represent the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "controlling class. Management believes that the performance of the underlying commercial real estate loans is the activity that ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "most significantly affects the economic performance of the CMBS trusts. Under the applicable trust documents, the controlling-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "class holder generally has the unilateral right to appoint and remove the special servicer, which manages delinquent and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defaulted loans and related loss-mitigation activities.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company consolidates a CMBS trust when the trust is a VIE and the Company is its primary beneficiary. The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company generally concludes that it is the primary beneficiary when its controlling-class rights provide it with the power to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "direct the activities that most significantly affect the trust's economic performance and its investment exposes it to losses or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "benefits that could potentially be significant to the trust.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon consolidation, the Company records the trust's assets and liabilities and eliminates its investment and related ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions with the trust, including interest, servicing fees and associated balances. The difference between the trust's assets ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and liabilities represents the Company's beneficial interest.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company has elected the fair value option for the initial and subsequent measurement of the eligible financial assets ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and financial liabilities of its consolidated CMBS trusts. The Company has also elected the measurement alternative under ASC ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "810, as amended by Accounting Standards Update 2014-13 ('ASU 2014-13'), for qualifying consolidated CMBS trusts.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under the measurement alternative, the Company measures the financial assets and financial liabilities of a qualifying ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated CMBS trust using the more observable of the fair value of the financial assets or the fair value of the financial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "liabilities. The fair value of the financial liabilities is more observable and as such, the Company measures the trust's financial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "assets based on the fair value of the financial liabilities, adjusted for the fair value of the Company's retained beneficial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in the net assets of the consolidated CMBS trusts, including changes attributable to fair value, interest income, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense, credit risk and other market factors, are presented on a net basis within ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from VIE's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations.  The assets of the consolidated trust, primarily commercial mortgage loans and related ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest accruals, are presented within",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " VIE assets, measured at fair value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", and the liabilities of the consolidated trust, primarily ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations to the external CMBS holders and related interest accruals, are presented within ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIE liabilities, measured at fair ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " on the consolidated balance sheets. As the trust assets are measured as a single pool under ASU 2014-13, individual asset ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "categories are not separately presented when doing so would require an arbitrary allocation of fair value.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company reassesses its VIE consolidation conclusions on an ongoing basis as facts and circumstances change.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Cash and Cash Equivalents",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal ",
        "box": [
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          551.92,
          489.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market ",
        "box": [
          49.46,
          493.30889599999995,
          560.2899999999998,
          501.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funds with original maturities of 90 days or less when purchased. Cash and cash equivalent balances may, at a limited number ",
        "box": [
          49.46,
          505.30889599999995,
          555.84,
          513.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through ",
        "box": [
          49.46,
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          525.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account ",
        "box": [
          49.46,
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          554.4100000000001,
          537.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "limits.",
        "box": [
          49.46,
          541.308896,
          74.7,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recently Issued Accounting Pronouncements",
        "box": [
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          236.79000000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense ",
        "box": [
          67.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disaggregated disclosures of certain categories of ",
        "box": [
          49.46,
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          595.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses that are included on the face of the income statement. The standard is to be adopted prospectively, with the option to ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "apply retrospectively, and is effective for annual periods starting after December 15, 2026. The Company is currently assessing ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the impact that ASU 2024-03 will have on the consolidated financial statements.",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In September 2025, the FASB issued ASU, 2025-06 'Intangibles - Goodwill and Other Internal-Use Software (Subtopic ",
        "box": [
          67.46,
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          550.9599999999998,
          648.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "350-40),' or ASU 2025-06. ASU 2025-06 modernizes the accounting for software costs. ASU 2025-06 is effective on a ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prospective basis, with options for modified transition and retrospective application, for annual periods beginning after ",
        "box": [
          49.46,
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          526.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 15, 2027 and early adoption is permitted. The Company is currently assessing the impact that ASU 2025-06 will ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have on the consolidated financial statements.",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
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          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 14,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 3 - Business Combinations",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition of NewPoint",
        "box": [
          49.46,
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          150.49,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On July 1, 2025 (the 'Acquisition Date'), the Company completed the acquisition (\"the Transaction\") of NewPoint, a ",
        "box": [
          67.46,
          114.90893600000004,
          540.1199999999999,
          123.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial real estate finance company offering lending solutions nationwide to investors in multifamily, affordable housing, ",
        "box": [
          49.46,
          126.90893600000004,
          556.9099999999997,
          135.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "seniors housing, healthcare, and manufactured housing properties.",
        "box": [
          49.46,
          138.90893600000004,
          313.91,
          147.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Transaction has expanded the Company's presence in the multifamily lending sector, with the opportunity to enhance ",
        "box": [
          67.46,
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          164.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its diversified mortgage finance platform and capitalize on agency capabilities.",
        "box": [
          49.46,
          167.90893600000004,
          364.5400000000001,
          176.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company purchased 100% of the outstanding equity interests of NewPoint for an aggregate purchase price of $427.8 ",
        "box": [
          67.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, comprised of $336.9 million in cash and $90.9 million of equity, in the form of 8,385,951 Class A units of the OP (\"OP ",
        "box": [
          49.46,
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          563.73,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Units\") issued as consideration. The OP Units were valued based on the closing market price of the Company's common shares ",
        "box": [
          49.46,
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          560.6600000000001,
          217.13723255618265
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the acquisition date. The Company operates the acquired business through a taxable REIT subsidiary.",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company accounted for the Transaction as a business combination under the acquisition method of accounting, which ",
        "box": [
          67.46,
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          560.25,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requires allocation of the total consideration transferred to the assets acquired and liabilities assumed based on their fair values ",
        "box": [
          49.46,
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          557.9399999999999,
          258.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of the Acquisition Date, with the excess of the consideration transferred over those fair values recorded as goodwill. ",
        "box": [
          49.46,
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          270.13723255618265
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Determining the fair value of the assets acquired requires significant judgments, assumptions, and estimates about future events, ",
        "box": [
          49.46,
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          564.3999999999999,
          282.1372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which the Company believes are reasonable. Use of different estimates and judgments could produce materially different ",
        "box": [
          49.46,
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          535.7799999999999,
          294.1372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "results. The Company may refine such estimates and adjust the assets acquired and liabilities assumed over the measurement ",
        "box": [
          49.46,
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          550.7599999999999,
          306.1372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period, which will not exceed one year from the Acquisition Date. The following is a preliminary purchase price allocation, ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which is subject to change as the Company finalizes its analysis over certain items such as intangible assets, MSRs, and other ",
        "box": [
          49.46,
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          553.5899999999999,
          330.1372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "items. ",
        "box": [
          49.46,
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          76.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The allocation of the purchase consideration, subject to future measurement period adjustments, is as follows (dollars in ",
        "box": [
          67.46,
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          549.3899999999996,
          359.1372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          49.46,
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          95.55,
          371.1372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
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          395.9499900000004,
          33.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
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          335.02000000000004,
          57.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          301.0,
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          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 15,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Amount",
        "box": [
          500.32999,
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          535.32999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Purchase Price",
        "box": [
          52.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.84,
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          483.34,
          107.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "427,774 ",
        "box": [
          525.88,
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASSETS",
        "box": [
          52.09,
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          89.31,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          52.09,
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          157.24,
          135.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
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          478.34,
          135.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,357 ",
        "box": [
          530.88,
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          560.88,
          135.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          52.09,
          141.978886,
          112.81999999999996,
          150.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          141.978886,
          478.34,
          150.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,205 ",
        "box": [
          530.88,
          141.978886,
          560.88,
          150.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment securities, held to maturity",
        "box": [
          52.09,
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          205.50000000000003,
          164.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
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          478.34,
          164.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,843 ",
        "box": [
          530.88,
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, held for sale, measured at fair value",
        "box": [
          52.09,
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          313.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
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          478.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "422,011 ",
        "box": [
          525.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights, net",
        "box": [
          52.09,
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          172.52999999999997,
          192.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
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          478.34,
          192.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "211,545 ",
        "box": [
          525.88,
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative assets",
        "box": [
          52.09,
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          207.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
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          478.34,
          207.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,268 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued Interest Receivable",
        "box": [
          52.09,
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          165.24,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
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          478.34,
          221.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,475 ",
        "box": [
          535.88,
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prepaid expenses and other assets",
        "box": [
          52.09,
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          186.94,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
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          478.34,
          235.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,434 ",
        "box": [
          530.88,
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          560.88,
          235.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity method investments",
        "box": [
          52.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
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          478.34,
          249.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,614 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan repurchase option asset",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,197 ",
        "box": [
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets - agency licenses",
        "box": [
          52.09,
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          189.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          270.228886,
          478.34,
          278.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,500 ",
        "box": [
          530.88,
          270.228886,
          560.88,
          278.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets - other",
        "box": [
          52.09,
          284.47891599999997,
          147.25,
          292.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          284.47891599999997,
          478.34,
          292.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,500 ",
        "box": [
          535.88,
          284.47891599999997,
          560.88,
          292.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill",
        "box": [
          52.09,
          298.72891599999997,
          89.85,
          306.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          298.72891599999997,
          478.34,
          306.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,048 ",
        "box": [
          530.88,
          298.72891599999997,
          560.88,
          306.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets acquired",
        "box": [
          63.34,
          312.97891599999997,
          153.27,
          321.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.84,
          312.97891599999997,
          483.34,
          321.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "957,997 ",
        "box": [
          525.88,
          312.97891599999997,
          560.88,
          321.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements - commercial mortgage loans",
        "box": [
          52.09,
          327.22891599999997,
          265.9500000000001,
          335.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          327.22891599999997,
          478.34,
          335.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,797 ",
        "box": [
          525.88,
          327.22891599999997,
          560.88,
          335.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for loss sharing",
        "box": [
          52.09,
          341.47891599999997,
          159.48999999999998,
          349.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          341.47891599999997,
          478.34,
          349.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,586 ",
        "box": [
          530.88,
          341.47891599999997,
          560.88,
          349.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued compensation",
        "box": [
          52.09,
          355.72891599999997,
          143.92000000000002,
          363.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          355.72891599999997,
          478.34,
          363.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,650 ",
        "box": [
          530.88,
          355.72891599999997,
          560.88,
          363.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Payable",
        "box": [
          52.09,
          369.97891599999997,
          116.16999999999997,
          378.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          369.97891599999997,
          478.34,
          378.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,154 ",
        "box": [
          535.88,
          369.97891599999997,
          560.88,
          378.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and accrued expenses",
        "box": [
          52.09,
          384.22891599999997,
          212.44000000000003,
          392.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          384.22891599999997,
          478.34,
          392.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,929 ",
        "box": [
          530.88,
          384.22891599999997,
          560.88,
          392.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan repurchase option liability",
        "box": [
          52.09,
          398.47891599999997,
          179.98000000000008,
          406.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          398.47891599999997,
          478.34,
          406.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,197 ",
        "box": [
          530.88,
          398.47891599999997,
          560.88,
          406.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          52.09,
          412.72891599999997,
          114.47999999999996,
          420.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          412.72891599999997,
          478.34,
          420.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,910 ",
        "box": [
          530.88,
          412.72891599999997,
          560.88,
          420.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities assumed",
        "box": [
          52.09,
          426.97891599999997,
          155.34,
          435.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.84,
          426.97891599999997,
          483.34,
          435.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "530,223 ",
        "box": [
          525.88,
          426.97891599999997,
          560.88,
          435.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total purchase consideration",
        "box": [
          52.09,
          441.22891599999997,
          176.44000000000003,
          449.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          475.84,
          441.22891599999997,
          483.34,
          449.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "427,774 ",
        "box": [
          525.88,
          441.22891599999997,
          560.88,
          449.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, the Company did not make any measurement period adjustments. ",
        "box": [
          67.46,
          461.80889599999995,
          510.40999999999985,
          470.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The purchase price exceeded the estimated fair value of the assets acquired and liabilities assumed and, as a result of the ",
        "box": [
          67.46,
          478.80889599999995,
          564.86,
          487.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchase  allocation,  the  Company  recorded  goodwill  of  $92.0  million,  which  has  been  allocated  to  the  Agency  Business ",
        "box": [
          49.46,
          490.80889599999995,
          564.9099900000001,
          499.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "segment. The goodwill recognized is attributable primarily to anticipated growth opportunities and synergies resulting from the ",
        "box": [
          49.46,
          502.80889599999995,
          564.8599999999998,
          511.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transaction, which provides the Company with an expanded presence in the multifamily sector and the ability to originate and ",
        "box": [
          49.46,
          514.808896,
          564.9399999999996,
          523.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "service  agency  mortgage  loans.  The  amount  of  goodwill  expected  to  be  deductible  for  tax  purposes  is  approximately  $61.7 ",
        "box": [
          49.46,
          526.808896,
          564.87,
          535.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million. ",
        "box": [
          49.46,
          538.808896,
          83.31,
          547.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair  value  of  the  identifiable  tangible  assets  and  liabilities  acquired  in  the  Transaction  approximated  their  carrying ",
        "box": [
          67.46,
          555.808896,
          564.9300000000002,
          564.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "values at the Acquisition Date. The Company used independent third-party valuation specialists to assist in determining the fair ",
        "box": [
          49.46,
          567.808896,
          564.9099999999997,
          576.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of certain intangible assets acquired and liabilities assumed, which are classified as Level III. Provisional estimates of fair ",
        "box": [
          49.46,
          579.808896,
          564.8900000000002,
          588.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value are established at the time of the acquisition. There are significant estimates used in determining the fair values of certain ",
        "box": [
          49.46,
          591.808896,
          564.9800000000002,
          600.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intangible  assets  acquired,  which  consist  of  mortgage  servicing  rights,  licenses,  developed  technology,  and  non-compete ",
        "box": [
          49.46,
          603.808896,
          564.9500000000002,
          612.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements. ",
        "box": [
          49.46,
          615.808896,
          99.93999999999997,
          624.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights:",
        "box": [
          67.46,
          632.818906,
          175.6,
          641.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " When a mortgage loan is sold, the Company retains the right to service the loan and recognizes ",
        "box": [
          175.60001,
          632.818906,
          564.8900100000003,
          641.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the MSR at fair value. The initial fair value represents expected net cash flows from servicing, borrower prepayment penalties, ",
        "box": [
          49.46,
          644.808896,
          564.9100000000002,
          653.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest earnings on escrows, interim cash balances, delinquency rates, late charges and ancillary fees that are discounted at a ",
        "box": [
          49.46,
          656.808896,
          564.8299999999999,
          665.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate that reflects the credit and liquidity risk of the MSR over the estimated life of the underlying loan. After initial recognition, ",
        "box": [
          49.46,
          668.808896,
          564.8,
          677.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the MSRs will be amortized using the amortization method. ",
        "box": [
          49.46,
          680.808896,
          290.8500000000001,
          689.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Licenses:",
        "box": [
          67.46,
          697.818906,
          105.18999999999997,
          706.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " The fair value of the licenses were estimated using a discounted cash flow method, which involves projecting ",
        "box": [
          105.19,
          697.818906,
          547.72,
          706.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenue and servicing fees associated with the license, while accounting for related expenses. The significant unobservable ",
        "box": [
          49.46,
          709.408936,
          543.8100000000001,
          717.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "input used to discount the future cash flows to present value is the discount rate of 11.5%. These licenses are considered to have ",
        "box": [
          49.46,
          721.008906,
          563.6200000000002,
          729.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 16,
    "width": 612.0,
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    "cells": [
      {
        "text": "indefinite useful lives, reflecting their continuous economic value. Key assumptions are drawn from management's projections ",
        "box": [
          49.46,
          81.308896,
          559.69,
          89.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and legal guidance.",
        "box": [
          49.46,
          92.90893600000004,
          126.84999999999995,
          101.13723255618265
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Developed  technology:",
        "box": [
          67.46,
          109.51891599999999,
          161.32999999999998,
          117.7472125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  The  fair  value  was  estimated  based  on  a  replacement  cost  method  of  the  cost  approach,  which ",
        "box": [
          161.33,
          109.51891599999999,
          564.8400000000001,
          117.7472125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimates  the  cost  the  Company  would  incur  in  rebuilding  the  technology.  Under  this  method,  fair  value  is  equal  to  the ",
        "box": [
          49.46,
          121.50890600000002,
          564.9500000000002,
          129.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "replacement  cost  of  the  technology  plus  developer's  profit  and  entrepreneurial  incentive,  which  are  the  key  assumptions ",
        "box": [
          49.46,
          133.50890600000002,
          564.9699999999999,
          141.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "embedded into the valuation. The technology is amortized over five years based upon the estimated economic benefits received.",
        "box": [
          49.46,
          145.50890600000002,
          561.2999800000001,
          153.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-compete agreements:",
        "box": [
          67.46,
          163.89892600000007,
          174.08999999999997,
          172.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  The  fair  value  of  the  non-compete  agreements  were  estimated  using  a  discounted  cash  flow ",
        "box": [
          174.09,
          162.57470720000003,
          564.9800000000004,
          172.44866306741926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method, which calculates the present value of projected revenue differences attributable to the agreement, adjusted for operating ",
        "box": [
          49.46,
          176.90893600000004,
          564.8899999999999,
          185.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses. The significant unobservable input used to discount the future cash flows to present value is the discount rate of ",
        "box": [
          49.46,
          188.90893600000004,
          564.85,
          197.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.5%. Key assumptions are based on management input and the terms of the non-compete agreement. The agreements are ",
        "box": [
          49.46,
          200.90893600000004,
          564.9000000000005,
          209.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized over a period of nine to 12 months. ",
        "box": [
          49.46,
          212.90893600000004,
          234.84000000000003,
          221.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  estimates  above  directly  impact  the  amount  of  identified  intangible  assets  recognized  and  the  related  amortization ",
        "box": [
          67.46,
          229.90893600000004,
          564.8600000000001,
          238.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses in future periods. Intangible assets acquired had a weighted average useful economic life of 2.7 years. As of June 30, ",
        "box": [
          49.46,
          241.90893600000004,
          564.91998,
          250.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, aggregate intangible assets relating to the Transaction of $73.9 million were recorded in ",
        "box": [
          49.46,
          253.918946,
          444.43998,
          262.1472425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible assets, net ",
        "box": [
          445.66998,
          253.918946,
          535.26998,
          262.1472425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the ",
        "box": [
          536.5,
          253.918946,
          564.9300000000001,
          262.1472425561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets. The Company may record certain measurement period adjustments, which will be made in the ",
        "box": [
          49.46,
          265.90893600000004,
          564.9,
          274.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period in which the amounts are determined. The current period income effect of such adjustments will be calculated as if the ",
        "box": [
          49.46,
          277.908906,
          564.8400000000001,
          286.1372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments had been completed as of the Acquisition Date.",
        "box": [
          49.46,
          289.90890599999994,
          288.8900000000001,
          298.1372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company recognized acquisition-related expenses of $1.4 million and $1.5 million for the three and six months ended ",
        "box": [
          67.46,
          306.90890599999994,
          564.9899899999999,
          315.1372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025, respectively, in ",
        "box": [
          49.46,
          318.91891599999997,
          175.72000000000006,
          327.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Expenses, ",
        "box": [
          176.2,
          318.91891599999997,
          244.65999999999997,
          327.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and $0.4 million and $3.3 million for the three and six months ended June 30, ",
        "box": [
          245.13998,
          318.91891599999997,
          564.9399900000001,
          327.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, respectively, in ",
        "box": [
          49.46,
          330.91891599999997,
          137.97999999999996,
          339.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional Fees ",
        "box": [
          137.98,
          330.91891599999997,
          212.33999999999997,
          339.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the consolidated statement of operations.",
        "box": [
          212.34,
          330.91891599999997,
          388.23999999999984,
          339.1472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Company's  consolidated  financial  statements  for  the  three  months  ended  June  30,  2026  include  the  operations  of ",
        "box": [
          67.46,
          347.90890599999994,
          564.9300000000002,
          356.1372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NewPoint  from  the  Acquisition  Date.  The  following  table  presents  NewPoint's  revenue  and  earnings  as  reported  in  the ",
        "box": [
          49.46,
          359.90890599999994,
          564.8799900000002,
          368.1372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's consolidated statement of operations (dollars in thousands):",
        "box": [
          49.46,
          371.90890599999994,
          334.5899999999999,
          380.1372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three months ended ",
        "box": [
          344.22,
          394.578916,
          434.44000000000005,
          402.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          359.06,
          404.578916,
          417.11,
          412.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six months ended ",
        "box": [
          466.56,
          394.578916,
          544.5999999999999,
          402.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          475.31,
          404.578916,
          533.36,
          412.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue",
        "box": [
          52.09,
          420.328916,
          87.05,
          428.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          332.59,
          420.328916,
          340.09,
          428.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,305  $ ",
        "box": [
          414.63,
          420.328916,
          456.34,
          428.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,606 ",
        "box": [
          530.88,
          420.328916,
          560.88,
          428.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Franklin BSP Realty Trust, Inc.",
        "box": [
          52.09,
          436.078916,
          310.4100000000001,
          444.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          332.59,
          436.078916,
          335.09,
          444.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,211)  ",
        "box": [
          416.29999999999995,
          436.078916,
          451.34,
          444.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,974) ",
        "box": [
          532.55,
          436.078916,
          564.21,
          444.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Supplemental Pro Forma Combined Information (unaudited)",
        "box": [
          49.46,
          456.66891599999997,
          294.01,
          464.8972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  unaudited  pro  forma  combined  financial  information  presents  the  combined  results  of  operations  of  the ",
        "box": [
          67.46,
          473.65890599999994,
          564.99,
          481.8872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company, as if the Transaction occurred on January 1, 2024. The unaudited proforma financial information is presented for ",
        "box": [
          49.46,
          485.65890599999994,
          564.9699899999999,
          493.8872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "informational purposes only and is not indicative of the results of operations that would have been achieved if the Transaction ",
        "box": [
          49.46,
          497.65890599999994,
          564.8600000000002,
          505.8872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "had taken place on the date indicated or of results that may occur in the future (dollars in thousands):",
        "box": [
          49.46,
          509.658936,
          452.3199999999998,
          517.8872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three months ended ",
        "box": [
          352.47,
          532.3289159999999,
          442.69000000000005,
          540.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          378.56,
          542.3289159999999,
          414.11,
          550.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six months ended ",
        "box": [
          470.31,
          532.3289159999999,
          548.3499999999999,
          540.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          490.31,
          542.3289159999999,
          525.86,
          550.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          386.32999,
          558.0789159999999,
          406.32999,
          566.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          498.07999,
          558.0789159999999,
          518.07999,
          566.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue",
        "box": [
          52.09,
          573.8289159999999,
          87.05,
          582.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          344.59,
          573.8289159999999,
          352.09,
          582.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94,225 ",
        "box": [
          419.13,
          573.8289159999999,
          449.13,
          582.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          456.34,
          573.8289159999999,
          463.84,
          582.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,210 ",
        "box": [
          525.88,
          573.8289159999999,
          560.88,
          582.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to Franklin BSP Realty Trust, Inc.",
        "box": [
          52.09,
          589.5789159999999,
          310.4100000000001,
          597.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          344.59,
          589.5789159999999,
          347.09,
          597.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,466 ",
        "box": [
          419.13,
          589.5789159999999,
          449.13,
          597.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          456.34,
          589.5789159999999,
          458.84,
          597.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,886 ",
        "box": [
          530.88,
          589.5789159999999,
          560.88,
          597.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The unaudited pro forma financial information is based on historical information of the Company and NewPoint, along ",
        "box": [
          67.46,
          610.158936,
          564.96999,
          618.3872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with certain material, non-recurring pro forma adjustments. The material, non-recurring pro forma adjustments primarily consist ",
        "box": [
          49.46,
          622.158936,
          564.9499999999998,
          630.3872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of (i) incremental amortization expense based on the preliminary fair values of the intangible assets acquired; (ii) recognition of ",
        "box": [
          49.46,
          634.158936,
          564.9099999999995,
          642.3872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-controlling interest to reflect the reclassification of the OP units; (iii) a change in the valuation methodology of mortgaging ",
        "box": [
          49.46,
          646.158936,
          564.96,
          654.3872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicing rights from fair value to the amortization method; (iv) a change in provision for credit loss expense due to revised loss ",
        "box": [
          49.46,
          658.158936,
          564.81,
          666.3872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimation  methodology,  (v)  non-recurring  transaction  costs;  and  (vi)  income  tax  impact  of  the  aforementioned  pro  forma ",
        "box": [
          49.46,
          670.158936,
          564.9699999999999,
          678.3872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments. ",
        "box": [
          49.46,
          682.158936,
          102.18,
          690.3872325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 17,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 4 - Commercial Mortgage Loans, Held for Investment",
        "box": [
          49.46,
          81.14892600000007,
          301.75,
          89.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Mortgage Loans, Held for Investment",
        "box": [
          49.46,
          98.14892600000007,
          258.18,
          106.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents a summary of the Company's commercial mortgage loans, held for investment, carrying ",
        "box": [
          67.46,
          116.308896,
          537.6199999999999,
          124.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "values by class (dollars in thousands):",
        "box": [
          49.46,
          128.308896,
          201.26999999999998,
          136.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          370.31,
          149.978886,
          428.36,
          158.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          466.20001,
          149.978886,
          546.96001,
          158.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior loans",
        "box": [
          52.09,
          164.228886,
          101.77,
          172.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.59,
          164.228886,
          361.09,
          172.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,279,484 ",
        "box": [
          403.63,
          164.228886,
          446.13,
          172.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          453.34,
          164.228886,
          460.84,
          172.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,376,873 ",
        "box": [
          518.38,
          164.228886,
          560.88,
          172.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine loans",
        "box": [
          52.09,
          178.478886,
          119.48999999999995,
          186.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          178.478886,
          356.09,
          186.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,095 ",
        "box": [
          416.13,
          178.478886,
          446.13,
          186.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.34,
          178.478886,
          455.84,
          186.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,563 ",
        "box": [
          530.88,
          178.478886,
          560.88,
          186.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total gross carrying value of loans",
        "box": [
          52.09,
          192.728886,
          191.10999999999999,
          200.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          192.728886,
          356.09,
          200.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,329,579 ",
        "box": [
          403.63,
          192.728886,
          446.13,
          200.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.34,
          192.728886,
          455.84,
          200.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,421,436 ",
        "box": [
          518.38,
          192.728886,
          560.88,
          200.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General allowance for credit losses",
        "box": [
          61.09,
          206.978886,
          201.44000000000003,
          215.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          206.978886,
          356.09,
          215.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,615 ",
        "box": [
          416.13,
          206.978886,
          446.13,
          215.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.34,
          206.978886,
          455.84,
          215.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,196 ",
        "box": [
          530.88,
          206.978886,
          560.88,
          215.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific allowance for credit losses",
        "box": [
          61.09,
          221.228886,
          202.55,
          229.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          221.228886,
          356.09,
          229.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,842 ",
        "box": [
          416.13,
          221.228886,
          446.13,
          229.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.34,
          221.228886,
          455.84,
          229.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,106 ",
        "box": [
          535.88,
          221.228886,
          560.88,
          229.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Allowance for credit losses",
        "box": [
          52.09,
          235.478886,
          184.70000000000002,
          243.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          235.478886,
          356.09,
          243.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,457 ",
        "box": [
          416.13,
          235.478886,
          446.13,
          243.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.34,
          235.478886,
          455.84,
          243.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,302 ",
        "box": [
          530.88,
          235.478886,
          560.88,
          243.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total commercial mortgage loans, held for investment, net",
        "box": [
          52.09,
          249.728886,
          301.04,
          257.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.59,
          249.728886,
          361.09,
          257.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,275,122 ",
        "box": [
          403.63,
          249.728886,
          446.13,
          257.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          453.34,
          249.728886,
          460.84,
          257.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,383,134 ",
        "box": [
          518.38,
          249.728886,
          560.88,
          257.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026 and year ended December 31, 2025, the activity in the Company's commercial ",
        "box": [
          67.46,
          271.308896,
          544.6300000000001,
          279.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mortgage loans, held for investment carrying values, was as follows (dollars in thousands):",
        "box": [
          49.46,
          283.30889599999995,
          412.9999999999999,
          291.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended ",
        "box": [
          360.84,
          302.97891599999997,
          442.21,
          311.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          371.25,
          312.97891599999997,
          429.3,
          321.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year Ended",
        "box": [
          481.85001,
          302.97891599999997,
          533.2000099999999,
          311.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          467.14001,
          312.97891599999997,
          547.9000100000001,
          321.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized cost, beginning of period",
        "box": [
          52.09,
          327.22891599999997,
          205.03000000000006,
          335.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.59,
          327.22891599999997,
          361.09,
          335.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,421,436 ",
        "box": [
          403.63,
          327.22891599999997,
          446.13,
          335.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          453.34,
          327.22891599999997,
          460.84,
          335.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,986,750 ",
        "box": [
          518.38,
          327.22891599999997,
          560.88,
          335.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisitions and originations",
        "box": [
          58.09,
          341.47891599999997,
          175.76000000000002,
          349.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          341.47891599999997,
          356.09,
          349.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "744,668 ",
        "box": [
          411.13,
          341.47891599999997,
          446.13,
          349.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.34,
          341.47891599999997,
          455.84,
          349.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,156,575 ",
        "box": [
          518.38,
          341.47891599999997,
          560.88,
          349.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments",
        "box": [
          58.09,
          355.72891599999997,
          142.69999999999996,
          363.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          355.72891599999997,
          356.09,
          363.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(777,210)   ",
        "box": [
          407.79999999999995,
          355.72891599999997,
          455.84,
          363.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,420,373) ",
        "box": [
          515.05,
          355.72891599999997,
          564.21,
          363.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dispositions",
        "box": [
          58.09,
          369.97891599999997,
          108.05999999999999,
          378.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          369.97891599999997,
          356.09,
          378.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          433.63,
          369.97891599999997,
          441.13,
          378.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.34,
          369.97891599999997,
          455.84,
          378.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35,116) ",
        "box": [
          527.55,
          369.97891599999997,
          564.21,
          378.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal charge-off",
        "box": [
          58.09,
          384.22891599999997,
          138.26,
          392.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          384.22891599999997,
          356.09,
          392.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,617)   ",
        "box": [
          417.79999999999995,
          384.22891599999997,
          455.84,
          392.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,860) ",
        "box": [
          527.55,
          384.22891599999997,
          564.21,
          392.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred fees and other items (1)",
        "box": [
          58.09,
          397.6773989,
          183.83899,
          406.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          398.47891599999997,
          356.09,
          406.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,027)   ",
        "box": [
          417.79999999999995,
          398.47891599999997,
          455.84,
          406.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,304) ",
        "box": [
          527.55,
          398.47891599999997,
          564.21,
          406.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization/accretion of fees and other items (1)",
        "box": [
          58.09,
          411.9273989,
          251.78899,
          420.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          412.72891599999997,
          356.09,
          420.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,479 ",
        "box": [
          421.13,
          412.72891599999997,
          446.13,
          420.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.34,
          412.72891599999997,
          455.84,
          420.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,557 ",
        "box": [
          535.88,
          412.72891599999997,
          560.88,
          420.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to real estate owned (2)",
        "box": [
          58.09,
          426.1773989,
          181.609,
          435.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          426.97891599999997,
          356.09,
          435.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(56,534)   ",
        "box": [
          412.79999999999995,
          426.97891599999997,
          455.84,
          435.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(197,396) ",
        "box": [
          522.55,
          426.97891599999997,
          564.21,
          435.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to held for sale",
        "box": [
          58.09,
          441.22891599999997,
          154.08999999999997,
          449.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          441.22891599999997,
          356.09,
          449.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          433.63,
          441.22891599999997,
          441.13,
          449.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.34,
          441.22891599999997,
          455.84,
          449.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(33,909) ",
        "box": [
          527.55,
          441.22891599999997,
          564.21,
          449.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost recovery",
        "box": [
          58.09,
          455.47891599999997,
          113.85999999999997,
          463.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          455.47891599999997,
          356.09,
          463.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,616)   ",
        "box": [
          417.79999999999995,
          455.47891599999997,
          455.84,
          463.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,488) ",
        "box": [
          532.55,
          455.47891599999997,
          564.21,
          463.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized cost, end of period",
        "box": [
          52.09,
          469.72891599999997,
          178.37,
          477.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.59,
          469.72891599999997,
          361.09,
          477.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,329,579 ",
        "box": [
          403.63,
          469.72891599999997,
          446.13,
          477.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          453.34,
          469.72891599999997,
          460.84,
          477.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,421,436 ",
        "box": [
          518.38,
          469.72891599999997,
          560.88,
          477.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses, beginning of period",
        "box": [
          52.09,
          483.97891599999997,
          253.86,
          492.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.59,
          483.97891599999997,
          361.09,
          492.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,302)  $ ",
        "box": [
          412.79999999999995,
          483.97891599999997,
          460.84,
          492.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(78,083) ",
        "box": [
          527.55,
          483.97891599999997,
          564.21,
          492.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General (provision)/benefit for credit losses",
        "box": [
          58.09,
          498.22891599999997,
          232.88000000000008,
          506.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          498.22891599999997,
          356.09,
          506.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,419)   ",
        "box": [
          417.79999999999995,
          498.22891599999997,
          455.84,
          506.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,669 ",
        "box": [
          530.88,
          498.22891599999997,
          560.88,
          506.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific (provision)/benefit for credit losses",
        "box": [
          58.09,
          512.478886,
          233.9900000000001,
          520.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          512.478886,
          356.09,
          520.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,353)   ",
        "box": [
          412.79999999999995,
          512.478886,
          455.84,
          520.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,748) ",
        "box": [
          532.55,
          512.478886,
          564.21,
          520.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge offs from specific allowance for credit losses",
        "box": [
          58.09,
          526.728886,
          269.2100000000001,
          534.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          526.728886,
          356.09,
          534.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,617 ",
        "box": [
          421.13,
          526.728886,
          446.13,
          534.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.34,
          526.728886,
          455.84,
          534.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,860 ",
        "box": [
          530.88,
          526.728886,
          560.88,
          534.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses, end of period",
        "box": [
          52.09,
          540.978886,
          227.2,
          549.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.59,
          540.978886,
          361.09,
          549.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(54,457)  $ ",
        "box": [
          412.79999999999995,
          540.978886,
          460.84,
          549.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,302) ",
        "box": [
          527.55,
          540.978886,
          564.21,
          549.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total commercial mortgage loans, held for investment, net ",
        "box": [
          52.09,
          555.228886,
          303.54,
          563.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.59,
          555.228886,
          361.09,
          563.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,275,122 ",
        "box": [
          403.63,
          555.228886,
          446.13,
          563.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          453.34,
          555.228886,
          460.84,
          563.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,383,134 ",
        "box": [
          518.38,
          555.228886,
          560.88,
          563.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          49.46,
          570.808896,
          169.46,
          579.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  Other items primarily consist of purchase discounts or premiums and deferred origination expenses.",
        "box": [
          58.46,
          587.05964001,
          426.41400000000004,
          595.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)  For additional details on properties obtained through foreclosure or deed-in-lieu of foreclosure, see Note 8 - Real Estate Owned. ",
        "box": [
          58.46,
          602.85963001,
          531.163,
          610.9864623005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, the Company's total commercial mortgage loan, held for investment, portfolio ",
        "box": [
          67.46,
          619.408936,
          564.8999999999999,
          627.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was comprised of 172 and 169 loans, respectively.",
        "box": [
          49.46,
          631.408936,
          251.22000000000006,
          639.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 18,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Loan Portfolio by Collateral Type and Geographic Region",
        "box": [
          49.46,
          81.14892600000007,
          288.9800000000001,
          89.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables present the composition by loan collateral type and region of the Company's commercial mortgage ",
        "box": [
          67.46,
          98.308896,
          549.52,
          106.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans, held for investment portfolio (dollars in thousands):",
        "box": [
          49.46,
          110.308896,
          282.5900000000001,
          118.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          316.67999,
          130.978886,
          374.72999,
          139.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          450.82999,
          130.978886,
          531.5899900000001,
          139.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Collateral Type ",
        "box": [
          52.09,
          145.228886,
          146.17999999999998,
          153.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Par Value ",
        "box": [
          287.82999,
          145.228886,
          333.33999000000006,
          153.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage ",
        "box": [
          358.51001,
          145.228886,
          408.15001000000007,
          153.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Par Value",
        "box": [
          433.32999,
          145.228886,
          476.34999000000005,
          153.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage ",
        "box": [
          504.01001,
          145.228886,
          553.6500100000003,
          153.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          52.09,
          159.478886,
          100.35999999999997,
          167.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.09,
          159.478886,
          284.59,
          167.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,467,741 ",
        "box": [
          300.13,
          159.478886,
          342.63,
          167.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  79.8  %",
        "box": [
          385.38,
          159.478886,
          416.21,
          167.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          422.59,
          159.478886,
          430.09,
          167.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,434,672 ",
        "box": [
          445.63,
          159.478886,
          488.13,
          167.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  77.5  %",
        "box": [
          530.88,
          159.478886,
          561.71,
          167.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          52.09,
          173.728886,
          96.47999999999998,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.09,
          173.728886,
          279.59,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "432,631 ",
        "box": [
          307.63,
          173.728886,
          342.63,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  10.0  %",
        "box": [
          385.38,
          173.728886,
          416.21,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.59,
          173.728886,
          425.09,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "515,144 ",
        "box": [
          453.13,
          173.728886,
          488.13,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  11.6  %",
        "box": [
          530.88,
          173.728886,
          561.71,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          52.09,
          187.978886,
          90.38999999999999,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.09,
          187.978886,
          279.59,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "268,321 ",
        "box": [
          307.63,
          187.978886,
          342.63,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.2  %",
        "box": [
          390.38,
          187.978886,
          416.21,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.59,
          187.978886,
          425.09,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "309,522 ",
        "box": [
          453.13,
          187.978886,
          488.13,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.0  %",
        "box": [
          535.88,
          187.978886,
          561.71,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          52.09,
          202.228886,
          77.60999999999999,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.09,
          202.228886,
          279.59,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,426 ",
        "box": [
          312.63,
          202.228886,
          342.63,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.3  %",
        "box": [
          390.38,
          202.228886,
          416.21,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.59,
          202.228886,
          425.09,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,259 ",
        "box": [
          458.13,
          202.228886,
          488.13,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.3  %",
        "box": [
          535.88,
          202.228886,
          561.71,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          52.09,
          216.478886,
          75.92999999999999,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.09,
          216.478886,
          279.59,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          330.13,
          216.478886,
          337.63,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  -  %",
        "box": [
          392.88,
          216.478886,
          411.21,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.59,
          216.478886,
          425.09,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,986 ",
        "box": [
          463.13,
          216.478886,
          488.13,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  -  %",
        "box": [
          538.38,
          216.478886,
          556.71,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          52.09,
          230.728886,
          74.84,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.09,
          230.728886,
          279.59,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118,277 ",
        "box": [
          307.63,
          230.728886,
          342.63,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.7  %",
        "box": [
          390.38,
          230.728886,
          416.21,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.59,
          230.728886,
          425.09,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115,928 ",
        "box": [
          453.13,
          230.728886,
          488.13,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.6  %",
        "box": [
          535.88,
          230.728886,
          561.71,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total ",
        "box": [
          64.09,
          244.978886,
          89.35,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.09,
          244.978886,
          284.59,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,343,396 ",
        "box": [
          300.13,
          244.978886,
          342.63,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100.0 %",
        "box": [
          380.38,
          244.978886,
          411.21,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          422.59,
          244.978886,
          430.09,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,435,511 ",
        "box": [
          445.63,
          244.978886,
          488.13,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100.0 %",
        "box": [
          525.88,
          244.978886,
          556.71,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          316.67999,
          269.228886,
          374.72999,
          277.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          450.82999,
          269.228886,
          531.5899900000001,
          277.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Region",
        "box": [
          52.09,
          283.47891599999997,
          106.78999999999999,
          291.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Par Value ",
        "box": [
          287.82999,
          283.47891599999997,
          333.33999000000006,
          291.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage ",
        "box": [
          358.51001,
          283.47891599999997,
          408.15001000000007,
          291.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Par Value ",
        "box": [
          433.32999,
          283.47891599999997,
          478.83999000000006,
          291.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage ",
        "box": [
          504.01001,
          283.47891599999997,
          553.6500100000003,
          291.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Southeast",
        "box": [
          52.09,
          297.72891599999997,
          90.94999999999999,
          305.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          277.09,
          297.72891599999997,
          284.59,
          305.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,733,685 ",
        "box": [
          300.13,
          297.72891599999997,
          342.63,
          305.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  39.9  %",
        "box": [
          385.38,
          297.72891599999997,
          416.21,
          305.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          422.59,
          297.72891599999997,
          430.09,
          305.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,832,831 ",
        "box": [
          445.63,
          297.72891599999997,
          488.13,
          305.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  41.4  %",
        "box": [
          530.88,
          297.72891599999997,
          561.71,
          305.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Southwest",
        "box": [
          52.09,
          311.97891599999997,
          93.74,
          320.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.09,
          311.97891599999997,
          279.59,
          320.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,332,898 ",
        "box": [
          300.13,
          311.97891599999997,
          342.63,
          320.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  30.7  %",
        "box": [
          385.38,
          311.97891599999997,
          416.21,
          320.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.59,
          311.97891599999997,
          425.09,
          320.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,431,471 ",
        "box": [
          445.63,
          311.97891599999997,
          488.13,
          320.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  32.3  %",
        "box": [
          530.88,
          311.97891599999997,
          561.71,
          320.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mideast",
        "box": [
          52.09,
          326.22891599999997,
          84.27999999999999,
          334.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          277.09,
          326.22891599999997,
          279.59,
          334.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "394,883 ",
        "box": [
          307.63,
          326.22891599999997,
          342.63,
          334.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.1  %",
        "box": [
          390.38,
          326.22891599999997,
          416.21,
          334.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.59,
          326.22891599999997,
          425.09,
          334.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "348,750 ",
        "box": [
          453.13,
          326.22891599999997,
          488.13,
          334.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.9  %",
        "box": [
          535.88,
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          561.71,
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        "box": [
          52.09,
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          88.44,
          348.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          277.09,
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          279.59,
          348.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "160,134 ",
        "box": [
          307.63,
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          342.63,
          348.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.7  %",
        "box": [
          390.38,
          340.47891599999997,
          416.21,
          348.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.59,
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          425.09,
          348.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "239,874 ",
        "box": [
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          488.13,
          348.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.4  %",
        "box": [
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          561.71,
          348.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "New England",
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        "from_ocr": false,
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        "text": " ",
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          279.59,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "137,211 ",
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          342.63,
          362.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  3.2  %",
        "box": [
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          416.21,
          362.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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          425.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "125,982 ",
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          488.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  2.8  %",
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          561.71,
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        "text": "Great Lakes",
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        "from_ocr": false,
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        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "126,749 ",
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          342.63,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  2.9  %",
        "box": [
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          416.21,
          377.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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          425.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "108,095 ",
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          488.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  2.4  %",
        "box": [
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          561.71,
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        "text": "Rocky Mountain",
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        "from_ocr": false,
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      },
      {
        "text": " ",
        "box": [
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          279.59,
          391.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "113,030 ",
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          342.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.6  %",
        "box": [
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          416.21,
          391.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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          425.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,180 ",
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          488.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  1.7  %",
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          561.71,
          391.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Various (1)",
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      },
      {
        "text": " ",
        "box": [
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          279.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,806 ",
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          342.63,
          405.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.9  %",
        "box": [
          390.38,
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          416.21,
          405.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          425.09,
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        "confidence": 1.0
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      {
        "text": "272,328 ",
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        "confidence": 1.0
      },
      {
        "text": "  6.1  %",
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          561.71,
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        "confidence": 1.0
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      {
        "text": "Total",
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          86.86,
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        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "4,343,396 ",
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      {
        "text": "  100.0 %",
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          411.21,
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        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "4,435,511 ",
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      {
        "text": "  100.0 %",
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          556.71,
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        "confidence": 1.0
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      {
        "text": "________________________",
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      {
        "text": "(1)   Represents loans secured by a portfolio of properties located in various parts of the United States.",
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      {
        "text": "Table of Contents",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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      },
      {
        "text": "June 30, 2026",
        "box": [
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      {
        "text": "(Unaudited)",
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          331.82000999999997,
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      {
        "text": "16",
        "box": [
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          311.0,
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        "text": "Allowance for Credit Losses",
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        "text": "The following table presents the quarterly changes in the Company's allowance for credit losses for the six months ended ",
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        "text": "June 30, 2026 (dollars in thousands):",
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        "text": "General Allowance for Credit Losses",
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        "text": "Specific ",
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        "text": "Allowance for ",
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        "text": "Credit Losses",
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        "text": "Funded",
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      {
        "text": "Total",
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        "text": "Total Allowance ",
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      {
        "text": "for Credit Losses",
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        "text": "December 31, 2025",
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      {
        "text": "$ ",
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        "text": "4,106 ",
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      {
        "text": "$ ",
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        "text": "34,196 ",
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      {
        "text": "$ ",
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        "text": "296 ",
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      {
        "text": "$ ",
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        "text": "34,492 ",
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      {
        "text": "$ ",
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        "text": "14,846 ",
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        "text": "(1,320)   ",
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        "text": "Charge offs",
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      {
        "text": "- ",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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        "text": "(2,617) ",
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      {
        "text": "March 31, 2026",
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        "text": "$ ",
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        "text": "36,840 ",
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        "text": "$ ",
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        "text": "54,682 ",
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      {
        "text": "Specific Allowance for Credit Losses",
        "box": [
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        "from_ocr": false,
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        "text": "The Company has elected to apply a practical expedient for collateral dependent assets in which the allowance for credit ",
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        "text": "losses is calculated as the difference between the estimated fair value of the underlying collateral, less estimated cost to sell, and ",
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      {
        "text": "the amortized cost basis of the loan. As such, these loans receivable are measured at fair value on a nonrecurring basis using ",
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        "text": "significant unobservable inputs and are classified as Level 3 assets in the fair value hierarchy. The fair value of the underlying ",
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        "text": "collateral is determined using the market approach, the income approach, or a combination thereof. The significant ",
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        "text": "unobservable input used for the income approach is the exit capitalization rate assumptions, which ranged from 5.00% to ",
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        "text": "9.25%. The significant unobservable input used for the market approach is the estimated fair value less cost to sell based on a ",
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        "text": "negotiated price from an anticipated buyer.",
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      {
        "text": "In December 2021, the Company originated a first mortgage loan with a commitment of $23.0 million secured by a ",
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      {
        "text": "multifamily property in Pennsylvania. The loan was identified by management as non-performing and placed on non-accrual ",
        "box": [
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      {
        "text": "status, with an amortized cost of $21.7 million as of December 31, 2025. The Company recorded a specific allowance for credit ",
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        "confidence": 1.0
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      {
        "text": "losses of $2.0 million on this loan as of December 31, 2025, and an additional specific allowance for credit losses of ",
        "box": [
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      {
        "text": "$0.6 million in the first quarter of 2026. The loan was paid off in March 2026 at a discount, and the Company charged off the ",
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      {
        "text": "specific allowance for credit losses at the time of the payoff.",
        "box": [
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      {
        "text": "In November 2021, the Company originated a first mortgage loan with a commitment of $39.0 million secured by a ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "multifamily property in Arizona. The loan was identified by management as non-performing and placed on non-accrual status,",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "with an amortized cost of $36.8 million, as of June 30, 2026. The Company recorded a specific allowance for credit losses",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of $3.1 million on this loan as of June 30, 2026.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In June 2022, the Company originated a first mortgage loan with a commitment of $46.0 million secured by a multifamily ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "property in North Carolina. The loan was identified by management as non-performing and placed on cost recovery status, with",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "an amortized cost of $44.0 million, as of June 30, 2026. The Company recorded a specific allowance for credit losses of",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.1 million on this loan as of June 30, 2026.",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In December 2021, the Company originated a first mortgage loan with a commitment of $82.9 million secured by two ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "multifamily properties in North Carolina. The loan was identified by management as non-performing and placed on cost ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "recovery status, with an amortized cost of $79.8 million, as of June 30, 2026. The Company recorded a specific allowance for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "credit losses of $13.2 million on this loan as of June 30, 2026.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In October 2022, the Company originated a first mortgage loan with a commitment of $34.3 million secured by a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "multifamily property in Texas. The loan was identified by management as non-performing and placed on cost recovery status, ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "with an amortized cost of $30.4 million, as of June 30, 2026. The Company recorded a specific allowance for credit losses of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$0.4 million on this loan as of June 30, 2026.",
        "box": [
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      {
        "text": "Table of Contents",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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      {
        "text": "June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
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        "confidence": 1.0
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      {
        "text": "17",
        "box": [
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      {
        "text": "General Allowance for Credit Losses",
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      {
        "text": "The Company recorded a total increase in its general allowance for credit losses during the three and six months ended ",
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      {
        "text": "June 30, 2026 of $3.7 million and $2.3 million, respectively. The primary driver for the higher reserve balance for both periods ",
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      {
        "text": "is attributable to worsening economic scenario projections used in our CECL model compared to preceding periods. Changes in ",
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        "text": "the provision for credit losses for the Company's financial instruments are recorded in ",
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      {
        "text": "(Provision)/benefit for credit losses",
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          142.5472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " in ",
        "box": [
          538.35004,
          134.31890600000008,
          551.12004,
          142.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the consolidated statements of operations with a corresponding offset to the financial instrument's amortized cost recorded in ",
        "box": [
          49.46,
          146.308896,
          552.4599999999999,
          154.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the consolidated balance sheet, or as a component of ",
        "box": [
          49.46,
          158.31890600000008,
          261.97,
          166.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and accrued expenses",
        "box": [
          261.97,
          158.31890600000008,
          422.90000000000003,
          166.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " for unfunded loan commitments.",
        "box": [
          422.89999,
          158.31890600000008,
          556.3899899999999,
          166.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Past Due Status",
        "box": [
          49.46,
          175.14892600000007,
          114.97999999999999,
          183.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents a summary of the loans amortized cost basis as of June 30, 2026 (dollars in thousands):",
        "box": [
          67.46,
          192.308896,
          532.5799799999999,
          200.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current",
        "box": [
          260.35001,
          227.978886,
          295.31001000000003,
          236.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less than 90 ",
        "box": [
          332.92001,
          217.978886,
          388.74001,
          226.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "days past due",
        "box": [
          330.69,
          227.978886,
          388.47999999999996,
          236.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90 or more days ",
        "box": [
          407.04999,
          217.978886,
          478.11999,
          226.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "past due (1)",
        "box": [
          419.63,
          227.17736890000003,
          463.03901999999994,
          236.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          511.70001,
          227.978886,
          534.47001,
          236.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026",
        "box": [
          52.09,
          242.228886,
          134.57999999999998,
          250.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.09,
          242.228886,
          248.59,
          250.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,961,365 ",
        "box": [
          273.13,
          242.228886,
          315.63,
          250.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          322.84,
          242.228886,
          330.34,
          250.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,948 ",
        "box": [
          362.38,
          242.228886,
          397.38,
          250.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          404.59,
          242.228886,
          412.09,
          250.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "238,266 ",
        "box": [
          444.13,
          242.228886,
          479.13,
          250.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.34,
          242.228886,
          493.84,
          250.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,329,579 ",
        "box": [
          518.38,
          242.228886,
          560.88,
          250.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          49.46,
          257.808896,
          169.46,
          266.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  Comprised of seven mortgage loans, one of which was collateralized by an office property and the other six by multifamily properties. ",
        "box": [
          58.46,
          274.05964001000007,
          553.3069999999998,
          282.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The mortgage loan collateralized by an office property and four mortgage loans collateralized by multifamily properties have been ",
        "box": [
          67.46,
          285.5810254,
          539.8520000000001,
          292.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "designated as non-performing.",
        "box": [
          67.46,
          296.38101539999997,
          177.18800000000007,
          303.7864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-performing Status",
        "box": [
          49.46,
          312.04891599999996,
          145.26,
          320.2772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the amortized cost basis of our non-performing loans as of June 30, 2026 and December 31, ",
        "box": [
          67.46,
          329.208896,
          553.6700000000002,
          337.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 (dollars in thousands):",
        "box": [
          49.46,
          341.208896,
          161.33999999999997,
          349.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          371.81,
          361.878906,
          429.86,
          370.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          469.20001,
          361.878906,
          549.9600100000001,
          370.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-performing loan amortized cost at beginning of year, January 1",
        "box": [
          52.09,
          376.128906,
          324.5900000000001,
          384.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          350.59,
          376.128906,
          358.09,
          384.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "213,980 ",
        "box": [
          417.13,
          376.128906,
          452.13,
          384.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          459.34,
          376.128906,
          466.84,
          384.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,230 ",
        "box": [
          525.88,
          376.128906,
          560.88,
          384.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Addition of non-performing loan amortized cost",
        "box": [
          52.09,
          390.378906,
          244.97000000000014,
          398.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          350.59,
          390.378906,
          353.09,
          398.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "280,608 ",
        "box": [
          417.13,
          390.378906,
          452.13,
          398.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          459.34,
          390.378906,
          461.84,
          398.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "346,323 ",
        "box": [
          525.88,
          390.378906,
          560.88,
          398.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Removal of non-performing loan amortized cost",
        "box": [
          52.09,
          404.628906,
          269.0800000000001,
          412.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          350.59,
          404.628906,
          353.09,
          412.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150,364 ",
        "box": [
          417.13,
          404.628906,
          452.13,
          412.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          459.34,
          404.628906,
          461.84,
          412.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "265,573 ",
        "box": [
          525.88,
          404.628906,
          560.88,
          412.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-performing loan amortized cost end of period",
        "box": [
          52.09,
          418.878906,
          266.93000000000006,
          427.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          266.92999,
          418.0773889,
          274.5089899999999,
          423.4257816615188
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          350.59,
          418.878906,
          358.09,
          427.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,224 ",
        "box": [
          417.13,
          418.878906,
          452.13,
          427.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          459.34,
          418.878906,
          466.84,
          427.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "213,980 ",
        "box": [
          525.88,
          418.878906,
          560.88,
          427.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          49.46,
          434.458896,
          169.46,
          442.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  As of June 30, 2026 and December 31, 2025, the Company had nine and seven loans, respectively, designated as non-performing. As of ",
        "box": [
          58.46,
          449.40965001,
          558.5109899999997,
          457.5364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026, four non-performing loans were placed on cost recovery status, one of which was collateralized by an office property and ",
        "box": [
          67.46,
          460.2110254,
          561.4129999999998,
          467.6164923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the other three of which were collateralized by multifamily properties, with a combined specific allowance for credit losses of ",
        "box": [
          67.46,
          470.2910154,
          522.8159899999999,
          477.6964823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$14.8 million. The other five were collateralized by multifamily properties and placed on non-accrual status, one of which had a specific ",
        "box": [
          67.46,
          480.3710054,
          561.0849899999997,
          487.7764723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allowance for credit losses of $3.1 million. As of December 31, 2025, four non-performing loans were placed on cost recovery status, ",
        "box": [
          67.46,
          490.4510154,
          550.6869899999997,
          497.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "one of which was collateralized by an office property and the other three by multifamily properties with a combined specific allowance ",
        "box": [
          67.46,
          500.53100539999997,
          556.3979899999998,
          507.9364723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for credit losses of $4.1 million. The other three were collateralized by multifamily properties and placed on non-accrual status with no ",
        "box": [
          67.46,
          510.6110254,
          556.0589999999999,
          518.0164923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "specific allowance for credit losses.",
        "box": [
          67.46,
          520.6910353999999,
          195.6740000000001,
          528.0965023005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Credit Characteristics, Quality and Vintage",
        "box": [
          49.46,
          535.638916,
          252.07000000000008,
          543.8672125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held ",
        "box": [
          67.46,
          550.798886,
          559.2899999999998,
          559.0271825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. ",
        "box": [
          49.46,
          562.798886,
          549.1699999999998,
          571.0271825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The loans are scored on a scale of 1 to 5 as follows: ",
        "box": [
          49.46,
          574.798886,
          258.40000000000003,
          583.0271825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment ",
        "box": [
          56.71,
          592.468936,
          106.95999999999998,
          600.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rating",
        "box": [
          66.14,
          602.468936,
          95.02,
          610.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Summary Description",
        "box": [
          291.53,
          602.468936,
          385.62999999999994,
          610.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          79.02,
          625.718936,
          84.02,
          633.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Very Low Risk",
        "box": [
          117.34,
          615.728886,
          177.83,
          623.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  -  Investment exceeding fundamental performance expectations and/or capital gain expected. ",
        "box": [
          177.81999,
          615.728886,
          562.2799900000002,
          623.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trends and risk factors since time of investment are favorable.",
        "box": [
          117.34,
          625.718936,
          367.02,
          633.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          79.02,
          648.968936,
          84.02,
          657.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Low Risk",
        "box": [
          117.34,
          638.978886,
          154.35999999999999,
          647.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - Performing consistent with expectations and a full return of principal and interest expected. Trends ",
        "box": [
          154.34999,
          638.978886,
          562.3099900000002,
          647.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and risk factors are neutral to favorable.",
        "box": [
          117.34,
          648.968936,
          276.85000000000014,
          657.1972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          79.02,
          672.218936,
          84.02,
          680.4472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average  Risk",
        "box": [
          117.34,
          662.228886,
          172.54999999999998,
          670.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  -  Performing  investments  requiring  closer  monitoring.  Trends  and  risk  factors  show  some ",
        "box": [
          172.53999,
          662.228886,
          562.3099899999999,
          670.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deterioration.",
        "box": [
          117.34,
          672.218936,
          170.87000000000006,
          680.4472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          79.02,
          695.468936,
          84.02,
          703.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "High Risk/Delinquent/Defaulted/Potential For Loss ",
        "box": [
          117.34,
          685.478886,
          327.72,
          693.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Underperforming investment with the potential of some ",
        "box": [
          328.10999,
          685.478886,
          562.2599899999998,
          693.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest loss but still expecting a positive return on investment. Trends and risk factors are negative.",
        "box": [
          117.34,
          695.468936,
          515.4699999999998,
          703.6972325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          79.02,
          718.718936,
          84.02,
          726.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impaired/Defaulted/Loss Likely",
        "box": [
          117.34,
          708.728886,
          244.15000000000006,
          716.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - Underperforming investment with expected loss of interest and some ",
        "box": [
          244.14,
          708.728886,
          530.7799999999997,
          716.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal.",
        "box": [
          117.34,
          718.718936,
          155.34000000000003,
          726.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
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      {
        "text": "June 30, 2026",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(Unaudited)",
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      {
        "text": "18",
        "box": [
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          311.0,
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  {
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        "text": "All commercial mortgage loans, excluding loans classified as ",
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      {
        "text": "Commercial mortgage loans, held for sale, measured at fair ",
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      {
        "text": "value",
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      {
        "text": " within the consolidated balance sheets, are assigned an initial risk rating of 2. As of June 30, 2026 and December 31, ",
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        "text": "2025, the weighted average risk rating of loans was 2.4 and 2.4, respectively.",
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        "text": "The following tables present the par value and amortized cost of our commercial mortgage loans, held for investment as of ",
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      {
        "text": "June 30, 2026 and December 31, 2025, by the Company's internal risk rating and year of origination (dollars in thousands):",
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          134.308896,
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      {
        "text": "June 30, 2026",
        "box": [
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      {
        "text": "Amortized Cost by Year of Origination",
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      {
        "text": "Risk ",
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      {
        "text": "Rating",
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      {
        "text": "Number ",
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      {
        "text": "of Loans",
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      {
        "text": "Total Par ",
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      {
        "text": "Value",
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      {
        "text": "2026",
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      {
        "text": "2025",
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      {
        "text": "2024",
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      {
        "text": "2023",
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      {
        "text": "2022",
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      {
        "text": "Prior",
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      {
        "text": "Total ",
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        "text": "Cost",
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        "text": "% of ",
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        "text": "  -  %",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "14,756 ",
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          462.712,
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      {
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          514.82999,
          421.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
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      {
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          561.71697,
          421.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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        "box": [
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          185.59,
          433.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
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        "from_ocr": false,
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        "text": "138,889 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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        "box": [
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          415.462,
          433.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          426.1010154,
          458.212,
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        "from_ocr": false,
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      {
        "text": "246,679",
        "box": [
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          514.82999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  5.6  %",
        "box": [
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          561.71697,
          433.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "5",
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        "from_ocr": false,
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          113.02,
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        "from_ocr": false,
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          138.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "126,177 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          316.462,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
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        "from_ocr": false,
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        "text": "44,483 ",
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        "from_ocr": false,
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        "text": " ",
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        "from_ocr": false,
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      {
        "text": "58,504 ",
        "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": "21,095 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          472.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "124,082 ",
        "box": [
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          515.9649999999999,
          445.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  2.8  %",
        "box": [
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          561.71697,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total",
        "box": [
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          78.592,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "169",
        "box": [
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          117.52,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,435,511 ",
        "box": [
          136.09,
          450.8510154,
          178.84,
          458.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          183.34,
          450.8510154,
          190.09,
          458.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "982,678 ",
        "box": [
          194.96800000000002,
          450.8510154,
          226.46800000000002,
          458.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  1,480,534 ",
        "box": [
          233.59,
          450.8510154,
          276.34000000000003,
          458.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  452,282 ",
        "box": [
          280.84,
          450.8510154,
          320.962,
          458.2564823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  791,010 ",
        "box": [
          328.09,
          450.8510154,
          368.212,
          458.2564823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  658,522 ",
        "box": [
          375.34,
          450.8510154,
          415.462,
          458.2564823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          422.59,
          450.8510154,
          429.34,
          458.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,410 ",
        "box": [
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          462.712,
          458.2564823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,421,436 ",
        "box": [
          469.84,
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          515.9649999999999,
          458.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100.0 %",
        "box": [
          529.46997,
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          557.20797,
          458.2564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses",
        "box": [
          363.44,
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          461.6659999999999,
          472.5064823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          469.84,
          465.1010154,
          472.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,302) ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total carrying value, net",
        "box": [
          366.64999,
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          461.64499,
          486.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,383,134 ",
        "box": [
          469.84,
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          486.7564823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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          22.037192556182617
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        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
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          25.648926000000074,
          395.9499900000004,
          33.87722255618269
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        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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  {
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    "cells": [
      {
        "text": "Note 5 - Commercial Mortgage Loans, Held for Sale",
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      {
        "text": "Commercial Mortgage Loans, Held for sale, Measured at Fair Value ",
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      {
        "text": "Our commercial mortgage loans, held for sale, measured at fair value (\"CML, HFS at fair value\") are comprised of both ",
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      {
        "text": "Agency loans and non-Agency loans. Our Agency loans held for sale are typically sold within 60 days of loan origination, ",
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        "confidence": 1.0
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      {
        "text": "while non-Agency loans are generally expected to be sold to third parties or securitized within 180 days of loan origination. The ",
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      {
        "text": "following table shows the aggregate unpaid principal balance and fair value of our mortgage loans, held for sale, measured at ",
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      {
        "text": "fair value (dollars in thousands):",
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          163.308896,
          179.32999999999996,
          171.53719255618262
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        "from_ocr": false,
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      },
      {
        "text": "June 30, 2026",
        "box": [
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          343.22999,
          192.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
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          192.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Aggregate UPB",
        "box": [
          239.42,
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          305.75000000000006,
          206.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fair Value",
        "box": [
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          198.228886,
          378.73,
          206.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aggregate UPB",
        "box": [
          405.92001,
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          472.2500100000001,
          206.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fair Value",
        "box": [
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          545.2300000000001,
          206.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Agency loans",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          235.09,
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          242.59,
          220.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244,068 ",
        "box": [
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          212.478886,
          311.13,
          220.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          318.34,
          212.478886,
          325.84,
          220.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "247,392 ",
        "box": [
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          212.478886,
          394.38,
          220.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          401.59,
          212.478886,
          409.09,
          220.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "324,162 ",
        "box": [
          442.63,
          212.478886,
          477.63,
          220.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          484.84,
          212.478886,
          492.34,
          220.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "331,218 ",
        "box": [
          525.88,
          212.478886,
          560.88,
          220.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Agency loans",
        "box": [
          52.09,
          226.728886,
          127.30999999999997,
          234.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          235.09,
          226.728886,
          237.59,
          234.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,500 ",
        "box": [
          286.13,
          226.728886,
          311.13,
          234.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          318.34,
          226.728886,
          320.84,
          234.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,450 ",
        "box": [
          369.38,
          226.728886,
          394.38,
          234.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          401.59,
          226.728886,
          404.09,
          234.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,500 ",
        "box": [
          447.63,
          226.728886,
          477.63,
          234.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.84,
          226.728886,
          487.34,
          234.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,500 ",
        "box": [
          530.88,
          226.728886,
          560.88,
          234.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total commercial mortgage loans, held ",
        "box": [
          52.09,
          239.978886,
          220.83000000000004,
          248.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for sale, measured at fair value",
        "box": [
          52.09,
          249.978886,
          184.20000000000002,
          258.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          235.09,
          249.978886,
          242.59,
          258.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "248,568 ",
        "box": [
          276.13,
          249.978886,
          311.13,
          258.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          318.34,
          249.978886,
          325.84,
          258.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "251,842 ",
        "box": [
          359.38,
          249.978886,
          394.38,
          258.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          401.59,
          249.978886,
          409.09,
          258.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "353,662 ",
        "box": [
          442.63,
          249.978886,
          477.63,
          258.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          484.84,
          249.978886,
          492.34,
          258.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "360,718 ",
        "box": [
          525.88,
          249.978886,
          560.88,
          258.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, respectively, there were no loans that were 90 days or more past due or on a ",
        "box": [
          67.46,
          270.558896,
          556.7400000000001,
          278.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-accrual status.",
        "box": [
          49.46,
          282.55889599999995,
          124.35999999999996,
          290.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 23,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 6 - Mortgage Servicing Rights",
        "box": [
          49.46,
          81.14892600000007,
          199.61000000000004,
          89.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage Servicing Rights ('MSRs') represent servicing rights retained by the Company for loans it originates and sells. ",
        "box": [
          67.46,
          98.308896,
          555.2799999999999,
          106.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The servicing fees are collected from the monthly payments made by the borrowers. The Company generally receives other ",
        "box": [
          49.46,
          110.308896,
          545.7900000000002,
          118.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remuneration including rights to various loan fees such as late charges, collateral re-conveyance charges, loan prepayment ",
        "box": [
          49.46,
          122.308896,
          540.48,
          130.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "penalties, and other ancillary fees. In addition, the Company earns placement fees on funds held pending remittance related to ",
        "box": [
          49.46,
          134.308896,
          554.9200000000002,
          142.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its collection of loan principal and escrow balances.  As of June 30, 2026, the Company had a servicing portfolio consisting of ",
        "box": [
          49.46,
          146.308896,
          557.0199999999999,
          154.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,051 loans with an unpaid principal balance of $22.3 billion for which it owns MSRs. As of December 31, 2025, the Company ",
        "box": [
          49.46,
          158.308896,
          562.10999,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "had a servicing portfolio consisting of 1,042 loans with an unpaid principal balance of $21.6 billion for which it owns MSRs.",
        "box": [
          49.46,
          170.308896,
          549.8699799999998,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity related to MSRs for the six months ended June 30, 2026 and the year ended December 31, 2025 was as follows (in ",
        "box": [
          67.46,
          187.308896,
          563.4100000000001,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          49.46,
          199.308896,
          95.55,
          207.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2026",
        "box": [
          389.62,
          226.178896,
          529.04,
          234.40719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Beginning balance, as of January 1, 2026",
        "box": [
          52.09,
          240.428896,
          225.92000000000002,
          248.65719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.84,
          240.428896,
          366.34,
          248.65719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "212,216 ",
        "box": [
          525.88,
          240.428896,
          560.88,
          248.65719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additions",
        "box": [
          52.09,
          254.678896,
          91.50999999999999,
          262.9071925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          254.678896,
          361.34,
          262.9071925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,602 ",
        "box": [
          530.88,
          254.678896,
          560.88,
          262.9071925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          52.09,
          268.928896,
          105.34999999999997,
          277.1571925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          268.928896,
          361.34,
          277.1571925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,863) ",
        "box": [
          527.55,
          268.928896,
          564.21,
          277.1571925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impairment reversal",
        "box": [
          52.09,
          283.17889599999995,
          132.80999999999997,
          291.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          283.17889599999995,
          361.34,
          291.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,601 ",
        "box": [
          535.88,
          283.17889599999995,
          560.88,
          291.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prepayments and write-offs",
        "box": [
          52.09,
          297.42889599999995,
          162.53000000000003,
          305.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          297.42889599999995,
          361.34,
          305.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,007) ",
        "box": [
          532.55,
          297.42889599999995,
          564.21,
          305.6571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending balance, as of June 30, 2026",
        "box": [
          52.09,
          311.67889599999995,
          203.72,
          319.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.84,
          311.67889599999995,
          366.34,
          319.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "205,549 ",
        "box": [
          525.88,
          311.67889599999995,
          560.88,
          319.9071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year Ended December 31, 2025",
        "box": [
          392.03,
          342.128906,
          526.6400000000001,
          350.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Beginning balance, as of January 1, 2025",
        "box": [
          52.09,
          356.378906,
          225.92000000000002,
          364.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.84,
          356.378906,
          366.34,
          364.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.38,
          356.378906,
          555.88,
          364.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired MSRs at July 1, 2025",
        "box": [
          52.09,
          370.628906,
          178.12999999999997,
          378.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          370.628906,
          361.34,
          378.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "211,545 ",
        "box": [
          525.88,
          370.628906,
          560.88,
          378.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additions",
        "box": [
          52.09,
          384.878906,
          91.50999999999999,
          393.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          384.878906,
          361.34,
          393.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,295 ",
        "box": [
          530.88,
          384.878906,
          560.88,
          393.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          52.09,
          399.128906,
          105.34999999999997,
          407.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          399.128906,
          361.34,
          407.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,434) ",
        "box": [
          527.55,
          399.128906,
          564.21,
          407.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impairment",
        "box": [
          52.09,
          413.378906,
          98.69999999999997,
          421.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          413.378906,
          361.34,
          421.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,590) ",
        "box": [
          532.55,
          413.378906,
          564.21,
          421.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prepayments and write-offs",
        "box": [
          52.09,
          427.628906,
          162.53000000000003,
          435.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          427.628906,
          361.34,
          435.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,600) ",
        "box": [
          532.55,
          427.628906,
          564.21,
          435.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending balance, as of December 31, 2025",
        "box": [
          52.09,
          441.878906,
          226.43000000000004,
          450.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.84,
          441.878906,
          366.34,
          450.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "212,216 ",
        "box": [
          525.88,
          441.878906,
          560.88,
          450.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The discount rates used to determine the present value of the MSRs, at recognition, were between 8%-14% (representing a ",
        "box": [
          67.46,
          462.458896,
          559.9500000000002,
          470.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average discount rate of 10.0%) as of June 30, 2026. The weighted average estimated life remaining of the MSRs was ",
        "box": [
          49.46,
          474.458896,
          562.2399999999999,
          482.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.1 years as of June 30, 2026. The weighted average estimated life remaining of the MSRs was 6.4 years as of December 31, ",
        "box": [
          49.46,
          486.458896,
          550.6099800000002,
          494.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025.",
        "box": [
          49.46,
          498.458896,
          71.96,
          506.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual servicing fees, including late fees, and ancillary fees were $24.5 million for the six months ended June 30, ",
        "box": [
          67.46,
          515.458926,
          543.29998,
          523.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, and are included in servicing fees, net in the consolidated statement of operations. At June 30, 2026, $0 of MSRs were ",
        "box": [
          49.46,
          527.458926,
          550.3700000000001,
          535.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considered impaired. At December 31, 2025, $2.6 million of MSRs were considered impaired. ",
        "box": [
          49.46,
          539.458926,
          429.63999999999993,
          547.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The expected amortization of capitalized MSRs recorded at June 30, 2026 is as follows (in thousands):",
        "box": [
          67.46,
          556.458926,
          478.1299799999998,
          564.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year",
        "box": [
          52.09,
          583.628906,
          73.18,
          591.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          430.75,
          583.628906,
          487.91999999999996,
          591.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (July-December)",
        "box": [
          52.09,
          597.878906,
          142.28,
          606.1072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.84,
          597.878906,
          366.34,
          606.1072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,857 ",
        "box": [
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          560.88,
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      {
        "text": "2027",
        "box": [
          52.09,
          612.128906,
          72.09,
          620.3572025561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          612.128906,
          361.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,611 ",
        "box": [
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          612.128906,
          560.88,
          620.3572025561828
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2028",
        "box": [
          52.09,
          626.378906,
          72.09,
          634.6072025561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          626.378906,
          361.34,
          634.6072025561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,945 ",
        "box": [
          530.88,
          626.378906,
          560.88,
          634.6072025561828
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        "from_ocr": false,
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      {
        "text": "2029",
        "box": [
          52.09,
          640.628906,
          72.09,
          648.8572025561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.84,
          640.628906,
          361.34,
          648.8572025561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,263 ",
        "box": [
          530.88,
          640.628906,
          560.88,
          648.8572025561828
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        "from_ocr": false,
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      {
        "text": "2030",
        "box": [
          52.09,
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          72.09,
          663.1072025561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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          654.878906,
          361.34,
          663.1072025561828
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        "from_ocr": false,
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      {
        "text": "18,395 ",
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          560.88,
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        "from_ocr": false,
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      {
        "text": "Thereafter",
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          93.66999999999997,
          677.3572025561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          361.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,478 ",
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          560.88,
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        "from_ocr": false,
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      },
      {
        "text": "Total",
        "box": [
          58.09,
          683.378906,
          80.86,
          691.6072025561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.84,
          683.378906,
          366.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "205,549 ",
        "box": [
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on scheduled maturities, actual amortization may vary from these estimates. ",
        "box": [
          67.46,
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          400.60999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
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          25.648926000000074,
          395.9499900000004,
          33.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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          438.1500100000005,
          45.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 24,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 7 - Real Estate Securities",
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      {
        "text": "Real Estate Securities Classified As Available For Sale",
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          275.04999999999995,
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        "confidence": 1.0
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      {
        "text": "The following is a summary of the Company's real estate securities, available for sale, measured at fair value, as of June 30, ",
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          114.50890600000002,
          564.74999,
          122.73720255618264
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and December 31, 2025 (dollars in thousands):",
        "box": [
          49.46,
          125.70892600000002,
          259.30999,
          133.93722255618263
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS Bonds",
        "box": [
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          384.8500000000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Number ",
        "box": [
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          194.60001000000003,
          197.05721255618266
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        "confidence": 1.0
      },
      {
        "text": "of Bonds",
        "box": [
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          198.82891600000005,
          193.08,
          207.05721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Benchmark ",
        "box": [
          207.10001,
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          259.56001000000003,
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        "from_ocr": false,
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      {
        "text": "Interest ",
        "box": [
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          251.23000000000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Rate",
        "box": [
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          242.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted ",
        "box": [
          280.17001,
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          318.75001,
          187.05721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average ",
        "box": [
          282.95001,
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          320.96001000000007,
          197.05721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted ",
        "box": [
          355.92001,
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          394.50001,
          167.05721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average ",
        "box": [
          358.70001,
          168.82891600000005,
          396.71001000000007,
          177.05721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual ",
        "box": [
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          404.77001,
          187.05721255618266
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        "confidence": 1.0
      },
      {
        "text": "Maturity ",
        "box": [
          357.03,
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          398.37999999999994,
          197.05721255618266
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        "confidence": 1.0
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      {
        "text": "(years)",
        "box": [
          361.75,
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      {
        "text": "Par Value",
        "box": [
          429.95001,
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      {
        "text": "Fair Value",
        "box": [
          503.57001,
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          549.3600100000001,
          207.05721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          52.09,
          222.07891600000005,
          107.91,
          230.30721255618266
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13",
        "box": [
          169.33,
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          179.33,
          230.30721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 Month ",
        "box": [
          215.94,
          212.07891600000005,
          252.6,
          220.30721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR",
        "box": [
          220.52,
          222.07891600000005,
          245.53,
          230.30721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.60%",
        "box": [
          288.73001,
          222.07891600000005,
          314.56001,
          230.30721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.8",
        "box": [
          370.20999,
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          382.70999,
          230.30721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.09,
          222.07891600000005,
          425.59,
          230.30721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,159 ",
        "box": [
          450.88,
          222.07891600000005,
          485.88,
          230.30721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          493.09,
          222.07891600000005,
          500.59,
          230.30721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,247 ",
        "box": [
          525.88,
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          560.88,
          230.30721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          52.09,
          248.32891600000005,
          130.63,
          256.55721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
          169.33,
          248.32891600000005,
          179.33,
          256.55721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 Month ",
        "box": [
          215.94,
          238.32891600000005,
          252.6,
          246.55721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR",
        "box": [
          220.52,
          248.32891600000005,
          245.53,
          256.55721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.61%",
        "box": [
          288.73001,
          248.32891600000005,
          314.56001,
          256.55721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.4",
        "box": [
          370.20999,
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          382.70999,
          256.55721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.09,
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          425.59,
          256.55721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,362 ",
        "box": [
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          485.88,
          256.55721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          500.59,
          256.55721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,662 ",
        "box": [
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          560.88,
          256.55721255618266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company classified its CMBS bonds as available for sale and reports them at fair value in the consolidated balance ",
        "box": [
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          547.97,
          277.13723255618265
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheets with changes in fair value recorded in ",
        "box": [
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          229.79000000000008,
          289.1472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive income/(loss) ",
        "box": [
          229.79001,
          280.91891599999997,
          426.78000999999995,
          289.1472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the consolidated balance ",
        "box": [
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          537.7300000000001,
          289.1472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheets.",
        "box": [
          49.46,
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          76.36999999999999,
          301.1372025561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The following table shows the amortized cost, unrealized gain/(loss) and fair value of the Company's CMBS bonds as of ",
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          551.55,
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        "confidence": 1.0
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      {
        "text": "June 30, 2026 and December 31, 2025 (dollars in thousands):",
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          49.46,
          321.90890599999994,
          295.13,
          330.1372025561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Amortized ",
        "box": [
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          345.328916,
          346.57999,
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        "confidence": 1.0
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      {
        "text": "Cost",
        "box": [
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          355.328916,
          331.04999,
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        "confidence": 1.0
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      {
        "text": "Unrealized ",
        "box": [
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          416.13,
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        "confidence": 1.0
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      {
        "text": "Gain",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unrealized ",
        "box": [
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          485.51000000000005,
          353.5572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Loss)",
        "box": [
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          472.76,
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        "from_ocr": false,
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      {
        "text": "Fair Value",
        "box": [
          506.57001,
          355.328916,
          552.3600100000001,
          363.5572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          52.09,
          369.578916,
          107.91,
          377.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          291.34,
          369.578916,
          298.84,
          377.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,905 ",
        "box": [
          317.38,
          369.578916,
          352.38,
          377.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.34,
          369.578916,
          367.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43 ",
        "box": [
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          369.578916,
          421.38,
          377.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          429.34,
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          436.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(701) ",
        "box": [
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          494.4599999999999,
          377.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.09,
          369.578916,
          506.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,247 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          52.09,
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          130.63,
          395.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          291.34,
          386.828916,
          298.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,946 ",
        "box": [
          317.38,
          386.828916,
          352.38,
          395.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.34,
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          367.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76 ",
        "box": [
          408.88,
          386.828916,
          421.38,
          395.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          429.34,
          386.828916,
          436.84,
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        "confidence": 1.0
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      {
        "text": "(360) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.09,
          386.828916,
          506.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "151,662 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the Company held 13 CMBS bonds with an amortized cost basis of $187.9 million and a net ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "unrealized loss of $0.7 million, ten of which were held in a gross unrealized loss position of $0.7 million. As of December 31, ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "2025, the Company held 10 CMBS bonds with an amortized cost basis of $151.9 million and a net unrealized loss of $0.3 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, seven of which were held in a gross unrealized loss position of $0.4 million. As of June 30, 2026 and December 31, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, zero positions had an unrealized loss for a period greater than twelve months. As of June 30, 2026 and December 31, ",
        "box": [
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      {
        "text": "2025, the fair value of the Company's CMBS bonds that were in an unrealized loss position for less than twelve months was ",
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      {
        "text": "$148.3 million and $105.9 million, respectively. ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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          438.1500100000005,
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        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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          335.02000000000004,
          57.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Unaudited)",
        "box": [
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          331.82000999999997,
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      {
        "text": "22",
        "box": [
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          311.0,
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        "confidence": 1.0
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  {
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    "cells": [
      {
        "text": " Note 8 - Real Estate Owned",
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      {
        "text": "Real Estate Owned, Held for Investment ",
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      {
        "text": "The following table summarizes the Company's real estate owned, held for investment assets as of June 30, 2026 and ",
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      {
        "text": "December 31, 2025 (dollars in thousands):",
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      {
        "text": "As of June 30, 2026",
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        "confidence": 1.0
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      {
        "text": "Acquisition Date",
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        "confidence": 1.0
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      {
        "text": "Property Type",
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        "confidence": 1.0
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      {
        "text": "Primary ",
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        "confidence": 1.0
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      {
        "text": "Location(s)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Land",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Building and ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Improvements",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Furniture, ",
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        "confidence": 1.0
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      {
        "text": "Fixtures and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Equipment",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Accumulated ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Depreciation",
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      {
        "text": "Real Estate ",
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      {
        "text": "Owned, net",
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          575.1009799999999,
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        "confidence": 1.0
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      {
        "text": "September 2021 (1)",
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      {
        "text": "Industrial",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Jeffersonville, GA",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "3,436 ",
        "box": [
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          319.46799999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "84,259 ",
        "box": [
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          390.715,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          404.59,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,929 ",
        "box": [
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          455.962,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          469.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(10,934) ",
        "box": [
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          524.218,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "79,690 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "August 2023",
        "box": [
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        "confidence": 1.0
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        "text": "Office",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Portland, OR",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "16,479 ",
        "box": [
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          319.46799999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,065 ",
        "box": [
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          390.715,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          465.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(146) ",
        "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": "18,398 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "June 2026 (2)",
        "box": [
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Huntersville, NC",
        "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": "8,000 ",
        "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": "58,505 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          463.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "66,505 ",
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      {
        "text": "Total",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ 27,915 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "144,829 ",
        "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": "2,929 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,080) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "164,593 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See notes below.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Property Type",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Primary ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Location(s)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Land",
        "box": [
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          310.59099000000003,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Building and ",
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        "from_ocr": false,
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      {
        "text": "Furniture, ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fixtures and ",
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        "from_ocr": false,
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      {
        "text": "Equipment",
        "box": [
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        "text": "Accumulated ",
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        "from_ocr": false,
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        "text": "Depreciation",
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        "from_ocr": false,
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      {
        "text": "Real Estate ",
        "box": [
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        "text": "Owned, net",
        "box": [
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      {
        "text": "September 2021 (1)",
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      {
        "text": "Industrial",
        "box": [
          142.09,
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      {
        "text": "Jeffersonville, GA",
        "box": [
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      {
        "text": "$  3,436 ",
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          317.215,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "84,259 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          402.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,929 ",
        "box": [
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          453.712,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          467.59,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(9,783) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "80,841 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "August 2023",
        "box": [
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      {
        "text": "Office",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Portland, OR",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  16,479 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,065 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          460.84,
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          463.09,
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        "from_ocr": false,
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      {
        "text": "(120) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "18,424 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Total",
        "box": [
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          78.592,
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      {
        "text": "$  19,915 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "86,324 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2,929 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(9,903) ",
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        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "99,265 ",
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      {
        "text": "________________________",
        "box": [
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      {
        "text": "(1)  The Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, Jeffersonville ",
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      {
        "text": "Member, LLC (the 'Jeffersonville JV') to acquire a triple net lease property in Jeffersonville, GA. Refer to Note 18 - Related Party ",
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      {
        "text": "Transactions and Arrangements for details.",
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      {
        "text": "(2)  During the quarter, the Company obtained the property through foreclosure and classified it as construction-in-progress. The Company ",
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      {
        "text": "recognized a $9.7 million gain within ",
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      {
        "text": "Gain/(loss) on other real estate investments",
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      {
        "text": " in the consolidated financial statements of operations, ",
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      {
        "text": "primarily related to a fair value adjustment as of the acquisition date. ",
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      {
        "text": "Depreciation expense for the three and six months ended June 30, 2026 totaled $0.6 million and $1.2 million, respectively. ",
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        "confidence": 1.0
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      {
        "text": "Depreciation expense for the three and six months ended June 30, 2025 totaled $0.6 million and $1.3 million, respectively.",
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      {
        "text": "Table of Contents",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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      {
        "text": "June 30, 2026",
        "box": [
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          335.02000000000004,
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        "confidence": 1.0
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      {
        "text": "(Unaudited)",
        "box": [
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      {
        "text": "23",
        "box": [
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          311.0,
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        "confidence": 1.0
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  },
  {
    "page_no": 26,
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    "cells": [
      {
        "text": "Real Estate Owned, Held for Sale",
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      {
        "text": "The following table summarizes the Company's real estate owned, held for sale assets and liabilities as of June 30, 2026 ",
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      {
        "text": "and December 31, 2025 (dollars in thousands):",
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      {
        "text": "As of June 30, 2026",
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          496.83,
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      {
        "text": "Property Type",
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      {
        "text": "Primary Location(s)",
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      {
        "text": "Assets, Net",
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      {
        "text": "Liabilities, Net",
        "box": [
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      {
        "text": "Office (1)",
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      {
        "text": "Denver, CO",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "16,488 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "913 ",
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        "confidence": 1.0
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      {
        "text": "Multifamily (2)",
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        "text": "Various",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          353.59,
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        "confidence": 1.0
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      {
        "text": "100,967 ",
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          452.212,
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          461.59,
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        "confidence": 1.0
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      {
        "text": "2,727 ",
        "box": [
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          560.968,
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        "confidence": 1.0
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      {
        "text": "Total",
        "box": [
          58.09,
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          80.86,
          187.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          358.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117,455 ",
        "box": [
          420.712,
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          452.212,
          187.45649230056438
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          466.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,640 ",
        "box": [
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          560.968,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "____________________",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See notes below.",
        "box": [
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          222.83649230056437
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Property Type",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Primary Location(s)",
        "box": [
          223.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Assets, Net",
        "box": [
          380.23999,
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          422.2249899999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Liabilities, Net",
        "box": [
          481.35999,
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          537.86199,
          254.45649230056438
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Office (1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Denver, CO",
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        "text": "$ ",
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        "text": "17,267 ",
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        "text": "$ ",
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        "text": "1,321 ",
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        "text": "Multifamily (2)",
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        "text": "Various",
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        "text": " ",
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        "text": "180,942 ",
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        "text": " ",
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        "text": "3,911 ",
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        "text": "Retail (3)",
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        "text": "Various",
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        "text": " ",
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        "text": "2,980 ",
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      {
        "text": " ",
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        "text": "217 ",
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      {
        "text": "Total",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "201,189 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,449 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "________________________",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)  During the three and six months ended June 30, 2026, the Company recognized a net loss of $1.2 million and $1.5 million, respectively, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included within ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(loss) on other real estate investments",
        "box": [
          126.89,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " in the Company's consolidated financial statements of operations primarily ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related to the fair value write-down of this property.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  June  30,  2026,  the  Company's  real  estate  owned,  held  for  sale  assets  included  three  multifamily  properties  that  previously ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "collateralized three commercial mortgage loans. During the three and six months ended June 30, 2026, the Company recognized a net ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss  of  $0.8  million  and  $4.5  million,  respectively,  included  within ",
        "box": [
          67.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(loss)  on  other  real  estate  investments",
        "box": [
          326.85999,
          392.4310254,
          492.5589899999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  in  the  Company's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements of operations, primarily related to the fair value write-down and sale of one property.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3)  In November 2022, the Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entity,  BSPRT  Walgreens  Portfolio,  LLC  (the  \"Walgreens  JV\")  to  assume  a  group  of  24  retail  properties  with  various  locations ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "throughout  the  United  States  (the  \"Walgreens  Portfolio\").  Refer  to  Note  18  -  Related  Party  Transactions  and  Arrangements.  The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Company sold the final property within the Walgreens Portfolio during the first quarter of 2026. As a result, the Company did not record ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "a loss for the three months ended June 30, 2026 but recorded a $0.5 million loss for the six months ended June 30, 2026 included within ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(loss) on other real estate investments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " in the Company's consolidated financial statements of operations.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the Company has designated certain properties included within the real estate owned business ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "segment as held for sale in accordance with ASC 360. The properties are currently being marketed and sales are probable to ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "occur within one year.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
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        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
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        "confidence": 1.0
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    ]
  },
  {
    "page_no": 27,
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    "cells": [
      {
        "text": "Note 9 - Equity Method Investments",
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      {
        "text": "55 Riverwalk Aker/BSP Venture LLC -",
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          228.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company holds a 21.01% interest in 55 Riverwalk Aker/BSP Venture LLC ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(the \"55 Riverwalk JV\"), a joint venture that is a mixed-use development property consisting of a multifamily apartment ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "complex and retail shopping stores. The 55 Riverwalk JV was formed on December 20, 2024, where the Company made an ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "initial investment of $13.3 million. The Company has received total distributions of $0.8 million as of June 30, 2026. The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity investment in 55 Riverwalk JV has a carrying value of $19.2 million and $13.5 million on the consolidated balance ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheets as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Garfield PG JV HoldCo LLC -",
        "box": [
          67.46,
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          193.74,
          183.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          193.73999,
          175.308896,
          196.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company holds a 28.87% interest in Garfield PG JV HoldCo LLC (the \"Garfield JV\"), ",
        "box": [
          196.23999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a joint venture that is an industrial property for warehousing and distribution. The Garfield JV was formed on May 22, 2025, ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "where the Company made an initial investment of $9.8 million. The Company has received total distributions of $1.0 million as ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of June 30, 2026. The equity investment in Garfield JV has a carrying value of $12.9 million and $8.6 million on the ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NewPoint JV LLC - ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company holds a 8.73% ownership interest in NewPoint JV LLC (the 'Bridge JV'), a joint ",
        "box": [
          151.82001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "venture with the purpose of investing in multifamily bridge loans. The Company has received total distributions of $2.0 million ",
        "box": [
          49.46,
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          561.44,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of June 30, 2026. The Company has a total commitment of $25.0 million which was completely funded as of June 30, 2026. ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The equity investment in Bridge JV has a carrying value of $23.8 million and $24.2 million on the consolidated balance sheets ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          49.46,
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          280.64999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NewPoint + MORE Capital Affordable Fund LLC - ",
        "box": [
          67.46,
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          282.44000000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company holds a 30.06% ownership interest in NewPoint + ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MORE Capital Affordable Fund LLC (the 'Affordable JV'), a joint venture with the purpose of investing in multifamily ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affordable debt instruments through its subsidiary, NewPoint Impact Fund I LP. The Company has a total capital commitment ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of $30.0 million to Affordable JV, of which $7.4 million was unfunded as of June 30, 2026. The Company has received total ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distributions of $2.0 million as of June 30, 2026. The equity investment in Affordable JV has a carrying value of $29.3 million ",
        "box": [
          49.46,
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          558.47003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and $25.3 million on the consolidated balance sheets as of",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\t",
        "box": [
          281.98001,
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          284.01401,
          373.55137825317354
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and December 31, 2025, respectively.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Zelda PG JV HoldCo LLC -",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company holds a 27.95% interest in Zelda PG JV HoldCo LLC (the \"Gardena JV\"), a ",
        "box": [
          185.13,
          382.30889599999995,
          549.6300000000002,
          390.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "joint venture that is an industrial property for warehousing and distribution. The Gardena JV was formed on March 18, 2026, ",
        "box": [
          49.46,
          394.30889599999995,
          552.0699999999999,
          402.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "where the Company made an initial investment of $13.7 million. The Company has received total distributions of $9.6 million ",
        "box": [
          49.46,
          406.30889599999995,
          556.69,
          414.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of June 30, 2026. The equity investment in Gardena JV has a carrying value of $4.0 million on the consolidated balance ",
        "box": [
          49.46,
          418.30889599999995,
          542.0099900000002,
          426.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheets as of June 30, 2026.",
        "box": [
          49.46,
          430.30889599999995,
          156.34,
          438.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides a summary of the combined financial position of the Company's equity method investments ",
        "box": [
          67.46,
          447.30889599999995,
          556.1199999999999,
          455.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of June 30, 2026 and December 31, 2025 (dollars in thousands):",
        "box": [
          49.46,
          459.30889599999995,
          316.77998999999994,
          467.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          349.31,
          479.97891599999997,
          407.36,
          488.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          461.70001,
          479.97891599999997,
          542.46001,
          488.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          52.09,
          494.22891599999997,
          101.74999999999997,
          502.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          320.59,
          494.22891599999997,
          328.09,
          502.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "970,458 ",
        "box": [
          402.13,
          494.22891599999997,
          437.13,
          502.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          444.34,
          494.22891599999997,
          451.84,
          502.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,450,001 ",
        "box": [
          518.38,
          494.22891599999997,
          560.88,
          502.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          52.09,
          508.478886,
          116.12999999999994,
          516.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          320.59,
          508.478886,
          323.09,
          516.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474,665 ",
        "box": [
          402.13,
          508.478886,
          437.13,
          516.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          444.34,
          508.478886,
          446.84,
          516.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "918,504 ",
        "box": [
          525.88,
          508.478886,
          560.88,
          516.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Assets/Member's Equity",
        "box": [
          52.09,
          522.728886,
          166.55,
          530.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          320.59,
          522.728886,
          323.09,
          530.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "495,793 ",
        "box": [
          402.13,
          522.728886,
          437.13,
          530.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          444.34,
          522.728886,
          446.84,
          530.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "531,497 ",
        "box": [
          525.88,
          522.728886,
          560.88,
          530.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following provides a summary of the combined results of operations of the Company's equity method of investments ",
        "box": [
          67.46,
          543.308896,
          556.4499999999998,
          551.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for the three and six months ended June 30, 2026 and 2025, respectively (dollars in thousands):",
        "box": [
          49.46,
          555.308896,
          430.5399999999998,
          563.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          329.42999,
          574.978886,
          420.47999000000004,
          583.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          357.17999,
          584.978886,
          392.72999,
          593.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended",
        "box": [
          461.51999,
          574.978886,
          540.3899899999998,
          583.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          483.17999,
          584.978886,
          518.72999,
          593.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          333.45999,
          599.228886,
          353.45999,
          607.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          396.45999,
          599.228886,
          416.45999,
          607.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          459.45999,
          599.228886,
          479.45999,
          607.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          522.46002,
          599.228886,
          542.46002,
          607.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Revenue/Investment Income",
        "box": [
          52.09,
          613.478886,
          190.24,
          621.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          316.09,
          613.478886,
          323.59,
          621.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,743 ",
        "box": [
          341.88,
          613.478886,
          371.88,
          621.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          379.09,
          613.478886,
          386.59,
          621.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          422.38,
          613.478886,
          429.88,
          621.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          442.09,
          613.478886,
          449.59,
          621.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,075 ",
        "box": [
          467.88,
          613.478886,
          497.88,
          621.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          505.09,
          613.478886,
          512.5899999999999,
          621.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.3799999999999,
          613.478886,
          555.8799999999999,
          621.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized Gain/(Loss) from Investments",
        "box": [
          52.09,
          627.728886,
          218.84,
          635.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          316.09,
          627.728886,
          318.59,
          635.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,562)   ",
        "box": [
          343.54999999999995,
          627.728886,
          381.59,
          635.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          422.38,
          627.728886,
          429.88,
          635.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          442.09,
          627.728886,
          444.59,
          635.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,713 ",
        "box": [
          467.88,
          627.728886,
          497.88,
          635.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          505.09,
          627.728886,
          507.59,
          635.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.38,
          627.728886,
          555.88,
          635.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Expenses",
        "box": [
          52.09,
          641.978886,
          113.39999999999996,
          650.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          316.09,
          641.978886,
          318.59,
          650.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,336 ",
        "box": [
          341.88,
          641.978886,
          371.88,
          650.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          379.09,
          641.978886,
          381.59,
          650.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          422.38,
          641.978886,
          429.88,
          650.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          442.09,
          641.978886,
          444.59,
          650.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,389 ",
        "box": [
          467.88,
          641.978886,
          497.88,
          650.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          505.09,
          641.978886,
          507.59,
          650.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.38,
          641.978886,
          555.88,
          650.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income/(Loss)",
        "box": [
          52.09,
          656.228886,
          127.27999999999996,
          664.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          316.09,
          656.228886,
          318.59,
          664.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "845 ",
        "box": [
          354.38,
          656.228886,
          371.88,
          664.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          379.09,
          656.228886,
          381.59,
          664.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          422.38,
          656.228886,
          429.88,
          664.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          442.09,
          656.228886,
          444.59,
          664.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,399 ",
        "box": [
          467.88,
          656.228886,
          497.88,
          664.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          505.09,
          656.228886,
          507.59,
          664.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.38,
          656.228886,
          555.88,
          664.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income/(Loss) attributable to the Company",
        "box": [
          52.09,
          670.478886,
          241.5800000000001,
          678.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          316.09,
          670.478886,
          318.59,
          678.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,345 ",
        "box": [
          346.88,
          670.478886,
          371.88,
          678.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          379.09,
          670.478886,
          381.59,
          678.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          422.38,
          670.478886,
          429.88,
          678.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          442.09,
          670.478886,
          444.59,
          678.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,752 ",
        "box": [
          467.88,
          670.478886,
          497.88,
          678.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          505.09,
          670.478886,
          507.59,
          678.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.38,
          670.478886,
          555.88,
          678.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 28,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 10 - Leases ",
        "box": [
          49.46,
          81.14892600000007,
          121.07,
          89.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company leases office space, classified as operating leases, in the normal course of business at varying lengths ",
        "box": [
          67.46,
          98.308896,
          531.8999999999997,
          106.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through 2033. Leases are negotiated with third parties and, in some instances, contain renewal, expansion and termination ",
        "box": [
          49.46,
          110.308896,
          539.1700000000001,
          118.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "options. As of June 30, 2026 and December 31, 2025, the Company recorded ROU assets of $7.5 million and $8.4 million ",
        "box": [
          49.46,
          122.308896,
          540.48999,
          130.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "within",
        "box": [
          49.46,
          134.31890600000008,
          74.99,
          142.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Prepaid expenses and other assets",
        "box": [
          74.99,
          134.31890600000008,
          215.13999999999993,
          142.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", and operating lease liabilities of $9.5 million and $10.5 million within ",
        "box": [
          215.13998,
          134.31890600000008,
          502.88000999999997,
          142.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other ",
        "box": [
          502.88,
          134.31890600000008,
          526.47,
          142.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities, ",
        "box": [
          49.46,
          146.31890600000008,
          92.16999999999997,
          154.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the consolidated balance sheets, respectively. All lease commencement dates are recorded as of July 1, 2025 in ",
        "box": [
          92.17,
          146.31890600000008,
          550.1899999999998,
          154.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conjunction with the acquisition of NewPoint. ",
        "box": [
          49.46,
          158.308896,
          236.22000000000006,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          284.42999,
          177.978886,
          375.47999000000004,
          186.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          300.92999,
          187.978886,
          358.97999,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended",
        "box": [
          446.51999,
          177.978886,
          525.38999,
          186.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          456.92999,
          187.978886,
          514.97999,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Cost:",
        "box": [
          52.09,
          202.978886,
          98.96999999999998,
          211.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating lease cost",
        "box": [
          52.09,
          217.978886,
          133.08999999999995,
          226.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          256.09,
          217.978886,
          263.59,
          226.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "620 ",
        "box": [
          379.04999999999995,
          217.978886,
          396.54999999999995,
          226.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.09,
          217.978886,
          419.59,
          226.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,208 ",
        "box": [
          535.88,
          217.978886,
          560.88,
          226.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variable lease cost",
        "box": [
          52.09,
          232.978886,
          127.51999999999995,
          241.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.09,
          232.978886,
          258.59,
          241.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "205 ",
        "box": [
          379.04999999999995,
          232.978886,
          396.54999999999995,
          241.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.09,
          232.978886,
          414.59,
          241.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "419 ",
        "box": [
          543.38,
          232.978886,
          560.88,
          241.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease cost",
        "box": [
          52.09,
          247.978886,
          109.23999999999998,
          256.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          256.09,
          247.978886,
          263.59,
          256.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "825 ",
        "box": [
          379.04999999999995,
          247.978886,
          396.54999999999995,
          256.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.09,
          247.978886,
          419.59,
          256.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,627 ",
        "box": [
          535.88,
          247.978886,
          560.88,
          256.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Information",
        "box": [
          52.09,
          262.978886,
          125.06999999999998,
          271.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating cash outflows from operating leases",
        "box": [
          52.09,
          277.978916,
          238.27000000000004,
          286.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          256.09,
          277.978916,
          263.59,
          286.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "663 ",
        "box": [
          379.04999999999995,
          277.978916,
          396.54999999999995,
          286.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.09,
          277.978916,
          419.59,
          286.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,322 ",
        "box": [
          535.88,
          277.978916,
          560.88,
          286.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          52.09,
          292.97891599999997,
          54.59,
          301.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average remaining lease term",
        "box": [
          52.09,
          307.97891599999997,
          211.56000000000006,
          316.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.1",
        "box": [
          391.32999,
          307.97891599999997,
          403.82999,
          316.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average discount rate",
        "box": [
          52.09,
          322.97891599999997,
          179.13,
          331.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.7 %",
        "box": [
          381.54999,
          322.97891599999997,
          405.70998999999995,
          331.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating lease cost is included in ",
        "box": [
          67.46,
          343.56890599999997,
          207.28,
          351.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other expenses",
        "box": [
          207.28,
          343.56890599999997,
          268.59,
          351.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " in the consolidated statement of operations. The discount rate was ",
        "box": [
          268.59,
          343.56890599999997,
          537.1499999999999,
          351.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined by using the Company's incremental borrowing rate.",
        "box": [
          49.46,
          355.55889599999995,
          306.5400000000001,
          363.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table shows future minimum payments under the Company's operating leases as of June 30, 2026 (dollars in ",
        "box": [
          67.46,
          372.55889599999995,
          561.5899900000001,
          380.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          49.46,
          384.55889599999995,
          95.55,
          392.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Future Minimum Payments",
        "box": [
          52.09,
          405.97891599999997,
          170.89000000000004,
          414.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          456.92999,
          405.97891599999997,
          514.97999,
          414.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (Six Months Ended December 31, 2026)",
        "box": [
          52.09,
          420.97891599999997,
          236.70000000000007,
          429.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.09,
          420.97891599999997,
          419.59,
          429.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,320 ",
        "box": [
          535.88,
          420.97891599999997,
          560.88,
          429.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          52.09,
          435.97891599999997,
          72.09,
          444.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.09,
          435.97891599999997,
          414.59,
          444.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,520 ",
        "box": [
          535.88,
          435.97891599999997,
          560.88,
          444.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          52.09,
          450.97891599999997,
          72.09,
          459.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.09,
          450.97891599999997,
          414.59,
          459.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,381 ",
        "box": [
          535.88,
          450.97891599999997,
          560.88,
          459.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          52.09,
          465.97891599999997,
          72.09,
          474.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.09,
          465.97891599999997,
          414.59,
          474.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,004 ",
        "box": [
          535.88,
          465.97891599999997,
          560.88,
          474.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          52.09,
          480.97891599999997,
          72.09,
          489.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.09,
          480.97891599999997,
          414.59,
          489.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "804 ",
        "box": [
          543.38,
          480.97891599999997,
          560.88,
          489.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2031 and beyond",
        "box": [
          52.09,
          495.97891599999997,
          120.94999999999999,
          504.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.09,
          495.97891599999997,
          414.59,
          504.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,246 ",
        "box": [
          535.88,
          495.97891599999997,
          560.88,
          504.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Lease Payments",
        "box": [
          52.09,
          510.978886,
          145.9,
          519.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.09,
          510.978886,
          414.59,
          519.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,275 ",
        "box": [
          530.88,
          510.978886,
          560.88,
          519.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: imputed interest",
        "box": [
          52.09,
          525.978886,
          140.30999999999997,
          534.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.09,
          525.978886,
          414.59,
          534.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,777) ",
        "box": [
          532.55,
          525.978886,
          564.21,
          534.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.09,
          540.978886,
          74.86000000000001,
          549.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.09,
          540.978886,
          419.59,
          549.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,498 ",
        "box": [
          535.88,
          540.978886,
          560.88,
          549.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental Income",
        "box": [
          49.46,
          561.398926,
          110.23999999999998,
          569.6272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income for the three and six months ended June 30, 2026 totaled $5.5 million and $12.4 million, respectively. ",
        "box": [
          67.46,
          578.558896,
          536.98999,
          586.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income for the three and six months ended June 30, 2025 totaled $8.3 million and $15.1 million, respectively. Rental ",
        "box": [
          49.46,
          590.558896,
          547.54999,
          598.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income is included in ",
        "box": [
          49.46,
          602.568906,
          137.68999999999997,
          610.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned ",
        "box": [
          137.69,
          602.568906,
          268.35999,
          610.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the consolidated statements of operations.",
        "box": [
          268.35999,
          602.568906,
          445.91998999999976,
          610.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 29,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table summarizes the Company's schedule of future minimum rents on its real estate owned, held for ",
        "box": [
          67.46,
          81.308896,
          531.2399999999999,
          89.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment properties, to be received under the leases (dollars in thousands):",
        "box": [
          49.46,
          93.308896,
          354.9399999999999,
          101.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Future Minimum Rents",
        "box": [
          52.09,
          109.72888599999999,
          153.68,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          470.06,
          109.72888599999999,
          528.11,
          117.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (Six Months Ended December 31, 2026)",
        "box": [
          52.09,
          124.72888599999999,
          236.70000000000007,
          132.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          438.34,
          124.72888599999999,
          445.84,
          132.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,416 ",
        "box": [
          535.88,
          124.72888599999999,
          560.88,
          132.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          52.09,
          139.728886,
          72.09,
          147.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          438.34,
          139.728886,
          440.84,
          147.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,710 ",
        "box": [
          535.88,
          139.728886,
          560.88,
          147.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          52.09,
          154.728886,
          72.09,
          162.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          438.34,
          154.728886,
          440.84,
          162.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,884 ",
        "box": [
          535.88,
          154.728886,
          560.88,
          162.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          52.09,
          169.728886,
          72.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          438.34,
          169.728886,
          440.84,
          177.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,062 ",
        "box": [
          535.88,
          169.728886,
          560.88,
          177.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          52.09,
          184.728886,
          72.09,
          192.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          438.34,
          184.728886,
          440.84,
          192.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,243 ",
        "box": [
          535.88,
          184.728886,
          560.88,
          192.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2031 and beyond",
        "box": [
          52.09,
          199.728886,
          120.94999999999999,
          207.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          438.34,
          199.728886,
          440.84,
          207.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,083 ",
        "box": [
          530.88,
          199.728886,
          560.88,
          207.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total future minimum rent",
        "box": [
          64.09,
          214.728886,
          180.39000000000004,
          222.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          438.34,
          214.728886,
          445.84,
          222.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "119,398 ",
        "box": [
          525.88,
          214.728886,
          560.88,
          222.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 30,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 11 - Goodwill & Other Intangible Assets",
        "box": [
          49.46,
          81.14892600000007,
          243.50000000000006,
          89.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill",
        "box": [
          49.46,
          98.14892600000007,
          86.66,
          106.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The carrying amount of goodwill was as follows (dollars in thousands). The goodwill is attributable entirely to the Agency ",
        "box": [
          67.46,
          115.308896,
          560.29,
          123.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Business.",
        "box": [
          49.46,
          127.308896,
          87.49,
          135.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Business",
        "box": [
          328.69,
          149.478886,
          399.48,
          157.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          485.45001,
          149.478886,
          508.22001,
          157.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at December 31, 2025",
        "box": [
          52.09,
          165.228886,
          180.02999999999997,
          173.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          301.84,
          165.228886,
          309.34,
          173.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,048 ",
        "box": [
          397.38,
          165.228886,
          427.38,
          173.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          434.59,
          165.228886,
          442.09,
          173.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,048 ",
        "box": [
          530.13,
          165.228886,
          560.13,
          173.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goodwill acquired during the period",
        "box": [
          52.09,
          180.978886,
          198.06000000000003,
          189.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          301.84,
          180.978886,
          304.34,
          189.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          414.88,
          180.978886,
          422.38,
          189.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          434.59,
          180.978886,
          437.09,
          189.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          547.63,
          180.978886,
          555.13,
          189.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2026",
        "box": [
          52.09,
          196.728886,
          157.32,
          204.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          301.84,
          196.728886,
          309.34,
          204.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,048 ",
        "box": [
          397.38,
          196.728886,
          427.38,
          204.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          434.59,
          196.728886,
          442.09,
          204.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,048 ",
        "box": [
          530.13,
          196.728886,
          560.13,
          204.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible Assets",
        "box": [
          49.46,
          225.74890600000003,
          120.23999999999998,
          233.97720255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes the carrying value of the Company's intangible assets, as described in Note 2 as of ",
        "box": [
          67.46,
          242.90893600000004,
          531.37,
          251.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and December 31, 2025 (dollars in thousands):",
        "box": [
          49.46,
          254.90893600000004,
          295.13,
          263.13723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          237.92999,
          292.578916,
          295.97999000000004,
          300.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          424.57999,
          292.578916,
          505.33999000000006,
          300.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          181.25,
          305.828916,
          223.16000000000003,
          314.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          188.47,
          315.828916,
          213.46,
          324.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated ",
        "box": [
          238.64999,
          305.828916,
          297.76998999999995,
          314.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          238.37,
          315.828916,
          295.53999999999996,
          324.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          321.57999,
          315.828916,
          344.34999,
          324.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          379.25,
          305.828916,
          421.16,
          314.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          386.47,
          315.828916,
          411.46000000000004,
          324.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated ",
        "box": [
          436.64999,
          305.828916,
          495.76999,
          314.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization",
        "box": [
          436.37,
          315.828916,
          493.53999999999996,
          324.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          519.58002,
          315.828916,
          542.35002,
          324.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indefinite lived ",
        "box": [
          52.09,
          329.078916,
          119.24999999999997,
          337.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intangibles:",
        "box": [
          52.09,
          339.078916,
          102.05999999999999,
          347.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency License Intangibles",
        "box": [
          52.09,
          353.328916,
          163.60999999999999,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          172.09,
          353.328916,
          179.59,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,500 ",
        "box": [
          200.88,
          353.328916,
          230.88,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          238.09,
          353.328916,
          245.59,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          284.38,
          353.328916,
          291.88,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          304.09,
          353.328916,
          311.59,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,500 ",
        "box": [
          332.88,
          353.328916,
          362.88,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          370.09,
          353.328916,
          377.59,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,500 ",
        "box": [
          398.88,
          353.328916,
          428.88,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          436.09,
          353.328916,
          443.59,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          482.38,
          353.328916,
          489.88,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.09,
          353.328916,
          509.59,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,500 ",
        "box": [
          530.88,
          353.328916,
          560.88,
          361.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Finite lived intangibles:",
        "box": [
          52.09,
          367.578916,
          152.55,
          375.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-compete Agreements",
        "box": [
          52.09,
          381.828916,
          157.24,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          172.09,
          381.828916,
          179.59,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,200 ",
        "box": [
          205.88,
          381.828916,
          230.88,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          238.09,
          381.828916,
          245.59,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,200)  $ ",
        "box": [
          268.55,
          381.828916,
          311.59,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          350.38,
          381.828916,
          357.88,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          370.09,
          381.828916,
          377.59,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,200 ",
        "box": [
          403.88,
          381.828916,
          428.88,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          436.09,
          381.828916,
          443.59,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,317)  $ ",
        "box": [
          466.54999999999995,
          381.828916,
          509.59,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,883 ",
        "box": [
          535.88,
          381.828916,
          560.88,
          390.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Software development",
        "box": [
          52.09,
          396.078916,
          142.26999999999998,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          172.09,
          396.078916,
          174.59,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,780 ",
        "box": [
          205.88,
          396.078916,
          230.88,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          238.09,
          396.078916,
          240.59,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(928)   ",
        "box": [
          276.05,
          396.078916,
          306.59,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,852 ",
        "box": [
          337.88,
          396.078916,
          362.88,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          370.09,
          396.078916,
          372.59,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,660 ",
        "box": [
          403.88,
          396.078916,
          428.88,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          436.09,
          396.078916,
          438.59,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(444)   ",
        "box": [
          474.04999999999995,
          396.078916,
          504.59,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,216 ",
        "box": [
          535.88,
          396.078916,
          560.88,
          404.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible lease assets",
        "box": [
          52.09,
          410.328916,
          140.83999999999995,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          172.09,
          410.328916,
          174.59,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,192 ",
        "box": [
          200.88,
          410.328916,
          230.88,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          238.09,
          410.328916,
          240.59,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,678)   ",
        "box": [
          263.55,
          410.328916,
          306.59,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,514 ",
        "box": [
          332.88,
          410.328916,
          362.88,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          370.09,
          410.328916,
          372.59,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,192 ",
        "box": [
          398.88,
          410.328916,
          428.88,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          436.09,
          410.328916,
          438.59,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,238)   ",
        "box": [
          461.54999999999995,
          410.328916,
          504.59,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,954 ",
        "box": [
          530.88,
          410.328916,
          560.88,
          418.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.09,
          424.578916,
          74.86000000000001,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          172.09,
          424.578916,
          179.59,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131,672 ",
        "box": [
          195.88,
          424.578916,
          230.88,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          238.09,
          424.578916,
          245.59,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,806)  $ ",
        "box": [
          263.55,
          424.578916,
          311.59,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "111,866 ",
        "box": [
          327.88,
          424.578916,
          362.88,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          370.09,
          424.578916,
          377.59,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131,552 ",
        "box": [
          393.88,
          424.578916,
          428.88,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          436.09,
          424.578916,
          443.59,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,999)  $ ",
        "box": [
          461.54999999999995,
          424.578916,
          509.59,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115,553 ",
        "box": [
          525.88,
          424.578916,
          560.88,
          432.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization expense for the three and six months ended June 30, 2026 was $1.2 million and $3.8 million, respectively. ",
        "box": [
          67.46,
          462.15890599999994,
          550.3400000000001,
          470.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization expense for the three and six months ended June 30, 2025 was $0.7 million and $1.4 million, respectively. ",
        "box": [
          49.46,
          474.15890599999994,
          532.3399999999999,
          482.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes the Company's expected other identified intangible assets, net amortization over the next ",
        "box": [
          67.46,
          491.15890599999994,
          555.5699999999999,
          499.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "five years (dollars in thousands):",
        "box": [
          49.46,
          503.15890599999994,
          180.44999999999996,
          511.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted ",
        "box": [
          184.53999,
          523.3289159999999,
          223.11999000000003,
          531.5572125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Avg. Life (in ",
        "box": [
          178.3,
          533.3289159999999,
          234.37000000000006,
          541.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Years)",
        "box": [
          190.92999,
          543.3289159999999,
          219.22999000000002,
          551.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 (July  - ",
        "box": [
          244.09,
          533.3289159999999,
          299.08,
          541.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December)",
        "box": [
          247.03999,
          543.3289159999999,
          293.62999,
          551.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          325.57999,
          543.3289159999999,
          345.57999,
          551.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          390.82999,
          543.3289159999999,
          410.82999,
          551.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          456.07999,
          543.3289159999999,
          476.07999,
          551.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          521.33002,
          543.3289159999999,
          541.33002,
          551.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Software development",
        "box": [
          52.09,
          557.5789159999999,
          142.26999999999998,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.3",
        "box": [
          221.08,
          557.5789159999999,
          233.58,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.84,
          557.5789159999999,
          244.34,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "478 ",
        "box": [
          282.38,
          557.5789159999999,
          299.88,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          307.09,
          557.5789159999999,
          309.59,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "956 ",
        "box": [
          347.63,
          557.5789159999999,
          365.13,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          372.34,
          557.5789159999999,
          374.84,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "956 ",
        "box": [
          412.88,
          557.5789159999999,
          430.38,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          437.59,
          557.5789159999999,
          440.09,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "956 ",
        "box": [
          478.13,
          557.5789159999999,
          495.63,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.84,
          557.5789159999999,
          505.34,
          565.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "506 ",
        "box": [
          543.38,
          557.5789159999999,
          560.88,
          565.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible lease assets",
        "box": [
          52.09,
          571.8289159999999,
          140.83999999999995,
          580.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.3",
        "box": [
          216.08,
          571.8289159999999,
          233.58,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.84,
          571.8289159999999,
          244.34,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,440 ",
        "box": [
          274.88,
          571.8289159999999,
          299.88,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          307.09,
          571.8289159999999,
          309.59,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,880 ",
        "box": [
          340.13,
          571.8289159999999,
          365.13,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          372.34,
          571.8289159999999,
          374.84,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,880 ",
        "box": [
          405.38,
          571.8289159999999,
          430.38,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          437.59,
          571.8289159999999,
          440.09,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,880 ",
        "box": [
          470.63,
          571.8289159999999,
          495.63,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.84,
          571.8289159999999,
          505.34,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,880 ",
        "box": [
          535.88,
          571.8289159999999,
          560.88,
          580.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.09,
          586.0789159999999,
          74.86000000000001,
          594.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          241.84,
          586.0789159999999,
          249.34,
          594.3072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,918 ",
        "box": [
          274.88,
          586.0789159999999,
          299.88,
          594.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          307.09,
          586.0789159999999,
          314.59,
          594.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,836 ",
        "box": [
          340.13,
          586.0789159999999,
          365.13,
          594.3072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          372.34,
          586.0789159999999,
          379.84,
          594.3072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,836 ",
        "box": [
          405.38,
          586.0789159999999,
          430.38,
          594.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          437.59,
          586.0789159999999,
          445.09,
          594.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,836 ",
        "box": [
          470.63,
          586.0789159999999,
          495.63,
          594.3072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          502.84,
          586.0789159999999,
          510.34,
          594.3072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,386 ",
        "box": [
          535.88,
          586.0789159999999,
          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 31,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 12 - Debt ",
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      {
        "text": "Below is a summary of the Company's Repurchase facilities and revolving credit facilities - commercial mortgage loans ",
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          98.308896,
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          106.53719255618262
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        "confidence": 1.0
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      {
        "text": "(\"Repo and Revolving Credit Facilities\"), Mortgage note payable, Other financings and Unsecured debt as of June 30, 2026 and ",
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          110.308896,
          563.2199800000001,
          118.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 (dollars in thousands):",
        "box": [
          49.46,
          122.308896,
          219.88000000000005,
          130.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          374.06,
          142.978886,
          432.11,
          151.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Repo and revolving credit facilities - ",
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          209.1500000000001,
          185.2972025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial mortgage loans",
        "box": [
          52.09,
          187.228886,
          169.74999999999997,
          195.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
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          186.42736890000003,
          177.329,
          191.7757616615188
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ":",
        "box": [
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          187.228886,
          180.65001,
          195.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capacity",
        "box": [
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          187.228886,
          292.48999,
          195.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount ",
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          355.57999,
          185.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding",
        "box": [
          308.92001,
          187.228886,
          362.2500099999999,
          195.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
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          179.10101539999994,
          415.0979899999999,
          186.50648230056436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expense (1)",
        "box": [
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          417.23526000000004,
          195.50648230056436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending ",
        "box": [
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          483.39,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted ",
        "box": [
          444.79001,
          167.228886,
          483.37001,
          175.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average ",
        "box": [
          447.57999,
          177.228886,
          485.58999000000006,
          185.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          513.40997,
          187.228886,
          552.2599700000002,
          195.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "JPM Repo Facility (3)",
        "box": [
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          140.59900000000002,
          208.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          246.34,
          199.978886,
          253.84,
          208.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "750,000 ",
        "box": [
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          301.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          308.59,
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          316.09,
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        "text": "________________________",
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        "text": "Table of Contents",
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        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        "text": "June 30, 2026",
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      {
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        "text": "December 31, 2025",
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      {
        "text": "1,628 ",
        "box": [
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          430.38,
          277.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  4.99  %",
        "box": [
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          277.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "12/2026",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "ASAP WH Line of Credit (12)",
        "box": [
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          172.719,
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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": "100,000 ",
        "box": [
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          299.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          352.63,
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          360.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          425.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "N/A",
        "box": [
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        "from_ocr": false,
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        "text": "N/A",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Total/Weighted average",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          249.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,000,000 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,087,087 ",
        "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": "53,500 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  5.70 %",
        "box": [
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          491.46,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mortgage note payable:",
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          153.68,
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        "from_ocr": false,
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      {
        "text": "Debt related to our REO (13)",
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          166.579,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "N/A",
        "box": [
          283.5,
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          300.71000000000004,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          314.59,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "23,998 ",
        "box": [
          335.13,
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          365.13,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          372.34,
          326.47891599999997,
          379.84,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,783 ",
        "box": [
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          430.38,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.87 %",
        "box": [
          465.63,
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          491.46,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "10/2026",
        "box": [
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          559.8299999999999,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other financings:",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other financings (14)",
        "box": [
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          135.78901,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          283.5,
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          300.71000000000004,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          314.59,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,865 ",
        "box": [
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          365.13,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          372.34,
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          379.84,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "783 ",
        "box": [
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          430.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  6.00 %",
        "box": [
          465.63,
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          491.46,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "07/2028",
        "box": [
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          559.8299999999999,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unsecured Debt",
        "box": [
          52.09,
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          120.63999999999997,
          377.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Notes (15)(16)",
        "box": [
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          131.64801000000003,
          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          283.5,
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          300.71000000000004,
          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          307.09,
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          314.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "107,000 ",
        "box": [
          330.13,
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          365.13,
          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          372.34,
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          379.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6,158 ",
        "box": [
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          430.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Various (15)(16)",
        "box": [
          439.44,
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          492.7380199999999,
          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Various (15)(16)",
        "box": [
          504.69,
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          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Junior Note I (17)",
        "box": [
          58.09,
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          121.659,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          283.5,
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          405.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          307.09,
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          309.59,
          405.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,500 ",
        "box": [
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          365.13,
          405.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          374.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,458 ",
        "box": [
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          430.38,
          405.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.60  %",
        "box": [
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          496.46,
          405.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/2035",
        "box": [
          527.06,
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          559.8299999999999,
          405.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Junior Note II (17)",
        "box": [
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          124.989,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
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          300.71000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          309.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,000 ",
        "box": [
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          365.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,195 ",
        "box": [
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          430.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.28  %",
        "box": [
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          496.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/2035",
        "box": [
          527.06,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Junior Note III (17)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          309.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,000 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,997 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  7.28  %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "09/2036",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total/Weighted average",
        "box": [
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          161.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189,500 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "12,808 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.81 %",
        "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
      },
      {
        "text": "(1)  Represents year to date expense and includes amortization of deferred financing costs.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2)  The Company may pledge one or more mortgage loans to the financing entity in exchange for funds typically at an advance rate of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "between 60% to 75% of the principal amount of the mortgage loan being pledged. These loans are all floating rate at the Secured ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Overnight Financing Rate (\"SOFR\") plus an applicable spread. Additionally, the Repo and Revolving Credit Facilities generally provide ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of both June 30, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and December 31, 2025, the Company was in compliance with all debt covenants.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)  On May 7, 2026, the Company extended the maturity date to July 27, 2027. There is one one-year extension option remaining.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(4)  There are three one-year extension options.",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)  There is one one-year extension option.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)  On May 27, 2026, the Company entered into a master repurchase agreement (\"MRA\") with Morgan Stanley Mortgage Capital Holdings ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "LLC, with a maximum facility amount of $150.0 million and an initial three year term with two one-year extension options. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)  On October 21, 2025, the Company terminated the Churchill MRA. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)  Collateralized by a first lien on the Company's interest in the mortgage loans that it originates. Advances cannot exceed 100% of the ",
        "box": [
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        "text": "principal amounts of the mortgage loans originated by the Company and must be repaid at the earlier of the sale or other disposition of ",
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        "text": "the mortgage loans or at the expiration date of the Line of Credit. ",
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        "text": "(9)  Operating line that is secured by an equity interest in NewPoint Real Estate Capital LLC (\"NPREC\").",
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        "text": "(10)  On January 31, 2026, the Company extended the maturity date to January 29, 2027.",
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        "text": "(11)  Collateralized by a first lien on the Company's interest in the mortgage loans that it originates.",
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        "text": "(12)  The Company has a $100.0 million ASAP agreement with Fannie Mae providing us with a warehousing credit facility for mortgage ",
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        "text": "loans that are to be sold to Fannie Mae and serviced under the Fannie Mae DUS program. The ASAP agreement is not a committed line, ",
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        "text": "has no expiration date and bears interest at SOFR + 1.50%, with a 0.25% SOFR floor.",
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      {
        "text": "Table of Contents",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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      {
        "text": "June 30, 2026",
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      {
        "text": "(Unaudited)",
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      {
        "text": "30",
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        "text": "(13)  Relates to a mortgage note payable in Jeffersonville JV, a consolidated joint venture. The loan has a principal amount of $113.6 million ",
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        "text": "of which $89.4 million of the loan is owned by the Company and was eliminated in our consolidated financial statements (see Note 8 - ",
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        "text": "Real Estate Owned). On April 9, 2026,  the Company refinanced the mortgage note, upsized the capacity and extended the maturity date ",
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        "text": "to April 9, 2029 for the Company and the affiliated fund (see Note 18 - Related Party Transactions and Arrangements).",
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        "text": "(14)  Comprised of one note-on-note financing via a participation agreement. From inception of the loan, the Company's outstanding loan ",
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        "text": "could increase as a result of future fundings, leading to an increase in amount outstanding via the participation agreement. The ",
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        "text": "contractual maturity date of this loan is July 2028.",
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        "text": "(15)  During the second quarter of 2025, the Company issued $82.0 million of 8.25% fixed-rate senior unsecured notes. These notes mature ",
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      {
        "text": "on April 25, 2030.",
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        "text": "(16)  During the second quarter of 2025, the Company issued $25.0 million of floating-rate senior unsecured notes. As of June 30, 2026, the ",
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        "text": "interest rate on these notes was SOFR + 4.00%. These notes mature on April 25, 2028.",
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        "text": "(17)  The notes are currently redeemable, in whole or in part, without penalty, at the Company's option. Interest paid on unsecured junior debt ",
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        "text": "totaled $1.5 million and $3.1 million for the three and six months ended June 30, 2026, respectively.",
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      {
        "text": "Repurchase Agreements - Real Estate Securities",
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        "text": "The Company has entered into various Master Repurchase Agreements (the \"MRAs\") that allow the Company to sell real ",
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        "text": "estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase ",
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        "text": "contracts on each security under an MRA generally mature in 30-90 days and terms are adjusted for current market rates as ",
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        "text": "necessary.",
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        "text": "Below is a summary of the Company's MRAs which were included in",
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        "text": " Repurchase agreements - real estate securities",
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        "text": " in the ",
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        "text": "Company's consolidated balance sheets as of June 30, 2026 and December 31, 2025 (dollars in thousands):",
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        "text": "June 30, 2026",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$ ",
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        "text": "________________________",
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        "text": "(1)  Loan assets may be pledged towards one or multiple CLO pool.",
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        "text": "(2)  Excludes $277.0 million and $366.1 million of CLO notes held by the Company, which are eliminated in ",
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        "text": "Collateralized loan obligations",
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        "text": " ",
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        "text": "in the consolidated balance sheet as of June 30, 2026 and December 31, 2025, respectively.",
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        "text": "On April 15, 2026, the Company called the outstanding notes issued by BSPRT 2022-FL8 Issuer, Ltd., a wholly owned ",
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        "text": "indirect subsidiary of the Company. The outstanding principal of the notes on the date of the call was $289.2 million. The ",
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        "text": "(loss) on extinguishment of debt",
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        "text": " in the consolidated statements of operations, which was a non-cash charge.",
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        "text": "On April 15, 2026, BSPRT 2026-FL13 Issuer, LLC, a wholly-owned indirect subsidiary of the Company, entered into an ",
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        "text": "indenture with a subsidiary of the OP, as advancing agent, Wilmington Trust, National Association, as trustee, Computershare ",
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        "text": "Trust Company, National Association, as note administrator, and Computershare Trust Company, National Association, as ",
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        "text": "custodian and in other capacities, which governs the issuance of approximately $880.4 million principal balance secured ",
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        "text": "floating rate notes, of which $778.1 million were purchased by third party investors and $102.3 million were purchased by a ",
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        "text": "wholly-owned subsidiary of the OP. In addition, concurrently with the issuance of the notes, BSPRT 2026-FL13 Issuer, LLC ",
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        "text": "also issued 59,431 preferred shares, par value of $0.001 per share and with an aggregate liquidation preference and notional ",
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        "text": "amount equal to $1,000 per share, which were not offered as part of closing the indenture. For U.S. federal income tax ",
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        "text": "purposes, BSPRT 2026-FL13 Issuer, LLC is a disregarded entity.",
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        "text": "The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs ",
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        "text": "and are consolidated into the Company's consolidated financial statements as of June 30, 2026 and December 31, 2025 as the ",
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        "text": "benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIE. The VIEs are non-",
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        "text": "recourse to the Company.",
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        "text": "Table of Contents",
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        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        "text": "(Unaudited)",
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        "text": "32",
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        "text": "June 30, 2026",
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        "text": "Assets (dollars in thousands)",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,317,040 ",
        "box": [
          518.38,
          127.72888599999999,
          560.88,
          135.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          52.09,
          141.978886,
          161.35000000000002,
          150.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.59,
          141.978886,
          371.09,
          150.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,654 ",
        "box": [
          431.13,
          141.978886,
          461.13,
          150.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          468.34,
          141.978886,
          470.84,
          150.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,302 ",
        "box": [
          530.88,
          141.978886,
          560.88,
          150.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          58.09,
          156.228886,
          109.99999999999999,
          164.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          368.59,
          156.228886,
          376.09,
          164.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,341,122 ",
        "box": [
          418.63,
          156.228886,
          461.13,
          164.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          468.34,
          156.228886,
          475.84,
          164.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,386,495 ",
        "box": [
          518.38,
          156.228886,
          560.88,
          164.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities (dollars in thousands)",
        "box": [
          52.09,
          185.478886,
          190.07,
          193.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes payable (3)(4)",
        "box": [
          52.09,
          198.92736890000003,
          124.11800000000001,
          207.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          368.59,
          199.728886,
          376.09,
          207.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,244,040 ",
        "box": [
          418.63,
          199.728886,
          461.13,
          207.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          468.34,
          199.728886,
          475.84,
          207.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,123,046 ",
        "box": [
          518.38,
          199.728886,
          560.88,
          207.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest payable",
        "box": [
          52.09,
          213.978886,
          151.39,
          222.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          368.59,
          213.978886,
          371.09,
          222.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,829 ",
        "box": [
          436.13,
          213.978886,
          461.13,
          222.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          468.34,
          213.978886,
          470.84,
          222.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,857 ",
        "box": [
          535.88,
          213.978886,
          560.88,
          222.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          58.09,
          228.228886,
          126.06999999999996,
          236.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          368.59,
          228.228886,
          376.09,
          236.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,251,869 ",
        "box": [
          418.63,
          228.228886,
          461.13,
          236.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          468.34,
          228.228886,
          475.84,
          236.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,131,903 ",
        "box": [
          518.38,
          228.228886,
          560.88,
          236.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          49.46,
          243.808896,
          169.46,
          252.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  Includes $80.2 million and $50.5 million of cash held by the servicer related to CLO loan payoffs as of June 30, 2026 and December 31, ",
        "box": [
          58.46,
          260.05964001000007,
          560.9609799999998,
          268.18647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, respectively.",
        "box": [
          67.46,
          271.58105539999997,
          135.69799999999998,
          278.9865223005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)  The balance is presented net of allowance for credit losses of $15.2 million and $15.4 million as of June 30, 2026 and December 31, ",
        "box": [
          58.46,
          284.65965001,
          545.7009999999999,
          292.7864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, respectively. ",
        "box": [
          67.46,
          296.1810254,
          137.94799999999998,
          303.58649230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)  Includes $277.0 million and $366.1 million of CLO notes, held by the Company, which are eliminated in ",
        "box": [
          58.46,
          309.25966001,
          448.19799999999987,
          317.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized loan obligations",
        "box": [
          448.06998,
          309.9810154,
          560.5879799999998,
          317.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          560.54999,
          309.9810154,
          562.79999,
          317.3864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
          67.46,
          320.78100539999997,
          400.23799999999994,
          328.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)  The balance is presented net of deferred financing cost and discount of $23.4 million and $21.3 million as of June 30, 2026 and ",
        "box": [
          58.46,
          333.85966001,
          528.216,
          341.9864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, respectively. The deferred financing costs are amortized over the expected lifetime of each CLO.",
        "box": [
          67.46,
          345.38101539999997,
          491.79599,
          352.7864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 36,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 13 - Allowance for Loss Sharing",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  The Company has risk-sharing obligations on substantially all loans originated under the Fannie Mae DUS program. ",
        "box": [
          67.46,
          98.308896,
          540.62,
          106.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing fees for risk-sharing loans include compensation for the risk-sharing obligations and are larger than the servicing fees ",
        "box": [
          49.46,
          110.308896,
          562.2199999999999,
          118.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received for loans with no risk-sharing obligations.",
        "box": [
          49.46,
          122.308896,
          253.43000000000006,
          130.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  When a loan is sold under the Fannie Mae DUS program, the Company undertakes an obligation to partially guarantee the ",
        "box": [
          67.46,
          139.308896,
          563.8700000000001,
          147.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance of the loan. A liability is recognized for the fair value of the guarantee obligation undertaken for the non-",
        "box": [
          49.46,
          151.308896,
          522.2099999999999,
          159.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contingent aspect of the guarantee and is removed only upon either the expiration or settlement of the guarantee. At June 30, ",
        "box": [
          49.46,
          163.308896,
          549.7,
          171.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and December 31, 2025, we had $1.8 million and $1.7 million, respectively, of guarantee obligations included in the ",
        "box": [
          49.46,
          175.308896,
          539.8099799999998,
          183.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allowance for loss-sharing obligations. ",
        "box": [
          49.46,
          187.308896,
          206.80000000000004,
          195.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  In addition to and separately from the fair value of the guarantee, the Company estimates an allowance for loss-sharing ",
        "box": [
          67.46,
          204.308896,
          550.7600000000001,
          212.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under CECL over the contractual period in which we are exposed to credit risk. The general reserve related to loss-sharing was ",
        "box": [
          49.46,
          216.308896,
          559.3900000000001,
          224.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based on a collective pooling basis with similar risk characteristics, a reasonable and supportable forecast and a reversion period ",
        "box": [
          49.46,
          228.308896,
          564.91,
          236.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based on our average historical losses through the remaining contractual term of the portfolio. In instances where payment ",
        "box": [
          49.46,
          240.308896,
          540.8299999999998,
          248.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the loss-sharing obligations of a loan is determined to be probable and estimable (as the loan is probable of, or is, in ",
        "box": [
          49.46,
          252.308896,
          539.7799999999999,
          260.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure), we record a liability for the estimated loss-sharing specific reserve. At June 30, 2026 and December 31, 2025, our ",
        "box": [
          49.46,
          264.308896,
          560.30003,
          272.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allowance for loss-sharing obligations related to the specific reserve was $8.3 million and $9.3 million, respectively.",
        "box": [
          49.46,
          276.308896,
          514.7399899999999,
          284.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " At June 30, 2026 and December 31, 2025, our allowance for loss-sharing obligations associated with expected losses ",
        "box": [
          67.46,
          293.30889599999995,
          540.0699899999998,
          301.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under CECL was $9.4 million and $8.4 million, respectively, and represented 0.12% and 0.11%, respectively, of our Fannie ",
        "box": [
          49.46,
          305.30889599999995,
          547.32,
          313.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mae servicing portfolio. During the three months ended June 30, 2026, we recorded an increase in CECL reserves of $2.2 ",
        "box": [
          49.46,
          317.30889599999995,
          538.97998,
          325.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million.",
        "box": [
          49.46,
          329.30889599999995,
          80.81,
          337.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At June 30, 2026 and December 31, 2025, the unpaid principal balance outstanding of loans sold with loss sharing under ",
        "box": [
          67.46,
          346.30889599999995,
          552.3299899999998,
          354.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the DUS program was approximately $7.9 billion, respectively. The Company's internal credit risk rating process is used to ",
        "box": [
          49.46,
          358.30889599999995,
          546.4399999999998,
          366.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "classify loans and commitments according to the degree of credit risk associated with the ability of the borrower to repay. If ",
        "box": [
          49.46,
          370.30889599999995,
          547.19,
          378.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment is required under this program, the Company would not have a contractual interest in the collateral underlying the ",
        "box": [
          49.46,
          382.30889599999995,
          543.3199999999999,
          390.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial mortgage loan on which the loss occurred, although the value of the collateral is taken into account in determining ",
        "box": [
          49.46,
          394.30889599999995,
          558.5299999999999,
          402.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company's share of such losses. ",
        "box": [
          49.46,
          406.30889599999995,
          196.83999999999997,
          414.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A summary of the Company's allowance for loss sharing for the six months ended June 30, 2026 and for the year ended ",
        "box": [
          67.46,
          423.30889599999995,
          549.5600000000003,
          431.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 are as follows (dollars in thousands):",
        "box": [
          49.46,
          435.30889599999995,
          277.87,
          443.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General Reserve",
        "box": [
          319.91,
          455.97891599999997,
          390.64000000000004,
          464.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific Reserve",
        "box": [
          408.22,
          455.97891599999997,
          477.84000000000003,
          464.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          514.89001,
          455.97891599999997,
          537.6600099999999,
          464.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at January 1, 2026",
        "box": [
          52.09,
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          167.32,
          478.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.34,
          470.22891599999997,
          322.84,
          478.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,151 ",
        "box": [
          364.38,
          470.22891599999997,
          394.38,
          478.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          401.59,
          470.22891599999997,
          409.09,
          478.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,333 ",
        "box": [
          458.63,
          470.22891599999997,
          483.63,
          478.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.84,
          470.22891599999997,
          498.34,
          478.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,484 ",
        "box": [
          530.88,
          470.22891599999997,
          560.88,
          478.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision/(benefit) for loss sharing",
        "box": [
          52.09,
          484.47891599999997,
          191.7,
          492.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          315.34,
          484.47891599999997,
          317.84,
          492.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "982 ",
        "box": [
          376.88,
          484.47891599999997,
          394.38,
          492.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          401.59,
          484.47891599999997,
          404.09,
          492.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,057)   ",
        "box": [
          455.29999999999995,
          484.47891599999997,
          493.34,
          492.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(75) ",
        "box": [
          545.05,
          484.47891599999997,
          564.21,
          492.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2026",
        "box": [
          52.09,
          498.72891599999997,
          157.32,
          506.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          315.34,
          498.72891599999997,
          322.84,
          506.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,133 ",
        "box": [
          364.38,
          498.72891599999997,
          394.38,
          506.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          401.59,
          498.72891599999997,
          409.09,
          506.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,276 ",
        "box": [
          458.63,
          498.72891599999997,
          483.63,
          506.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.84,
          498.72891599999997,
          498.34,
          506.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,409 ",
        "box": [
          530.88,
          498.72891599999997,
          560.88,
          506.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at January 1, 2025",
        "box": [
          52.09,
          540.228886,
          167.32,
          548.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          314.59,
          540.228886,
          322.09,
          548.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          384.13,
          540.228886,
          391.63,
          548.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.84,
          540.228886,
          411.34,
          548.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          470.38,
          540.228886,
          477.88,
          548.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.09,
          540.228886,
          497.59,
          548.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.38,
          540.228886,
          555.88,
          548.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance acquired in acquisition",
        "box": [
          52.09,
          555.978886,
          188.85,
          564.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          314.59,
          555.978886,
          317.09,
          564.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,919 ",
        "box": [
          366.63,
          555.978886,
          396.63,
          564.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          403.84,
          555.978886,
          406.34,
          564.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,667 ",
        "box": [
          452.88,
          555.978886,
          482.88,
          564.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.09,
          555.978886,
          492.59,
          564.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,586 ",
        "box": [
          530.88,
          555.978886,
          560.88,
          564.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision/(benefit) for loss sharing",
        "box": [
          52.09,
          571.728886,
          191.7,
          579.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          314.59,
          571.728886,
          317.09,
          579.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,768)   ",
        "box": [
          368.29999999999995,
          571.728886,
          406.34,
          579.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,334)   ",
        "box": [
          454.54999999999995,
          571.728886,
          492.59,
          579.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,102) ",
        "box": [
          532.55,
          571.728886,
          564.21,
          579.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at December 31, 2025",
        "box": [
          52.09,
          587.478886,
          180.02999999999997,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          314.59,
          587.478886,
          322.09,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,151 ",
        "box": [
          366.63,
          587.478886,
          396.63,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          403.84,
          587.478886,
          411.34,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,333 ",
        "box": [
          457.88,
          587.478886,
          482.88,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.09,
          587.478886,
          497.59,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,484 ",
        "box": [
          530.88,
          587.478886,
          560.88,
          595.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General Reserve",
        "box": [
          320.66,
          524.478886,
          391.39000000000004,
          532.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific Reserve",
        "box": [
          408.97,
          524.478886,
          478.59000000000003,
          532.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          514.52002,
          524.478886,
          537.29002,
          532.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the maximum quantifiable allowance for loss sharing associated with the Company's guarantees ",
        "box": [
          67.46,
          625.058896,
          540.0300000000002,
          633.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the Fannie Mae DUS agreement and the Loss Sharing Agreement was $1.2 billion from a total recourse at risk pool of ",
        "box": [
          49.46,
          637.058896,
          549.7799899999999,
          645.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7.9 billion. The maximum quantifiable allowance for loss sharing is not representative of the actual loss the Company would ",
        "box": [
          49.46,
          649.058896,
          555.2899999999998,
          657.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incur. The Company would be liable for this amount only if all of the loans it services for Fannie Mae, for which the Company ",
        "box": [
          49.46,
          661.058896,
          558.9399999999998,
          669.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "retains some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at ",
        "box": [
          49.46,
          673.058896,
          554.95,
          681.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the time of settlement.",
        "box": [
          49.46,
          685.058896,
          138.75999999999996,
          693.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " For U.S. Treasury securities classified as HTM, the Company does not record an allowance for credit losses as the ",
        "box": [
          67.46,
          702.058896,
          529.4499999999999,
          710.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expectation of nonpayment of the amortized cost basis, based on historical losses, adjusted for current conditions and ",
        "box": [
          49.46,
          714.058896,
          520.3299999999997,
          722.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reasonable and supportable forecasts, is zero.",
        "box": [
          49.46,
          726.058896,
          230.07000000000005,
          734.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 37,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 14 - Earnings Per Share",
        "box": [
          49.46,
          81.14892600000007,
          174.09000000000003,
          89.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company uses the two-class method in calculating basic and diluted earnings per share. Net income/(loss) is allocated ",
        "box": [
          67.46,
          98.308896,
          559.8999900000002,
          106.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between our common stock and other participating securities based on their participation rights. Diluted net income per share ",
        "box": [
          49.46,
          110.308896,
          552.45,
          118.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "has been computed using the weighted average number of shares of common stock outstanding and other dilutive securities. ",
        "box": [
          49.46,
          122.308896,
          548.0999999999999,
          130.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share ",
        "box": [
          49.46,
          134.308896,
          548.0300000000001,
          142.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "computations and the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2026 and ",
        "box": [
          49.46,
          146.308896,
          555.8800100000001,
          154.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025, respectively (in thousands, except share and per share data): ",
        "box": [
          49.46,
          158.308896,
          316.92999,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          258.66,
          178.978886,
          387.7600000000001,
          187.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          423.75,
          178.978886,
          540.67,
          187.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic Numerator",
        "box": [
          52.09,
          193.228886,
          125.07999999999997,
          201.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          272.70999,
          193.228886,
          292.70999,
          201.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          350.70999,
          193.228886,
          370.70999,
          201.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          431.70999,
          193.228886,
          451.70999,
          201.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          512.71002,
          193.228886,
          532.71002,
          201.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss)",
        "box": [
          52.09,
          206.43890599999997,
          123.38999999999996,
          214.6672025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          249.34,
          207.478886,
          256.84000000000003,
          215.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,275 ",
        "box": [
          287.13000000000005,
          207.478886,
          317.13000000000005,
          215.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.34,
          207.478886,
          331.84,
          215.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,384 ",
        "box": [
          368.13,
          207.478886,
          398.13,
          215.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.34,
          207.478886,
          412.84,
          215.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,567 ",
        "box": [
          449.13,
          207.478886,
          479.13,
          215.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.34,
          207.478886,
          493.84,
          215.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,089 ",
        "box": [
          530.13,
          207.478886,
          560.13,
          215.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (income)/loss from non-controlling ",
        "box": [
          52.09,
          220.68890599999997,
          212.49000000000007,
          228.9172025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest",
        "box": [
          52.09,
          230.68890599999997,
          81.49,
          238.9172025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          249.34,
          230.728886,
          251.84,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(706)   ",
        "box": [
          296.3,
          230.728886,
          326.84,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,183)   ",
        "box": [
          369.79999999999995,
          230.728886,
          407.84,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,018)   ",
        "box": [
          450.79999999999995,
          230.728886,
          488.84,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(830) ",
        "box": [
          539.3,
          230.728886,
          563.46,
          238.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Preferred stock dividends",
        "box": [
          52.09,
          243.93890599999997,
          177.79,
          252.1672025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          249.34,
          244.978886,
          251.84,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,916)   ",
        "box": [
          288.8,
          244.978886,
          326.84,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,748)   ",
        "box": [
          369.79999999999995,
          244.978886,
          407.84,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,832)   ",
        "box": [
          445.79999999999995,
          244.978886,
          488.84,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,496) ",
        "box": [
          526.8,
          244.978886,
          563.46,
          253.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss) applicable to common stock",
        "box": [
          52.09,
          258.188906,
          238.25000000000006,
          266.4172025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          249.34,
          259.228886,
          256.84000000000003,
          267.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,653 ",
        "box": [
          292.13000000000005,
          259.228886,
          317.13000000000005,
          267.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.34,
          259.228886,
          331.84,
          267.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,453 ",
        "box": [
          368.13,
          259.228886,
          398.13,
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      {
        "text": "$ ",
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        "text": "15,717 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
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        "text": "33,763 ",
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          280.66720255618264
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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      {
        "text": "(327)   ",
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      {
        "text": "(522)   ",
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      {
        "text": "(653)   ",
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      {
        "text": "(1,046) ",
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          563.46,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Basic net income/(loss) applicable to common ",
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          239.62000000000003,
          294.9172025561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "stockholders",
        "box": [
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          102.6,
          304.9172025561827
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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": "9,326 ",
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        "from_ocr": false,
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      {
        "text": "$ ",
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      {
        "text": "15,931 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "15,064 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "confidence": 1.0
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      {
        "text": "32,717 ",
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          560.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Diluted Numerator",
        "box": [
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          133.96999999999997,
          330.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Basic net income/(loss) applicable to common ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "stockholders",
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          102.6,
          353.6672025561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          256.84000000000003,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9,326 ",
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          317.13000000000005,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "text": "15,931 ",
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          398.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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          412.84,
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        "from_ocr": false,
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      {
        "text": "15,064 ",
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          479.13,
          353.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          493.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "32,717 ",
        "box": [
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          560.13,
          353.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Add: Net income/(loss) from non-controlling ",
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          366.9172025561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "interest - OP Units",
        "box": [
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          376.9172025561827
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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": "898 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          393.13,
          376.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          407.84,
          376.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,518 ",
        "box": [
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          368.72891599999997,
          479.13,
          376.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          368.72891599999997,
          488.84,
          376.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          547.63,
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          555.13,
          376.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Diluted net income/(loss) applicable to ",
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          52.09,
          381.938906,
          209.93000000000006,
          390.1672025561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "common stockholders",
        "box": [
          52.09,
          391.938906,
          140.06999999999996,
          400.1672025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          249.34,
          391.97891599999997,
          256.84000000000003,
          400.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "10,224 ",
        "box": [
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          391.97891599999997,
          317.13000000000005,
          400.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          324.34,
          391.97891599999997,
          331.84,
          400.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "15,931 ",
        "box": [
          368.13,
          391.97891599999997,
          398.13,
          400.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.34,
          391.97891599999997,
          412.84,
          400.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,582 ",
        "box": [
          449.13,
          391.97891599999997,
          479.13,
          400.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          486.34,
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          493.84,
          400.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,717 ",
        "box": [
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          391.97891599999997,
          560.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Denominator",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average common shares outstanding ",
        "box": [
          52.09,
          427.688906,
          241.87,
          435.9172025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for basic earnings per share",
        "box": [
          52.09,
          437.688906,
          161.96999999999997,
          445.9172025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          249.34,
          437.72891599999997,
          251.84,
          445.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,367,888 ",
        "box": [
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          445.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          324.34,
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          326.84,
          445.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,181,403 ",
        "box": [
          350.63,
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          398.13,
          445.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          407.84,
          445.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78,137,174 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,117,897 ",
        "box": [
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          560.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Weighted-average common shares outstanding ",
        "box": [
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          241.87,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "for diluted earnings per share (1)(2)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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          251.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,753,839 ",
        "box": [
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          317.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          326.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "82,181,403 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86,523,125 ",
        "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
      },
      {
        "text": "82,117,897 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Basic earnings per share",
        "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": "0.12 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.19 ",
        "box": [
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          398.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.19 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "0.40 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Diluted earnings per share",
        "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": "0.12 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.19 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.19 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "confidence": 1.0
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        "text": "0.40 ",
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      {
        "text": "________________________",
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        "text": "(1)  The effect of the weighted average dilutive shares excluded restricted shares and stock units for the three months ended June 30, 2026 ",
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      {
        "text": "and 2025 of 38,381 and 45,576, respectively, as the effect was anti-dilutive. Weighted average dilutive shares excluded restricted shares ",
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        "text": "and stock units as of the six months ended June 30, 2026 and 2025 of 57,679 and 133,619 respectively, as the effect was anti-dilutive. ",
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      {
        "text": "Additionally, the effect of dilutive shares excluded 5,370,498 weighted average common share equivalents of convertible preferred stock",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "for the three and six months ended June 30, 2026 and 2025, respectively, as the effect was anti-dilutive.",
        "box": [
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      {
        "text": "(2)  The effect of the weighted average dilutive shares included Class A units of FBRT OP LLC for the three and six months ended June 30, ",
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      {
        "text": "2026 of 8,385,951 as the effect was dilutive.",
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      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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      {
        "text": "June 30, 2026",
        "box": [
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          335.02000000000004,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Unaudited)",
        "box": [
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          331.82000999999997,
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      {
        "text": "35",
        "box": [
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          769.728886,
          311.0,
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  {
    "page_no": 38,
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    "cells": [
      {
        "text": " Note 15 - Redeemable Convertible Preferred Stock and Equity Transactions ",
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      {
        "text": "The following table presents the summary of the Company's outstanding shares of redeemable convertible preferred stock, ",
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      {
        "text": "perpetual preferred stock, and common stock as of June 30, 2026 and December 31, 2025 (in thousands, except share and per ",
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      {
        "text": "share amounts):",
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      {
        "text": "Balance as of",
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      {
        "text": "Shares Outstanding as of",
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      {
        "text": "Second Quarter ",
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        "confidence": 1.0
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      {
        "text": "2026 Dividend ",
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      {
        "text": "Per Share (1)",
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      {
        "text": "June 30, 2026",
        "box": [
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        "confidence": 1.0
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      {
        "text": "December 31, ",
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      {
        "text": "2025",
        "box": [
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        "confidence": 1.0
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      {
        "text": "June 30, 2026",
        "box": [
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          172.978886,
          412.61,
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        "confidence": 1.0
      },
      {
        "text": "December 31, ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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          172.978886,
          461.82999,
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        "confidence": 1.0
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      {
        "text": "Redeemable Convertible Preferred ",
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        "confidence": 1.0
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      {
        "text": "Stock:",
        "box": [
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          79.3,
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      {
        "text": "Series H Preferred Stock (2)",
        "box": [
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          158.72899,
          218.7071825561826
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          224.59,
          218.7071825561826
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        "confidence": 1.0
      },
      {
        "text": "89,748 ",
        "box": [
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          210.478886,
          278.13,
          218.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "89,748 ",
        "box": [
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          346.38,
          218.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          356.09,
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        "confidence": 1.0
      },
      {
        "text": "17,950 ",
        "box": [
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          414.63,
          218.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.84,
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          424.34,
          218.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,950 ",
        "box": [
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          482.88,
          218.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "59.84 ",
        "box": [
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Perpetual Preferred Stock:",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Series E Preferred Stock",
        "box": [
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          150.02999999999997,
          247.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          217.09,
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          224.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258,742 ",
        "box": [
          243.13,
          238.978886,
          278.13,
          247.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.34,
          238.978886,
          292.84,
          247.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258,742 ",
        "box": [
          311.38,
          238.978886,
          346.38,
          247.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
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          356.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,329,039 ",
        "box": [
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          414.63,
          247.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          424.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,329,039 ",
        "box": [
          435.38,
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          482.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.46875 ",
        "box": [
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common Stock:",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Common Stock - at par value (3)(4)",
        "box": [
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          184.62800000000001,
          275.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          224.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "750 ",
        "box": [
          260.63,
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          278.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          285.34,
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          292.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "808 ",
        "box": [
          328.88,
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          346.38,
          275.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,436,265 ",
        "box": [
          367.13,
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          414.63,
          275.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          421.84,
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          424.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,553,982 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.09,
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          497.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.20 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
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      {
        "text": "(1)  As declared by the Company's board of directors.",
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        "confidence": 1.0
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      {
        "text": "(2)  On January 14, 2026, the Series H Preferred Stock was amended such that the mandatory conversion date was extended by two years, to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 21, 2028. Unless earlier converted, the Series H Preferred Stock will automatically convert into common stock at a rate of 299.2 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares of common stock per share of Series H Preferred Stock (subject to adjustments as described in the Articles Supplementary for the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Series H Preferred Stock) on January 21, 2028. The holder of the Series H Preferred Stock has the right to convert up to 4,487 shares of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Series H Preferred Stock one time in each calendar month through and including the month prior to the mandatory conversion date, upon ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "10 business days' advance notice to the Company. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3)   Common stock includes shares issued pursuant to the Company's DRIP and unvested restricted shares.",
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        "confidence": 1.0
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      {
        "text": "(4)   During three months ended June 30, 2026, the Company repurchased 1,838,855 shares of common stock at a net average price of $8.70 ",
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        "confidence": 1.0
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      {
        "text": "per share, for a total of $16.0 million. During the six months ended June 30, 2026, the Company repurchased 6,200,451 shares of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock at a net average price of $9.00 per share, for a total of $55.8 million. All of these shares were retired upon settlement, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reducing the total outstanding shares as of June 30, 2026. See discussion in the \"Stock Repurchases\" section below.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "During the six months ended June 30, 2026 and 2025, the Company paid an aggregate of $44.9 million and $59.2 million, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, of common stock distributions comprised of quarterly common dividends of $0.20 per share and $0.355 per share, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "respectively. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock Repurchases",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In February 2026, and again in April 2026, the Company's board of directors reauthorized the Company's share repurchase ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "program to provide $50.0 million available for share repurchases through December 31, 2026. The Company's share repurchase ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "program authorizes share repurchases at prices below the most recently reported book value per share as determined in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accordance with GAAP. Repurchases made under the program may be made through open market, block, and privately ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "negotiated transactions, including Rule 10b5-1 plans, as permitted by securities laws and other legal requirements. The timing, ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "manner, price and amount of any purchases by the Company will be determined by the Company in its reasonable business ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "judgment and consistent with the exercise of its legal duties and will be subject to economic and market conditions, stock price, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable legal requirements and other factors. The share repurchase program does not obligate the Company to acquire any ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "particular amount of common stock. The Company share repurchase program will remain open until it expires or until the ",
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      {
        "text": "capital committed to the applicable repurchase program has been exhausted, whichever is sooner. Repurchases under the ",
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        "confidence": 1.0
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      {
        "text": "Company's share repurchase program may be suspended from time to time at the Company's discretion without prior notice. ",
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      {
        "text": "As of June 30, 2026, the Company had $34.0 million remaining under the share repurchase program. ",
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        "confidence": 1.0
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      {
        "text": "The following table is a summary of the Company's repurchase activity of its common stock during the six months ended ",
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        "confidence": 1.0
      },
      {
        "text": "June 30, 2026.",
        "box": [
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      },
      {
        "text": "Table of Contents",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        ],
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        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
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        "confidence": 1.0
      },
      {
        "text": "36",
        "box": [
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          311.0,
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  {
    "page_no": 39,
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      {
        "text": "Six Months Ended June 30, 2026",
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      {
        "text": "Shares",
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      {
        "text": "Amount  (1)(2)",
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      {
        "text": "Beginning of period, authorized repurchase amount (3)",
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      },
      {
        "text": "$ ",
        "box": [
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      },
      {
        "text": "89,822 ",
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      {
        "text": "Repurchases paid",
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      {
        "text": " ",
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      },
      {
        "text": "6,200,451 ",
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      },
      {
        "text": "(55,823) ",
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      },
      {
        "text": "Remaining as of June 30, 2026",
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      },
      {
        "text": "$ ",
        "box": [
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      },
      {
        "text": "33,999 ",
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      {
        "text": "(1)  For the six months ended, June 30, 2026 the net average purchase price was $9.00 per share.",
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      {
        "text": "(2)  Amount includes commissions paid associated with share repurchases.",
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      {
        "text": "(3)  In February 2026 and again in April 2026, the Company's Board of Directors reauthorized the Company's share repurchase program, ",
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      {
        "text": "authorizing the repurchase of up to $50.0 million of the Company's common stock through December 31, 2026. At the time of the April ",
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      {
        "text": "2026 reauthorization, $10.2 million remained available under the prior authorization.",
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      {
        "text": "Dividend Reinvestment and Direct Stock Purchase Plan",
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      {
        "text": "The Company has adopted a dividend reinvestment and direct stock purchase plan (\"DRIP\") under which we registered and ",
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      {
        "text": "reserved for issuance, in the aggregate, up to 63,000,000 shares of common stock. Under the dividend reinvestment component ",
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      {
        "text": "of this plan, the Company's common stockholders can designate all or a portion of their cash dividends to be reinvested in ",
        "box": [
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      {
        "text": "additional shares of common stock (which shares, at the Company's option, are either issued directly from the Company or ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "purchased by the administrator on the open market). The direct stock purchase component allows stockholders, subject to the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's approval, to purchase shares of common stock directly from us. During the three months ended June 30, 2026 and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "2025, no shares of common stock were issued by the Company, and 27,050 and 42,486 shares of common stock, respectively, ",
        "box": [
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      {
        "text": "were purchased in the open market by the DRIP administrator and allocated to DRIP participants under the dividend ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reinvestment component of the DRIP.  During the six months ended June 30, 2026 and 2025, no shares of common stock were ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "issued by the Company, and 69,509 and 80,497 shares of common stock, respectively, were purchased in the open market by ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the DRIP administrator and allocated to DRIP participants under the dividend reinvestment component of the DRIP.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At-the-Market Sales Agreement",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Pursuant to the sales agreement dated April 14, 2023 (as amended the \"Sales Agreement\"), the Company maintains a ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$200 million at-the-market offering program (the \"ATM program\") with a financial syndicate as sales agents (the \"Agents\"). ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Pursuant to the Sales Agreement, the Company may offer and sell shares of the Company's common stock, from time to time, ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and at various prices, through the Agents. Sales of the common stock, if any, made through the Agents may be made in \"at the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market\" offerings (as defined in Rule 415 under the Securities Act of 1933, as amended), by means of ordinary brokers' ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "transactions on the New York Stock Exchange or otherwise, at market prices prevailing at the time of sale, in block ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions, in negotiated transactions, in any manner permitted by applicable law or as otherwise as may be agreed by the ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Company and any Agent.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the Company had not sold any shares of common stock under the ATM program, and common stock ",
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        "confidence": 1.0
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      {
        "text": "with an aggregate sales price of $200 million remains available for issuance pursuant to the ATM program.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Non-Controlling Interest",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In connection with the Company's acquisition of NewPoint on July 1, 2025, the Company issued 8,385,951 OP Units, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "providing those unit holders interest in the operating partnership. The OP Unit holders have the right to redeem their OP Units, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for either shares of common stock or cash, at the Company's option and subject to certain restrictions. In the event OP Units are ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "redeemed, one OP Unit is equal to one share of the Company's common stock, or cash equal to the fair value of a share of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's common stock at the time of redemption. When an OP Unit holder redeems an OP Unit, non-controlling interests in ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the operating partnership is reduced and the Company's equity is increased. As of June 30, 2026, the non-controlling interest ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OP Unit holders owned 8,385,951 OP Units.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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          173.85001,
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          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
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          331.82000999999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "37",
        "box": [
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  {
    "page_no": 40,
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    "cells": [
      {
        "text": "Accumulated Other Comprehensive Income/(Loss)",
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        "confidence": 1.0
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      {
        "text": "The following table sets forth the changes in accumulated other comprehensive income/(loss) related to the Company's real ",
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        "confidence": 1.0
      },
      {
        "text": "estate securities, available for sale, measured at fair value for the three and six months ended June 30, 2026 and 2025 (dollars in ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "thousands):",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For The Three Months Ended",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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          433.61,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, Beginning of Period",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          355.84,
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          363.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,056)  $ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "(318) ",
        "box": [
          539.3,
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        "confidence": 1.0
      },
      {
        "text": "Other comprehensive income/(loss)",
        "box": [
          52.09,
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          194.70000000000005,
          216.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          355.84,
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          358.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "398 ",
        "box": [
          436.88,
          208.728886,
          454.38,
          216.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.59,
          208.728886,
          464.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(21) ",
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          544.3,
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          563.46,
          216.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reclassification adjustment for amounts included in net income/(loss)",
        "box": [
          52.09,
          224.478886,
          331.4599999999999,
          232.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          355.84,
          224.478886,
          358.34,
          232.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          441.88,
          224.478886,
          449.38,
          232.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.59,
          224.478886,
          464.09,
          232.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43 ",
        "box": [
          547.63,
          224.478886,
          560.13,
          232.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, End of Period",
        "box": [
          52.09,
          240.228886,
          150.34,
          248.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          355.84,
          240.228886,
          363.34,
          248.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(658)  $ ",
        "box": [
          433.54999999999995,
          240.228886,
          469.09,
          248.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(296) ",
        "box": [
          539.3,
          240.228886,
          563.46,
          248.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended",
        "box": [
          401.10001,
          284.22891599999997,
          513.82001,
          292.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          375.56,
          298.47891599999997,
          433.61,
          306.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025",
        "box": [
          481.31,
          298.47891599999997,
          539.36,
          306.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, Beginning of Period",
        "box": [
          52.09,
          312.72891599999997,
          175.87000000000003,
          320.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          355.84,
          312.72891599999997,
          363.34,
          320.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284)  $ ",
        "box": [
          433.54999999999995,
          312.72891599999997,
          469.09,
          320.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79 ",
        "box": [
          547.63,
          312.72891599999997,
          560.13,
          320.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other comprehensive income/(loss)",
        "box": [
          52.09,
          326.97891599999997,
          194.70000000000005,
          335.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          355.84,
          326.97891599999997,
          358.34,
          335.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(374)   ",
        "box": [
          433.54999999999995,
          326.97891599999997,
          464.09,
          335.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(418) ",
        "box": [
          539.3,
          326.97891599999997,
          563.46,
          335.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reclassification adjustment for amounts included in net income/(loss)",
        "box": [
          52.09,
          341.22891599999997,
          331.4599999999999,
          349.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          355.84,
          341.22891599999997,
          358.34,
          349.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          441.88,
          341.22891599999997,
          449.38,
          349.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.59,
          341.22891599999997,
          464.09,
          349.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43 ",
        "box": [
          547.63,
          341.22891599999997,
          560.13,
          349.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance, End of Period",
        "box": [
          52.09,
          355.47891599999997,
          150.34,
          363.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          355.84,
          355.47891599999997,
          363.34,
          363.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(658)  $ ",
        "box": [
          433.54999999999995,
          355.47891599999997,
          469.09,
          363.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(296) ",
        "box": [
          539.3,
          355.47891599999997,
          563.46,
          363.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
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          395.9499900000004,
          33.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 41,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 16 - Commitments and Contingencies",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded Commitments Under Commercial Mortgage Loans, Held for Investment",
        "box": [
          49.46,
          98.14892600000007,
          390.59999999999997,
          106.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the Company had the below unfunded commitments to the Company's borrowers (dollars in ",
        "box": [
          67.46,
          115.308896,
          522.7999999999998,
          123.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          49.46,
          127.308896,
          95.55,
          135.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Funding Expiration",
        "box": [
          52.09,
          147.978886,
          136.77999999999997,
          156.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          368.42999,
          147.978886,
          426.47999,
          156.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          462.45001,
          147.978886,
          543.21001,
          156.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          52.09,
          162.228886,
          72.09,
          170.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          349.09,
          162.228886,
          356.59,
          170.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,407 ",
        "box": [
          416.88,
          162.228886,
          446.88,
          170.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          454.09,
          162.228886,
          461.59,
          170.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77,167 ",
        "box": [
          522.63,
          162.228886,
          552.63,
          170.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          52.09,
          176.478886,
          72.09,
          184.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.09,
          176.478886,
          351.59,
          184.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97,452 ",
        "box": [
          416.88,
          176.478886,
          446.88,
          184.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.09,
          176.478886,
          456.59,
          184.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132,465 ",
        "box": [
          517.63,
          176.478886,
          552.63,
          184.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          52.09,
          190.728886,
          72.09,
          198.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.09,
          190.728886,
          351.59,
          198.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "155,460 ",
        "box": [
          411.88,
          190.728886,
          446.88,
          198.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.09,
          190.728886,
          456.59,
          198.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "195,100 ",
        "box": [
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          190.728886,
          552.63,
          198.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          52.09,
          204.978886,
          72.09,
          213.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.09,
          204.978886,
          351.59,
          213.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,927 ",
        "box": [
          416.88,
          204.978886,
          446.88,
          213.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.09,
          204.978886,
          456.59,
          213.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,147 ",
        "box": [
          527.63,
          204.978886,
          552.63,
          213.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030 and beyond",
        "box": [
          52.09,
          219.228886,
          120.94999999999999,
          227.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          349.09,
          219.228886,
          351.59,
          227.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          434.38,
          219.228886,
          441.88,
          227.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.09,
          219.228886,
          456.59,
          227.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          540.13,
          219.228886,
          547.63,
          227.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          58.09,
          233.478886,
          80.86,
          241.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          349.09,
          233.478886,
          356.59,
          241.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "285,246 ",
        "box": [
          411.88,
          233.478886,
          446.88,
          241.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          454.09,
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          461.59,
          241.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,879 ",
        "box": [
          517.63,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The borrowers are generally required to meet or maintain certain metrics in order to qualify for the unfunded commitment ",
        "box": [
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          262.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts.",
        "box": [
          49.46,
          266.058896,
          85.82,
          274.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded Commitments Under Commercial Mortgage Loans, Held for Sale",
        "box": [
          49.46,
          282.898896,
          362.86,
          291.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments to extend credit by the Company are generally agreements to lend to a customer as long as there is no ",
        "box": [
          67.46,
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          534.3999999999997,
          308.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination ",
        "box": [
          49.46,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "clauses and may require payment of a fee. Occasionally, the commitments may expire without being drawn upon; therefore, the ",
        "box": [
          49.46,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "total commitment amounts do not necessarily represent future cash requirements. As of June 30, 2026, the Company had $29.1 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million and $484.7 million of unfunded commitments to fund loans and sell loans, net, respectively.",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mortgage Impairment Insurance",
        "box": [
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          373.1271925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the Company carried mortgage impairment and mortgagees' errors and omissions insurance each with ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a limit of $50 million. Mortgage impairment insurance provides the Company with hazard insurance coverage for mortgage ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan collateral in the event of a catastrophe for which the borrowers insurance does not provide sufficient coverage to protect ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the Company from loss on loans originated under the Fannie Mae DUS program.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage Bankers Bond",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, the Company carried a mortgage bankers bond, combining the fidelity bond and mortgagees errors ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and omissions insurance, with a limit of $65 million.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office Leases",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company executes lease arrangements for all of its office space in the normal course of business. All such lease ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "arrangements are accounted for as operating leases. The Company initially recognizes a lease liability for the obligation to make ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "lease payments and a right-of-use ('ROU') asset for the right to use the underlying asset for the lease term. The lease liability is ",
        "box": [
          49.46,
          522.058896,
          563.7999999999998,
          530.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measured at the present value of the lease payments over the lease term. The ROU asset is measured at the lease liability ",
        "box": [
          49.46,
          534.058896,
          533.4799999999999,
          542.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount, adjusted for lease prepayments, accrued rent, lease incentives received, and the lessee's initial direct costs. ",
        "box": [
          49.46,
          546.058896,
          512.3999999999997,
          554.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These operating leases do not provide an implicit discount rate; therefore, the Company uses its incremental borrowing rate ",
        "box": [
          67.46,
          563.058896,
          563.24,
          571.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to calculate lease liabilities. The Company's lease agreements often include options to extend or terminate the lease. Lease costs ",
        "box": [
          49.46,
          575.058896,
          564.52,
          583.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are recognized on a straight-line basis over the term of the lease, which includes options to extend when it is reasonably certain ",
        "box": [
          49.46,
          587.058896,
          560.2100000000002,
          595.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that such options will be exercised and the Company knows what the lease payments will be during the optional periods.",
        "box": [
          49.46,
          599.058896,
          531.7299999999999,
          607.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Litigation and Regulatory Proceedings",
        "box": [
          49.46,
          615.898926,
          209.04,
          624.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Except as set forth below, the Company is not presently named as a defendant in any material litigation arising outside the ",
        "box": [
          67.46,
          633.058896,
          558.5299999999999,
          641.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, ",
        "box": [
          49.46,
          645.058896,
          557.3399999999997,
          653.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "none of which the Company believes, individually or in the aggregate, will have a material impact on the Company's financial ",
        "box": [
          49.46,
          657.058896,
          557.72,
          665.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condition, operating results or cash flows.",
        "box": [
          49.46,
          669.058896,
          216.79999,
          677.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 42,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "On February 26, 2026, the Company and certain of its officers were named as defendants in a putative securities class ",
        "box": [
          67.46,
          81.308896,
          540.81,
          89.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "action complaint (the 'securities class action') filed in the United States District Court for the Eastern District of New York (the ",
        "box": [
          49.46,
          93.308896,
          564.6000000000001,
          101.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Court').  The complaint, captioned Robert Moses v. Franklin BSP Realty Trust, Inc., et al., asserts violations of Sections 10(b) ",
        "box": [
          49.46,
          105.308896,
          562.8199999999999,
          113.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 20(a) of the Securities Exchange Act of 1934. The Company believes the securities class action is without merit and intends ",
        "box": [
          49.46,
          117.308896,
          564.4099999999999,
          125.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to vigorously defend itself. The Company believes the securities class action will not have a material impact on its financial ",
        "box": [
          49.46,
          129.308896,
          546.2899999999998,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condition, operating results or cash flows.",
        "box": [
          49.46,
          141.308896,
          216.79999999999998,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On May 8, 2026, the Company and its officers and directors were named as defendants in a related derivative shareholder ",
        "box": [
          67.46,
          158.308896,
          556.3500000000001,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "complaint filed in the Court. The complaint, captioned John E. Traina, derivatively on behalf of Franklin BSP Realty Trust, Inc. ",
        "box": [
          49.46,
          170.308896,
          563.3200000000002,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vs. the Company and its Officers and Directors, alleges that the board of directors breached its fiduciary duties by allowing ",
        "box": [
          49.46,
          182.308896,
          543.8899999999999,
          190.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management to make the allegedly false statements at issue in the securities class action. The Company similarly believes this ",
        "box": [
          49.46,
          194.308896,
          555.3999999999999,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derivative action is without merit. At present it has been stayed, and if FBRT is successful in dismissing the securities class ",
        "box": [
          49.46,
          206.308896,
          544.6999999999999,
          214.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "action this derivative action will be dismissed, as well.",
        "box": [
          49.46,
          218.308896,
          267.5,
          226.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 43,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 17 - Servicing Revenue",
        "box": [
          49.46,
          81.14892600000007,
          169.35999999999999,
          89.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The components of servicing revenue are as follows (in thousands):",
        "box": [
          67.46,
          98.308896,
          338.0299999999999,
          106.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          259.03,
          125.72888599999999,
          388.13000000000005,
          133.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          426.75,
          125.72888599999999,
          543.67,
          133.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          273.07999,
          139.978886,
          293.07999,
          148.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          356.70999,
          139.978886,
          376.70999,
          148.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          435.82999,
          139.978886,
          455.82999,
          148.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          513.83002,
          139.978886,
          533.83002,
          148.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing and ancillary fees",
        "box": [
          52.09,
          154.228886,
          163.32000000000002,
          162.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          244.09,
          154.228886,
          251.59,
          162.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,963 ",
        "box": [
          293.13,
          154.228886,
          323.13,
          162.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          330.34,
          154.228886,
          337.84,
          162.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          391.63,
          154.228886,
          399.13,
          162.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          411.34,
          154.228886,
          418.84,
          162.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,656 ",
        "box": [
          451.38,
          154.228886,
          481.38,
          162.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          488.59,
          154.228886,
          496.09,
          162.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          547.63,
          154.228886,
          555.13,
          162.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest on escrows",
        "box": [
          52.09,
          168.478886,
          129.22999999999996,
          176.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          244.09,
          168.478886,
          246.59,
          176.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,963 ",
        "box": [
          298.13,
          168.478886,
          323.13,
          176.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.34,
          168.478886,
          332.84,
          176.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          391.63,
          168.478886,
          399.13,
          176.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          411.34,
          168.478886,
          413.84,
          176.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,821 ",
        "box": [
          451.38,
          168.478886,
          481.38,
          176.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.59,
          168.478886,
          491.09,
          176.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          547.63,
          168.478886,
          555.13,
          176.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MSR payoffs",
        "box": [
          52.09,
          182.728886,
          105.67999999999999,
          190.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          244.09,
          182.728886,
          246.59,
          190.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,490)   ",
        "box": [
          294.8,
          182.728886,
          332.84,
          190.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          391.63,
          182.728886,
          399.13,
          190.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          411.34,
          182.728886,
          413.84,
          190.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,007)   ",
        "box": [
          453.04999999999995,
          182.728886,
          491.09,
          190.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          547.63,
          182.728886,
          555.13,
          190.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MSR amortization",
        "box": [
          52.09,
          196.978886,
          126.16999999999996,
          205.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          244.09,
          196.978886,
          246.59,
          205.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,778)   ",
        "box": [
          294.8,
          196.978886,
          332.84,
          205.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          391.63,
          196.978886,
          399.13,
          205.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          411.34,
          196.978886,
          413.84,
          205.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,863)   ",
        "box": [
          448.04999999999995,
          196.978886,
          491.09,
          205.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          547.63,
          196.978886,
          555.13,
          205.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MSR impairment reversal",
        "box": [
          52.09,
          211.228886,
          155.85999999999999,
          219.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          244.09,
          211.228886,
          246.59,
          219.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          310.63,
          211.228886,
          318.13,
          219.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          330.34,
          211.228886,
          332.84,
          219.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          391.63,
          211.228886,
          399.13,
          219.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          411.34,
          211.228886,
          413.84,
          219.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,601 ",
        "box": [
          456.38,
          211.228886,
          481.38,
          219.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.59,
          211.228886,
          491.09,
          219.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          547.63,
          211.228886,
          555.13,
          219.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total servicing revenue, net",
        "box": [
          52.09,
          225.478886,
          170.29,
          233.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          244.09,
          225.478886,
          251.59,
          233.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,658 ",
        "box": [
          298.13,
          225.478886,
          323.13,
          233.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          330.34,
          225.478886,
          337.84,
          233.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          391.63,
          225.478886,
          399.13,
          233.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          411.34,
          225.478886,
          418.84,
          233.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,208 ",
        "box": [
          451.38,
          225.478886,
          481.38,
          233.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          488.59,
          225.478886,
          496.09,
          233.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          547.63,
          225.478886,
          555.13,
          233.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, the weighted average servicing fee was 8.9 basis points and 9.2 basis points, ",
        "box": [
          67.46,
          263.058896,
          558.16,
          271.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively. At June 30, 2026 and December 31, 2025, total escrow and reserve balances were approximately $1.2 billion and ",
        "box": [
          49.46,
          275.058896,
          557.79998,
          283.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$921 million, respectively, none of which are included in our consolidated balance sheets. These escrows are maintained in ",
        "box": [
          49.46,
          287.05889599999995,
          544.69,
          295.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn ",
        "box": [
          49.46,
          299.05889599999995,
          524.4199999999998,
          307.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "placement fees on the total escrow deposits, which is generally based on a market rate of interest negotiated with the financial ",
        "box": [
          49.46,
          311.05889599999995,
          554.88,
          319.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "institutions that hold the escrow deposits. Placement fees earned on total escrows, net of interest paid to the borrower, is ",
        "box": [
          49.46,
          323.05889599999995,
          531.9599999999999,
          331.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "included as a component of servicing revenue, net in the consolidated statements of income as noted in the table above.",
        "box": [
          49.46,
          335.05889599999995,
          526.3699999999999,
          343.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Product type concentrations that impact our servicing revenue are as follows ($ in millions):",
        "box": [
          67.46,
          369.05889599999995,
          435.6499999999998,
          377.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Product Type Considerations",
        "box": [
          243.22,
          391.22891599999997,
          368.69,
          399.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          246.92999,
          406.97891599999997,
          304.97999,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          429.07999,
          406.97891599999997,
          509.83999000000006,
          415.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          199.22,
          448.97891599999997,
          219.21,
          457.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of Total",
        "box": [
          256.29001,
          448.97891599999997,
          297.39000999999996,
          457.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Annualized ",
        "box": [
          321.64999,
          420.028896,
          373.00999,
          428.2571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effective ",
        "box": [
          327.23001,
          430.028896,
          367.44001,
          438.2571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Service Fee ",
        "box": [
          321.82999,
          440.028896,
          372.83999000000006,
          448.2571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate",
        "box": [
          336.09,
          450.028896,
          356.08,
          458.2571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          396.84,
          448.97891599999997,
          416.83000000000004,
          457.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of Total",
        "box": [
          446.79001,
          448.97891599999997,
          487.89000999999996,
          457.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Annualized ",
        "box": [
          508.03,
          420.028896,
          559.3899999999999,
          428.2571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effective ",
        "box": [
          513.59998,
          430.028896,
          553.8099800000002,
          438.2571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Service Fee ",
        "box": [
          508.20001,
          440.028896,
          559.2100100000004,
          448.2571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate",
        "box": [
          522.46997,
          450.028896,
          542.4599700000001,
          458.2571925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fannie Mae",
        "box": [
          52.09,
          463.22891599999997,
          99.53999999999999,
          471.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          178.09,
          463.22891599999997,
          185.59,
          471.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,935 ",
        "box": [
          216.38,
          463.22891599999997,
          241.38,
          471.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  13 %",
        "box": [
          293.29999,
          463.22891599999997,
          314.95998999999995,
          471.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.41 % $ ",
        "box": [
          346.54999,
          463.22891599999997,
          386.59,
          471.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,860 ",
        "box": [
          410.63,
          463.22891599999997,
          435.63,
          471.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  16 %",
        "box": [
          480.04999,
          463.22891599999997,
          501.70998999999995,
          471.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.42 %",
        "box": [
          532.54999,
          463.22891599999997,
          561.7099900000001,
          471.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ginnie Mae",
        "box": [
          52.09,
          477.47891599999997,
          99.53999999999999,
          485.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          178.09,
          477.47891599999997,
          180.59,
          485.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,268 ",
        "box": [
          216.38,
          477.47891599999997,
          241.38,
          485.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9 %",
        "box": [
          298.29999,
          477.47891599999997,
          314.95998999999995,
          485.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.31 %  ",
        "box": [
          346.54999,
          477.47891599999997,
          381.59,
          485.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,125 ",
        "box": [
          410.63,
          477.47891599999997,
          435.63,
          485.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  11 %",
        "box": [
          480.04999,
          477.47891599999997,
          501.70998999999995,
          485.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.35 %",
        "box": [
          532.54999,
          477.47891599999997,
          561.7099900000001,
          485.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Freddie Mac",
        "box": [
          52.09,
          491.72891599999997,
          102.86999999999998,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          178.09,
          491.72891599999997,
          180.59,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,074 ",
        "box": [
          216.38,
          491.72891599999997,
          241.38,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  15 %",
        "box": [
          293.29999,
          491.72891599999997,
          314.95998999999995,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.13 %  ",
        "box": [
          346.54999,
          491.72891599999997,
          381.59,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,649 ",
        "box": [
          410.63,
          491.72891599999997,
          435.63,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  18 %",
        "box": [
          480.04999,
          491.72891599999997,
          501.70998999999995,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.15 %",
        "box": [
          532.54999,
          491.72891599999997,
          561.7099900000001,
          499.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bridge",
        "box": [
          52.09,
          505.978886,
          79.28999999999999,
          514.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          178.09,
          505.978886,
          180.59,
          514.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "401 ",
        "box": [
          223.88,
          505.978886,
          241.38,
          514.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1 %",
        "box": [
          298.29999,
          505.978886,
          314.95998999999995,
          514.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.09 %  ",
        "box": [
          346.54999,
          505.978886,
          381.59,
          514.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "836 ",
        "box": [
          418.13,
          505.978886,
          435.63,
          514.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2 %",
        "box": [
          485.04999,
          505.978886,
          501.70998999999995,
          514.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.16 %",
        "box": [
          532.54999,
          505.978886,
          561.7099900000001,
          514.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Affordable",
        "box": [
          52.09,
          520.228886,
          95.93999999999998,
          528.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          178.09,
          520.228886,
          180.59,
          528.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "481 ",
        "box": [
          223.88,
          520.228886,
          241.38,
          528.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1 %",
        "box": [
          298.29999,
          520.228886,
          314.95998999999995,
          528.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.13 %  ",
        "box": [
          346.54999,
          520.228886,
          381.59,
          528.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "425 ",
        "box": [
          418.13,
          520.228886,
          435.63,
          528.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1 %",
        "box": [
          485.04999,
          520.228886,
          501.70998999999995,
          528.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.26 %",
        "box": [
          532.54999,
          520.228886,
          561.7099900000001,
          528.4571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Benefit Street Partners (1)",
        "box": [
          52.09,
          533.6773688999999,
          150.08899,
          542.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          178.09,
          534.478886,
          180.59,
          542.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,909 ",
        "box": [
          211.38,
          534.478886,
          241.38,
          542.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  18 %",
        "box": [
          293.29999,
          534.478886,
          314.95998999999995,
          542.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.17 %  ",
        "box": [
          346.54999,
          534.478886,
          381.59,
          542.7071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130 ",
        "box": [
          418.13,
          534.478886,
          435.63,
          542.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - %",
        "box": [
          480.04999,
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          496.70998999999995,
          542.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.06 %",
        "box": [
          532.54999,
          534.478886,
          561.7099900000001,
          542.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Private Label",
        "box": [
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          105.61999999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          178.09,
          548.728886,
          180.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,770 ",
        "box": [
          211.38,
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          241.38,
          556.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  43 %",
        "box": [
          293.29999,
          548.728886,
          314.95998999999995,
          556.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.04 %  ",
        "box": [
          346.54999,
          548.728886,
          381.59,
          556.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,821 ",
        "box": [
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          435.63,
          556.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  52 %",
        "box": [
          480.04999,
          548.728886,
          501.70998999999995,
          556.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.04 %",
        "box": [
          532.54999,
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          561.7099900000001,
          556.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted Average",
        "box": [
          52.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          185.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,838 ",
        "box": [
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          241.38,
          571.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100 %",
        "box": [
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          309.95999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.15 %",
        "box": [
          346.54999,
          562.978886,
          370.70999,
          571.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,846 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100 %",
        "box": [
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          562.978886,
          496.70999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.14 %",
        "box": [
          532.54999,
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          556.70999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "    ________________________",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  Represents the bridge book serviced for the Company's affiliates, including $4.6 billion of the $10.9 billion serviced for a wholly owned ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiary; related revenue is eliminated in consolidation. ",
        "box": [
          49.46,
          611.3309954,
          259.43900000000014,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 44,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " Geographic concentrations that impact our servicing revenue are as follows:",
        "box": [
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          81.308896,
          356.3,
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        "from_ocr": false,
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      {
        "text": "                               Geographic Considerations",
        "box": [
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          95.77892600000007,
          403.13999999999993,
          104.00722255618268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          348.56,
          109.72888599999999,
          406.61,
          117.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          462.07999,
          109.72888599999999,
          542.8399900000001,
          117.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of Total",
        "box": [
          354.54001,
          123.97888599999999,
          395.64000999999996,
          132.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of Total",
        "box": [
          479.41,
          123.97888599999999,
          520.51,
          132.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          52.09,
          138.228886,
          94.01,
          146.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  14.2  %",
        "box": [
          407.88,
          138.228886,
          438.71,
          146.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  15.2  %",
        "box": [
          530.88,
          138.228886,
          561.71,
          146.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          52.09,
          152.478886,
          75.94,
          160.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  11.2  %",
        "box": [
          407.88,
          152.478886,
          438.71,
          160.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  11.0  %",
        "box": [
          530.88,
          152.478886,
          561.71,
          160.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "California",
        "box": [
          52.09,
          166.728886,
          92.58999999999999,
          174.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.4  %",
        "box": [
          412.88,
          166.728886,
          438.71,
          174.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.2  %",
        "box": [
          535.88,
          166.728886,
          561.71,
          174.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maryland",
        "box": [
          52.09,
          180.978886,
          90.93999999999998,
          189.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.9  %",
        "box": [
          412.88,
          180.978886,
          438.71,
          189.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.5  %",
        "box": [
          535.88,
          180.978886,
          561.71,
          189.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          52.09,
          195.228886,
          80.96000000000001,
          203.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.2  %",
        "box": [
          412.88,
          195.228886,
          438.71,
          203.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.7  %",
        "box": [
          535.88,
          195.228886,
          561.71,
          203.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Virginia",
        "box": [
          52.09,
          209.478886,
          85.39,
          217.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0  %",
        "box": [
          412.88,
          209.478886,
          438.71,
          217.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.8  %",
        "box": [
          535.88,
          209.478886,
          561.71,
          217.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New Jersey",
        "box": [
          52.09,
          223.728886,
          98.42999999999999,
          231.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.8  %",
        "box": [
          412.88,
          223.728886,
          438.71,
          231.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.4  %",
        "box": [
          535.88,
          223.728886,
          561.71,
          231.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other (3)",
        "box": [
          52.09,
          237.17736890000003,
          82.41900000000001,
          246.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  43.3  %",
        "box": [
          407.88,
          237.978886,
          438.71,
          246.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  41.2  %",
        "box": [
          530.88,
          237.978886,
          561.71,
          246.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.09,
          252.228886,
          74.86000000000001,
          260.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100.0 %",
        "box": [
          402.88,
          252.228886,
          433.71,
          260.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100.0 %",
        "box": [
          525.88,
          252.228886,
          556.71,
          260.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          49.46,
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          169.46,
          281.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)  No other individual state represented 5% or more of the total.",
        "box": [
          58.46,
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          295.1864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
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          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
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          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 45,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 18 - Related Party Transactions and Arrangements",
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        "from_ocr": false,
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      },
      {
        "text": "Advisory Agreement Fees and Reimbursements",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pursuant to the Advisory Agreement, the Company is required to make the following payments and reimbursements to the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Advisor:",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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          144.308896,
          70.96,
          152.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company reimburses the Advisor's costs of providing services pursuant to the Advisory Agreement, except the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "salaries and benefits paid by the Advisor to the Company's executive officers. ",
        "box": [
          85.46,
          156.308896,
          400.37999999999994,
          164.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.46,
          173.308896,
          70.96,
          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of ",
        "box": [
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          181.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders' equity as calculated pursuant to the Advisory Agreement. ",
        "box": [
          85.46,
          185.308896,
          372.50000000000006,
          193.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.46,
          202.308896,
          70.96,
          210.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of total return to ",
        "box": [
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          552.41,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders, payable monthly in arrears, such that for any year in which total return on stockholders' capital (as ",
        "box": [
          85.46,
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          537.73,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defined in the Advisory Agreement) exceeds 6.0% per annum, our Advisor will be entitled to 15.0% of the excess total ",
        "box": [
          85.46,
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          234.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "return; provided that in no event will the annual subordinated performance fee payable to our Advisor exceed 10.0% of ",
        "box": [
          85.46,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the aggregate total return for such year.",
        "box": [
          85.46,
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          242.7500000000001,
          258.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.46,
          267.308896,
          70.96,
          275.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company reimburses the Advisor for insourced expenses incurred by the Advisor on the Company's behalf related ",
        "box": [
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          275.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded ",
        "box": [
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          563.57,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by the Company to originate or acquire commercial mortgage loans and up to 0.5% of the anticipated net equity ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funded by the Company to acquire real estate securities investments.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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          320.30889599999995,
          70.96,
          328.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NewPoint Holdings JV LLC, a subsidiary of the Company, has entered into a loan referral agreement with the Advisor ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that provides for the sharing of certain fees. Under the terms of this agreement, the Advisor pays NewPoint a referral ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fee for directing floating-rate bridge loan opportunities to the Advisor's commercial real estate platform.",
        "box": [
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          352.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three and six ",
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        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026 and 2025 and the associated payable as of June 30, 2026 and December 31, 2025 (dollars in ",
        "box": [
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          373.30889599999995,
          535.45998,
          381.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
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          385.30889599999995,
          95.55,
          393.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended ",
        "box": [
          226.67999,
          404.97891599999997,
          320.22999000000004,
          413.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          254.42999,
          414.97891599999997,
          289.97999,
          423.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended ",
        "box": [
          339.26999,
          404.97891599999997,
          420.63999,
          413.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30,",
        "box": [
          360.92999,
          414.97891599999997,
          396.47999,
          423.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Payable)/Receivable as of ",
        "box": [
          440.67999,
          414.97891599999997,
          554.72999,
          423.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          235.58,
          438.22891599999997,
          255.58,
          446.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          288.82999,
          438.22891599999997,
          308.82999,
          446.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          342.07999,
          438.22891599999997,
          362.07999,
          446.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          392.32999,
          438.22891599999997,
          412.32999,
          446.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          433.67999,
          438.22891599999997,
          491.72999,
          446.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, ",
        "box": [
          501.07999,
          428.22891599999997,
          561.8399900000003,
          436.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          520.21002,
          438.22891599999997,
          540.21002,
          446.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition expenses (1)",
        "box": [
          52.09,
          451.6773989,
          144.859,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": " ",
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      {
        "text": "5,969 ",
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      {
        "text": " ",
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      {
        "text": "5,537 ",
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      {
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      {
        "text": "12,023   ",
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          382.34,
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      {
        "text": "12,092 ",
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      {
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        "text": " ",
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        "text": "278 ",
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        "text": "________________________",
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        "text": "securities, available for sale, measured at fair value",
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        "text": " lines of the consolidated balance sheets. Total acquisition expenses paid during the ",
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        "text": "value",
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        "text": " lines of the consolidated balance sheets.",
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        "text": "(2)  These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in ",
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        "text": " in ",
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        "text": "the Company's consolidated statements of operations.",
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        "text": "(3)  As of June 30, 2026 and December 31, 2025, the related party payables included (i) $1.7 million and $1.8 million, respectively, of ",
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        "text": "payments made by the Advisor to third party vendors on behalf of the Company (ii) $1.0 million and $0.2 million of fees per the fee ",
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        "text": "arrangement agreement between the Advisor and the Company.",
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        "text": "The payables as of June 30, 2026 and December 31, 2025, in the table above are included in ",
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        "text": "Due to affiliates",
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        "text": " on the ",
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        "text": "Company's consolidated balance sheets.",
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      {
        "text": "Table of Contents",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        "text": "June 30, 2026",
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      {
        "text": "(Unaudited)",
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      {
        "text": "43",
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  {
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        "text": "Other Transactions",
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        "text": "In the third quarter of 2021, the Company and an affiliate of the Company entered into the Jeffersonville JV to acquire a ",
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      {
        "text": "$139.5 million triple net lease property in Jeffersonville, GA. The Company has a 79% interest in the Jeffersonville JV, while ",
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      {
        "text": "the affiliate has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and ",
        "box": [
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      {
        "text": "$21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliated fund made up the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.8 million in non-controlling interest. The ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Company refinanced the mortgage note in April 2026, where the notes were upsized for the Company and the affiliated fund to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$89.4 million and $24.2 million, respectively. The Company has majority control of Jeffersonville JV and, therefore, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "consolidates the accounts of Jeffersonville JV into its consolidated financial statements. The Company's $89.4 million mortgage ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "note payable to Jeffersonville JV is eliminated in consolidation (see Note 12 - Debt). ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Pursuant to the Company's 2021 Incentive Plan, in the first quarter of 2026 the Company issued awards of restricted stock ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "units to its officers and certain other personnel of the Advisor who provide services to the Company under the Advisory ",
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        "confidence": 1.0
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      {
        "text": "Agreement.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As of June 30, 2026 and December 31, 2025, our commercial mortgage loans, held for investment, included an aggregate ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of $37.1 million and $37.1 million, respectively, carrying value of loans to affiliates of our Advisor. For the three and six ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "months ended June 30, 2026, the Company recognized $0.7 million and $1.3 million, respectively, of interest income from ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "these loans in the Company's consolidated statement of operations. For the three and six months ended June 30, 2025, the ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Company recognized $0.7 million and $1.4 million, respectively, of interest income from these loans in the Company's ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "consolidated statement of operations. ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In the second quarter of 2022, the Company fully funded a $149.7 million first mortgage consisting of the Walgreens ",
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        "confidence": 1.0
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      {
        "text": "Portfolio: 24 retail properties with various locations throughout the United States. The Company entered into a joint venture ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "agreement and formed the Walgreens JV to acquire 75.618% ownership interest in the Walgreens Portfolio, while the affiliated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "fund has 24.242% interest. The Company sold the final property within the Walgreens Portfolio during the first quarter of 2026. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Refer to Note 8 - Real Estate Owned for further details.",
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        "from_ocr": false,
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        "text": "On March 18, 2026, the Company, an affiliate of the Company and an unrelated third party entered into the Zelda PG JV ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Holdco LLC (the \"Gardena JV\") to acquire $44.0 million industrial property for warehousing and distribution located in ",
        "box": [
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        "confidence": 1.0
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        "text": "Gardena, California. The Company has a 27.95% interest in the Gardena JV while the affiliated fund and the unrelated third ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "party have 62.05% and 10.00% interest, respectively. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "For the three and six months ended June 30, 2026, the Company, through its Agency Business segment, earned ",
        "box": [
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      {
        "text": "$1.2 million and $2.0 million, respectively, of servicing fee income from loans owned by its affiliates.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In the first quarter of 2026, the Company purchased 11 loans from an affiliate entity managed by the Advisor, with an ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate principal balance of $124.7 million and accrued interest of $0.4 million. The Company assumed $99.6 million of debt ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "on repurchase agreements as part of this transaction. As part of these transactions, the exit fees were transferred from the seller ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to the Company.",
        "box": [
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      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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      {
        "text": "June 30, 2026",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(Unaudited)",
        "box": [
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      {
        "text": "44",
        "box": [
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        "confidence": 1.0
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  {
    "page_no": 47,
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    "cells": [
      {
        "text": " Note 19 - Fair Value of Financial Instruments",
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      {
        "text": "GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial ",
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      {
        "text": "instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by ",
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      {
        "text": "valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are ",
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        "text": "described below:",
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      {
        "text": "\u2022",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement ",
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        "confidence": 1.0
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      {
        "text": "date.",
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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": "Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset ",
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        "confidence": 1.0
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      {
        "text": "or liability through correlation with market data at the measurement date and for the duration of the instrument's ",
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        "confidence": 1.0
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      {
        "text": "anticipated life.",
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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": "Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants ",
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        "confidence": 1.0
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      {
        "text": "would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through ",
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        "confidence": 1.0
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      {
        "text": "particular valuation techniques.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors ",
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        "confidence": 1.0
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      {
        "text": "specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from ",
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        "confidence": 1.0
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      {
        "text": "different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement ",
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        "text": "falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates ",
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        "confidence": 1.0
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      {
        "text": "its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified ",
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        "confidence": 1.0
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      {
        "text": "differently from quarter to quarter.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The Company has implemented valuation control processes to validate the fair value of the Company's financial ",
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        "confidence": 1.0
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      {
        "text": "instruments measured at fair value including those derived from pricing models. These control processes are designed to assure ",
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        "confidence": 1.0
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      {
        "text": "that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs ",
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      {
        "text": "are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently ",
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        "confidence": 1.0
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      {
        "text": "applied and the assumptions are reasonable.",
        "box": [
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      {
        "text": "Financial Instruments Measured at Fair Value on a Recurring Basis",
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      {
        "text": "CMBS bonds",
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      {
        "text": ", recorded in ",
        "box": [
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      {
        "text": "Real estate securities, available for sale, measured at fair value",
        "box": [
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        "confidence": 1.0
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      {
        "text": " in the consolidated balance ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ",
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        "text": "ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are ",
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        "confidence": 1.0
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      {
        "text": "classified in either Level II or Level III of the fair value hierarchy. The Company obtains third party pricing for determining the ",
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      {
        "text": "fair value of each CMBS investment, resulting in a Level II classification.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Commercial mortgage loans, held for sale, measured at fair value",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " in the Company's TRS are initially recorded at ",
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        "confidence": 1.0
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      {
        "text": "transaction price, which are considered to be the best initial estimate of fair value. The Company engages the services of a third ",
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      {
        "text": "party independent valuation firm to determine fair value of certain investments held by the Company. Fair value is determined ",
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        "confidence": 1.0
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      {
        "text": "using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life ",
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        "confidence": 1.0
      },
      {
        "text": "and current performance of the underlying collateral. Commercial mortgage loans, held for sale, measured at fair value that are ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "originated in the last month of the reporting period are held and marked to the transaction price. The Company classified the ",
        "box": [
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      {
        "text": "commercial mortgage loans, held for sale, measured at fair value as Level III.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative instruments, measured at fair value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Treasury note futures trade on the Chicago Board of Trade ('CBOT') and are made up of contracts of a variety of recently ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "issued 5-year and 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CBOT and ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "are valued using market prices. Treasury note futures are categorized as Level I.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
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        "confidence": 1.0
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    ]
  },
  {
    "page_no": 48,
    "width": 612.0,
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    "cells": [
      {
        "text": "Credit default swaps, interest rate swaps and options can be traded over the counter ('OTC') or on an exchange. Exchange-",
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      {
        "text": "traded derivatives are generally valued using market prices while OTC derivative transaction valuations are derived using ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "pricing models that are widely accepted by marketplace participants. The pricing models take into account multiple inputs ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "including specific contract terms, interest rate yield curves, interest rates, credit curves, recovery rates, and/or current credit ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "spreads obtained from counterparties and other market participants. Most inputs into the models are not subjective as they are ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "observable in the marketplace or set per the contract. The valuation is primarily determined by the difference between the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "contract spread and the current market spread. The contract spread (or rate) is generally fixed and the market spread is ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "determined by the credit risk of the underlying debt or reference entity. If the underlying indices are liquid and the OTC market ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "for the current spread is active, the derivatives are categorized in Level II of the fair value hierarchy. If the underlying indices ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "are illiquid and the OTC market for the current spread is not active, the derivatives are categorized in Level III of the fair value ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "hierarchy. The Company's option contracts are exchange-traded, and therefore categorized as Level I. The Company classified ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its credit default swaps as Level II.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan commitments and forward sale commitments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " in the Company's TRS are initially recorded at transaction price, ",
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        "confidence": 1.0
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      {
        "text": "which are considered to be the best initial estimate of fair value. The Company engages the services of a third party independent ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "valuation firm to determine fair value of certain investments held by the Company. Fair value is determined using a discounted ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance of the underlying commitment collateral. Loan commitments and forward sale commitments that are entered in the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "last month of the reporting period are held and marked to the transactions price. The Company classified the loan commitments ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "and forward sale commitments as Level III.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "result in a reclassification for certain assets or liabilities. The Company's policy with respect to transfers between levels of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value hierarchy is to recognize transfers into and out of each level as of the beginning of the reporting period. There were ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "no material transfers between levels within the fair value hierarchy during the periods ended June 30, 2026 and December 31, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated VIE assets, at fair value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " are valued through the use of observable inputs over unobservable inputs. The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "individual assets of a VIE are inherently incapable of precise measurement given their illiquid nature and the limitations on ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "available information related to these assets. Because our methodology for valuing these assets does not value the individual ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets of the VIE, but rather uses the value of the VIE liabilities as an indicator of the fair value of VIE assets as a whole, we ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have determined that our valuation of VIE assets in their entirety should be classified in Level III of the fair value hierarchy.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated VIE liabilities, at fair value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " represent bonds that are not owned by the Company. The majority of these are ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "either traded in the marketplace or can be analogized to similar securities that are traded in the marketplace. The Company ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "utilizes third party pricing service providers for valuing these liabilities. In order to determine whether to utilize the valuations ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "provided by third parties, we conduct an ongoing evaluation of their valuation methodologies and processes, as well as a review ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the individual valuations themselves. In evaluating third party pricing for reasonableness, we consider a variety of factors, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including market transaction information for the particular bond, market transaction information for bonds within the same ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trust, market transaction information for similar bonds, the bond's ratings and the bond's subordination levels.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "If the minority portion of the bonds consist of unrated or non-investment grade bonds that are not owned by us, pricing ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "may be either Level II or Level III. If independent third party pricing similar to that noted above is available, we consider the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuation to be Level II. If such third party pricing is not available, the valuation is generated from model-based techniques that ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "use significant unobservable assumptions, and we consider the valuation to be Level III. For VIE liabilities classified as Level ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "III, valuation is determined based on discounted expected future cash flows which take into consideration expected yields based ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on market transaction information, ratings, subordination levels, vintage and current market spread. VIE liabilities may shift ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the VIE liabilities ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "become or cease to be observable.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
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          438.1500100000005,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46",
        "box": [
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        "confidence": 1.0
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  {
    "page_no": 49,
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    "cells": [
      {
        "text": "The following table presents the Company's financial instruments carried at fair value on a recurring basis in the ",
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        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets by its level in the fair value hierarchy as of June 30, 2026 and December 31, 2025 (dollars in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands).  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          419.42999,
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          477.47999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Level I",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Level II",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Level III",
        "box": [
          516.34998,
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          553.80998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets, at fair value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate securities, available for sale, measured at fair value",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          344.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,247 ",
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          387.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          452.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,247 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6,951 ",
        "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
      },
      {
        "text": "28 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          452.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "714 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "6,209 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  Excludes accrued interest receivable of $2.9 million as of June 30, 2026.",
        "box": [
          58.46,
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          331.22,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)  Excludes accrued interest payable of $2.7 million as of June 30, 2026.",
        "box": [
          58.46,
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          321.45999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Table of Contents",
        "box": [
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          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
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          395.9499900000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
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          438.1500100000005,
          45.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Unaudited)",
        "box": [
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          331.82000999999997,
          69.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 50,
    "width": 612.0,
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    "cells": [
      {
        "text": "Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has ",
        "box": [
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          81.308896,
          533.9199999999998,
          89.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "classified within the Level III category. The following table summarizes the valuation method and significant unobservable ",
        "box": [
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          545.22001,
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        "confidence": 1.0
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      {
        "text": "inputs used for the Company's financial instruments that are categorized within Level III of the fair value hierarchy as of ",
        "box": [
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          105.308896,
          535.52002,
          113.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and December 31, 2025 (dollars in thousands).",
        "box": [
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          294.85,
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        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          358.31,
          141.978886,
          416.36,
          150.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Asset Category",
        "box": [
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          116.75999999999998,
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        "confidence": 1.0
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      {
        "text": "Fair Value",
        "box": [
          218.19,
          165.228886,
          263.98,
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        "confidence": 1.0
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      {
        "text": "Valuation ",
        "box": [
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          335.94001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Methodologies",
        "box": [
          281.25,
          165.228886,
          343.41999999999996,
          173.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unobservable ",
        "box": [
          358.28,
          155.228886,
          419.63,
          163.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Inputs",
        "box": [
          370.41,
          165.228886,
          398.2,
          173.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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          405.01526000000007,
          169.9831834953668
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Weighted ",
        "box": [
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          155.228886,
          471.75001,
          163.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Average",
        "box": [
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          471.47001000000006,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Range",
        "box": [
          510.98001,
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          538.20001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, held for ",
        "box": [
          52.09,
          178.228886,
          204.13000000000002,
          186.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale, measured at fair value - Non-",
        "box": [
          52.09,
          188.228886,
          189.96000000000004,
          196.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency",
        "box": [
          52.09,
          198.228886,
          83.16999999999999,
          206.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4,450",
        "box": [
          228.27,
          198.228886,
          255.77,
          206.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Discounted Cash ",
        "box": [
          278.03,
          188.228886,
          351.02,
          196.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Flow ",
        "box": [
          303.0,
          198.228886,
          326.05,
          206.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield",
        "box": [
          377.54999,
          198.228886,
          399.73999,
          206.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.24%",
        "box": [
          441.73001,
          198.228886,
          467.56001,
          206.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.24%",
        "box": [
          511.67001,
          198.228886,
          537.5000100000001,
          206.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, held for ",
        "box": [
          52.09,
          211.478886,
          204.13000000000002,
          219.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale, measured at fair value - Agency",
        "box": [
          52.09,
          221.478886,
          200.49000000000004,
          229.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$247,392",
        "box": [
          223.27,
          221.478886,
          260.77,
          229.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted Cash ",
        "box": [
          279.28,
          211.478886,
          349.77,
          219.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Flow",
        "box": [
          303.0,
          221.478886,
          323.55,
          229.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          360.94,
          221.478886,
          414.48999999999995,
          229.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.88%",
        "box": [
          441.73001,
          221.478886,
          467.56001,
          229.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.55% - 6.61%",
        "box": [
          494.59,
          221.478886,
          554.58,
          229.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan commitments and forward sale ",
        "box": [
          52.09,
          235.478886,
          201.08,
          243.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments, net",
        "box": [
          52.09,
          245.478886,
          123.66999999999996,
          253.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4,732",
        "box": [
          228.27,
          245.478886,
          255.77,
          253.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted Cash ",
        "box": [
          278.34,
          235.478886,
          348.83,
          243.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Flow ",
        "box": [
          302.06,
          245.478886,
          325.11,
          253.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          360.94,
          245.478886,
          414.48999999999995,
          253.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.88%",
        "box": [
          441.73001,
          245.478886,
          467.56001,
          253.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.55% - 6.61%",
        "box": [
          494.59,
          245.478886,
          554.58,
          253.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, at fair ",
        "box": [
          52.09,
          258.728886,
          196.33000000000004,
          266.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value",
        "box": [
          52.09,
          268.728886,
          73.72999999999999,
          276.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$541,121",
        "box": [
          223.27,
          268.728886,
          260.77,
          276.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted Cash ",
        "box": [
          278.34,
          258.728886,
          348.83,
          266.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Flow",
        "box": [
          302.06,
          268.728886,
          322.61,
          276.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield",
        "box": [
          376.60999,
          268.728886,
          398.79999,
          276.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.86%",
        "box": [
          441.73001,
          268.728886,
          467.56001,
          276.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.16% - 21.88%",
        "box": [
          492.09,
          268.728886,
          557.08,
          276.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          346.95001,
          303.22891599999997,
          427.71001000000007,
          311.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Category",
        "box": [
          52.09,
          326.47891599999997,
          116.75999999999998,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          218.19,
          326.47891599999997,
          263.98,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation ",
        "box": [
          291.23001,
          316.47891599999997,
          335.94001,
          324.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Methodologies",
        "box": [
          281.25,
          326.47891599999997,
          343.41999999999996,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unobservable ",
        "box": [
          358.28,
          316.47891599999997,
          419.63,
          324.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inputs",
        "box": [
          370.41,
          326.47891599999997,
          398.2,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          398.20001,
          326.41966001000003,
          405.01526000000007,
          331.2332134953669
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted ",
        "box": [
          433.17001,
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          471.75001,
          324.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average",
        "box": [
          435.95001,
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          471.47001000000006,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Range",
        "box": [
          510.98001,
          326.47891599999997,
          538.20001,
          334.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, held for ",
        "box": [
          52.09,
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          204.13000000000002,
          348.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale, measured at fair value - Non-",
        "box": [
          52.09,
          350.22891599999997,
          189.96000000000004,
          358.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency",
        "box": [
          52.09,
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          83.16999999999999,
          368.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$29,500",
        "box": [
          225.77,
          360.22891599999997,
          258.27,
          368.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted Cash ",
        "box": [
          279.28,
          350.22891599999997,
          349.77,
          358.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Flow",
        "box": [
          303.0,
          360.22891599999997,
          323.55,
          368.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield",
        "box": [
          377.54999,
          360.22891599999997,
          399.73999,
          368.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.56%",
        "box": [
          441.73001,
          360.22891599999997,
          467.56001,
          368.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.42% - 7.25%",
        "box": [
          494.59,
          360.22891599999997,
          554.58,
          368.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, held for ",
        "box": [
          52.09,
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          204.13000000000002,
          381.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale, measured at fair value - Agency",
        "box": [
          52.09,
          383.47891599999997,
          200.49000000000004,
          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$331,218",
        "box": [
          223.27,
          383.47891599999997,
          260.77,
          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted Cash ",
        "box": [
          279.28,
          373.47891599999997,
          349.77,
          381.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Flow",
        "box": [
          303.0,
          383.47891599999997,
          323.55,
          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          360.94,
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          414.48999999999995,
          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.81%",
        "box": [
          441.73001,
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          467.56001,
          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.07% - 6.28%",
        "box": [
          494.59,
          383.47891599999997,
          554.58,
          391.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan commitments and forward sale ",
        "box": [
          52.09,
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          201.08,
          404.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments",
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        "text": "$5,106",
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        "text": "Flow ",
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        "text": "Discount rate",
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        "text": "4.81%",
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        "text": "4.07% - 6.28%",
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      {
        "text": "________________________",
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        "text": "(1)  In determining certain inputs, the Company evaluates a variety of factors including economic conditions, industry and market ",
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        "text": "developments, market valuations of comparable companies and company specific developments including exit strategies and realization ",
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        "text": "opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments.",
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      {
        "text": "Table of Contents",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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      {
        "text": "June 30, 2026",
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      {
        "text": "(Unaudited)",
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      {
        "text": "48",
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        "text": "Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value ",
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        "text": "measurement for such assets. The following table presents additional information about the Company's financial instruments ",
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        "text": "which are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 for which the Company has ",
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        "text": "used Level III inputs to determine fair value (dollars in thousands): ",
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        "text": "June 30, 2026",
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        "text": "measured at fair ",
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        "text": "value - Non-",
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        "text": "$ ",
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        "text": "29,500 ",
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      {
        "text": "$ ",
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        "text": "$ ",
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        "text": "10,518 ",
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        "from_ocr": false,
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        "text": "- ",
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        "text": " ",
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        "from_ocr": false,
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        "text": "- ",
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        "from_ocr": false,
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        "text": "- ",
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      {
        "text": "- ",
        "box": [
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          396.13,
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        "from_ocr": false,
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      {
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          410.84,
          313.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          474.88,
          313.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
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          489.59,
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          327.7072125561827
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          474.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          553.63,
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        "from_ocr": false,
        "confidence": 1.0
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          162.6,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
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          72.09,
          350.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          172.09,
          342.72891599999997,
          179.59,
          350.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,450 ",
        "box": [
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          243.63,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          258.34000000000003,
          350.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "247,392 ",
        "box": [
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          322.38000000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          337.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,349 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          415.84,
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        "from_ocr": false,
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        "text": "(5,617)  $ ",
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        "confidence": 1.0
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      {
        "text": "541,121 ",
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        "confidence": 1.0
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          247.66000000000008,
          415.9572125561827
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        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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          415.9572125561827
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          360.95000999999996,
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        "from_ocr": false,
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          456.20998999999995,
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      {
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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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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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "32,961 ",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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      {
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      {
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      {
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
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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": "Ending Balance, ",
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "$ ",
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,518 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          469.09,
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          476.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,413) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  There were no transfers out of Level III as of December 31, 2025.",
        "box": [
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          304.73001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair value of cash and cash equivalents and restricted cash are measured using observable quoted market prices, or ",
        "box": [
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          544.0799999999999,
          616.5871825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level I inputs and their carrying value approximate their fair value. The fair value of borrowings under repurchase agreements ",
        "box": [
          49.46,
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          557.7200000000001,
          628.5871825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "approximate their carrying value on the consolidated balance sheets due to their short-term nature and are measured using Level ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "III inputs.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Instruments Measured at Fair Value on a Nonrecurring Basis",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned, held for sale",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", on the consolidated balance sheets are valued at fair value on a non-recurring basis in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accordance with ASC 820 and are classified as Level III investments. At the time of acquisition, we determined the fair value of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the net real estate assets, using either the market approach, the income approach, or a combination thereof.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": " The Company determined the fair value of its three multifamily properties and one office property, obtained through ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure or deed-in-lieu of foreclosure, based on a combination of the market approach and the income approach.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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          335.02000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
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          331.82000999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49",
        "box": [
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        "confidence": 1.0
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    ]
  },
  {
    "page_no": 52,
    "width": 612.0,
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      {
        "text": "The significant unobservable input used for the income approach is the exit capitalization rate assumptions, which ranged ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "from 5.00% - 9.50%. The significant unobservable input used for the market approach is the estimated fair value less cost to sell ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "based on a negotiated price from an anticipated buyer.",
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        "confidence": 1.0
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      {
        "text": "As of June 30, 2026, the Company's ",
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      {
        "text": "Real estate owned, held for sale ",
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        "confidence": 1.0
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      {
        "text": "assets and liabilities, had a fair value of $115.7 ",
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      {
        "text": "million, net, that represented three multifamily properties and one office property. As of December 31, 2025, the Company's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate owned, held for sale assets and liabilities had a fair value of $198.9 million, net, representing the one remaining retail ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "property in the Walgreens Portfolio, four multifamily properties and one office property.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights, net",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " on the consolidated balance sheets are valued at fair value at inception, and thereafter on a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "non-recurring basis and are carried at the lower of amortized costs or fair value. That is, the instruments are not measured at fair ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "value on an ongoing basis but are subject to fair value measurement when there is evidence of impairment and for disclosure ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "purposes. The Company's MSRs do not trade in an active, open market with readily observable prices and are classified as ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Level III. While sales of multifamily MSRs do occur on occasion, precise terms and conditions vary with each transaction and ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "are not readily available. Accordingly, the Company engages the services of a third party independent valuation firm to ",
        "box": [
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      {
        "text": "determine the estimated fair value who use discounted cash flow models that calculate the present value of estimated future net ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "servicing income. The model considers contractually specified servicing fees, prepayment assumptions, estimated placement ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "fee revenue from escrow deposits, and other economic factors. The Company periodically reassesses and adjusts, when ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "necessary, the underlying inputs and assumptions that a market participant would consider in valuing MSR assets.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Financial Instruments Not Measured at Fair Value",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The Company's financial assets and liabilities that are not reported at fair value in the consolidated balance sheets are ",
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      {
        "text": "reported below as of June 30, 2026 and December 31, 2025 (dollars in thousands):",
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        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "December 31, 2025",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Level",
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        "confidence": 1.0
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      {
        "text": "Carrying ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          247.58,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fair Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Level",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying ",
        "box": [
          435.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
          438.07999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          503.94,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Commercial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "mortgage loans, held ",
        "box": [
          52.09,
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          138.10999999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "for investment (1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Asset",
        "box": [
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      {
        "text": "III",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,329,579 ",
        "box": [
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          298.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          305.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,317,310 ",
        "box": [
          328.63,
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        "confidence": 1.0
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      {
        "text": "III",
        "box": [
          393.39999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          424.84,
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          432.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,421,436 ",
        "box": [
          444.88,
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          487.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          494.59,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,411,871 ",
        "box": [
          517.63,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Pledged investment ",
        "box": [
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      {
        "text": "securities",
        "box": [
          52.09,
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        "from_ocr": false,
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      {
        "text": "Asset",
        "box": [
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      {
        "text": "I",
        "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": "23,356 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          305.59,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "24,426 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "I",
        "box": [
          396.73001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          424.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,483 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          494.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,175 ",
        "box": [
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          560.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized loan ",
        "box": [
          52.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations (2)",
        "box": [
          52.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liability",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "II",
        "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
      },
      {
        "text": "2,943,642 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
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        "text": "III",
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        "text": "III",
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        "text": "12,865 ",
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      {
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        "text": "III",
        "box": [
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      {
        "text": " ",
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        "text": "12,865 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "text": "12,865 ",
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      {
        "text": "Unsecured debt",
        "box": [
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        "from_ocr": false,
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        "text": "185,923 ",
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        "confidence": 1.0
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      {
        "text": " ",
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        "text": "174,900 ",
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      {
        "text": "III",
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      {
        "text": " ",
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      {
        "text": "185,466 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "178,900 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mortgage servicing ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "rights, net",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Asset",
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        "text": "III",
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        "text": " ",
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      {
        "text": "205,549 ",
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        "confidence": 1.0
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      {
        "text": " ",
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      {
        "text": "231,708 ",
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        "text": " ",
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        "text": "212,216 ",
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      {
        "text": " ",
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      {
        "text": "213,572 ",
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      {
        "text": "________________________",
        "box": [
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      {
        "text": "(1)  The carrying value is gross of $54.5 million and $38.3 million of allowance for credit losses as of June 30, 2026 and December 31, 2025, ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "respectively.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(2)  Depending upon the significance of the fair value inputs utilized in determining these fair values, our collateralized loan obligations are ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "classified as either Level II or Level III of the fair value hierarchy.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Repurchase agreements - commercial mortgage loans of $802.4 million and $1.1 billion as of June 30, 2026 and ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, respectively, and repurchase agreements - real estate securities of $196.5 million and $187.4 million as of ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "June 30, 2026 and December 31, 2025, respectively, are not carried at fair value and do not include accrued interest expense, ",
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      {
        "text": "which are presented in Note 12 - Debt. For these instruments, carrying value generally approximates fair value and are ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "classified as Level III.",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
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          331.82000999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
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  {
    "page_no": 53,
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    "cells": [
      {
        "text": "The fair value of the commercial mortgage loans, held for investment is estimated using a discounted cash flow analysis, ",
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      {
        "text": "based on the Advisor's experience with similar types of investments. Pledged investment securities are comprised of treasury ",
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      {
        "text": "securities for which fair value is generally estimated using discounted cash flow analysis.  The Company estimates the fair ",
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      {
        "text": "value of the collateralized loan obligations using external broker quotes. The mortgage note payable was recorded at transaction ",
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      {
        "text": "proceeds, which are considered to be the best initial estimate of fair value. The fair value of the other financings is generally ",
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      {
        "text": "estimated using a discounted cash flow analysis. The fair value of the unsecured debt is based on discounted cash flows using ",
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        "confidence": 1.0
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      {
        "text": "Company estimates for market yields on similarly structured debt instruments. ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
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          395.9499900000004,
          33.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
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          438.1500100000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
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          335.02000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
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          331.82000999999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "51",
        "box": [
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          311.0,
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        "confidence": 1.0
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    "cells": [
      {
        "text": "Note 20 - Derivative Instruments",
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      {
        "text": "The Company uses derivative instruments primarily to manage the fair value variability of fixed rate assets caused by ",
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        "from_ocr": false,
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      {
        "text": "interest rate fluctuations and overall portfolio market risk. The following derivative instruments were outstanding as of June 30, ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026 and December 31, 2025 (dollars in thousands):",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          249.56,
          137.978886,
          307.61,
          146.2071825561826
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        "text": "Credit default swaps",
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      {
        "text": "$ ",
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        "text": "3,000 ",
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      {
        "text": "$ ",
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        "text": "- ",
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        "from_ocr": false,
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      {
        "text": "$ ",
        "box": [
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        "text": "66 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "text": "31,500 ",
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      {
        "text": "$ ",
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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      {
        "text": "$ ",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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        "text": "- ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          429.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          485.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Treasury note futures",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "4,400 ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "10 ",
        "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
      },
      {
        "text": "- ",
        "box": [
          359.38,
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          366.88,
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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": "19,600 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          485.38,
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          492.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "28 ",
        "box": [
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total",
        "box": [
          52.09,
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          73.16999999999999,
          231.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "7,400 ",
        "box": [
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          247.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
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      {
        "text": "10 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "66 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "51,100 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "742 ",
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        "text": "The following tables indicate the net realized and unrealized gains and losses on derivatives, by primary underlying risk ",
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      {
        "text": "exposure, as included in the consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 ",
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      {
        "text": "(dollars in thousands):",
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      {
        "text": "Three Months Ended June 30, 2026",
        "box": [
          200.16,
          283.72891599999997,
          351.76000000000005,
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        "confidence": 1.0
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      {
        "text": "Three Months Ended June 30, 2025",
        "box": [
          393.28,
          283.72891599999997,
          544.8800000000001,
          291.9572125561827
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      {
        "text": "Contract type",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unrealized Gain/",
        "box": [
          190.35001,
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          263.33001,
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        "from_ocr": false,
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      {
        "text": "(Loss)",
        "box": [
          213.78,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Realized Gain/(Loss)",
        "box": [
          280.54001,
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          369.6200099999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unrealized Gain/",
        "box": [
          382.72,
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          455.7,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Loss)",
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          406.16,
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          432.26,
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        "confidence": 1.0
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      {
        "text": "Realized Gain/(Loss)",
        "box": [
          469.54001,
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          558.62001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Credit default swaps",
        "box": [
          52.09,
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          181.84,
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      {
        "text": "(376)  $ ",
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          252.05,
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          287.59,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(39) ",
        "box": [
          355.29999999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "(30) ",
        "box": [
          445.29999999999995,
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          464.4599999999999,
          330.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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          475.84,
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        "confidence": 1.0
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      {
        "text": "(9) ",
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        "text": "Options",
        "box": [
          52.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          181.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "91 ",
        "box": [
          260.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          280.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(313)   ",
        "box": [
          350.29999999999995,
          336.97891599999997,
          380.84,
          345.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          448.63,
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          456.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          468.34,
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          470.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          548.38,
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          555.88,
          345.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Treasury note futures",
        "box": [
          52.09,
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          137.54999999999998,
          359.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          181.84,
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          184.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(948)   ",
        "box": [
          252.05,
          351.22891599999997,
          282.59,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,065 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          378.34,
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          380.84,
          359.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(123)   ",
        "box": [
          440.29999999999995,
          351.22891599999997,
          470.84,
          359.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(55) ",
        "box": [
          545.05,
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          564.21,
          359.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total",
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        "text": "1,713 ",
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        "confidence": 1.0
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        "text": "(153)  $ ",
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        "text": "(64) ",
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        "text": "Six Months Ended June 30, 2026",
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        "text": "Six Months Ended June 30, 2025",
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          455.7,
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        "text": "Realized Gain/(Loss)",
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        "confidence": 1.0
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        "text": "270 ",
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        "confidence": 1.0
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        "text": "$ ",
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        "text": " ",
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      {
        "text": "(83) ",
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        "from_ocr": false,
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        "text": " ",
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      {
        "text": "(100) ",
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        "text": "Treasury note futures",
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        "text": " ",
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        "text": "51 ",
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        "text": "1,931 ",
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        "text": " ",
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      {
        "text": "(1,034)   ",
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        "text": "968 ",
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        "text": "Total",
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      {
        "text": "$ ",
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        "text": "53 ",
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        "text": "$ ",
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      {
        "text": "2,281 ",
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        "text": "$ ",
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      {
        "text": "(1,209)  $ ",
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        "text": "874 ",
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        "text": "Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level II Inputs in accordance ",
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      {
        "text": "with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820). In determining fair value estimates for swaps, the ",
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        "text": "Company utilizes the standard methodology of netting the discounted future fixed cash payments and the discounted future ",
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        "text": "variable cash receipts which are based on expected future interest rates derived from observable market interest rate curves. The ",
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        "text": "Company also incorporates both its own nonperformance risk and its counterparties' nonperformance risk in determining fair ",
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        "text": "value. In considering the effect of nonperformance risk, the Company considered the impact of netting and credit ",
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        "text": "enhancements, such as collateral postings and guarantees, and has concluded that counterparty risk is not significant to the ",
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      {
        "text": "overall valuation.",
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      {
        "text": "Table of Contents",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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      {
        "text": "June 30, 2026",
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      {
        "text": "(Unaudited)",
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        "text": "52",
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      {
        "text": "Note 21 - Offsetting Assets and Liabilities",
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        "text": "The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. The ",
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        "text": "table below provides a gross presentation, the effects of offsetting, and a net presentation of the Company's derivative ",
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        "text": "instruments and repurchase agreements as of June 30, 2026 and December 31, 2025 (dollars in thousands): ",
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        "text": "Gross Amounts Not Offset ",
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        "text": "on the Balance Sheet",
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        "text": "Amounts of ",
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        "text": "Recognized ",
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        "text": "Amounts ",
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        "text": "Offset on the ",
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        "text": "of Assets ",
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        "text": "Presented on ",
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        "text": "the Balance ",
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        "text": "(2)",
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        "text": "June 30, 2026",
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        "text": "Derivative instruments, at fair ",
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      {
        "text": "________________________",
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        "text": "(1)  As of June 30, 2026, there were no assets which were presented gross within the scope of ASC 210-20, ",
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        "text": "Balance Sheet - Offsetting.",
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        "text": "(2)  Included in",
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        "text": " Restricted cash",
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        "text": " in the Company's consolidated balance sheets.",
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      {
        "text": "Table of Contents",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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      {
        "text": "June 30, 2026",
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      {
        "text": "(Unaudited)",
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        "text": "53",
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      {
        "text": "Note 22 - Segment Reporting",
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        "text": "Effective July 1, 2025, in order to better align with the manner in which the CODM reviews financial performance and ",
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        "text": "allocates resources, the Company combined the real estate debt business and the real estate securities business into one ",
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        "text": "reportable segment, Real Estate Debt and Other Real Estate Investments. Additionally, following the acquisition of the ",
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        "text": "NewPoint business, the Company added Agency as a new reportable segment to reflect the distinct nature of its agency-related ",
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        "text": "origination and servicing activities. Prior period segment results have been recast to conform to this new presentation. These ",
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        "text": "changes affect only the presentation of the Company's reportable segments and have no impact on its consolidated financial ",
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        "text": "position, results of operations, or cash flows.",
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        "text": "The Company conducts its business through the following segments:",
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        "text": "\u2022",
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        "text": "The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt ",
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        "text": "investments, including first mortgages, subordinate mortgages, mezzanine loans and participations in such loans. The ",
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        "text": "business also focuses on investing in and asset managing real estate securities, historically focusing on CMBS, CMBS ",
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        "text": "bonds, CDO notes, and other securities.",
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        "text": "\u2022",
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        "text": "The Agency Business focuses on originating, selling, and servicing loans under programs offered by GSE's and ",
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        "text": "Agencies, such as Fannie Mae, Freddie Mac, Ginnie Mae, and HUD. Additionally, the business services external ",
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        "text": "portfolios of commercial real estate financing products.",
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        "text": "\u2022",
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        "text": "The commercial real estate conduit business, operated through the Company's TRS, is focused on generating risk-",
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        "text": "adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS ",
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        "text": "securitization market at a profit. The TRS may also hold certain mezzanine loans that don't qualify as good REIT ",
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        "text": "assets due to any potential loss from foreclosure. ",
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        "text": "\u2022",
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        "text": "The real estate owned business represents real estate acquired by the Company through foreclosure, deed-in-lieu of ",
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        "text": "foreclosure, or purchase. ",
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        "text": " ",
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        "text": "The segments are based on financial information presented to the Chief Executive Officer, President of Commercial Real ",
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        "text": "Estate, and the Chief Financial Officer / Chief Operating Officer of the Company, who are determined to jointly be the Chief ",
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        "text": "Operating Decision Maker ('CODM'). The CODM oversees activities and operations of the business, which includes assessing ",
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        "text": "performance, liquidity, and profit or loss on each operating segment. Profit or loss on segment operations is measured by net ",
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        "text": "income/(loss) included in the consolidated statements of operations. The CODM uses net income/(loss) to measure return on ",
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        "text": "equity to assess the liquidity associated with equity that is allocated to each business based on the Company's investment ",
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        "text": "objectives and strategies.",
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      {
        "text": "Table of Contents",
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      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
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      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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      {
        "text": "June 30, 2026",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 57,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table represents the Company's operations by segment for the three and six months ended June 30, 2026 and ",
        "box": [
          67.46,
          81.308896,
          561.85999,
          89.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 (dollars in thousands):",
        "box": [
          49.46,
          93.308896,
          161.33999999999997,
          101.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30, 2026",
        "box": [
          52.09,
          148.478886,
          203.69,
          156.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          257.82999,
          148.478886,
          280.59999,
          156.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Debt ",
        "box": [
          311.41,
          128.478886,
          385.51000000000005,
          136.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Other Real ",
        "box": [
          314.17999,
          138.478886,
          382.73999,
          146.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estate Investments",
        "box": [
          306.82001,
          148.478886,
          387.60000999999994,
          156.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency ",
        "box": [
          408.45001,
          138.478886,
          442.59001000000006,
          146.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Business",
        "box": [
          405.95001,
          148.478886,
          442.60001,
          156.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conduit",
        "box": [
          462.07999,
          148.478886,
          497.07999,
          156.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real ",
        "box": [
          526.12,
          128.478886,
          548.0400000000001,
          136.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estate ",
        "box": [
          522.51001,
          138.478886,
          551.6500100000001,
          146.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned",
        "box": [
          520.56,
          148.478886,
          551.0999999999999,
          156.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          52.09,
          162.728886,
          113.94999999999997,
          170.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$97,187",
        "box": [
          253.89999,
          162.728886,
          286.39999,
          170.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$90,507",
        "box": [
          331.89999,
          162.728886,
          364.39999,
          170.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,567",
        "box": [
          410.51999,
          162.728886,
          438.01999,
          170.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3,122",
        "box": [
          466.76999,
          162.728886,
          494.26999,
          170.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$991",
        "box": [
          526.77002,
          162.728886,
          546.77002,
          170.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights",
        "box": [
          52.09,
          176.978886,
          155.31999999999996,
          185.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,917",
        "box": [
          258.89999,
          176.978886,
          281.39999,
          185.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          343.14999,
          176.978886,
          348.14999,
          185.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,917",
        "box": [
          413.01999,
          176.978886,
          435.51999,
          185.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          176.978886,
          480.51999,
          185.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.77002,
          176.978886,
          536.77002,
          185.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing revenue",
        "box": [
          52.09,
          191.228886,
          124.50999999999998,
          199.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,658",
        "box": [
          258.89999,
          191.228886,
          281.39999,
          199.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "504",
        "box": [
          340.64999,
          191.228886,
          355.64999,
          199.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,154",
        "box": [
          413.01999,
          191.228886,
          435.51999,
          199.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          191.228886,
          480.51999,
          199.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.77002,
          191.228886,
          536.77002,
          199.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned",
        "box": [
          52.09,
          205.478886,
          180.79999999999998,
          213.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,538",
        "box": [
          258.89999,
          205.478886,
          281.39999,
          213.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          343.14999,
          205.478886,
          348.14999,
          213.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          419.26999,
          205.478886,
          429.26999,
          213.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          205.478886,
          480.51999,
          213.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,508",
        "box": [
          525.52002,
          205.478886,
          548.02002,
          213.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) from VIE's",
        "box": [
          52.09,
          219.728886,
          155.33,
          227.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296",
        "box": [
          262.64999,
          219.728886,
          277.64999,
          227.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296",
        "box": [
          340.64999,
          219.728886,
          355.64999,
          227.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
          219.728886,
          424.26999,
          227.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          219.728886,
          480.51999,
          227.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.77002,
          219.728886,
          536.77002,
          227.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          52.09,
          233.978886,
          116.72999999999998,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(67,261)",
        "box": [
          253.07001,
          233.978886,
          287.23001,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,528)",
        "box": [
          331.07001,
          233.978886,
          365.23001,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,972)",
        "box": [
          409.69,
          233.978886,
          438.84999999999997,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,401)",
        "box": [
          465.94,
          233.978886,
          495.09999999999997,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(360)",
        "box": [
          525.94,
          233.978886,
          547.6000000000001,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Compensation and benefits",
        "box": [
          52.09,
          248.228886,
          160.85999999999999,
          256.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,969)",
        "box": [
          253.07001,
          248.228886,
          287.23001,
          256.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          343.14999,
          248.228886,
          348.14999,
          256.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,969)",
        "box": [
          407.19,
          248.228886,
          441.34999999999997,
          256.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          248.228886,
          480.51999,
          256.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.77002,
          248.228886,
          536.77002,
          256.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Administrative services expenses",
        "box": [
          52.09,
          262.478886,
          185.24999999999997,
          270.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,028)",
        "box": [
          255.57001,
          262.478886,
          284.73001,
          270.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,555)",
        "box": [
          333.57001,
          262.478886,
          362.73001,
          270.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "218",
        "box": [
          416.76999,
          262.478886,
          431.76999,
          270.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(691)",
        "box": [
          469.69,
          262.478886,
          491.34999999999997,
          270.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.77002,
          262.478886,
          536.77002,
          270.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          52.09,
          276.728916,
          173.57000000000002,
          284.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,983)",
        "box": [
          255.57001,
          276.728916,
          284.73001,
          284.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          343.14999,
          276.728916,
          348.14999,
          284.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(675)",
        "box": [
          413.44,
          276.728916,
          435.09999999999997,
          284.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          276.728916,
          480.51999,
          284.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,308)",
        "box": [
          522.19,
          276.728916,
          551.3500000000001,
          284.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses",
        "box": [
          52.09,
          290.97891599999997,
          130.60999999999996,
          299.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25,655)",
        "box": [
          253.07001,
          290.97891599999997,
          287.23001,
          299.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,831)",
        "box": [
          333.57001,
          290.97891599999997,
          362.73001,
          299.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,291)",
        "box": [
          409.69,
          290.97891599999997,
          438.84999999999997,
          299.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,577)",
        "box": [
          465.94,
          290.97891599999997,
          495.09999999999997,
          299.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,956)",
        "box": [
          522.19,
          290.97891599999997,
          551.3500000000001,
          299.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other segment items (1)(2)",
        "box": [
          52.09,
          304.4273989,
          149.91799,
          313.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,575",
        "box": [
          256.39999,
          305.22891599999997,
          283.89999,
          313.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,932)",
        "box": [
          333.57001,
          305.22891599999997,
          362.73001,
          313.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,880",
        "box": [
          410.51999,
          305.22891599999997,
          438.01999,
          313.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,824",
        "box": [
          469.26999,
          305.22891599999997,
          491.76999,
          313.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,803",
        "box": [
          525.52002,
          305.22891599999997,
          548.02002,
          313.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss)",
        "box": [
          52.09,
          319.47891599999997,
          123.38999999999996,
          327.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,275",
        "box": [
          256.39999,
          319.47891599999997,
          283.89999,
          327.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,461",
        "box": [
          334.39999,
          319.47891599999997,
          361.89999,
          327.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,141)",
        "box": [
          409.69,
          319.47891599999997,
          438.84999999999997,
          327.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,277",
        "box": [
          469.26999,
          319.47891599999997,
          491.76999,
          327.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,678",
        "box": [
          525.52002,
          319.47891599999997,
          548.02002,
          327.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets as of June 30, 2026",
        "box": [
          52.09,
          333.72891599999997,
          178.92999999999995,
          341.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,383,846",
        "box": [
          250.14999,
          333.72891599999997,
          290.14999,
          341.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,238,399",
        "box": [
          328.14999,
          333.72891599999997,
          368.14999,
          341.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "755,138",
        "box": [
          408.01999,
          333.72891599999997,
          440.51999,
          341.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,246",
        "box": [
          466.76999,
          333.72891599999997,
          494.26999,
          341.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "365,063",
        "box": [
          520.52002,
          333.72891599999997,
          553.02002,
          341.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30, 2025",
        "box": [
          52.09,
          347.97891599999997,
          203.69,
          356.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          52.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$111,171",
        "box": [
          251.39999,
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          288.89999,
          370.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$108,809",
        "box": [
          329.39999,
          362.22891599999997,
          366.89999,
          370.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$-",
        "box": [
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          426.76999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$909",
        "box": [
          470.51999,
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          490.51999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,453",
        "box": [
          523.02002,
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          550.52002,
          370.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights",
        "box": [
          52.09,
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          155.31999999999996,
          384.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          265.14999,
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          270.14999,
          384.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          343.14999,
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          348.14999,
          384.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
          376.47891599999997,
          424.26999,
          384.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          376.47891599999997,
          480.51999,
          384.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.77002,
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          536.77002,
          384.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing revenue",
        "box": [
          52.09,
          390.72891599999997,
          124.50999999999998,
          398.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          265.14999,
          390.72891599999997,
          270.14999,
          398.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          343.14999,
          390.72891599999997,
          348.14999,
          398.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
          390.72891599999997,
          424.26999,
          398.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          390.72891599999997,
          480.51999,
          398.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.77002,
          390.72891599999997,
          536.77002,
          398.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned",
        "box": [
          52.09,
          404.97891599999997,
          180.79999999999998,
          413.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,336",
        "box": [
          258.89999,
          404.97891599999997,
          281.39999,
          413.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          343.14999,
          404.97891599999997,
          348.14999,
          413.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
          404.97891599999997,
          424.26999,
          413.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          404.97891599999997,
          480.51999,
          413.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,336",
        "box": [
          525.52002,
          404.97891599999997,
          548.02002,
          413.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          52.09,
          419.22891599999997,
          116.72999999999998,
          427.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(70,213)",
        "box": [
          253.07001,
          419.22891599999997,
          287.23001,
          427.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(69,633)",
        "box": [
          331.07001,
          419.22891599999997,
          365.23001,
          427.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
          419.22891599999997,
          424.26999,
          427.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(129)",
        "box": [
          469.69,
          419.22891599999997,
          491.34999999999997,
          427.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(451)",
        "box": [
          525.94,
          419.22891599999997,
          547.6000000000001,
          427.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Compensation and benefits",
        "box": [
          52.09,
          433.47891599999997,
          160.85999999999999,
          441.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          265.14999,
          433.47891599999997,
          270.14999,
          441.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          343.14999,
          433.47891599999997,
          348.14999,
          441.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
          433.47891599999997,
          424.26999,
          441.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          433.47891599999997,
          480.51999,
          441.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.77002,
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          536.77002,
          441.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Administrative services expenses",
        "box": [
          52.09,
          447.72891599999997,
          185.24999999999997,
          455.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,884)",
        "box": [
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          284.73001,
          455.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,935)",
        "box": [
          333.57001,
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          362.73001,
          455.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
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          424.26999,
          455.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(949)",
        "box": [
          469.69,
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          491.34999999999997,
          455.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.77002,
          447.72891599999997,
          536.77002,
          455.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          52.09,
          461.97891599999997,
          173.57000000000002,
          470.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,381)",
        "box": [
          255.57001,
          461.97891599999997,
          284.73001,
          470.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          343.14999,
          461.97891599999997,
          348.14999,
          470.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
          461.97891599999997,
          424.26999,
          470.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          475.51999,
          461.97891599999997,
          480.51999,
          470.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,381)",
        "box": [
          522.19,
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          551.3500000000001,
          470.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses",
        "box": [
          52.09,
          476.22891599999997,
          130.60999999999996,
          484.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,979)",
        "box": [
          253.07001,
          476.22891599999997,
          287.23001,
          484.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,345)",
        "box": [
          331.07001,
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          365.23001,
          484.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
          476.22891599999997,
          424.26999,
          484.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(734)",
        "box": [
          469.69,
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          491.34999999999997,
          484.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,900)",
        "box": [
          522.19,
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          551.3500000000001,
          484.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other segment items (1)(2)",
        "box": [
          52.09,
          489.6773989,
          149.91799,
          498.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,334",
        "box": [
          258.89999,
          490.47891599999997,
          281.39999,
          498.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(242)",
        "box": [
          337.32001,
          490.47891599999997,
          358.98001,
          498.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
          490.47891599999997,
          424.26999,
          498.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150",
        "box": [
          473.01999,
          490.47891599999997,
          488.01999,
          498.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,426",
        "box": [
          525.52002,
          490.47891599999997,
          548.02002,
          498.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss)",
        "box": [
          52.09,
          504.72891599999997,
          123.38999999999996,
          512.9572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,384",
        "box": [
          256.39999,
          504.72891599999997,
          283.89999,
          512.9572125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,654",
        "box": [
          334.39999,
          504.72891599999997,
          361.89999,
          512.9572125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          419.26999,
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          424.26999,
          512.9572125561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(753)",
        "box": [
          469.69,
          504.72891599999997,
          491.34999999999997,
          512.9572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "483",
        "box": [
          529.27002,
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          544.27002,
          512.9572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets as of December 31, 2025",
        "box": [
          52.09,
          518.978886,
          201.65,
          527.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,057,250",
        "box": [
          250.14999,
          518.978886,
          290.14999,
          527.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,797,877",
        "box": [
          328.14999,
          518.978886,
          368.14999,
          527.2071825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "857,562",
        "box": [
          408.01999,
          518.978886,
          440.51999,
          527.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,015",
        "box": [
          466.76999,
          518.978886,
          494.26999,
          527.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "368,796",
        "box": [
          520.52002,
          518.978886,
          553.02002,
          527.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 58,
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    "cells": [
      {
        "text": "Six Months Ended June 30, 2026",
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      {
        "text": "Total",
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          280.78999,
          112.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Debt ",
        "box": [
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          84.47888599999999,
          385.70001,
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        "confidence": 1.0
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      {
        "text": "and Other Real ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Estate Investments",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Agency ",
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      {
        "text": "Business",
        "box": [
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      {
        "text": "Conduit",
        "box": [
          462.26999,
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          112.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate ",
        "box": [
          512.12,
          94.47888599999999,
          563.1800000000002,
          102.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned",
        "box": [
          521.13,
          104.47888599999999,
          551.67,
          112.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          52.09,
          118.72888599999999,
          113.94999999999997,
          126.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$189,436",
        "box": [
          250.64999,
          118.72888599999999,
          288.14999,
          126.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$175,845",
        "box": [
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          118.72888599999999,
          366.14999,
          126.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4,841",
        "box": [
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          437.26999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,944",
        "box": [
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          493.51999,
          126.9571825561826
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        "from_ocr": false,
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      },
      {
        "text": "$1,806",
        "box": [
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          126.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights",
        "box": [
          52.09,
          132.978886,
          155.31999999999996,
          141.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,659",
        "box": [
          255.64999,
          132.978886,
          283.14999,
          141.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          342.39999,
          132.978886,
          347.39999,
          141.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,659",
        "box": [
          409.76999,
          132.978886,
          437.26999,
          141.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          132.978886,
          479.76999,
          141.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.40002,
          132.978886,
          536.40002,
          141.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing revenue",
        "box": [
          52.09,
          147.228886,
          124.50999999999998,
          155.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,208",
        "box": [
          255.64999,
          147.228886,
          283.14999,
          155.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "877",
        "box": [
          339.89999,
          147.228886,
          354.89999,
          155.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,331",
        "box": [
          409.76999,
          147.228886,
          437.26999,
          155.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          147.228886,
          479.76999,
          155.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.40002,
          147.228886,
          536.40002,
          155.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned",
        "box": [
          52.09,
          161.478886,
          180.79999999999998,
          169.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,420",
        "box": [
          255.64999,
          161.478886,
          283.14999,
          169.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          342.39999,
          161.478886,
          347.39999,
          169.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          418.51999,
          161.478886,
          428.51999,
          169.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          161.478886,
          479.76999,
          169.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,360",
        "box": [
          522.65002,
          161.478886,
          550.15002,
          169.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) from VIE's",
        "box": [
          52.09,
          175.728886,
          155.33,
          183.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296",
        "box": [
          261.89999,
          175.728886,
          276.89999,
          183.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296",
        "box": [
          339.89999,
          175.728886,
          354.89999,
          183.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          175.728886,
          423.51999,
          183.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          175.728886,
          479.76999,
          183.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.40002,
          175.728886,
          536.40002,
          183.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          52.09,
          189.978886,
          116.72999999999998,
          198.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(132,491)",
        "box": [
          249.82001,
          189.978886,
          288.98001,
          198.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(121,715)",
        "box": [
          327.82001,
          189.978886,
          366.98001,
          198.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,871)",
        "box": [
          408.94,
          189.978886,
          438.09999999999997,
          198.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,138)",
        "box": [
          465.19,
          189.978886,
          494.34999999999997,
          198.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(767)",
        "box": [
          525.57001,
          189.978886,
          547.2300100000001,
          198.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Compensation and benefits",
        "box": [
          52.09,
          204.228886,
          160.85999999999999,
          212.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(43,793)",
        "box": [
          252.32001,
          204.228886,
          286.48001,
          212.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          342.39999,
          204.228886,
          347.39999,
          212.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(43,793)",
        "box": [
          406.44,
          204.228886,
          440.59999999999997,
          212.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          204.228886,
          479.76999,
          212.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.40002,
          204.228886,
          536.40002,
          212.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Administrative services expenses",
        "box": [
          52.09,
          218.478886,
          185.24999999999997,
          226.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,362)",
        "box": [
          254.82001,
          218.478886,
          283.98001,
          226.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,927)",
        "box": [
          332.82001,
          218.478886,
          361.98001,
          226.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "161",
        "box": [
          416.01999,
          218.478886,
          431.01999,
          226.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,596)",
        "box": [
          465.19,
          218.478886,
          494.34999999999997,
          226.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.40002,
          218.478886,
          536.40002,
          226.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          52.09,
          232.728886,
          173.57000000000002,
          240.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,403)",
        "box": [
          254.82001,
          232.728886,
          283.98001,
          240.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          342.39999,
          232.728886,
          347.39999,
          240.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,786)",
        "box": [
          408.94,
          232.728886,
          438.09999999999997,
          240.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          232.728886,
          479.76999,
          240.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,617)",
        "box": [
          521.82001,
          232.728886,
          550.9800100000001,
          240.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses",
        "box": [
          52.09,
          246.978886,
          130.60999999999996,
          255.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(52,370)",
        "box": [
          252.32001,
          246.978886,
          286.48001,
          255.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19,450)",
        "box": [
          330.32001,
          246.978886,
          364.48001,
          255.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,716)",
        "box": [
          406.44,
          246.978886,
          440.59999999999997,
          255.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,520)",
        "box": [
          465.19,
          246.978886,
          494.34999999999997,
          255.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,684)",
        "box": [
          519.32001,
          246.978886,
          553.4800100000001,
          255.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other segment items (1)(2)",
        "box": [
          52.09,
          260.42736890000003,
          149.91799,
          269.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,967",
        "box": [
          255.64999,
          261.228886,
          283.14999,
          269.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,655)",
        "box": [
          330.32001,
          261.228886,
          364.48001,
          269.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,774",
        "box": [
          409.76999,
          261.228886,
          437.26999,
          269.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,794",
        "box": [
          466.01999,
          261.228886,
          493.51999,
          269.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,054",
        "box": [
          522.65002,
          261.228886,
          550.15002,
          269.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss)",
        "box": [
          52.09,
          275.478916,
          123.38999999999996,
          283.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,567",
        "box": [
          255.64999,
          275.478916,
          283.14999,
          283.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,271",
        "box": [
          333.64999,
          275.478916,
          361.14999,
          283.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(340)",
        "box": [
          412.69,
          275.478916,
          434.34999999999997,
          283.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,484",
        "box": [
          468.51999,
          275.478916,
          491.01999,
          283.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,152",
        "box": [
          522.65002,
          275.478916,
          550.15002,
          283.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets as of June 30, 2026",
        "box": [
          52.09,
          289.72891599999997,
          178.92999999999995,
          297.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,383,846",
        "box": [
          249.39999,
          289.72891599999997,
          289.39999,
          297.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,238,399",
        "box": [
          327.39999,
          289.72891599999997,
          367.39999,
          297.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "755,138",
        "box": [
          407.26999,
          289.72891599999997,
          439.76999,
          297.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,246",
        "box": [
          466.01999,
          289.72891599999997,
          493.51999,
          297.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "365,063",
        "box": [
          520.15002,
          289.72891599999997,
          552.65002,
          297.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30, 2025",
        "box": [
          52.09,
          303.97891599999997,
          191.51000000000002,
          312.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          52.09,
          318.22891599999997,
          113.94999999999997,
          326.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$225,079",
        "box": [
          250.64999,
          318.22891599999997,
          288.14999,
          326.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$220,574",
        "box": [
          328.64999,
          318.22891599999997,
          366.14999,
          326.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$-",
        "box": [
          416.01999,
          318.22891599999997,
          426.01999,
          326.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,451",
        "box": [
          466.01999,
          318.22891599999997,
          493.51999,
          326.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,054",
        "box": [
          522.65002,
          318.22891599999997,
          550.15002,
          326.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights",
        "box": [
          52.09,
          332.47891599999997,
          155.31999999999996,
          340.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          264.39999,
          332.47891599999997,
          269.39999,
          340.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          342.39999,
          332.47891599999997,
          347.39999,
          340.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          332.47891599999997,
          423.51999,
          340.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          332.47891599999997,
          479.76999,
          340.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.40002,
          332.47891599999997,
          536.40002,
          340.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing revenue",
        "box": [
          52.09,
          346.72891599999997,
          124.50999999999998,
          354.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          264.39999,
          346.72891599999997,
          269.39999,
          354.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          342.39999,
          346.72891599999997,
          347.39999,
          354.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          346.72891599999997,
          423.51999,
          354.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          346.72891599999997,
          479.76999,
          354.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.40002,
          346.72891599999997,
          536.40002,
          354.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned",
        "box": [
          52.09,
          360.97891599999997,
          180.79999999999998,
          369.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,133",
        "box": [
          255.64999,
          360.97891599999997,
          283.14999,
          369.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          342.39999,
          360.97891599999997,
          347.39999,
          369.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          360.97891599999997,
          423.51999,
          369.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          360.97891599999997,
          479.76999,
          369.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,133",
        "box": [
          522.65002,
          360.97891599999997,
          550.15002,
          369.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          52.09,
          375.22891599999997,
          116.72999999999998,
          383.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(140,806)",
        "box": [
          249.82001,
          375.22891599999997,
          288.98001,
          383.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(139,567)",
        "box": [
          327.82001,
          375.22891599999997,
          366.98001,
          383.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          375.22891599999997,
          423.51999,
          383.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(342)",
        "box": [
          468.94,
          375.22891599999997,
          490.59999999999997,
          383.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(897)",
        "box": [
          525.57001,
          375.22891599999997,
          547.2300100000001,
          383.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Compensation and benefits",
        "box": [
          52.09,
          389.47891599999997,
          160.85999999999999,
          397.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          264.39999,
          389.47891599999997,
          269.39999,
          397.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          342.39999,
          389.47891599999997,
          347.39999,
          397.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          389.47891599999997,
          423.51999,
          397.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          389.47891599999997,
          479.76999,
          397.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.40002,
          389.47891599999997,
          536.40002,
          397.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Administrative services expenses",
        "box": [
          52.09,
          403.72891599999997,
          185.24999999999997,
          411.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,232)",
        "box": [
          254.82001,
          403.72891599999997,
          283.98001,
          411.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,054)",
        "box": [
          332.82001,
          403.72891599999997,
          361.98001,
          411.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          403.72891599999997,
          423.51999,
          411.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,178)",
        "box": [
          465.19,
          403.72891599999997,
          494.34999999999997,
          411.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          531.40002,
          403.72891599999997,
          536.40002,
          411.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          52.09,
          417.97891599999997,
          173.57000000000002,
          426.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,761)",
        "box": [
          254.82001,
          417.97891599999997,
          283.98001,
          426.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          342.39999,
          417.97891599999997,
          347.39999,
          426.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          417.97891599999997,
          423.51999,
          426.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          474.76999,
          417.97891599999997,
          479.76999,
          426.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,761)",
        "box": [
          521.82001,
          417.97891599999997,
          550.9800100000001,
          426.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses",
        "box": [
          52.09,
          432.22891599999997,
          130.60999999999996,
          440.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(45,345)",
        "box": [
          252.32001,
          432.22891599999997,
          286.48001,
          440.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,243)",
        "box": [
          330.32001,
          432.22891599999997,
          364.48001,
          440.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          432.22891599999997,
          423.51999,
          440.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,201)",
        "box": [
          465.19,
          432.22891599999997,
          494.34999999999997,
          440.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,901)",
        "box": [
          519.32001,
          432.22891599999997,
          553.4800100000001,
          440.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other segment items (1)(2)",
        "box": [
          52.09,
          445.6773989,
          149.91799,
          454.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,021",
        "box": [
          258.14999,
          446.47891599999997,
          280.64999,
          454.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(218)",
        "box": [
          336.57001,
          446.47891599999997,
          358.23001,
          454.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          446.47891599999997,
          423.51999,
          454.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,357",
        "box": [
          468.51999,
          446.47891599999997,
          491.01999,
          454.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(118)",
        "box": [
          525.57001,
          446.47891599999997,
          547.2300100000001,
          454.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income/(loss)",
        "box": [
          52.09,
          460.72891599999997,
          123.38999999999996,
          468.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,089",
        "box": [
          255.64999,
          460.72891599999997,
          283.14999,
          468.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51,492",
        "box": [
          333.64999,
          460.72891599999997,
          361.14999,
          468.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          418.51999,
          460.72891599999997,
          423.51999,
          468.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,087",
        "box": [
          468.51999,
          460.72891599999997,
          491.01999,
          468.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,490)",
        "box": [
          521.82001,
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          550.9800100000001,
          468.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total assets as of December 31, 2025",
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          474.97891599999997,
          201.65,
          483.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,057,250",
        "box": [
          249.39999,
          474.97891599999997,
          289.39999,
          483.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,797,877",
        "box": [
          327.39999,
          474.97891599999997,
          367.39999,
          483.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "857,562",
        "box": [
          407.26999,
          474.97891599999997,
          439.76999,
          483.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,015",
        "box": [
          466.01999,
          474.97891599999997,
          493.51999,
          483.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "368,796",
        "box": [
          520.15002,
          474.97891599999997,
          552.65002,
          483.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "_____________",
        "box": [
          49.46,
          490.55889599999995,
          114.46000000000001,
          498.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  For each reportable segment, the other segment items category includes:",
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          58.46,
          505.49965001000004,
          328.21100000000007,
          513.6264723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          85.46,
          522.3901364000001,
          89.66,
          532.9907632082659
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Debt - specific and general allowance for credit losses, gains/(losses) associated with debt extinguishment, and ",
        "box": [
          103.46,
          525.0209954,
          547.6279999999998,
          532.4264623005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains/(losses) associated with sales of CMBS bonds and divestment of trading securities",
        "box": [
          103.46,
          539.4210154,
          421.18700000000007,
          546.8264823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          85.46,
          556.4246872,
          89.66,
          566.2986430674192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Business - allowance for loss sharing provision, gains/(losses) associated with sales of agency loans, gains/(losses) ",
        "box": [
          103.46,
          558.4110154,
          548.8969999999996,
          565.8164823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related to movements in the fair value of forward sale commitments, and (provisions)/benefits on taxable income. ",
        "box": [
          103.46,
          572.8110354,
          514.895,
          580.2165023005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          85.46,
          589.9901764,
          89.66,
          600.5908032082658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conduit - gains/(losses) associated with fair value measurements and securitizations or sales of held for sale loans, fair value ",
        "box": [
          103.46,
          592.6210354,
          554.3779999999997,
          600.0265023005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurements and terminations of derivative instruments, and (provisions)/benefits on taxable income.",
        "box": [
          103.46,
          607.0209954,
          474.41300000000007,
          614.4264623005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          85.46,
          623.7901564,
          89.66,
          634.3907832082658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned - gains/(losses) associated with other real estate investments resulting from foreclosure or sale.",
        "box": [
          103.46,
          626.4210154,
          515.381,
          633.8264823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)  Stock compensation expense is allocated to each segment based on total income per segment and included within other segment items.",
        "box": [
          58.46,
          640.60963001,
          551.6579999999997,
          648.7364623005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the purposes of the tables above, management fees have been allocated to the business segments using an agreed upon ",
        "box": [
          67.46,
          657.158936,
          558.86,
          665.3872325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "percentage of each respective segment's prior period equity. Administrative fees are derived from an agreed upon reimbursable ",
        "box": [
          49.46,
          669.158936,
          559.5,
          677.3872325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amount based on employee time charged and allocated to the business segments.",
        "box": [
          49.46,
          681.158936,
          371.84999999999997,
          689.3872325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
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        ],
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        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 59,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 23 - Consolidated Variable Interest Entities Assets and Liabilities, at Fair Value",
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      {
        "text": " ",
        "box": [
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          98.308896,
          414.16998,
          106.53719255618262
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        "confidence": 1.0
      },
      {
        "text": "On May 21, 2026, the Company purchased the non-investment grade and unrated subordinate tranche, including the ",
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      {
        "text": "controlling class, of a commercial mortgage-backed securities ('CMBS') trust at a purchase price of $27.4 million. The ",
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      {
        "text": "Company determined that the CMBS trust is a variable interest entity ('VIE') and that the Company is the primary beneficiary ",
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        "confidence": 1.0
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      {
        "text": "of the VIE, as it has the power to direct the activities that most significantly affect the VIE's economic performance, including ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the unilateral right to appoint and remove the special servicer, which manages delinquent and defaulted loans and related loss-",
        "box": [
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        "confidence": 1.0
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      {
        "text": "mitigation activities. Additionally, the Company has the right to receive benefits from the VIE or the obligation to absorb losses ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of the VIE that could be significant. Accordingly, the Company has consolidated the CMBS trust beginning on May 21, 2026, ",
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          556.24,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the acquisition date.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company irrevocably elected the fair value option for the consolidated CMBS trust. As a result, the Company: (i) ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reports the assets and liabilities of the trust at fair value in the Consolidated Balance Sheets; (ii) recognizes changes in the ",
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          538.51,
          236.53719255618262
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        "confidence": 1.0
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      {
        "text": "trust's net assets, including fair value adjustments, in the Consolidated Statements of Operations; and (iii) presents cash interest ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "received by the trust, net of cash interest paid on CMBS not held by the Company, as operating cash flows in the Consolidated ",
        "box": [
          49.46,
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          558.11,
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        "confidence": 1.0
      },
      {
        "text": "Statements of Cash Flows.",
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        "confidence": 1.0
      },
      {
        "text": "The Company contributed $157.4 million of commercial mortgage loans, held for sale, measured at fair value to the trust at ",
        "box": [
          67.46,
          281.30889599999995,
          563.2600099999997,
          289.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the settlement date. As of June 30, 2026, the outstanding principal balance of the Company owned B-Piece of the CMBS trust  ",
        "box": [
          49.46,
          293.30889599999995,
          558.1099899999999,
          301.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was $49.4 million with an estimated fair value of $27.4 million. ",
        "box": [
          49.46,
          305.30889599999995,
          306.97,
          313.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the assets and liabilities of the consolidated CMBS trust (dollars in thousands):",
        "box": [
          67.46,
          322.30889599999995,
          499.48999999999967,
          330.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets:",
        "box": [
          52.09,
          344.47891599999997,
          82.07,
          352.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          482.42999,
          344.47891599999997,
          540.47999,
          352.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, at fair value",
        "box": [
          52.09,
          360.22891599999997,
          217.97000000000006,
          368.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          463.09,
          360.22891599999997,
          470.59,
          368.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "541,121 ",
        "box": [
          525.88,
          360.22891599999997,
          560.88,
          368.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          52.09,
          375.97891599999997,
          161.35000000000002,
          384.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.09,
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          465.59,
          384.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,896 ",
        "box": [
          535.88,
          375.97891599999997,
          560.88,
          384.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "        Consolidated variable interest entities assets, at fair value",
        "box": [
          52.09,
          391.72891599999997,
          316.88,
          399.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          463.09,
          391.72891599999997,
          470.59,
          399.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "544,017 ",
        "box": [
          525.88,
          391.72891599999997,
          560.88,
          399.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          52.09,
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          98.13999999999999,
          415.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage-backed securities, at fair value",
        "box": [
          52.09,
          423.22891599999997,
          266.2100000000001,
          431.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          463.09,
          423.22891599999997,
          470.59,
          431.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "513,716 ",
        "box": [
          525.88,
          423.22891599999997,
          560.88,
          431.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest payable",
        "box": [
          52.09,
          438.97891599999997,
          151.39,
          447.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.09,
          438.97891599999997,
          465.59,
          447.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,703 ",
        "box": [
          535.88,
          438.97891599999997,
          560.88,
          447.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "        Consolidated variable interest entities liabilities, at fair value",
        "box": [
          52.09,
          454.72891599999997,
          331.28000000000003,
          462.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          463.09,
          454.72891599999997,
          470.59,
          462.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "516,419 ",
        "box": [
          525.88,
          454.72891599999997,
          560.88,
          462.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          58.46,
          475.30889599999995,
          178.46,
          483.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the prior year, the Company did not consolidate any CMBS trust entities. ",
        "box": [
          58.46,
          492.28100539999997,
          333.69800000000004,
          499.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the change in net assets of the consolidated variable interest entity (dollars in thousands):",
        "box": [
          49.46,
          525.108886,
          521.9399999999997,
          533.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          357.56,
          544.5789159999999,
          448.61000000000007,
          552.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          374.06,
          554.5789159999999,
          432.11,
          562.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended ",
        "box": [
          470.89999,
          544.5789159999999,
          552.2699899999998,
          552.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          481.31,
          554.5789159999999,
          539.36,
          562.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          52.09,
          567.528926,
          113.94999999999997,
          575.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.59,
          567.528926,
          361.09,
          575.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,957 ",
        "box": [
          428.63,
          567.528926,
          453.63,
          575.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          460.84,
          567.528926,
          468.34,
          575.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,957 ",
        "box": [
          535.88,
          567.528926,
          560.88,
          575.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          52.09,
          581.778926,
          116.72999999999998,
          590.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          581.778926,
          356.09,
          590.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,661)   ",
        "box": [
          425.29999999999995,
          581.778926,
          463.34,
          590.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,661) ",
        "box": [
          532.55,
          581.778926,
          564.21,
          590.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized gain/(loss)",
        "box": [
          52.09,
          596.028926,
          140.57999999999993,
          604.2572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.59,
          596.028926,
          356.09,
          604.2572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          441.13,
          596.028926,
          448.63,
          604.2572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.84,
          596.028926,
          463.34,
          604.2572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.38,
          596.028926,
          555.88,
          604.2572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets of consolidated variable interest entity",
        "box": [
          52.09,
          610.278926,
          304.12000000000006,
          618.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          353.59,
          610.278926,
          361.09,
          618.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296 ",
        "box": [
          436.13,
          610.278926,
          453.63,
          618.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          460.84,
          610.278926,
          468.34,
          618.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296 ",
        "box": [
          543.38,
          610.278926,
          560.88,
          618.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          58.46,
          630.858886,
          178.46,
          639.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the prior year, the Company did not consolidate any CMBS trust entities.",
        "box": [
          58.46,
          647.8309954,
          331.44800000000004,
          655.2364623005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 60,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " Note 24 - Subsequent Events",
        "box": [
          49.46,
          81.14892600000007,
          173.58,
          89.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q. The following ",
        "box": [
          67.46,
          98.308896,
          550.62999,
          106.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activity took place subsequent to the quarter ended June 30, 2026:",
        "box": [
          49.46,
          110.308896,
          313.35999,
          118.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subsequent to quarter end, 7,918,314 OP Units were redeemed, where each OP Unit was equal to one share of the ",
        "box": [
          67.46,
          127.308896,
          525.90999,
          135.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's common stock. These OP Units were previously issued in connection with the Company's acquisition of NewPoint ",
        "box": [
          49.46,
          139.308896,
          561.2299999999999,
          147.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on July 1, 2025.",
        "box": [
          49.46,
          151.308896,
          113.61999999999999,
          159.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On July 28, 2026, the Company's board of directors approved and authorized an increase under the Company's share ",
        "box": [
          67.46,
          168.308896,
          535.6400000000001,
          176.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase program an aggregate amount of up to $50.0 million in shares of common stock through December 31, 2026.",
        "box": [
          49.46,
          180.308896,
          531.53001,
          188.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FRANKLIN BSP REALTY TRUST, INC.",
        "box": [
          216.03999,
          25.648926000000074,
          395.9499900000004,
          33.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS",
        "box": [
          173.85001,
          37.648926000000074,
          438.1500100000005,
          45.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          276.97,
          49.648926000000074,
          335.02000000000004,
          57.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          280.17001,
          61.648926000000074,
          331.82000999999997,
          69.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 61,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations",
        "box": [
          49.46,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following discussion and analysis should be read in conjunction with the accompanying financial statements of ",
        "box": [
          67.46,
          60.058896000000004,
          531.9499999999998,
          68.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Franklin BSP Realty Trust, Inc. the notes thereto and other financial information included elsewhere in this Quarterly Report on ",
        "box": [
          49.46,
          72.058896,
          563.5899999999999,
          80.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Form 10-Q, as well as our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the U.S. ",
        "box": [
          49.46,
          84.058896,
          533.76,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securities and Exchange Commission (the \"SEC\") on February 25, 2026. ",
        "box": [
          49.46,
          96.058896,
          344.60001,
          104.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As used herein, the terms \"the Company,\" \"we,\" \"our\" and \"us\" refer to Franklin BSP Realty Trust, Inc., a Maryland ",
        "box": [
          67.46,
          113.058896,
          534.6899999999998,
          121.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporation and, as required by context, to FBRT OP LLC, a Delaware limited liability company, which we refer to as the ",
        "box": [
          49.46,
          125.058896,
          539.7100000000002,
          133.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"OP,\" and to its subsidiaries. We are externally managed by Benefit Street Partners L.L.C. (the \"Advisor\").",
        "box": [
          49.46,
          137.058896,
          477.25,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements. Those statements ",
        "box": [
          67.46,
          154.058896,
          539.6999999999999,
          162.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include statements regarding the intent, belief or current expectations of the Company and members of our management team, ",
        "box": [
          49.46,
          166.058896,
          556.0400000000001,
          174.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as well as the assumptions on which such statements are based, and generally are identified by the use of words such as \"may,\" ",
        "box": [
          49.46,
          178.058896,
          559.57,
          186.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"will,\" \"seeks,\" \"anticipates,\" \"believes,\" \"estimates,\" \"expects,\" \"plans,\" \"intends,\" \"should\" or similar expressions. Actual ",
        "box": [
          49.46,
          190.058896,
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          198.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements ",
        "box": [
          49.46,
          202.058896,
          562.78,
          210.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to ",
        "box": [
          49.46,
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          222.28719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless ",
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        "text": "required by law.",
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        "text": "Our forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important ",
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        "text": "factors that could cause actual outcomes or results to differ materially from those indicated in these statements, and thus our ",
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        "text": "investors should not place undue reliance on these statements. We believe these factors include but are not limited to those ",
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        "text": "described under the section entitled 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2025, ",
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        "text": "as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the ",
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        "text": "'SEC'), which are accessible on the SEC's website at http://www.sec.gov. These factors include:",
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      {
        "text": "\u2022",
        "box": [
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        "text": "changes in our business and investment strategy; ",
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        "text": "\u2022",
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        "text": "our ability to make investments in a timely manner or on acceptable terms;",
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        "text": "\u2022",
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        "text": "changes in credit market conditions and our ability to obtain long-term financing for our investments in a timely ",
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        "text": "manner and on terms that are consistent with what we project when we invest;",
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        "text": "\u2022",
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        "text": "the effect of general market, real estate market, economic and political conditions, including changing interest rate ",
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        "text": "environments (and sustained high interest rates) and inflation;",
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        "text": "\u2022",
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        "text": "our ability to make scheduled payments on our debt obligations;",
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        "text": "\u2022",
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        "text": "our ability to generate sufficient cash flows to make distributions to our stockholders;",
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        "text": "\u2022",
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        "text": "our ability to generate sufficient debt and equity capital to fund additional investments;",
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        "text": "\u2022",
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        "text": "our ability to refinance our existing financing arrangements;",
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        "text": "\u2022",
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        "text": "our ability to recover unpaid principal on defaulted loans and reinvest it in income producing assets;",
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        "text": "the degree and nature of our competition;",
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        "text": "\u2022",
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        "text": "changes in Company management and our board of directors and the ability of us and our external advisor to hire and ",
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        "text": "retain qualified personnel;",
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        "text": "\u2022",
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        "text": "impairment in the value of real estate property securing our loans or that we own;",
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        "text": "\u2022",
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        "text": "our ability to recover or mitigate estimated losses on non-performing assets;",
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        "text": "\u2022",
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        "text": "the impact of national health crises or international military conflicts;",
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        "text": "\u2022",
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        "text": "our ability to maintain our qualification as a real estate investment trust (\"REIT\") for U.S. federal income tax purposes; ",
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        "text": "and",
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        "text": "\u2022",
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      {
        "text": "other factors set forth under the caption \"Risk Factors\" in our Annual Report on Form 10-K for the year ended ",
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      {
        "text": "December 31, 2025.",
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      {
        "text": "Table of Contents",
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        "text": "59",
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      {
        "text": "Overview",
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        "text": "The Company is a Maryland corporation and has made tax elections to be treated as a real estate investment trust (\"REIT\") ",
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        "text": "for U.S. federal income tax purposes since 2013. Substantially all of our business is conducted through the OP, a Delaware ",
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        "text": "limited liability company. We are the managing member of the OP and directly or indirectly held 90% of the common units of ",
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        "text": "membership interests in the OP (\"OP Units\") as of June 30, 2026. ",
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        "text": "The Company's operations are organized into two business units: (i) Commercial Real Estate Financing, and (ii) Agency ",
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        "text": "Business. The Commercial Real Estate Financing unit primarily focuses on originating, acquiring and asset managing ",
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        "text": "commercial real estate debt investments, including first mortgage loans, subordinated mortgage loans, mezzanine loans and ",
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        "text": "participations in such loans. Secondarily, this unit also invests in and asset manages real estate securities, with a historical focus ",
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        "text": "on commercial mortgage-backed securities (\"CMBS\"), commercial real estate collateralized loan obligation bonds and single ",
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      {
        "text": "asset single borrower bonds (collectively \"CMBS bonds\"), collateralized debt obligations (\"CDOs\") and other securities. ",
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        "text": "Through this unit the Company also originates conduit loans which the Company intends to sell through its TRS into CMBS ",
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        "text": "securitization transactions, and owns real estate that was either acquired by the Company through foreclosure, deed-in-lieu of ",
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        "text": "foreclosure or that was purchased for investment.",
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        "text": "On July 1, 2025, through a wholly owned subsidiary, we acquired NewPoint Holdings JV LLC ('NewPoint'), which now ",
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        "text": "comprises our Agency Business unit. Through this unit, we originate, sell and service a range of multifamily finance products ",
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        "text": "under programs offered by government-sponsored enterprises ('GSEs'), such as the Federal National Mortgage Association ",
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      {
        "text": "('Fannie Mae') and Federal Home Loan Mortgage Corporation ('Freddie Mac') and by government agencies ('Agencies'), ",
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        "text": "such as the Government National Mortgage Association ('Ginnie Mae') and the Federal Housing Administration, a division of ",
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        "text": "the U.S. Department of Housing and Urban Development (together with Ginnie Mae, 'HUD'). We retain the servicing rights ",
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        "text": "and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We ",
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        "text": "are an approved Fannie Mae Delegated Underwriting and Servicing  ('DUS') lender, a Freddie Mac Program Plus Seller/",
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      {
        "text": "Servicer, a Multifamily Accelerated Processing ('MAP') and Section 232 LEAN lender for HUD and a Ginnie Mae issuer. ",
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        "text": "Additionally, the Company services external portfolios of commercial real estate financing products.",
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        "text": "We are managed by the Advisor pursuant to an advisory agreement, as amended on August 18, 2021 (the \"Advisory ",
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        "text": "Agreement\"). The Advisor manages our affairs on a day-to-day basis. The Advisor receives compensation and fees for services ",
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        "text": "related to the investment and management of our assets and our operations.",
        "box": [
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      {
        "text": "The Advisor, an SEC-registered investment adviser, is a credit-focused alternative asset management firm. The Advisor ",
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        "text": "manages funds for institutions and high-net-worth investors across various credit funds and complementary strategies including ",
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      {
        "text": "high yield, levered loans, private / opportunistic debt, liquid credit, structured credit and commercial real estate debt. These ",
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      {
        "text": "strategies complement each other as they all leverage the sourcing, analytical, compliance, and operational capabilities that ",
        "box": [
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        "text": "encompass the Advisor's robust platform. The Advisor is a wholly-owned subsidiary of Franklin Resources, Inc., which ",
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        "text": "together with its various subsidiaries operates as \"Franklin Templeton\".",
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        "text": "As of June 30, 2026, we have 252 employees, all of which are employees of NewPoint. ",
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      {
        "text": "Table of Contents",
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      {
        "text": "60",
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          301.0,
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          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 63,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Book Value Per Share",
        "box": [
          49.46,
          81.14892600000007,
          144.10999999999999,
          89.37722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table calculates our book value per share as of June 30, 2026 and December 31, 2025 (in thousands, except ",
        "box": [
          67.46,
          98.308896,
          564.9799800000001,
          106.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share and per share amounts):",
        "box": [
          49.46,
          110.308896,
          168.77999999999997,
          118.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          377.42999,
          130.978886,
          435.47999,
          139.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          471.07999,
          130.978886,
          551.8399900000001,
          139.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity applicable to common stock",
        "box": [
          52.09,
          145.228886,
          248.4000000000001,
          153.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.09,
          145.228886,
          365.59,
          153.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,113,882 ",
        "box": [
          413.38,
          145.228886,
          455.88,
          153.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          463.09,
          145.228886,
          470.59,
          153.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,182,788 ",
        "box": [
          518.38,
          145.228886,
          560.88,
          153.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares:",
        "box": [
          52.09,
          159.478886,
          81.50999999999999,
          167.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock",
        "box": [
          58.09,
          173.728886,
          118.87999999999998,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.09,
          173.728886,
          360.59,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,124,154 ",
        "box": [
          408.38,
          173.728886,
          455.88,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.09,
          173.728886,
          465.59,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,843,557 ",
        "box": [
          513.38,
          173.728886,
          560.88,
          181.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted stock and restricted stock units",
        "box": [
          58.09,
          187.978886,
          224.26000000000005,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.09,
          187.978886,
          360.59,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,634,880 ",
        "box": [
          413.38,
          187.978886,
          455.88,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.09,
          187.978886,
          465.59,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,435,383 ",
        "box": [
          518.38,
          187.978886,
          560.88,
          196.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total outstanding shares",
        "box": [
          52.09,
          202.228886,
          149.75999999999996,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.09,
          202.228886,
          360.59,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,759,034 ",
        "box": [
          408.38,
          202.228886,
          455.88,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.09,
          202.228886,
          465.59,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,278,940 ",
        "box": [
          513.38,
          202.228886,
          560.88,
          210.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value per share (1)",
        "box": [
          52.09,
          215.67736890000003,
          144.299,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.09,
          216.478886,
          365.59,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.51 ",
        "box": [
          430.88,
          216.478886,
          455.88,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          463.09,
          216.478886,
          470.59,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.38 ",
        "box": [
          535.88,
          216.478886,
          560.88,
          224.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table calculates our fully-converted book value per share as of June 30, 2026 and December 31, 2025 (in ",
        "box": [
          67.46,
          237.058896,
          547.52999,
          245.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands, except share and per share amounts):",
        "box": [
          49.46,
          249.058896,
          242.32000000000008,
          257.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          377.42999,
          269.728886,
          435.47999,
          277.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          471.07999,
          269.728886,
          551.8399900000001,
          277.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity applicable to convertible common stock",
        "box": [
          52.09,
          283.97891599999997,
          295.8300000000001,
          292.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.09,
          283.97891599999997,
          365.59,
          292.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,288,620 ",
        "box": [
          413.38,
          283.97891599999997,
          455.88,
          292.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          463.09,
          283.97891599999997,
          470.59,
          292.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,359,363 ",
        "box": [
          518.38,
          283.97891599999997,
          560.88,
          292.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares:",
        "box": [
          52.09,
          298.22891599999997,
          81.50999999999999,
          306.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock",
        "box": [
          58.09,
          312.47891599999997,
          118.87999999999998,
          320.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.09,
          312.47891599999997,
          360.59,
          320.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,124,154 ",
        "box": [
          408.38,
          312.47891599999997,
          455.88,
          320.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.09,
          312.47891599999997,
          465.59,
          320.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,843,557 ",
        "box": [
          513.38,
          312.47891599999997,
          560.88,
          320.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted stock and restricted stock units",
        "box": [
          58.09,
          326.72891599999997,
          224.26000000000005,
          334.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.09,
          326.72891599999997,
          360.59,
          334.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,634,880 ",
        "box": [
          413.38,
          326.72891599999997,
          455.88,
          334.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.09,
          326.72891599999997,
          465.59,
          334.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,435,383 ",
        "box": [
          518.38,
          326.72891599999997,
          560.88,
          334.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series H convertible preferred stock",
        "box": [
          58.09,
          340.97891599999997,
          202.35000000000005,
          349.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.09,
          340.97891599999997,
          360.59,
          349.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,370,498 ",
        "box": [
          413.38,
          340.97891599999997,
          455.88,
          349.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.09,
          340.97891599999997,
          465.59,
          349.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,370,498 ",
        "box": [
          518.38,
          340.97891599999997,
          560.88,
          349.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A OP Units",
        "box": [
          52.09,
          355.22891599999997,
          122.88,
          363.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.09,
          355.22891599999997,
          360.59,
          363.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,385,951 ",
        "box": [
          413.38,
          355.22891599999997,
          455.88,
          363.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.09,
          355.22891599999997,
          465.59,
          363.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,385,951 ",
        "box": [
          518.38,
          355.22891599999997,
          560.88,
          363.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total outstanding shares",
        "box": [
          52.09,
          369.47891599999997,
          149.75999999999996,
          377.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          358.09,
          369.47891599999997,
          360.59,
          377.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90,515,483 ",
        "box": [
          408.38,
          369.47891599999997,
          455.88,
          377.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          463.09,
          369.47891599999997,
          465.59,
          377.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96,035,389 ",
        "box": [
          513.38,
          369.47891599999997,
          560.88,
          377.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully-converted book value per share (2)(3)",
        "box": [
          52.09,
          382.9273989,
          216.53799,
          391.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          358.09,
          383.72891599999997,
          365.59,
          391.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.24 ",
        "box": [
          430.88,
          383.72891599999997,
          455.88,
          391.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          463.09,
          383.72891599999997,
          470.59,
          391.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.15 ",
        "box": [
          535.88,
          383.72891599999997,
          560.88,
          391.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          49.46,
          399.30889599999995,
          169.46,
          407.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  Book value per share includes unvested shares for restricted stock and restricted stock units.",
        "box": [
          58.46,
          416.24965001000004,
          399.194,
          424.3764723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)  Fully-converted book value per share assumes conversion of the Company's Series H preferred stock, the redemption for Company ",
        "box": [
          58.46,
          430.55964001,
          541.792,
          438.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock of the Class A OP Units of the OP held by third parties, and the vesting of the Company's unvested equity compensation ",
        "box": [
          67.46,
          442.0810254,
          558.3019999999997,
          449.4864923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "awards.",
        "box": [
          67.46,
          452.88101539999997,
          95.198,
          460.2864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)  Excluding the impact of accumulated depreciation and amortization of real property of $19.5 million and $17.5 million as of June 30, ",
        "box": [
          58.46,
          465.95967001,
          550.187,
          474.08649230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and December 31, 2025, respectively, as well as including the impact of the fair value of our MSRs over their carrying value of ",
        "box": [
          67.46,
          477.4810154,
          548.5709999999999,
          484.8864823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$26.2 million as of June 30, 2026, would result in a fully converted book value per share of $14.74 and $14.34, respectively.",
        "box": [
          67.46,
          488.28100539999997,
          515.7379999999999,
          495.6864723005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 64,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Critical Accounting Estimates",
        "box": [
          49.46,
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          177.67,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of ",
        "box": [
          67.46,
          98.308896,
          554.3,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "America (\"GAAP\"), which requires us to make estimates and assumptions that affect the reported amounts of assets and ",
        "box": [
          49.46,
          110.308896,
          532.3599999999998,
          118.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting ",
        "box": [
          49.46,
          122.308896,
          530.7899999999998,
          130.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "periods. Critical accounting estimates are those that require the application of management's most difficult, subjective or ",
        "box": [
          49.46,
          134.308896,
          534.8999999999999,
          142.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "complex judgments on matters that are inherently uncertain and that may change in subsequent periods. In preparing the ",
        "box": [
          49.46,
          146.308896,
          532.51,
          154.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities ",
        "box": [
          49.46,
          158.308896,
          558.7499999999997,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. In ",
        "box": [
          49.46,
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          536.3999999999999,
          178.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preparing the financial statements, management has utilized available information, including our past history, industry standards ",
        "box": [
          49.46,
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          190.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the current economic environment, among other factors, in forming its estimates and judgments, giving due consideration ",
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        "confidence": 1.0
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      {
        "text": "to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, ",
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        "confidence": 1.0
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      {
        "text": "which may impact the comparability of our results of operations to those of companies in similar businesses.",
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      {
        "text": "During the six months ended June 30, 2026, there were no material changes to our critical accounting estimates as ",
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        "confidence": 1.0
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      {
        "text": "compared to the critical accounting estimates disclosed in Management's Discussion and Analysis of Financial Condition and ",
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        "confidence": 1.0
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      {
        "text": "Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.",
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        "confidence": 1.0
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      {
        "text": "Table of Contents",
        "box": [
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        "confidence": 1.0
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      {
        "text": "62",
        "box": [
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        "confidence": 1.0
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  {
    "page_no": 65,
    "width": 612.0,
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    "cells": [
      {
        "text": "Portfolio",
        "box": [
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      {
        "text": "As of June 30, 2026 and December 31, 2025, our portfolio consisted of 172 and 169 commercial mortgage loans, held for ",
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      {
        "text": "investment, respectively. The commercial mortgage loans, held for investment, net of allowance for credit losses, as of June 30, ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2026 and December 31, 2025 had a total carrying value of $4,275.1 million and $4,383.1 million, respectively. As of June 30, ",
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        "confidence": 1.0
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      {
        "text": "2026, our commercial mortgage loans, held for sale, measured at fair value, were comprised of one conduit loan and 11 Agency ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "loans, with a total fair value of $251.8 million. As of December 31, 2025, our commercial mortgage loans, held for sale, ",
        "box": [
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      {
        "text": "measured at fair value, were comprised of two conduit loans and 15 Agency loans, with a total fair value of $360.7 million. As ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "of June 30, 2026 and December 31, 2025, we had $187.2 million and $151.7 million, respectively, of real estate securities, ",
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        "confidence": 1.0
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      {
        "text": "available for sale, measured at fair value. As of June 30, 2026 and December 31, 2025, our real estate owned, held for ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "investment portfolio was composed of three and two properties with carrying values of $164.6 million and $99.3 million, ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "respectively. As of June 30, 2026 and December 31, 2025, we had four and six positions classified as real estate owned, held ",
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      {
        "text": "for sale with combined carrying values of $115.7 million and $198.9 million, respectively. As of June 30, 2026 and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "December 31, 2025 our equity method investments consisted of five and four investments with carrying values of $89.2 million ",
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        "confidence": 1.0
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      {
        "text": "and $71.7 million, respectively. ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "As of June 30, 2026, we had nine loans (one secured by an office property and eight secured by multifamily properties), ",
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      {
        "text": "designated as non-performing status with a total amortized cost of $344.2 million. As of December 31, 2025, we had seven ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "loans (six secured by a multifamily properties and one secured by an office property), designated as non-performing status with ",
        "box": [
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      {
        "text": "a total amortized cost of $214.0 million. As of June 30, 2026, four loans designated as non-performing and put on cost recovery ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "status were determined to have a combined $17.8 million specific allowance for credit losses. As of December 31, 2025, three ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "loans designated as non-performing and put on cost recovery status were determined to have a combined $4.1 million specific ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "allowance for credit losses.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As of June 30, 2026 and December 31, 2025 our commercial mortgage loans, held for investment, excluding commercial ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "mortgage loans on non-performing status, had a weighted average coupon of 7.1% and 7.1%, respectively, and a weighted ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "average remaining contractual maturity life of 1.1 years and 1.1 years, respectively.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "As of June 30, 2026 and December 31, 2025, the Company had a total servicing portfolio consisting of 1,948 and 1,596 ",
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      {
        "text": "loans with an unpaid principal balance of $59.8 billion and $47.8 billion, respectively.",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As of  June 30, 2026 and December 31, ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2025, the Company owned Mortgage Servicing Rights ('MSRs') of $205.5 million and $212.2 million, respectively. As of ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "June 30, 2026 and December 31, 2025, the MSRs consisted of 1,051 and 1,042 loans with an unpaid principal balance of $22.3 ",
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        "confidence": 1.0
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      {
        "text": "billion and $21.6 billion, respectively. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Table of Contents",
        "box": [
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      {
        "text": "63",
        "box": [
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  {
    "page_no": 66,
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    "cells": [
      {
        "text": "The following charts summarize our commercial mortgage loans, held for investment, by coupon rate type, collateral type, ",
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      {
        "text": "geographical region and state as of June 30, 2026 and December 31, 2025:",
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        "text": "   ",
        "box": [
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      {
        "text": "Rate Type - June 30, 2026",
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      {
        "text": "10.2%",
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        "text": "89.8%",
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      {
        "text": "Fixed",
        "box": [
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      {
        "text": "Floating",
        "box": [
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      {
        "text": "Rate Type - December 31, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "10.4%",
        "box": [
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        "confidence": 1.0
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        "text": "89.6%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Fixed",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Floating",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  ",
        "box": [
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      {
        "text": "Collateral Type - June 30, 2026",
        "box": [
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      {
        "text": "79.8%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1.3%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "10.0%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "6.2%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "2.7%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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      {
        "text": "Office",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Hospitality",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Industrial",
        "box": [
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      {
        "text": "Other",
        "box": [
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      {
        "text": "Collateral Type - December 31, 2025",
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      {
        "text": "77.5%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.3%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11.6%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.0%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.6%",
        "box": [
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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": "Office",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Hospitality",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "64",
        "box": [
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  {
    "page_no": 67,
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    "cells": [
      {
        "text": "An investments region classification is defined according to the below map based on the location of investments ",
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        "text": "secured property. ",
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        "text": "   ",
        "box": [
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        "text": "Region - June 30, 2026",
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        "from_ocr": false,
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      {
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      {
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        "text": "5.4%",
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      {
        "text": "2.4%",
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        "from_ocr": false,
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      {
        "text": "1.7%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "2.8%",
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      {
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      {
        "text": "Table of Contents",
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        "text": "65",
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  {
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      {
        "text": "Table of Contents",
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        "text": "66",
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        "text": "The following charts show the par value by contractual maturity year for the commercial mortgage loans, held for ",
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        "text": "investment in our portfolio as of June 30, 2026 and December 31, 2025:",
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      {
        "text": "$ in Millions",
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      {
        "text": "Investment Par by Maturity Year as of June 30, 2026",
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        "text": "0",
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        "text": "200",
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        "text": "400",
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        "text": "600",
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        "text": "800",
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        "text": "1,000",
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        "text": "2026",
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        "text": "2028",
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        "text": "2030",
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        "text": "2031",
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        "text": "2032",
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      {
        "text": "$ in Millions",
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        "text": "Investment Par by Maturity Year as of December 31, 2025",
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        "text": "0",
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        "text": "200",
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        "text": "400",
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        "text": "600",
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        "text": "800",
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        "text": "1,000",
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        "text": "1,800",
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        "text": "2,000",
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        "text": "2,200",
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        "text": "2,400",
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        "text": "2,600",
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        "text": "2,800",
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        "text": "3,000",
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      {
        "text": "2026",
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        "text": "2027",
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        "text": "2028",
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        "from_ocr": false,
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      {
        "text": "2029",
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        "text": "2030",
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      {
        "text": "Table of Contents",
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      {
        "text": "67",
        "box": [
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          311.0,
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        "confidence": 1.0
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  },
  {
    "page_no": 70,
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    "cells": [
      {
        "text": "The following table shows selected data from our commercial mortgage loans, held for investment in our portfolio as of ",
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          67.46,
          81.308896,
          549.1499999999997,
          89.53719255618262
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        "confidence": 1.0
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      {
        "text": "June 30, 2026 (dollars in thousands):",
        "box": [
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          93.308896,
          197.16000000000003,
          101.53719255618262
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        "from_ocr": false,
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      {
        "text": "Senior Debt 1",
        "box": [
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        "confidence": 1.0
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      {
        "text": "5",
        "box": [
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      {
        "text": "Office",
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      {
        "text": "Georgia",
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      {
        "text": "$21,111",
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      {
        "text": "$18,854",
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          338.965,
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        "confidence": 1.0
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      {
        "text": "12/17/2019",
        "box": [
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        "from_ocr": false,
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      {
        "text": "7/9/2027",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1M SOFR Term + 2.25%",
        "box": [
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          511.29249000000004,
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        "from_ocr": false,
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      {
        "text": "5.90%",
        "box": [
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      {
        "text": "64.9%",
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      {
        "text": "Senior Debt 2",
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      {
        "text": "3",
        "box": [
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      {
        "text": "Office",
        "box": [
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      {
        "text": "Texas",
        "box": [
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      {
        "text": "14,756",
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      {
        "text": "14,756",
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      {
        "text": "10/6/2020",
        "box": [
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        "from_ocr": false,
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      {
        "text": "10/9/2027",
        "box": [
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        "text": "Adj. 1M SOFR Term + 4.50%",
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        "confidence": 1.0
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      {
        "text": "8.27%",
        "box": [
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        "confidence": 1.0
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      {
        "text": "47.9%",
        "box": [
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      {
        "text": "Senior Debt 3",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2",
        "box": [
          135.33,
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        "confidence": 1.0
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      {
        "text": "Office",
        "box": [
          165.53,
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      {
        "text": "Michigan",
        "box": [
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        "confidence": 1.0
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      {
        "text": "20,559",
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        "text": "20,559",
        "box": [
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      {
        "text": "10/14/2020",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1/9/2027",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.13%",
        "box": [
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          482.7125,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.13%",
        "box": [
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          547.2125299999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "66.0%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior Debt 4",
        "box": [
          65.78,
          180.6741895,
          107.42000000000002,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          135.33,
          180.6741895,
          139.08,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          180.6741895,
          193.21250000000006,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          180.6741895,
          242.53500000000003,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,871",
        "box": [
          277.45999,
          180.6741895,
          298.08499,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,871",
        "box": [
          316.45999,
          180.6741895,
          337.08499,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/5/2021",
        "box": [
          353.75,
          180.6741895,
          380.41999999999996,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2028",
        "box": [
          393.13,
          180.6741895,
          419.79999999999995,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.10%",
        "box": [
          434.79999,
          180.6741895,
          511.29249000000004,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.75%",
        "box": [
          527.84003,
          180.6741895,
          547.2125299999999,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78.2%",
        "box": [
          560.09003,
          180.6741895,
          579.4625299999999,
          186.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 5",
        "box": [
          65.78,
          191.9241895,
          107.42000000000002,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          135.33,
          191.9241895,
          139.08,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          191.9241895,
          193.21250000000006,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          191.9241895,
          242.53500000000003,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,012",
        "box": [
          277.45999,
          191.9241895,
          298.08499,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,010",
        "box": [
          316.45999,
          191.9241895,
          337.08499,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2021",
        "box": [
          351.88,
          191.9241895,
          382.29999999999995,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2026",
        "box": [
          393.13,
          191.9241895,
          419.79999999999995,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.20%",
        "box": [
          434.79999,
          191.9241895,
          511.29249000000004,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.85%",
        "box": [
          527.84003,
          191.9241895,
          547.2125299999999,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.6%",
        "box": [
          560.09003,
          191.9241895,
          579.4625299999999,
          198.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 6",
        "box": [
          65.78,
          203.1741895,
          107.42000000000002,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          203.1741895,
          139.08,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          203.1741895,
          193.21250000000006,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          203.1741895,
          242.53500000000003,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,100",
        "box": [
          277.45999,
          203.1741895,
          298.08499,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,100",
        "box": [
          316.45999,
          203.1741895,
          337.08499,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/22/2021",
        "box": [
          351.88,
          203.1741895,
          382.29999999999995,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2029",
        "box": [
          393.13,
          203.1741895,
          419.79999999999995,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adj. 1M SOFR Term + 3.00%",
        "box": [
          427.31,
          203.1741895,
          518.8025,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.77%",
        "box": [
          527.84003,
          203.1741895,
          547.2125299999999,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
          562.90002,
          203.1741895,
          572.89752,
          209.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 7",
        "box": [
          65.78,
          214.4241895,
          107.42000000000002,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          214.4241895,
          139.08,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          214.4241895,
          193.21250000000006,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          214.4241895,
          242.53500000000003,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,962",
        "box": [
          277.45999,
          214.4241895,
          298.08499,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,962",
        "box": [
          316.45999,
          214.4241895,
          337.08499,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/20/2021",
        "box": [
          351.88,
          214.4241895,
          382.29999999999995,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2027",
        "box": [
          393.13,
          214.4241895,
          419.79999999999995,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adj. 1M SOFR Term + 3.64%",
        "box": [
          427.31,
          214.4241895,
          518.8025,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.41%",
        "box": [
          527.84003,
          214.4241895,
          547.2125299999999,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66.0%",
        "box": [
          560.09003,
          214.4241895,
          579.4625299999999,
          220.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 8",
        "box": [
          65.78,
          225.6741895,
          107.42000000000002,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          135.33,
          225.6741895,
          139.08,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          225.6741895,
          193.21250000000006,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          221.52,
          225.6741895,
          245.66250000000005,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,945",
        "box": [
          279.34,
          225.6741895,
          296.215,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,945",
        "box": [
          318.34,
          225.6741895,
          335.215,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/22/2021",
        "box": [
          351.88,
          225.6741895,
          382.29999999999995,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2026",
        "box": [
          391.25,
          225.6741895,
          421.66999999999996,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adj. 1M SOFR Term + 3.75%",
        "box": [
          427.31,
          225.6741895,
          518.8025,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.52%",
        "box": [
          527.84003,
          225.6741895,
          547.2125299999999,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70.0%",
        "box": [
          560.09003,
          225.6741895,
          579.4625299999999,
          231.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 9",
        "box": [
          65.78,
          236.9241895,
          107.42000000000002,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          236.9241895,
          139.08,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          236.9241895,
          193.21250000000006,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          236.9241895,
          242.53500000000003,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,500",
        "box": [
          277.45999,
          236.9241895,
          298.08499,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,500",
        "box": [
          316.45999,
          236.9241895,
          337.08499,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/23/2021",
        "box": [
          350.0,
          236.9241895,
          384.16999999999996,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2031",
        "box": [
          393.13,
          236.9241895,
          419.79999999999995,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.70%",
        "box": [
          434.79999,
          236.9241895,
          511.29249000000004,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.35%",
        "box": [
          527.84003,
          236.9241895,
          547.2125299999999,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67.2%",
        "box": [
          560.09003,
          236.9241895,
          579.4625299999999,
          243.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 10",
        "box": [
          63.9,
          248.1741895,
          109.29,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          135.33,
          248.1741895,
          139.08,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          248.1741895,
          193.21250000000006,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arizona",
        "box": [
          221.52,
          248.1741895,
          245.66250000000005,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,789",
        "box": [
          277.45999,
          248.1741895,
          298.08499,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,789",
        "box": [
          316.45999,
          248.1741895,
          337.08499,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/16/2021",
        "box": [
          350.0,
          248.1741895,
          384.16999999999996,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2026",
        "box": [
          391.25,
          248.1741895,
          421.66999999999996,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adj. 1M SOFR Term + 2.00%",
        "box": [
          427.31,
          248.1741895,
          518.8025,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.77%",
        "box": [
          527.84003,
          248.1741895,
          547.2125299999999,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.0%",
        "box": [
          560.09003,
          248.1741895,
          579.4625299999999,
          254.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 11",
        "box": [
          63.9,
          259.4241895,
          109.29,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          259.4241895,
          139.08,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          259.4241895,
          193.21250000000006,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          259.4241895,
          242.53500000000003,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,074",
        "box": [
          277.45999,
          259.4241895,
          298.08499,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,074",
        "box": [
          316.45999,
          259.4241895,
          337.08499,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/10/2021",
        "box": [
          350.0,
          259.4241895,
          384.16999999999996,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2026",
        "box": [
          393.13,
          259.4241895,
          419.79999999999995,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adj. 1M SOFR Term + 3.00%",
        "box": [
          427.31,
          259.4241895,
          518.8025,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.77%",
        "box": [
          527.84003,
          259.4241895,
          547.2125299999999,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74.8%",
        "box": [
          560.09003,
          259.4241895,
          579.4625299999999,
          265.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 12",
        "box": [
          63.9,
          270.6741895,
          109.29,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          270.6741895,
          139.08,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          270.6741895,
          193.21250000000006,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          270.6741895,
          242.53500000000003,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,894",
        "box": [
          277.45999,
          270.6741895,
          298.08499,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,894",
        "box": [
          316.45999,
          270.6741895,
          337.08499,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/16/2021",
        "box": [
          350.0,
          270.6741895,
          384.16999999999996,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2027",
        "box": [
          393.13,
          270.6741895,
          419.79999999999995,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.20%",
        "box": [
          434.79999,
          270.6741895,
          511.29249000000004,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.85%",
        "box": [
          527.84003,
          270.6741895,
          547.2125299999999,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74.2%",
        "box": [
          560.09003,
          270.6741895,
          579.4625299999999,
          276.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 13",
        "box": [
          63.9,
          281.9241895,
          109.29,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          135.33,
          281.9241895,
          139.08,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          281.9241895,
          193.21250000000006,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          281.9241895,
          256.18999,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80,247",
        "box": [
          277.45999,
          281.9241895,
          298.08499,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,774",
        "box": [
          316.45999,
          281.9241895,
          337.08499,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/15/2021",
        "box": [
          350.0,
          281.9241895,
          384.16999999999996,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2027",
        "box": [
          393.13,
          281.9241895,
          419.79999999999995,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.25%",
        "box": [
          463.34,
          281.9241895,
          482.7125,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.25%",
        "box": [
          527.84003,
          281.9241895,
          547.2125299999999,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76.1%",
        "box": [
          560.09003,
          281.9241895,
          579.4625299999999,
          288.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 14",
        "box": [
          63.9,
          293.1741895,
          109.29,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          293.1741895,
          139.08,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          293.1741895,
          193.21250000000006,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          293.1741895,
          256.18999,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,500",
        "box": [
          277.45999,
          293.1741895,
          298.08499,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,500",
        "box": [
          316.45999,
          293.1741895,
          337.08499,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/17/2021",
        "box": [
          350.0,
          293.1741895,
          384.16999999999996,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2027",
        "box": [
          393.13,
          293.1741895,
          419.79999999999995,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.10%",
        "box": [
          434.79999,
          293.1741895,
          511.29249000000004,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.75%",
        "box": [
          527.84003,
          293.1741895,
          547.2125299999999,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.7%",
        "box": [
          560.09003,
          293.1741895,
          579.4625299999999,
          299.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 15",
        "box": [
          63.9,
          304.4241895,
          109.29,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          304.4241895,
          139.08,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          304.4241895,
          193.21250000000006,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          304.4241895,
          244.41999,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,500",
        "box": [
          277.45999,
          304.4241895,
          298.08499,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76,500",
        "box": [
          316.45999,
          304.4241895,
          337.08499,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/10/2022",
        "box": [
          351.88,
          304.4241895,
          382.29999999999995,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2027",
        "box": [
          393.13,
          304.4241895,
          419.79999999999995,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.20%",
        "box": [
          434.79999,
          304.4241895,
          511.29249000000004,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.85%",
        "box": [
          527.84003,
          304.4241895,
          547.2125299999999,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74.5%",
        "box": [
          560.09003,
          304.4241895,
          579.4625299999999,
          310.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 16",
        "box": [
          63.9,
          315.6741895,
          109.29,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          315.6741895,
          139.08,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          315.6741895,
          189.44750000000005,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arizona",
        "box": [
          221.52,
          315.6741895,
          245.66250000000005,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,805",
        "box": [
          277.45999,
          315.6741895,
          298.08499,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,805",
        "box": [
          316.45999,
          315.6741895,
          337.08499,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/15/2022",
        "box": [
          351.88,
          315.6741895,
          382.29999999999995,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2026",
        "box": [
          393.13,
          315.6741895,
          419.79999999999995,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.50%",
        "box": [
          434.79999,
          315.6741895,
          511.29249000000004,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.15%",
        "box": [
          527.84003,
          315.6741895,
          547.2125299999999,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70.1%",
        "box": [
          560.09003,
          315.6741895,
          579.4625299999999,
          321.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 17",
        "box": [
          63.9,
          326.9241895,
          109.29,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          326.9241895,
          139.08,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          326.9241895,
          193.21250000000006,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          326.9241895,
          242.53500000000003,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,071",
        "box": [
          277.45999,
          326.9241895,
          298.08499,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,071",
        "box": [
          316.45999,
          326.9241895,
          337.08499,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/14/2022",
        "box": [
          351.88,
          326.9241895,
          382.29999999999995,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2028",
        "box": [
          393.13,
          326.9241895,
          419.79999999999995,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.00%",
        "box": [
          463.34,
          326.9241895,
          482.7125,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.00%",
        "box": [
          527.84003,
          326.9241895,
          547.2125299999999,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74.1%",
        "box": [
          560.09003,
          326.9241895,
          579.4625299999999,
          333.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 18",
        "box": [
          63.9,
          338.1741895,
          109.29,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          135.33,
          338.1741895,
          139.08,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          338.1741895,
          193.21250000000006,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arizona",
        "box": [
          221.52,
          338.1741895,
          245.66250000000005,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,859",
        "box": [
          277.45999,
          338.1741895,
          298.08499,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,859",
        "box": [
          316.45999,
          338.1741895,
          337.08499,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/2/2022",
        "box": [
          353.75,
          338.1741895,
          380.41999999999996,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2027",
        "box": [
          393.13,
          338.1741895,
          419.79999999999995,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 1.55%",
        "box": [
          434.79999,
          338.1741895,
          511.29249000000004,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.20%",
        "box": [
          527.84003,
          338.1741895,
          547.2125299999999,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63.1%",
        "box": [
          560.09003,
          338.1741895,
          579.4625299999999,
          344.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 19",
        "box": [
          63.9,
          349.4241895,
          109.29,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          349.4241895,
          139.08,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          349.4241895,
          193.21250000000006,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          349.4241895,
          256.18999,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,930",
        "box": [
          277.45999,
          349.4241895,
          298.08499,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,930",
        "box": [
          316.45999,
          349.4241895,
          337.08499,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/24/2022",
        "box": [
          351.88,
          349.4241895,
          382.29999999999995,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2027",
        "box": [
          393.13,
          349.4241895,
          419.79999999999995,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.15%",
        "box": [
          434.79999,
          349.4241895,
          511.29249000000004,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.80%",
        "box": [
          527.84003,
          349.4241895,
          547.2125299999999,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69.6%",
        "box": [
          560.09003,
          349.4241895,
          579.4625299999999,
          355.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 20",
        "box": [
          63.9,
          360.6741895,
          109.29,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          360.6741895,
          139.08,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          360.6741895,
          193.21250000000006,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nevada",
        "box": [
          222.14999,
          360.6741895,
          245.03999000000005,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,880",
        "box": [
          277.45999,
          360.6741895,
          298.08499,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,880",
        "box": [
          316.45999,
          360.6741895,
          337.08499,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/3/2022",
        "box": [
          353.75,
          360.6741895,
          380.41999999999996,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2027",
        "box": [
          391.25,
          360.6741895,
          421.66999999999996,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.15%",
        "box": [
          434.79999,
          360.6741895,
          511.29249000000004,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.80%",
        "box": [
          527.84003,
          360.6741895,
          547.2125299999999,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.4%",
        "box": [
          560.09003,
          360.6741895,
          579.4625299999999,
          366.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 21",
        "box": [
          63.9,
          371.9241895,
          109.29,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          135.33,
          371.9241895,
          139.08,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          371.9241895,
          193.21250000000006,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          371.9241895,
          242.53500000000003,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,487",
        "box": [
          277.45999,
          371.9241895,
          298.08499,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,411",
        "box": [
          316.45999,
          371.9241895,
          337.08499,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/21/2022",
        "box": [
          350.0,
          371.9241895,
          384.16999999999996,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2026",
        "box": [
          391.25,
          371.9241895,
          421.66999999999996,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.50%",
        "box": [
          463.34,
          371.9241895,
          482.7125,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.50%",
        "box": [
          527.84003,
          371.9241895,
          547.2125299999999,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70.9%",
        "box": [
          560.09003,
          371.9241895,
          579.4625299999999,
          378.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 22",
        "box": [
          63.9,
          383.1741895,
          109.29,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          135.33,
          383.1741895,
          139.08,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          383.1741895,
          193.21250000000006,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          383.1741895,
          242.53500000000003,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,711",
        "box": [
          277.45999,
          383.1741895,
          298.08499,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,711",
        "box": [
          316.45999,
          383.1741895,
          337.08499,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/26/2022",
        "box": [
          351.88,
          383.1741895,
          382.29999999999995,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2027",
        "box": [
          393.13,
          383.1741895,
          419.79999999999995,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.65%",
        "box": [
          434.79999,
          383.1741895,
          511.29249000000004,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.30%",
        "box": [
          527.84003,
          383.1741895,
          547.2125299999999,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73.9%",
        "box": [
          560.09003,
          383.1741895,
          579.4625299999999,
          389.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 23",
        "box": [
          63.9,
          394.4241895,
          109.29,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          135.33,
          394.4241895,
          139.08,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          394.4241895,
          193.21250000000006,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          394.4241895,
          256.18999,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,483",
        "box": [
          277.45999,
          394.4241895,
          298.08499,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,999",
        "box": [
          316.45999,
          394.4241895,
          337.08499,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/1/2022",
        "box": [
          353.75,
          394.4241895,
          380.41999999999996,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2027",
        "box": [
          393.13,
          394.4241895,
          419.79999999999995,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.75%",
        "box": [
          434.79999,
          394.4241895,
          511.29249000000004,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.40%",
        "box": [
          527.84003,
          394.4241895,
          547.2125299999999,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75.9%",
        "box": [
          560.09003,
          394.4241895,
          579.4625299999999,
          400.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 24",
        "box": [
          63.9,
          405.6741895,
          109.29,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          405.6741895,
          139.08,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          405.6741895,
          193.21250000000006,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          221.52,
          405.6741895,
          245.66250000000005,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,250",
        "box": [
          277.45999,
          405.6741895,
          298.08499,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,250",
        "box": [
          316.45999,
          405.6741895,
          337.08499,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/14/2022",
        "box": [
          351.88,
          405.6741895,
          382.29999999999995,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2027",
        "box": [
          393.13,
          405.6741895,
          419.79999999999995,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.45%",
        "box": [
          434.79999,
          405.6741895,
          511.29249000000004,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.10%",
        "box": [
          527.84003,
          405.6741895,
          547.2125299999999,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71.6%",
        "box": [
          560.09003,
          405.6741895,
          579.4625299999999,
          411.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 25",
        "box": [
          63.9,
          416.9241895,
          109.29,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          416.9241895,
          139.08,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          416.9241895,
          191.76250000000005,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "District of Columbia",
        "box": [
          202.59,
          416.9241895,
          264.64500000000004,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,299",
        "box": [
          277.45999,
          416.9241895,
          298.08499,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,299",
        "box": [
          316.45999,
          416.9241895,
          337.08499,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/2/2022",
        "box": [
          353.75,
          416.9241895,
          380.41999999999996,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2027",
        "box": [
          393.13,
          416.9241895,
          419.79999999999995,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 5.00%",
        "box": [
          434.79999,
          416.9241895,
          511.29249000000004,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.65%",
        "box": [
          527.84003,
          416.9241895,
          547.2125299999999,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71.2%",
        "box": [
          560.09003,
          416.9241895,
          579.4625299999999,
          423.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 26",
        "box": [
          63.9,
          428.1741895,
          109.29,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          428.1741895,
          139.08,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          428.1741895,
          193.21250000000006,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South Carolina",
        "box": [
          211.0,
          428.1741895,
          256.19500000000005,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,800",
        "box": [
          277.45999,
          428.1741895,
          298.08499,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,800",
        "box": [
          316.45999,
          428.1741895,
          337.08499,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/2/2022",
        "box": [
          351.88,
          428.1741895,
          382.29999999999995,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2028",
        "box": [
          391.25,
          428.1741895,
          421.66999999999996,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.75%",
        "box": [
          434.79999,
          428.1741895,
          511.29249000000004,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.40%",
        "box": [
          527.84003,
          428.1741895,
          547.2125299999999,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64.6%",
        "box": [
          560.09003,
          428.1741895,
          579.4625299999999,
          434.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 27",
        "box": [
          63.9,
          439.4241895,
          109.29,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          439.4241895,
          139.08,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          439.4241895,
          191.76250000000005,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          221.73,
          439.4241895,
          245.46,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94,047",
        "box": [
          277.45999,
          439.4241895,
          298.08499,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93,970",
        "box": [
          316.45999,
          439.4241895,
          337.08499,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2023",
        "box": [
          353.75,
          439.4241895,
          380.41999999999996,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2028",
        "box": [
          393.13,
          439.4241895,
          419.79999999999995,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.00%",
        "box": [
          434.79999,
          439.4241895,
          511.29249000000004,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.00%",
        "box": [
          527.84003,
          439.4241895,
          547.2125299999999,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53.6%",
        "box": [
          560.09003,
          439.4241895,
          579.4625299999999,
          445.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 28",
        "box": [
          63.9,
          450.6741895,
          109.29,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          450.6741895,
          139.08,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          450.6741895,
          193.21250000000006,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          450.6741895,
          242.53500000000003,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,750",
        "box": [
          277.45999,
          450.6741895,
          298.08499,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,736",
        "box": [
          316.45999,
          450.6741895,
          337.08499,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/28/2024",
        "box": [
          351.88,
          450.6741895,
          382.29999999999995,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2029",
        "box": [
          393.13,
          450.6741895,
          419.79999999999995,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.80%",
        "box": [
          434.79999,
          450.6741895,
          511.29249000000004,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.45%",
        "box": [
          527.84003,
          450.6741895,
          547.2125299999999,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71.5%",
        "box": [
          560.09003,
          450.6741895,
          579.4625299999999,
          456.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 29",
        "box": [
          63.9,
          461.9241895,
          109.29,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          461.9241895,
          139.08,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          461.9241895,
          193.21250000000006,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "District of Columbia",
        "box": [
          202.59,
          461.9241895,
          264.64500000000004,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,186",
        "box": [
          277.45999,
          461.9241895,
          298.08499,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,186",
        "box": [
          316.45999,
          461.9241895,
          337.08499,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/30/2023",
        "box": [
          351.88,
          461.9241895,
          382.29999999999995,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/17/2026",
        "box": [
          391.25,
          461.9241895,
          421.66999999999996,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.45%",
        "box": [
          434.79999,
          461.9241895,
          511.29249000000004,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.10%",
        "box": [
          527.84003,
          461.9241895,
          547.2125299999999,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29.4%",
        "box": [
          560.09003,
          461.9241895,
          579.4625299999999,
          468.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 30",
        "box": [
          63.9,
          473.1741895,
          109.29,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          473.1741895,
          139.08,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          473.1741895,
          193.21250000000006,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          473.1741895,
          249.3125,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,793",
        "box": [
          277.45999,
          473.1741895,
          298.08499,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,834",
        "box": [
          316.45999,
          473.1741895,
          337.08499,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/28/2023",
        "box": [
          351.88,
          473.1741895,
          382.29999999999995,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2028",
        "box": [
          393.13,
          473.1741895,
          419.79999999999995,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.75%",
        "box": [
          463.34,
          473.1741895,
          482.7125,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.75%",
        "box": [
          527.84003,
          473.1741895,
          547.2125299999999,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85.7%",
        "box": [
          560.09003,
          473.1741895,
          579.4625299999999,
          479.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 31",
        "box": [
          63.9,
          484.4241895,
          109.29,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          484.4241895,
          139.08,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          484.4241895,
          191.76250000000005,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          221.52,
          484.4241895,
          245.66250000000005,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,086",
        "box": [
          277.45999,
          484.4241895,
          298.08499,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,078",
        "box": [
          316.45999,
          484.4241895,
          337.08499,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/17/2023",
        "box": [
          351.88,
          484.4241895,
          382.29999999999995,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2028",
        "box": [
          393.13,
          484.4241895,
          419.79999999999995,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.85%",
        "box": [
          434.79999,
          484.4241895,
          511.29249000000004,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.50%",
        "box": [
          527.84003,
          484.4241895,
          547.2125299999999,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53.5%",
        "box": [
          560.09003,
          484.4241895,
          579.4625299999999,
          490.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 32",
        "box": [
          63.9,
          495.6741895,
          109.29,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          495.6741895,
          139.08,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          495.6741895,
          189.44750000000005,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South Carolina",
        "box": [
          211.0,
          495.6741895,
          256.19500000000005,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,125",
        "box": [
          277.45999,
          495.6741895,
          298.08499,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,125",
        "box": [
          316.45999,
          495.6741895,
          337.08499,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/21/2024",
        "box": [
          351.88,
          495.6741895,
          382.29999999999995,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2027",
        "box": [
          391.25,
          495.6741895,
          421.66999999999996,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.75%",
        "box": [
          434.79999,
          495.6741895,
          511.29249000000004,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.50%",
        "box": [
          527.84003,
          495.6741895,
          547.2125299999999,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
          562.90002,
          495.6741895,
          572.89752,
          501.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 33",
        "box": [
          63.9,
          506.9241895,
          109.29,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          506.9241895,
          139.08,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          506.9241895,
          193.21250000000006,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          506.9241895,
          242.53500000000003,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,983",
        "box": [
          277.45999,
          506.9241895,
          298.08499,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,983",
        "box": [
          316.45999,
          506.9241895,
          337.08499,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/18/2023",
        "box": [
          350.0,
          506.9241895,
          384.16999999999996,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2028",
        "box": [
          393.13,
          506.9241895,
          419.79999999999995,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.50%",
        "box": [
          434.79999,
          506.9241895,
          511.29249000000004,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.15%",
        "box": [
          527.84003,
          506.9241895,
          547.2125299999999,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.4%",
        "box": [
          560.09003,
          506.9241895,
          579.4625299999999,
          513.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 34",
        "box": [
          63.9,
          518.1741895,
          109.29,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          518.1741895,
          139.08,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          518.1741895,
          191.76250000000005,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          518.1741895,
          244.41999,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,300",
        "box": [
          277.45999,
          518.1741895,
          298.08499,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,268",
        "box": [
          316.45999,
          518.1741895,
          337.08499,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/17/2023",
        "box": [
          350.0,
          518.1741895,
          384.16999999999996,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2028",
        "box": [
          391.25,
          518.1741895,
          421.66999999999996,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.25%",
        "box": [
          434.79999,
          518.1741895,
          511.29249000000004,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.59%",
        "box": [
          527.84003,
          518.1741895,
          547.2125299999999,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48.9%",
        "box": [
          560.09003,
          518.1741895,
          579.4625299999999,
          524.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 35",
        "box": [
          63.9,
          529.4241895,
          109.29,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          529.4241895,
          139.08,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          529.4241895,
          193.21250000000006,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          529.4241895,
          242.53500000000003,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,750",
        "box": [
          277.45999,
          529.4241895,
          298.08499,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,750",
        "box": [
          316.45999,
          529.4241895,
          337.08499,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/17/2023",
        "box": [
          350.0,
          529.4241895,
          384.16999999999996,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2026",
        "box": [
          391.25,
          529.4241895,
          421.66999999999996,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.85%",
        "box": [
          434.79999,
          529.4241895,
          511.29249000000004,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.50%",
        "box": [
          527.84003,
          529.4241895,
          547.2125299999999,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61.4%",
        "box": [
          560.09003,
          529.4241895,
          579.4625299999999,
          535.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 36",
        "box": [
          63.9,
          540.6741895,
          109.29,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          540.6741895,
          139.08,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          540.6741895,
          193.21250000000006,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          540.6741895,
          242.53500000000003,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,819",
        "box": [
          277.45999,
          540.6741895,
          298.08499,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,802",
        "box": [
          316.45999,
          540.6741895,
          337.08499,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/12/2023",
        "box": [
          350.0,
          540.6741895,
          384.16999999999996,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2028",
        "box": [
          391.25,
          540.6741895,
          421.66999999999996,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.20%",
        "box": [
          434.79999,
          540.6741895,
          511.29249000000004,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.85%",
        "box": [
          527.84003,
          540.6741895,
          547.2125299999999,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55.1%",
        "box": [
          560.09003,
          540.6741895,
          579.4625299999999,
          546.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 37",
        "box": [
          63.9,
          551.9241895,
          109.29,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          551.9241895,
          139.08,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          551.9241895,
          193.21250000000006,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          551.9241895,
          242.53500000000003,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,400",
        "box": [
          277.45999,
          551.9241895,
          298.08499,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,400",
        "box": [
          316.45999,
          551.9241895,
          337.08499,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/6/2023",
        "box": [
          351.88,
          551.9241895,
          382.29999999999995,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2026",
        "box": [
          391.25,
          551.9241895,
          421.66999999999996,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.75%",
        "box": [
          434.79999,
          551.9241895,
          511.29249000000004,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.50%",
        "box": [
          527.84003,
          551.9241895,
          547.2125299999999,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63.6%",
        "box": [
          560.09003,
          551.9241895,
          579.4625299999999,
          558.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 38",
        "box": [
          63.9,
          563.1741895,
          109.29,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          135.33,
          563.1741895,
          139.08,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          563.1741895,
          193.21250000000006,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          563.1741895,
          242.53500000000003,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,880",
        "box": [
          277.45999,
          563.1741895,
          298.08499,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,880",
        "box": [
          316.45999,
          563.1741895,
          337.08499,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/14/2024",
        "box": [
          351.88,
          563.1741895,
          382.29999999999995,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2027",
        "box": [
          393.13,
          563.1741895,
          419.79999999999995,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.00%",
        "box": [
          463.34,
          563.1741895,
          482.7125,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.00%",
        "box": [
          527.84003,
          563.1741895,
          547.2125299999999,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84.4%",
        "box": [
          560.09003,
          563.1741895,
          579.4625299999999,
          569.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 39",
        "box": [
          63.9,
          574.4241895,
          109.29,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          574.4241895,
          139.08,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          574.4241895,
          191.76250000000005,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Colorado",
        "box": [
          219.64,
          574.4241895,
          247.54000000000002,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,750",
        "box": [
          277.45999,
          574.4241895,
          298.08499,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,713",
        "box": [
          316.45999,
          574.4241895,
          337.08499,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/5/2024",
        "box": [
          353.75,
          574.4241895,
          380.41999999999996,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2029",
        "box": [
          393.13,
          574.4241895,
          419.79999999999995,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.50%",
        "box": [
          434.79999,
          574.4241895,
          511.29249000000004,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.82%",
        "box": [
          527.84003,
          574.4241895,
          547.2125299999999,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41.6%",
        "box": [
          560.09003,
          574.4241895,
          579.4625299999999,
          580.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 40",
        "box": [
          63.9,
          585.6741895,
          109.29,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          585.6741895,
          139.08,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          585.6741895,
          193.21250000000006,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          585.6741895,
          244.41999,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,999",
        "box": [
          277.45999,
          585.6741895,
          298.08499,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,965",
        "box": [
          316.45999,
          585.6741895,
          337.08499,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/12/2024",
        "box": [
          351.88,
          585.6741895,
          382.29999999999995,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2028",
        "box": [
          393.13,
          585.6741895,
          419.79999999999995,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 5.50%",
        "box": [
          434.79999,
          585.6741895,
          511.29249000000004,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.50%",
        "box": [
          527.84003,
          585.6741895,
          547.2125299999999,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
          562.90002,
          585.6741895,
          572.89752,
          591.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 41",
        "box": [
          63.9,
          596.9241895,
          109.29,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          596.9241895,
          139.08,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          596.9241895,
          193.21250000000006,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          596.9241895,
          242.53500000000003,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,394",
        "box": [
          277.45999,
          596.9241895,
          298.08499,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79,394",
        "box": [
          316.45999,
          596.9241895,
          337.08499,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/16/2024",
        "box": [
          351.88,
          596.9241895,
          382.29999999999995,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2029",
        "box": [
          393.13,
          596.9241895,
          419.79999999999995,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.65%",
        "box": [
          434.79999,
          596.9241895,
          511.29249000000004,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.30%",
        "box": [
          527.84003,
          596.9241895,
          547.2125299999999,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53.3%",
        "box": [
          560.09003,
          596.9241895,
          579.4625299999999,
          603.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 42",
        "box": [
          63.9,
          608.1741895,
          109.29,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          608.1741895,
          139.08,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          608.1741895,
          193.21250000000006,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          608.1741895,
          244.41999,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,000",
        "box": [
          277.45999,
          608.1741895,
          298.08499,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,000",
        "box": [
          316.45999,
          608.1741895,
          337.08499,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/29/2024",
        "box": [
          351.88,
          608.1741895,
          382.29999999999995,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2029",
        "box": [
          393.13,
          608.1741895,
          419.79999999999995,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          608.1741895,
          511.29249000000004,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.25%",
        "box": [
          527.84003,
          608.1741895,
          547.2125299999999,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58.7%",
        "box": [
          560.09003,
          608.1741895,
          579.4625299999999,
          614.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 43",
        "box": [
          63.9,
          619.4241895,
          109.29,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          619.4241895,
          139.08,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          619.4241895,
          189.44750000000005,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          619.4241895,
          256.18999,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,000",
        "box": [
          277.45999,
          619.4241895,
          298.08499,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,953",
        "box": [
          316.45999,
          619.4241895,
          337.08499,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/7/2024",
        "box": [
          353.75,
          619.4241895,
          380.41999999999996,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2029",
        "box": [
          393.13,
          619.4241895,
          419.79999999999995,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.70%",
        "box": [
          434.79999,
          619.4241895,
          511.29249000000004,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.35%",
        "box": [
          527.84003,
          619.4241895,
          547.2125299999999,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58.6%",
        "box": [
          560.09003,
          619.4241895,
          579.4625299999999,
          625.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 44",
        "box": [
          63.9,
          630.6741895,
          109.29,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          630.6741895,
          139.08,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          630.6741895,
          193.21250000000006,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          630.6741895,
          242.53500000000003,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,500",
        "box": [
          277.45999,
          630.6741895,
          298.08499,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,450",
        "box": [
          316.45999,
          630.6741895,
          337.08499,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/7/2024",
        "box": [
          353.75,
          630.6741895,
          380.41999999999996,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2029",
        "box": [
          393.13,
          630.6741895,
          419.79999999999995,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.75%",
        "box": [
          434.79999,
          630.6741895,
          511.29249000000004,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.75%",
        "box": [
          527.84003,
          630.6741895,
          547.2125299999999,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57.2%",
        "box": [
          560.09003,
          630.6741895,
          579.4625299999999,
          636.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 45",
        "box": [
          63.9,
          641.9241895,
          109.29,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          641.9241895,
          139.08,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          641.9241895,
          193.21250000000006,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ohio",
        "box": [
          226.09,
          641.9241895,
          241.09,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,669",
        "box": [
          277.45999,
          641.9241895,
          298.08499,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,596",
        "box": [
          316.45999,
          641.9241895,
          337.08499,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/29/2024",
        "box": [
          351.88,
          641.9241895,
          382.29999999999995,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2029",
        "box": [
          393.13,
          641.9241895,
          419.79999999999995,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.90%",
        "box": [
          434.79999,
          641.9241895,
          511.29249000000004,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.55%",
        "box": [
          527.84003,
          641.9241895,
          547.2125299999999,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.2%",
        "box": [
          560.09003,
          641.9241895,
          579.4625299999999,
          648.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 46",
        "box": [
          63.9,
          653.1741895,
          109.29,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          653.1741895,
          139.08,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          653.1741895,
          193.21250000000006,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          653.1741895,
          242.53500000000003,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,000",
        "box": [
          277.45999,
          653.1741895,
          298.08499,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,954",
        "box": [
          316.45999,
          653.1741895,
          337.08499,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/30/2024",
        "box": [
          351.88,
          653.1741895,
          382.29999999999995,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2029",
        "box": [
          393.13,
          653.1741895,
          419.79999999999995,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.75%",
        "box": [
          434.79999,
          653.1741895,
          511.29249000000004,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.75%",
        "box": [
          527.84003,
          653.1741895,
          547.2125299999999,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55.8%",
        "box": [
          560.09003,
          653.1741895,
          579.4625299999999,
          659.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 47",
        "box": [
          63.9,
          664.4241895,
          109.29,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          664.4241895,
          139.08,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          664.4241895,
          193.21250000000006,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "California",
        "box": [
          218.39999,
          664.4241895,
          248.78999000000007,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,000",
        "box": [
          277.45999,
          664.4241895,
          298.08499,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,000",
        "box": [
          316.45999,
          664.4241895,
          337.08499,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/24/2024",
        "box": [
          351.88,
          664.4241895,
          382.29999999999995,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2028",
        "box": [
          393.13,
          664.4241895,
          419.79999999999995,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.77%",
        "box": [
          434.79999,
          664.4241895,
          511.29249000000004,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.42%",
        "box": [
          527.84003,
          664.4241895,
          547.2125299999999,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60.9%",
        "box": [
          560.09003,
          664.4241895,
          579.4625299999999,
          670.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 48",
        "box": [
          63.9,
          675.6741895,
          109.29,
          681.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          675.6741895,
          139.08,
          681.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          675.6741895,
          193.21250000000006,
          681.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Connecticut",
        "box": [
          215.48,
          675.6741895,
          251.70500000000007,
          681.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "116,500",
        "box": [
          275.59,
          675.6741895,
          299.965,
          681.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "116,351",
        "box": [
          314.59,
          675.6741895,
          338.965,
          681.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/10/2024",
        "box": [
          351.88,
          675.6741895,
          382.29999999999995,
          681.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2029",
        "box": [
          393.13,
          675.6741895,
          419.79999999999995,
          681.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.50%",
        "box": [
          434.79999,
          675.6741895,
          511.29249000000004,
          681.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.15%",
        "box": [
          527.84003,
          675.6741895,
          547.2125299999999,
          681.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50.7%",
        "box": [
          560.09003,
          675.6741895,
          579.4625299999999,
          681.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 49",
        "box": [
          63.9,
          686.9241895,
          109.29,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          686.9241895,
          139.08,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          686.9241895,
          191.76250000000005,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          686.9241895,
          244.41999,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,950",
        "box": [
          277.45999,
          686.9241895,
          298.08499,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,865",
        "box": [
          316.45999,
          686.9241895,
          337.08499,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2024",
        "box": [
          353.75,
          686.9241895,
          380.41999999999996,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2029",
        "box": [
          393.13,
          686.9241895,
          419.79999999999995,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.50%",
        "box": [
          434.79999,
          686.9241895,
          511.29249000000004,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.15%",
        "box": [
          527.84003,
          686.9241895,
          547.2125299999999,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.8%",
        "box": [
          560.09003,
          686.9241895,
          579.4625299999999,
          693.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 50",
        "box": [
          63.9,
          698.1741895,
          109.29,
          704.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          698.1741895,
          139.08,
          704.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          698.1741895,
          191.76250000000005,
          704.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          221.73,
          698.1741895,
          245.46,
          704.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,811",
        "box": [
          277.45999,
          698.1741895,
          298.08499,
          704.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,811",
        "box": [
          316.45999,
          698.1741895,
          337.08499,
          704.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/6/2024",
        "box": [
          353.75,
          698.1741895,
          380.41999999999996,
          704.345411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2030",
        "box": [
          393.13,
          698.1741895,
          419.79999999999995,
          704.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.43%",
        "box": [
          434.79999,
          698.1741895,
          511.29249000000004,
          704.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.08%",
        "box": [
          527.84003,
          698.1741895,
          547.2125299999999,
          704.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44.6%",
        "box": [
          560.09003,
          698.1741895,
          579.4625299999999,
          704.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 51",
        "box": [
          63.9,
          709.4241895,
          109.29,
          715.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          709.4241895,
          139.08,
          715.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          709.4241895,
          193.21250000000006,
          715.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          709.4241895,
          244.41999,
          715.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,422",
        "box": [
          279.34,
          709.4241895,
          296.215,
          715.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,401",
        "box": [
          318.34,
          709.4241895,
          335.215,
          715.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/3/2024",
        "box": [
          353.75,
          709.4241895,
          380.41999999999996,
          715.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2029",
        "box": [
          393.13,
          709.4241895,
          419.79999999999995,
          715.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.95%",
        "box": [
          434.79999,
          709.4241895,
          511.29249000000004,
          715.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.60%",
        "box": [
          527.84003,
          709.4241895,
          547.2125299999999,
          715.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56.0%",
        "box": [
          560.09003,
          709.4241895,
          579.4625299999999,
          715.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 52",
        "box": [
          63.9,
          720.6741895,
          109.29,
          726.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          720.6741895,
          139.08,
          726.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          720.6741895,
          193.21250000000006,
          726.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
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          242.53500000000003,
          726.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,980",
        "box": [
          277.45999,
          720.6741895,
          298.08499,
          726.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,928",
        "box": [
          316.45999,
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          337.08499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/7/2024",
        "box": [
          353.75,
          720.6741895,
          380.41999999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2029",
        "box": [
          393.13,
          720.6741895,
          419.79999999999995,
          726.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.85%",
        "box": [
          434.79999,
          720.6741895,
          511.29249000000004,
          726.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.50%",
        "box": [
          527.84003,
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          547.2125299999999,
          726.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64.5%",
        "box": [
          560.09003,
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          579.4625299999999,
          726.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 53",
        "box": [
          63.9,
          731.9241895,
          109.29,
          738.095411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          731.9241895,
          139.08,
          738.095411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          731.9241895,
          193.21250000000006,
          738.095411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indiana",
        "box": [
          222.35001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,781",
        "box": [
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          298.08499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,780",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6/28/2024",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2028",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1M SOFR Term + 3.05%",
        "box": [
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          511.29249000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.70%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "68.2%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Type",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Risk ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Rating",
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      {
        "text": "(1)",
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          135.11432124613907
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        "from_ocr": false,
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      {
        "text": "Property",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Type",
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      {
        "text": "State",
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      {
        "text": "Par",
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        "text": "Value",
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        "from_ocr": false,
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        "text": "Amortized",
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        "from_ocr": false,
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        "text": "Cost",
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        "text": "Date",
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        "text": "(2)",
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      {
        "text": "Fully",
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        "from_ocr": false,
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        "text": "Extended",
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        "from_ocr": false,
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        "text": "Maturity",
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      {
        "text": "(3)",
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        "text": "Interest Rate",
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      {
        "text": "(4)(5)",
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        "text": "(7)",
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        "text": "68",
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  {
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        "text": "Senior Debt 54",
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        "text": "6/28/2024",
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      {
        "text": "1M SOFR Term + 3.95%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.60%",
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        "text": "53.1%",
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        "text": "Senior Debt 55",
        "box": [
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        "confidence": 1.0
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        "text": "2",
        "box": [
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        "text": "Multifamily",
        "box": [
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        "text": "New Jersey",
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        "text": "8,401",
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        "text": "8,214",
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      {
        "text": "7/1/2024",
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        "confidence": 1.0
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      {
        "text": "7/9/2029",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1M SOFR Term + 7.50%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13.55%",
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        "confidence": 1.0
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      {
        "text": "10.3%",
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        "from_ocr": false,
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      {
        "text": "Senior Debt 56",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "North Carolina",
        "box": [
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        "confidence": 1.0
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      {
        "text": "26,145",
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        "confidence": 1.0
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      {
        "text": "26,079",
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      {
        "text": "6/28/2024",
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        "text": "7/9/2029",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1M SOFR Term + 3.75%",
        "box": [
          434.79999,
          140.4241895,
          511.29249000000004,
          146.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.75%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "69.3%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior Debt 57",
        "box": [
          63.9,
          151.6741895,
          109.29,
          157.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
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          139.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Texas",
        "box": [
          224.64,
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          242.53500000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,000",
        "box": [
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          298.08499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,005",
        "box": [
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          337.08499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/25/2024",
        "box": [
          351.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2027",
        "box": [
          393.13,
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          419.79999999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.50%",
        "box": [
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          482.7125,
          157.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8.50%",
        "box": [
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          547.2125299999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90.0%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior Debt 58",
        "box": [
          63.9,
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          109.29,
          169.09541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
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          139.08,
          169.09541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
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          193.21250000000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
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          256.18999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,640",
        "box": [
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          298.08499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,602",
        "box": [
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          337.08499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/16/2024",
        "box": [
          351.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2027",
        "box": [
          391.25,
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          421.66999999999996,
          169.09541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.75%",
        "box": [
          434.79999,
          162.9241895,
          511.29249000000004,
          169.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.75%",
        "box": [
          527.84003,
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          547.2125299999999,
          169.09541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78.1%",
        "box": [
          560.09003,
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          579.4625299999999,
          169.09541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 59",
        "box": [
          63.9,
          174.1741895,
          109.29,
          180.34541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
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          139.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
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          193.21250000000006,
          180.34541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tennessee",
        "box": [
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          249.1900100000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,420",
        "box": [
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          174.1741895,
          298.08499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,405",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/18/2024",
        "box": [
          351.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2029",
        "box": [
          391.25,
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          421.66999999999996,
          180.34541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.10%",
        "box": [
          434.79999,
          174.1741895,
          511.29249000000004,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.75%",
        "box": [
          527.84003,
          174.1741895,
          547.2125299999999,
          180.34541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59.4%",
        "box": [
          560.09003,
          174.1741895,
          579.4625299999999,
          180.34541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 60",
        "box": [
          63.9,
          185.4241895,
          109.29,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          185.4241895,
          139.08,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          185.4241895,
          193.21250000000006,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
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          244.41999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,832",
        "box": [
          277.45999,
          185.4241895,
          298.08499,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,820",
        "box": [
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          337.08499,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/30/2024",
        "box": [
          351.88,
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          382.29999999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2027",
        "box": [
          393.13,
          185.4241895,
          419.79999999999995,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 10.30%",
        "box": [
          432.92999,
          185.4241895,
          513.17249,
          191.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16.05%",
        "box": [
          525.96997,
          185.4241895,
          549.0924699999999,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31.3%",
        "box": [
          560.09003,
          185.4241895,
          579.4625299999999,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 61",
        "box": [
          63.9,
          196.6741895,
          109.29,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          196.6741895,
          139.08,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          196.6741895,
          193.21250000000006,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          196.6741895,
          244.41999,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,299",
        "box": [
          277.45999,
          196.6741895,
          298.08499,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,279",
        "box": [
          316.45999,
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          337.08499,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/6/2024",
        "box": [
          353.75,
          196.6741895,
          380.41999999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2028",
        "box": [
          393.13,
          196.6741895,
          419.79999999999995,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.75%",
        "box": [
          434.79999,
          196.6741895,
          511.29249000000004,
          202.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.40%",
        "box": [
          527.84003,
          196.6741895,
          547.2125299999999,
          202.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71.0%",
        "box": [
          560.09003,
          196.6741895,
          579.4625299999999,
          202.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 62",
        "box": [
          63.9,
          207.9241895,
          109.29,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          207.9241895,
          139.08,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          207.9241895,
          193.21250000000006,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          207.9241895,
          244.41999,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,993",
        "box": [
          277.45999,
          207.9241895,
          298.08499,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,955",
        "box": [
          316.45999,
          207.9241895,
          337.08499,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/6/2024",
        "box": [
          353.75,
          207.9241895,
          380.41999999999996,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2028",
        "box": [
          393.13,
          207.9241895,
          419.79999999999995,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.75%",
        "box": [
          434.79999,
          207.9241895,
          511.29249000000004,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.40%",
        "box": [
          527.84003,
          207.9241895,
          547.2125299999999,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.7%",
        "box": [
          560.09003,
          207.9241895,
          579.4625299999999,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 63",
        "box": [
          63.9,
          219.1741895,
          109.29,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          219.1741895,
          139.08,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          219.1741895,
          193.21250000000006,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          219.1741895,
          244.41999,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,124",
        "box": [
          277.45999,
          219.1741895,
          298.08499,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,111",
        "box": [
          316.45999,
          219.1741895,
          337.08499,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/6/2024",
        "box": [
          353.75,
          219.1741895,
          380.41999999999996,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2028",
        "box": [
          393.13,
          219.1741895,
          419.79999999999995,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.75%",
        "box": [
          434.79999,
          219.1741895,
          511.29249000000004,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.40%",
        "box": [
          527.84003,
          219.1741895,
          547.2125299999999,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71.3%",
        "box": [
          560.09003,
          219.1741895,
          579.4625299999999,
          225.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 64",
        "box": [
          63.9,
          230.4241895,
          109.29,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          230.4241895,
          139.08,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          230.4241895,
          193.21250000000006,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          230.4241895,
          249.3125,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,615",
        "box": [
          277.45999,
          230.4241895,
          298.08499,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,615",
        "box": [
          316.45999,
          230.4241895,
          337.08499,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/7/2024",
        "box": [
          353.75,
          230.4241895,
          380.41999999999996,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2029",
        "box": [
          393.13,
          230.4241895,
          419.79999999999995,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 5.00%",
        "box": [
          434.79999,
          230.4241895,
          511.29249000000004,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.00%",
        "box": [
          527.84003,
          230.4241895,
          547.2125299999999,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53.6%",
        "box": [
          560.09003,
          230.4241895,
          579.4625299999999,
          236.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 65",
        "box": [
          63.9,
          241.6741895,
          109.29,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          241.6741895,
          139.08,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          241.6741895,
          191.76250000000005,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          241.6741895,
          242.53500000000003,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,130",
        "box": [
          277.45999,
          241.6741895,
          298.08499,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,126",
        "box": [
          316.45999,
          241.6741895,
          337.08499,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2024",
        "box": [
          353.75,
          241.6741895,
          380.41999999999996,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2028",
        "box": [
          393.13,
          241.6741895,
          419.79999999999995,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.00%",
        "box": [
          434.79999,
          241.6741895,
          511.29249000000004,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.00%",
        "box": [
          527.84003,
          241.6741895,
          547.2125299999999,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63.7%",
        "box": [
          560.09003,
          241.6741895,
          579.4625299999999,
          247.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 66",
        "box": [
          63.9,
          252.9241895,
          109.29,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          252.9241895,
          139.08,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          252.9241895,
          189.44750000000005,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          252.9241895,
          242.53500000000003,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,876",
        "box": [
          277.45999,
          252.9241895,
          298.08499,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,787",
        "box": [
          316.45999,
          252.9241895,
          337.08499,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2024",
        "box": [
          351.88,
          252.9241895,
          382.29999999999995,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2029",
        "box": [
          391.25,
          252.9241895,
          421.66999999999996,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.75%",
        "box": [
          434.79999,
          252.9241895,
          511.29249000000004,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.40%",
        "box": [
          527.84003,
          252.9241895,
          547.2125299999999,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71.7%",
        "box": [
          560.09003,
          252.9241895,
          579.4625299999999,
          259.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 67",
        "box": [
          63.9,
          264.1741895,
          109.29,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          264.1741895,
          139.08,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          264.1741895,
          193.21250000000006,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          264.1741895,
          249.3125,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,588",
        "box": [
          277.45999,
          264.1741895,
          298.08499,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,562",
        "box": [
          316.45999,
          264.1741895,
          337.08499,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/22/2024",
        "box": [
          350.0,
          264.1741895,
          384.16999999999996,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2027",
        "box": [
          391.25,
          264.1741895,
          421.66999999999996,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.15%",
        "box": [
          434.79999,
          264.1741895,
          511.29249000000004,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.90%",
        "box": [
          527.84003,
          264.1741895,
          547.2125299999999,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29.2%",
        "box": [
          560.09003,
          264.1741895,
          579.4625299999999,
          270.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 68",
        "box": [
          63.9,
          275.4241895,
          109.29,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          275.4241895,
          139.08,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          275.4241895,
          193.21250000000006,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          275.4241895,
          242.53500000000003,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,523",
        "box": [
          277.45999,
          275.4241895,
          298.08499,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,478",
        "box": [
          316.45999,
          275.4241895,
          337.08499,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/12/2024",
        "box": [
          350.0,
          275.4241895,
          384.16999999999996,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2029",
        "box": [
          391.25,
          275.4241895,
          421.66999999999996,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.95%",
        "box": [
          434.79999,
          275.4241895,
          511.29249000000004,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.60%",
        "box": [
          527.84003,
          275.4241895,
          547.2125299999999,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66.9%",
        "box": [
          560.09003,
          275.4241895,
          579.4625299999999,
          281.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 69",
        "box": [
          63.9,
          286.6741895,
          109.29,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          286.6741895,
          139.08,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          286.6741895,
          191.76250000000005,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          286.6741895,
          244.41999,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,207",
        "box": [
          277.45999,
          286.6741895,
          298.08499,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,140",
        "box": [
          316.45999,
          286.6741895,
          337.08499,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/6/2024",
        "box": [
          351.88,
          286.6741895,
          382.29999999999995,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2029",
        "box": [
          391.25,
          286.6741895,
          421.66999999999996,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.75%",
        "box": [
          434.79999,
          286.6741895,
          511.29249000000004,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.50%",
        "box": [
          527.84003,
          286.6741895,
          547.2125299999999,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75.8%",
        "box": [
          560.09003,
          286.6741895,
          579.4625299999999,
          292.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 70",
        "box": [
          63.9,
          297.9241895,
          109.29,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          297.9241895,
          139.08,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          297.9241895,
          193.21250000000006,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          297.9241895,
          249.3125,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,352",
        "box": [
          277.45999,
          297.9241895,
          298.08499,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,310",
        "box": [
          316.45999,
          297.9241895,
          337.08499,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/19/2024",
        "box": [
          350.0,
          297.9241895,
          384.16999999999996,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2029",
        "box": [
          391.25,
          297.9241895,
          421.66999999999996,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.95%",
        "box": [
          434.79999,
          297.9241895,
          511.29249000000004,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.60%",
        "box": [
          527.84003,
          297.9241895,
          547.2125299999999,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80.8%",
        "box": [
          560.09003,
          297.9241895,
          579.4625299999999,
          304.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 71",
        "box": [
          63.9,
          309.1741895,
          109.29,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          309.1741895,
          139.08,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          309.1741895,
          193.21250000000006,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          309.1741895,
          244.41999,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,808",
        "box": [
          277.45999,
          309.1741895,
          298.08499,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,773",
        "box": [
          316.45999,
          309.1741895,
          337.08499,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/5/2024",
        "box": [
          351.88,
          309.1741895,
          382.29999999999995,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2027",
        "box": [
          391.25,
          309.1741895,
          421.66999999999996,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.50%",
        "box": [
          434.79999,
          309.1741895,
          511.29249000000004,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.15%",
        "box": [
          527.84003,
          309.1741895,
          547.2125299999999,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67.7%",
        "box": [
          560.09003,
          309.1741895,
          579.4625299999999,
          315.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 72",
        "box": [
          63.9,
          320.4241895,
          109.29,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          320.4241895,
          139.08,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          320.4241895,
          193.21250000000006,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          221.52,
          320.4241895,
          245.66250000000005,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,973",
        "box": [
          277.45999,
          320.4241895,
          298.08499,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,922",
        "box": [
          316.45999,
          320.4241895,
          337.08499,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/1/2024",
        "box": [
          351.88,
          320.4241895,
          382.29999999999995,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2029",
        "box": [
          391.25,
          320.4241895,
          421.66999999999996,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.95%",
        "box": [
          434.79999,
          320.4241895,
          511.29249000000004,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.60%",
        "box": [
          527.84003,
          320.4241895,
          547.2125299999999,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71.1%",
        "box": [
          560.09003,
          320.4241895,
          579.4625299999999,
          326.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 73",
        "box": [
          63.9,
          331.6741895,
          109.29,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          331.6741895,
          139.08,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          331.6741895,
          193.21250000000006,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          221.52,
          331.6741895,
          245.66250000000005,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,889",
        "box": [
          277.45999,
          331.6741895,
          298.08499,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,783",
        "box": [
          316.45999,
          331.6741895,
          337.08499,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/8/2024",
        "box": [
          351.88,
          331.6741895,
          382.29999999999995,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2029",
        "box": [
          391.25,
          331.6741895,
          421.66999999999996,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.75%",
        "box": [
          434.79999,
          331.6741895,
          511.29249000000004,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.40%",
        "box": [
          527.84003,
          331.6741895,
          547.2125299999999,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63.5%",
        "box": [
          560.09003,
          331.6741895,
          579.4625299999999,
          337.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 74",
        "box": [
          63.9,
          342.9241895,
          109.29,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          342.9241895,
          139.08,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          342.9241895,
          193.21250000000006,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          342.9241895,
          256.18999,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,100",
        "box": [
          277.45999,
          342.9241895,
          298.08499,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,061",
        "box": [
          316.45999,
          342.9241895,
          337.08499,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/25/2024",
        "box": [
          350.0,
          342.9241895,
          384.16999999999996,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2028",
        "box": [
          391.25,
          342.9241895,
          421.66999999999996,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.50%",
        "box": [
          463.34,
          342.9241895,
          482.7125,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.50%",
        "box": [
          527.84003,
          342.9241895,
          547.2125299999999,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70.6%",
        "box": [
          560.09003,
          342.9241895,
          579.4625299999999,
          349.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 75",
        "box": [
          63.9,
          354.1741895,
          109.29,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          354.1741895,
          139.08,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          354.1741895,
          193.21250000000006,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South Carolina",
        "box": [
          211.0,
          354.1741895,
          256.19500000000005,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,359",
        "box": [
          277.45999,
          354.1741895,
          298.08499,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,296",
        "box": [
          316.45999,
          354.1741895,
          337.08499,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2024",
        "box": [
          351.88,
          354.1741895,
          382.29999999999995,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2028",
        "box": [
          391.25,
          354.1741895,
          421.66999999999996,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          354.1741895,
          511.29249000000004,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.90%",
        "box": [
          527.84003,
          354.1741895,
          547.2125299999999,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76.3%",
        "box": [
          560.09003,
          354.1741895,
          579.4625299999999,
          360.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 76",
        "box": [
          63.9,
          365.4241895,
          109.29,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          365.4241895,
          139.08,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          365.4241895,
          193.21250000000006,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          365.4241895,
          256.18999,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,162",
        "box": [
          277.45999,
          365.4241895,
          298.08499,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,687",
        "box": [
          316.45999,
          365.4241895,
          337.08499,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/20/2024",
        "box": [
          350.0,
          365.4241895,
          384.16999999999996,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2028",
        "box": [
          393.13,
          365.4241895,
          419.79999999999995,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.25%",
        "box": [
          463.34,
          365.4241895,
          482.7125,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.25%",
        "box": [
          527.84003,
          365.4241895,
          547.2125299999999,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87.3%",
        "box": [
          560.09003,
          365.4241895,
          579.4625299999999,
          371.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 77",
        "box": [
          63.9,
          376.6741895,
          109.29,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          376.6741895,
          139.08,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          376.6741895,
          191.76250000000005,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          376.6741895,
          242.53500000000003,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,409",
        "box": [
          277.45999,
          376.6741895,
          298.08499,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,389",
        "box": [
          316.45999,
          376.6741895,
          337.08499,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/27/2024",
        "box": [
          350.0,
          376.6741895,
          384.16999999999996,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2028",
        "box": [
          393.13,
          376.6741895,
          419.79999999999995,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          376.6741895,
          511.29249000000004,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.90%",
        "box": [
          527.84003,
          376.6741895,
          547.2125299999999,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40.3%",
        "box": [
          560.09003,
          376.6741895,
          579.4625299999999,
          382.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 78",
        "box": [
          63.9,
          387.9241895,
          109.29,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          387.9241895,
          139.08,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          387.9241895,
          193.21250000000006,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          387.9241895,
          256.18999,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,222",
        "box": [
          277.45999,
          387.9241895,
          298.08499,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,158",
        "box": [
          316.45999,
          387.9241895,
          337.08499,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/30/2024",
        "box": [
          350.0,
          387.9241895,
          384.16999999999996,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2030",
        "box": [
          393.13,
          387.9241895,
          419.79999999999995,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          387.9241895,
          511.29249000000004,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.00%",
        "box": [
          527.84003,
          387.9241895,
          547.2125299999999,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69.5%",
        "box": [
          560.09003,
          387.9241895,
          579.4625299999999,
          394.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 79",
        "box": [
          63.9,
          399.1741895,
          109.29,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          399.1741895,
          139.08,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          399.1741895,
          193.21250000000006,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tennessee",
        "box": [
          217.99001,
          399.1741895,
          249.1900100000001,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,355",
        "box": [
          277.45999,
          399.1741895,
          298.08499,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,324",
        "box": [
          316.45999,
          399.1741895,
          337.08499,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/13/2025",
        "box": [
          351.88,
          399.1741895,
          382.29999999999995,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2029",
        "box": [
          393.13,
          399.1741895,
          419.79999999999995,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.90%",
        "box": [
          434.79999,
          399.1741895,
          511.29249000000004,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.55%",
        "box": [
          527.84003,
          399.1741895,
          547.2125299999999,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69.6%",
        "box": [
          560.09003,
          399.1741895,
          579.4625299999999,
          405.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 80",
        "box": [
          63.9,
          410.4241895,
          109.29,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          410.4241895,
          139.08,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          410.4241895,
          193.21250000000006,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          410.4241895,
          242.53500000000003,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,089",
        "box": [
          277.45999,
          410.4241895,
          298.08499,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,065",
        "box": [
          316.45999,
          410.4241895,
          337.08499,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/16/2025",
        "box": [
          351.88,
          410.4241895,
          382.29999999999995,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2028",
        "box": [
          393.13,
          410.4241895,
          419.79999999999995,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          410.4241895,
          511.29249000000004,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.90%",
        "box": [
          527.84003,
          410.4241895,
          547.2125299999999,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75.0%",
        "box": [
          560.09003,
          410.4241895,
          579.4625299999999,
          416.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 81",
        "box": [
          63.9,
          421.6741895,
          109.29,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          421.6741895,
          139.08,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          421.6741895,
          193.21250000000006,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          421.6741895,
          244.41999,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,969",
        "box": [
          277.45999,
          421.6741895,
          298.08499,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,725",
        "box": [
          316.45999,
          421.6741895,
          337.08499,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/15/2025",
        "box": [
          351.88,
          421.6741895,
          382.29999999999995,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2030",
        "box": [
          393.13,
          421.6741895,
          419.79999999999995,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.00%",
        "box": [
          434.79999,
          421.6741895,
          511.29249000000004,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.65%",
        "box": [
          527.84003,
          421.6741895,
          547.2125299999999,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
          562.90002,
          421.6741895,
          572.89752,
          427.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 82",
        "box": [
          63.9,
          432.9241895,
          109.29,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          432.9241895,
          139.08,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          432.9241895,
          193.21250000000006,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          432.9241895,
          242.53500000000003,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60,000",
        "box": [
          277.45999,
          432.9241895,
          298.08499,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,906",
        "box": [
          316.45999,
          432.9241895,
          337.08499,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/24/2025",
        "box": [
          351.88,
          432.9241895,
          382.29999999999995,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2029",
        "box": [
          393.13,
          432.9241895,
          419.79999999999995,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.50%",
        "box": [
          434.79999,
          432.9241895,
          511.29249000000004,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.15%",
        "box": [
          527.84003,
          432.9241895,
          547.2125299999999,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86.7%",
        "box": [
          560.09003,
          432.9241895,
          579.4625299999999,
          439.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 83",
        "box": [
          63.9,
          444.1741895,
          109.29,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          444.1741895,
          139.08,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          444.1741895,
          191.76250000000005,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          444.1741895,
          249.3125,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,620",
        "box": [
          277.45999,
          444.1741895,
          298.08499,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,620",
        "box": [
          316.45999,
          444.1741895,
          337.08499,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/10/2025",
        "box": [
          351.88,
          444.1741895,
          382.29999999999995,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2029",
        "box": [
          393.13,
          444.1741895,
          419.79999999999995,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.41%",
        "box": [
          434.79999,
          444.1741895,
          511.29249000000004,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.06%",
        "box": [
          527.84003,
          444.1741895,
          547.2125299999999,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48.4%",
        "box": [
          560.09003,
          444.1741895,
          579.4625299999999,
          450.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 84",
        "box": [
          63.9,
          455.4241895,
          109.29,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          455.4241895,
          139.08,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          455.4241895,
          193.21250000000006,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oklahoma",
        "box": [
          217.98,
          455.4241895,
          249.21750000000003,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,494",
        "box": [
          277.45999,
          455.4241895,
          298.08499,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,497",
        "box": [
          316.45999,
          455.4241895,
          337.08499,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/27/2025",
        "box": [
          351.88,
          455.4241895,
          382.29999999999995,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2029",
        "box": [
          393.13,
          455.4241895,
          419.79999999999995,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.75%",
        "box": [
          434.79999,
          455.4241895,
          511.29249000000004,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.50%",
        "box": [
          527.84003,
          455.4241895,
          547.2125299999999,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69.1%",
        "box": [
          560.09003,
          455.4241895,
          579.4625299999999,
          461.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 85",
        "box": [
          63.9,
          466.6741895,
          109.29,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          466.6741895,
          139.08,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          466.6741895,
          193.21250000000006,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          466.6741895,
          242.53500000000003,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,500",
        "box": [
          277.45999,
          466.6741895,
          298.08499,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,698",
        "box": [
          316.45999,
          466.6741895,
          337.08499,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/12/2025",
        "box": [
          351.88,
          466.6741895,
          382.29999999999995,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2029",
        "box": [
          393.13,
          466.6741895,
          419.79999999999995,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.75%",
        "box": [
          463.34,
          466.6741895,
          482.7125,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.75%",
        "box": [
          527.84003,
          466.6741895,
          547.2125299999999,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88.6%",
        "box": [
          560.09003,
          466.6741895,
          579.4625299999999,
          472.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 86",
        "box": [
          63.9,
          477.9241895,
          109.29,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          477.9241895,
          139.08,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          477.9241895,
          193.21250000000006,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          477.9241895,
          242.53500000000003,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,000",
        "box": [
          277.45999,
          477.9241895,
          298.08499,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,655",
        "box": [
          316.45999,
          477.9241895,
          337.08499,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2025",
        "box": [
          351.88,
          477.9241895,
          382.29999999999995,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2028",
        "box": [
          393.13,
          477.9241895,
          419.79999999999995,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.25%",
        "box": [
          463.34,
          477.9241895,
          482.7125,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.25%",
        "box": [
          527.84003,
          477.9241895,
          547.2125299999999,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76.7%",
        "box": [
          560.09003,
          477.9241895,
          579.4625299999999,
          484.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 87",
        "box": [
          63.9,
          489.1741895,
          109.29,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          489.1741895,
          139.08,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          489.1741895,
          193.21250000000006,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          489.1741895,
          242.53500000000003,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,784",
        "box": [
          277.45999,
          489.1741895,
          298.08499,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,538",
        "box": [
          316.45999,
          489.1741895,
          337.08499,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/26/2025",
        "box": [
          351.88,
          489.1741895,
          382.29999999999995,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2029",
        "box": [
          391.25,
          489.1741895,
          421.66999999999996,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 7.00%",
        "box": [
          434.79999,
          489.1741895,
          511.29249000000004,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.00%",
        "box": [
          525.96997,
          489.1741895,
          549.0924699999999,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
          562.90002,
          489.1741895,
          572.89752,
          495.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 88",
        "box": [
          63.9,
          500.4241895,
          109.29,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          500.4241895,
          139.08,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          500.4241895,
          193.21250000000006,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          500.4241895,
          256.18999,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,279",
        "box": [
          279.34,
          500.4241895,
          296.215,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,250",
        "box": [
          318.34,
          500.4241895,
          335.215,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/30/2025",
        "box": [
          351.88,
          500.4241895,
          382.29999999999995,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2030",
        "box": [
          393.13,
          500.4241895,
          419.79999999999995,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          500.4241895,
          511.29249000000004,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.90%",
        "box": [
          527.84003,
          500.4241895,
          547.2125299999999,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69.1%",
        "box": [
          560.09003,
          500.4241895,
          579.4625299999999,
          506.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 89",
        "box": [
          63.9,
          511.6741895,
          109.29,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          511.6741895,
          139.08,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          511.6741895,
          189.44750000000005,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Virginia",
        "box": [
          221.10001,
          511.6741895,
          246.09001000000004,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,288",
        "box": [
          279.34,
          511.6741895,
          296.215,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,258",
        "box": [
          318.34,
          511.6741895,
          335.215,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/4/2025",
        "box": [
          353.75,
          511.6741895,
          380.41999999999996,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2030",
        "box": [
          393.13,
          511.6741895,
          419.79999999999995,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          511.6741895,
          511.29249000000004,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.90%",
        "box": [
          527.84003,
          511.6741895,
          547.2125299999999,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36.0%",
        "box": [
          560.09003,
          511.6741895,
          579.4625299999999,
          517.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 90",
        "box": [
          63.9,
          522.9241895,
          109.29,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          135.33,
          522.9241895,
          139.08,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          522.9241895,
          193.21250000000006,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          522.9241895,
          242.53500000000003,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,520",
        "box": [
          277.45999,
          522.9241895,
          298.08499,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,582",
        "box": [
          316.45999,
          522.9241895,
          337.08499,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/20/2025",
        "box": [
          351.88,
          522.9241895,
          382.29999999999995,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2028",
        "box": [
          393.13,
          522.9241895,
          419.79999999999995,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.65%",
        "box": [
          463.34,
          522.9241895,
          482.7125,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.65%",
        "box": [
          527.84003,
          522.9241895,
          547.2125299999999,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75.5%",
        "box": [
          560.09003,
          522.9241895,
          579.4625299999999,
          529.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 91",
        "box": [
          63.9,
          534.1741895,
          109.29,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          534.1741895,
          139.08,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          534.1741895,
          193.21250000000006,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South Carolina",
        "box": [
          211.0,
          534.1741895,
          256.19500000000005,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,186",
        "box": [
          279.34,
          534.1741895,
          296.215,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,160",
        "box": [
          318.34,
          534.1741895,
          335.215,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/1/2025",
        "box": [
          353.75,
          534.1741895,
          380.41999999999996,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2030",
        "box": [
          393.13,
          534.1741895,
          419.79999999999995,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          534.1741895,
          511.29249000000004,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.90%",
        "box": [
          527.84003,
          534.1741895,
          547.2125299999999,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.1%",
        "box": [
          560.09003,
          534.1741895,
          579.4625299999999,
          540.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 92",
        "box": [
          63.9,
          545.4241895,
          109.29,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          545.4241895,
          139.08,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          545.4241895,
          193.21250000000006,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          545.4241895,
          242.53500000000003,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,000",
        "box": [
          277.45999,
          545.4241895,
          298.08499,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,042",
        "box": [
          316.45999,
          545.4241895,
          337.08499,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/1/2025",
        "box": [
          353.75,
          545.4241895,
          380.41999999999996,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2028",
        "box": [
          393.13,
          545.4241895,
          419.79999999999995,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.75%",
        "box": [
          463.34,
          545.4241895,
          482.7125,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.75%",
        "box": [
          527.84003,
          545.4241895,
          547.2125299999999,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80.5%",
        "box": [
          560.09003,
          545.4241895,
          579.4625299999999,
          551.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 93",
        "box": [
          63.9,
          556.6741895,
          109.29,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          556.6741895,
          139.08,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          556.6741895,
          193.21250000000006,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          556.6741895,
          244.41999,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,681",
        "box": [
          279.34,
          556.6741895,
          296.215,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,660",
        "box": [
          318.34,
          556.6741895,
          335.215,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/5/2025",
        "box": [
          353.75,
          556.6741895,
          380.41999999999996,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2028",
        "box": [
          393.13,
          556.6741895,
          419.79999999999995,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.35%",
        "box": [
          434.79999,
          556.6741895,
          511.29249000000004,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.00%",
        "box": [
          527.84003,
          556.6741895,
          547.2125299999999,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68.2%",
        "box": [
          560.09003,
          556.6741895,
          579.4625299999999,
          562.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 94",
        "box": [
          63.9,
          567.9241895,
          109.29,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          567.9241895,
          139.08,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          567.9241895,
          193.21250000000006,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tennessee",
        "box": [
          217.99001,
          567.9241895,
          249.1900100000001,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,726",
        "box": [
          277.45999,
          567.9241895,
          298.08499,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,852",
        "box": [
          316.45999,
          567.9241895,
          337.08499,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/18/2025",
        "box": [
          351.88,
          567.9241895,
          382.29999999999995,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2030",
        "box": [
          393.13,
          567.9241895,
          419.79999999999995,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 6.25%",
        "box": [
          434.79999,
          567.9241895,
          511.29249000000004,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.90%",
        "box": [
          527.84003,
          567.9241895,
          547.2125299999999,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
          562.90002,
          567.9241895,
          572.89752,
          574.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 95",
        "box": [
          63.9,
          579.1741895,
          109.29,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          579.1741895,
          139.08,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed Use",
        "box": [
          158.55,
          579.1741895,
          191.64750000000004,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          579.1741895,
          256.18999,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,880",
        "box": [
          279.34,
          579.1741895,
          296.215,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,847",
        "box": [
          318.34,
          579.1741895,
          335.215,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/19/2025",
        "box": [
          351.88,
          579.1741895,
          382.29999999999995,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2029",
        "box": [
          393.13,
          579.1741895,
          419.79999999999995,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          579.1741895,
          511.29249000000004,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.90%",
        "box": [
          527.84003,
          579.1741895,
          547.2125299999999,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60.7%",
        "box": [
          560.09003,
          579.1741895,
          579.4625299999999,
          585.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 96",
        "box": [
          63.9,
          590.4241895,
          109.29,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          590.4241895,
          139.08,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          590.4241895,
          193.21250000000006,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          221.73,
          590.4241895,
          245.46,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,184",
        "box": [
          279.34,
          590.4241895,
          296.215,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,943",
        "box": [
          318.34,
          590.4241895,
          335.215,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/15/2025",
        "box": [
          351.88,
          590.4241895,
          382.29999999999995,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2028",
        "box": [
          393.13,
          590.4241895,
          419.79999999999995,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 5.05%",
        "box": [
          434.79999,
          590.4241895,
          511.29249000000004,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.05%",
        "box": [
          527.84003,
          590.4241895,
          547.2125299999999,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
          562.90002,
          590.4241895,
          572.89752,
          596.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 97",
        "box": [
          63.9,
          601.6741895,
          109.29,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          601.6741895,
          139.08,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          601.6741895,
          193.21250000000006,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          601.6741895,
          242.53500000000003,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,005",
        "box": [
          279.34,
          601.6741895,
          296.215,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,974",
        "box": [
          318.34,
          601.6741895,
          335.215,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/21/2025",
        "box": [
          351.88,
          601.6741895,
          382.29999999999995,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2030",
        "box": [
          393.13,
          601.6741895,
          419.79999999999995,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.75%",
        "box": [
          434.79999,
          601.6741895,
          511.29249000000004,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.40%",
        "box": [
          527.84003,
          601.6741895,
          547.2125299999999,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68.6%",
        "box": [
          560.09003,
          601.6741895,
          579.4625299999999,
          607.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 98",
        "box": [
          63.9,
          612.9241895,
          109.29,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          612.9241895,
          139.08,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          612.9241895,
          193.21250000000006,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          612.9241895,
          244.41999,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,250",
        "box": [
          277.45999,
          612.9241895,
          298.08499,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,134",
        "box": [
          316.45999,
          612.9241895,
          337.08499,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/27/2025",
        "box": [
          351.88,
          612.9241895,
          382.29999999999995,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2029",
        "box": [
          393.13,
          612.9241895,
          419.79999999999995,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.08%",
        "box": [
          434.79999,
          612.9241895,
          511.29249000000004,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.73%",
        "box": [
          527.84003,
          612.9241895,
          547.2125299999999,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73.8%",
        "box": [
          560.09003,
          612.9241895,
          579.4625299999999,
          619.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 99",
        "box": [
          63.9,
          624.1741895,
          109.29,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          624.1741895,
          139.08,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          624.1741895,
          193.21250000000006,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          221.73,
          624.1741895,
          245.46,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,904",
        "box": [
          277.45999,
          624.1741895,
          298.08499,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,765",
        "box": [
          316.45999,
          624.1741895,
          337.08499,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/16/2025",
        "box": [
          351.88,
          624.1741895,
          382.29999999999995,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2029",
        "box": [
          391.25,
          624.1741895,
          421.66999999999996,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.90%",
        "box": [
          434.79999,
          624.1741895,
          511.29249000000004,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.55%",
        "box": [
          527.84003,
          624.1741895,
          547.2125299999999,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.8%",
        "box": [
          560.09003,
          624.1741895,
          579.4625299999999,
          630.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 100",
        "box": [
          62.03,
          635.4241895,
          111.17000000000002,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          635.4241895,
          139.08,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          635.4241895,
          193.21250000000006,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nevada",
        "box": [
          222.14999,
          635.4241895,
          245.03999000000005,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,000",
        "box": [
          277.45999,
          635.4241895,
          298.08499,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,961",
        "box": [
          318.34,
          635.4241895,
          335.215,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/29/2025",
        "box": [
          351.88,
          635.4241895,
          382.29999999999995,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2030",
        "box": [
          391.25,
          635.4241895,
          421.66999999999996,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.65%",
        "box": [
          434.79999,
          635.4241895,
          511.29249000000004,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.30%",
        "box": [
          527.84003,
          635.4241895,
          547.2125299999999,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.2%",
        "box": [
          560.09003,
          635.4241895,
          579.4625299999999,
          641.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 101",
        "box": [
          62.03,
          646.6741895,
          111.17000000000002,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          646.6741895,
          139.08,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          646.6741895,
          193.21250000000006,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New Jersey",
        "box": [
          216.23,
          646.6741895,
          250.96250000000003,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,808",
        "box": [
          279.34,
          646.6741895,
          296.215,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,767",
        "box": [
          318.34,
          646.6741895,
          335.215,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/30/2025",
        "box": [
          351.88,
          646.6741895,
          382.29999999999995,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2029",
        "box": [
          391.25,
          646.6741895,
          421.66999999999996,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 6.05%",
        "box": [
          434.79999,
          646.6741895,
          511.29249000000004,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.05%",
        "box": [
          525.96997,
          646.6741895,
          549.0924699999999,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69.3%",
        "box": [
          560.09003,
          646.6741895,
          579.4625299999999,
          652.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 102",
        "box": [
          62.03,
          657.9241895,
          111.17000000000002,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          657.9241895,
          139.08,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          657.9241895,
          189.44750000000005,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          221.52,
          657.9241895,
          245.66250000000005,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,804",
        "box": [
          277.45999,
          657.9241895,
          298.08499,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,741",
        "box": [
          316.45999,
          657.9241895,
          337.08499,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/29/2025",
        "box": [
          350.0,
          657.9241895,
          384.16999999999996,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2030",
        "box": [
          391.25,
          657.9241895,
          421.66999999999996,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.00%",
        "box": [
          434.79999,
          657.9241895,
          511.29249000000004,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.65%",
        "box": [
          527.84003,
          657.9241895,
          547.2125299999999,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56.1%",
        "box": [
          560.09003,
          657.9241895,
          579.4625299999999,
          664.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 103",
        "box": [
          62.03,
          669.1741895,
          111.17000000000002,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          669.1741895,
          139.08,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          669.1741895,
          193.21250000000006,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          669.1741895,
          249.3125,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,191",
        "box": [
          279.34,
          669.1741895,
          296.215,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,169",
        "box": [
          318.34,
          669.1741895,
          335.215,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/14/2025",
        "box": [
          350.0,
          669.1741895,
          384.16999999999996,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2030",
        "box": [
          391.25,
          669.1741895,
          421.66999999999996,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.72%",
        "box": [
          434.79999,
          669.1741895,
          511.29249000000004,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.37%",
        "box": [
          527.84003,
          669.1741895,
          547.2125299999999,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56.5%",
        "box": [
          560.09003,
          669.1741895,
          579.4625299999999,
          675.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 104",
        "box": [
          62.03,
          680.4241895,
          111.17000000000002,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          680.4241895,
          139.08,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          680.4241895,
          193.21250000000006,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          680.4241895,
          256.18999,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,056",
        "box": [
          277.45999,
          680.4241895,
          298.08499,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,959",
        "box": [
          316.45999,
          680.4241895,
          337.08499,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/7/2025",
        "box": [
          351.88,
          680.4241895,
          382.29999999999995,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2030",
        "box": [
          391.25,
          680.4241895,
          421.66999999999996,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.25%",
        "box": [
          434.79999,
          680.4241895,
          511.29249000000004,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.90%",
        "box": [
          527.84003,
          680.4241895,
          547.2125299999999,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73.7%",
        "box": [
          560.09003,
          680.4241895,
          579.4625299999999,
          686.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 105",
        "box": [
          62.03,
          691.6741895,
          111.17000000000002,
          697.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
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          691.6741895,
          139.08,
          697.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          691.6741895,
          193.21250000000006,
          697.845411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Ohio",
        "box": [
          226.09,
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          241.09,
          697.845411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,658",
        "box": [
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          298.08499,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,624",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "10/22/2025",
        "box": [
          350.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11/9/2028",
        "box": [
          391.25,
          691.6741895,
          421.66999999999996,
          697.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.52%",
        "box": [
          434.79999,
          691.6741895,
          511.29249000000004,
          697.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.17%",
        "box": [
          527.84003,
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          547.2125299999999,
          697.845411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "66.2%",
        "box": [
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          579.4625299999999,
          697.845411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 106",
        "box": [
          62.03,
          702.9241895,
          111.17000000000002,
          709.095411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
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          702.9241895,
          139.08,
          709.095411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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          193.21250000000006,
          709.095411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Ohio",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "15,980",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "15,959",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "10/22/2025",
        "box": [
          350.0,
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        "from_ocr": false,
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      {
        "text": "11/9/2028",
        "box": [
          391.25,
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          421.66999999999996,
          709.095411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.50%",
        "box": [
          434.79999,
          702.9241895,
          511.29249000000004,
          709.095411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6.15%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "66.0%",
        "box": [
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          579.4625299999999,
          709.095411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 107",
        "box": [
          62.03,
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          111.17000000000002,
          720.345411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
          135.33,
          714.1741895,
          139.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
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          193.21250000000006,
          720.345411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          221.52,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,500",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,451",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "10/29/2025",
        "box": [
          350.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2030",
        "box": [
          391.25,
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          421.66999999999996,
          720.345411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.50%",
        "box": [
          434.79999,
          714.1741895,
          511.29249000000004,
          720.345411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.15%",
        "box": [
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          547.2125299999999,
          720.345411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "72.9%",
        "box": [
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          579.4625299999999,
          720.345411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior Debt 108",
        "box": [
          62.03,
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          111.17000000000002,
          731.595411917137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
          135.33,
          725.4241895,
          139.08,
          731.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
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          193.21250000000006,
          731.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          221.73,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,500",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "92,386",
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      {
        "text": "10/28/2025",
        "box": [
          350.0,
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      {
        "text": "11/9/2030",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.30%",
        "box": [
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          511.29249000000004,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5.95%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "72.1%",
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        "from_ocr": false,
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      {
        "text": "Senior Debt 109",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "2",
        "box": [
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        "text": "Multifamily",
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        "text": "Texas",
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        "text": "16,894",
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        "text": "16,859",
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        "text": "1M SOFR Term + 2.73%",
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        "text": "Senior Debt 110",
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        "text": "1M SOFR Term + 2.55%",
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          579.4625299999999,
          124.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 111",
        "box": [
          62.03,
          136.6741895,
          111.17000000000002,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          136.6741895,
          139.08,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior ",
        "box": [
          165.3,
          129.1741895,
          186.74250000000004,
          135.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Housing",
        "box": [
          162.38,
          136.6741895,
          187.79,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          136.6741895,
          249.3125,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,628",
        "box": [
          279.34,
          136.6741895,
          296.215,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,581",
        "box": [
          318.34,
          136.6741895,
          335.215,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/7/2025",
        "box": [
          351.88,
          136.6741895,
          382.29999999999995,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2029",
        "box": [
          391.25,
          136.6741895,
          421.66999999999996,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.25%",
        "box": [
          434.79999,
          136.6741895,
          511.29249000000004,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.90%",
        "box": [
          527.84003,
          136.6741895,
          547.2125299999999,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69.0%",
        "box": [
          560.09003,
          136.6741895,
          579.4625299999999,
          142.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 112",
        "box": [
          62.03,
          147.9241895,
          111.17000000000002,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          147.9241895,
          139.08,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          147.9241895,
          193.21250000000006,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          147.9241895,
          242.53500000000003,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,000",
        "box": [
          277.45999,
          147.9241895,
          298.08499,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,043",
        "box": [
          316.45999,
          147.9241895,
          337.08499,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/13/2025",
        "box": [
          350.0,
          147.9241895,
          384.16999999999996,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2028",
        "box": [
          391.25,
          147.9241895,
          421.66999999999996,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.75%",
        "box": [
          463.34,
          147.9241895,
          482.7125,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.75%",
        "box": [
          527.84003,
          147.9241895,
          547.2125299999999,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90.9%",
        "box": [
          560.09003,
          147.9241895,
          579.4625299999999,
          154.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 113",
        "box": [
          62.03,
          159.1741895,
          111.17000000000002,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          159.1741895,
          139.08,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          159.1741895,
          193.21250000000006,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Colorado",
        "box": [
          219.64,
          159.1741895,
          247.54000000000002,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,755",
        "box": [
          279.34,
          159.1741895,
          296.215,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,723",
        "box": [
          318.34,
          159.1741895,
          335.215,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/3/2025",
        "box": [
          351.88,
          159.1741895,
          382.29999999999995,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          391.25,
          159.1741895,
          421.66999999999996,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.60%",
        "box": [
          434.79999,
          159.1741895,
          511.29249000000004,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.25%",
        "box": [
          527.84003,
          159.1741895,
          547.2125299999999,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61.2%",
        "box": [
          560.09003,
          159.1741895,
          579.4625299999999,
          165.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 114",
        "box": [
          62.03,
          170.4241895,
          111.17000000000002,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          170.4241895,
          139.08,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          170.4241895,
          193.21250000000006,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          170.4241895,
          242.53500000000003,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,000",
        "box": [
          277.45999,
          170.4241895,
          298.08499,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,953",
        "box": [
          316.45999,
          170.4241895,
          337.08499,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/14/2025",
        "box": [
          350.0,
          170.4241895,
          384.16999999999996,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          391.25,
          170.4241895,
          421.66999999999996,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.47%",
        "box": [
          434.79999,
          170.4241895,
          511.29249000000004,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.12%",
        "box": [
          527.84003,
          170.4241895,
          547.2125299999999,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56.6%",
        "box": [
          560.09003,
          170.4241895,
          579.4625299999999,
          176.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 115",
        "box": [
          62.03,
          181.6741895,
          111.17000000000002,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          181.6741895,
          139.08,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          181.6741895,
          193.21250000000006,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          181.6741895,
          242.53500000000003,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,432",
        "box": [
          277.45999,
          181.6741895,
          298.08499,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,385",
        "box": [
          316.45999,
          181.6741895,
          337.08499,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/21/2025",
        "box": [
          350.0,
          181.6741895,
          384.16999999999996,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2028",
        "box": [
          391.25,
          181.6741895,
          421.66999999999996,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.75%",
        "box": [
          434.79999,
          181.6741895,
          511.29249000000004,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.40%",
        "box": [
          527.84003,
          181.6741895,
          547.2125299999999,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81.2%",
        "box": [
          560.09003,
          181.6741895,
          579.4625299999999,
          187.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 116",
        "box": [
          62.03,
          192.9241895,
          111.17000000000002,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          192.9241895,
          139.08,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          192.9241895,
          193.21250000000006,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          192.9241895,
          249.3125,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,256",
        "box": [
          277.45999,
          192.9241895,
          298.08499,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,090",
        "box": [
          316.45999,
          192.9241895,
          337.08499,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/1/2025",
        "box": [
          351.88,
          192.9241895,
          382.29999999999995,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          391.25,
          192.9241895,
          421.66999999999996,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.00%",
        "box": [
          434.79999,
          192.9241895,
          511.29249000000004,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.65%",
        "box": [
          527.84003,
          192.9241895,
          547.2125299999999,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57.5%",
        "box": [
          560.09003,
          192.9241895,
          579.4625299999999,
          199.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 117",
        "box": [
          62.03,
          204.1741895,
          111.17000000000002,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          204.1741895,
          139.08,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          204.1741895,
          193.21250000000006,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          204.1741895,
          244.41999,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,400",
        "box": [
          279.34,
          204.1741895,
          296.215,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,364",
        "box": [
          318.34,
          204.1741895,
          335.215,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/3/2025",
        "box": [
          351.88,
          204.1741895,
          382.29999999999995,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          391.25,
          204.1741895,
          421.66999999999996,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          204.1741895,
          511.29249000000004,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.90%",
        "box": [
          527.84003,
          204.1741895,
          547.2125299999999,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65.1%",
        "box": [
          560.09003,
          204.1741895,
          579.4625299999999,
          210.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 118",
        "box": [
          62.03,
          215.4241895,
          111.17000000000002,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          215.4241895,
          139.08,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          215.4241895,
          193.21250000000006,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          215.4241895,
          249.3125,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,250",
        "box": [
          277.45999,
          215.4241895,
          298.08499,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,223",
        "box": [
          316.45999,
          215.4241895,
          337.08499,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/21/2025",
        "box": [
          350.0,
          215.4241895,
          384.16999999999996,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2029",
        "box": [
          391.25,
          215.4241895,
          421.66999999999996,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.95%",
        "box": [
          434.79999,
          215.4241895,
          511.29249000000004,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.60%",
        "box": [
          527.84003,
          215.4241895,
          547.2125299999999,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70.1%",
        "box": [
          560.09003,
          215.4241895,
          579.4625299999999,
          221.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 119",
        "box": [
          62.03,
          226.6741895,
          111.17000000000002,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          226.6741895,
          139.08,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          226.6741895,
          193.21250000000006,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Colorado",
        "box": [
          219.64,
          226.6741895,
          247.54000000000002,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,900",
        "box": [
          277.45999,
          226.6741895,
          298.08499,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,771",
        "box": [
          316.45999,
          226.6741895,
          337.08499,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/25/2025",
        "box": [
          350.0,
          226.6741895,
          384.16999999999996,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          391.25,
          226.6741895,
          421.66999999999996,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.30%",
        "box": [
          434.79999,
          226.6741895,
          511.29249000000004,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.95%",
        "box": [
          527.84003,
          226.6741895,
          547.2125299999999,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67.7%",
        "box": [
          560.09003,
          226.6741895,
          579.4625299999999,
          232.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 120",
        "box": [
          62.03,
          237.9241895,
          111.17000000000002,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          237.9241895,
          139.08,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          237.9241895,
          193.21250000000006,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          237.9241895,
          244.41999,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,500",
        "box": [
          277.45999,
          237.9241895,
          298.08499,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,426",
        "box": [
          316.45999,
          237.9241895,
          337.08499,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/20/2025",
        "box": [
          350.0,
          237.9241895,
          384.16999999999996,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          391.25,
          237.9241895,
          421.66999999999996,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.50%",
        "box": [
          434.79999,
          237.9241895,
          511.29249000000004,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.15%",
        "box": [
          527.84003,
          237.9241895,
          547.2125299999999,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70.4%",
        "box": [
          560.09003,
          237.9241895,
          579.4625299999999,
          244.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 121",
        "box": [
          62.03,
          249.1741895,
          111.17000000000002,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          249.1741895,
          139.08,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          249.1741895,
          189.44750000000005,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          249.1741895,
          244.41999,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,137",
        "box": [
          279.34,
          249.1741895,
          296.215,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,098",
        "box": [
          318.34,
          249.1741895,
          335.215,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/29/2025",
        "box": [
          350.0,
          249.1741895,
          384.16999999999996,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2031",
        "box": [
          393.13,
          249.1741895,
          419.79999999999995,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.15%",
        "box": [
          434.79999,
          249.1741895,
          511.29249000000004,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.80%",
        "box": [
          527.84003,
          249.1741895,
          547.2125299999999,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.8%",
        "box": [
          560.09003,
          249.1741895,
          579.4625299999999,
          255.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 122",
        "box": [
          62.03,
          260.4241895,
          111.17000000000002,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          260.4241895,
          139.08,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          260.4241895,
          193.21250000000006,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          221.52,
          260.4241895,
          245.66250000000005,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,000",
        "box": [
          277.45999,
          260.4241895,
          298.08499,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,925",
        "box": [
          316.45999,
          260.4241895,
          337.08499,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/21/2025",
        "box": [
          350.0,
          260.4241895,
          384.16999999999996,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2028",
        "box": [
          391.25,
          260.4241895,
          421.66999999999996,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.25%",
        "box": [
          434.79999,
          260.4241895,
          511.29249000000004,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.90%",
        "box": [
          527.84003,
          260.4241895,
          547.2125299999999,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.7%",
        "box": [
          560.09003,
          260.4241895,
          579.4625299999999,
          266.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 123",
        "box": [
          62.03,
          271.6741895,
          111.17000000000002,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          271.6741895,
          139.08,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          271.6741895,
          193.21250000000006,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          271.6741895,
          256.18999,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,477",
        "box": [
          279.34,
          271.6741895,
          296.215,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,444",
        "box": [
          318.34,
          271.6741895,
          335.215,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/30/2025",
        "box": [
          350.0,
          271.6741895,
          384.16999999999996,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2031",
        "box": [
          393.13,
          271.6741895,
          419.79999999999995,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.25%",
        "box": [
          434.79999,
          271.6741895,
          511.29249000000004,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.90%",
        "box": [
          527.84003,
          271.6741895,
          547.2125299999999,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74.6%",
        "box": [
          560.09003,
          271.6741895,
          579.4625299999999,
          277.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 124",
        "box": [
          62.03,
          282.9241895,
          111.17000000000002,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          282.9241895,
          139.08,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          282.9241895,
          193.21250000000006,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          282.9241895,
          242.53500000000003,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,562",
        "box": [
          277.45999,
          282.9241895,
          298.08499,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,531",
        "box": [
          316.45999,
          282.9241895,
          337.08499,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/20/2025",
        "box": [
          350.0,
          282.9241895,
          384.16999999999996,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          391.25,
          282.9241895,
          421.66999999999996,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.85%",
        "box": [
          434.79999,
          282.9241895,
          511.29249000000004,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.50%",
        "box": [
          527.84003,
          282.9241895,
          547.2125299999999,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56.1%",
        "box": [
          560.09003,
          282.9241895,
          579.4625299999999,
          289.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 125",
        "box": [
          62.03,
          294.1741895,
          111.17000000000002,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          294.1741895,
          139.08,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          294.1741895,
          193.21250000000006,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nevada",
        "box": [
          222.14999,
          294.1741895,
          245.03999000000005,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,270",
        "box": [
          277.45999,
          294.1741895,
          298.08499,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,185",
        "box": [
          316.45999,
          294.1741895,
          337.08499,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/25/2025",
        "box": [
          350.0,
          294.1741895,
          384.16999999999996,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          391.25,
          294.1741895,
          421.66999999999996,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.85%",
        "box": [
          434.79999,
          294.1741895,
          511.29249000000004,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.50%",
        "box": [
          527.84003,
          294.1741895,
          547.2125299999999,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76.2%",
        "box": [
          560.09003,
          294.1741895,
          579.4625299999999,
          300.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 126",
        "box": [
          62.03,
          305.4241895,
          111.17000000000002,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          305.4241895,
          139.08,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          305.4241895,
          189.44750000000005,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Illinois",
        "box": [
          222.97,
          305.4241895,
          244.21750000000003,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,101",
        "box": [
          279.34,
          305.4241895,
          296.215,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,066",
        "box": [
          318.34,
          305.4241895,
          335.215,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/8/2025",
        "box": [
          351.88,
          305.4241895,
          382.29999999999995,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          391.25,
          305.4241895,
          421.66999999999996,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.80%",
        "box": [
          434.79999,
          305.4241895,
          511.29249000000004,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.45%",
        "box": [
          527.84003,
          305.4241895,
          547.2125299999999,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45.5%",
        "box": [
          560.09003,
          305.4241895,
          579.4625299999999,
          311.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 127",
        "box": [
          62.03,
          316.6741895,
          111.17000000000002,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          316.6741895,
          139.08,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Healthcare",
        "box": [
          158.88,
          316.6741895,
          191.3250000000001,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          221.73,
          316.6741895,
          245.46,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,872",
        "box": [
          277.45999,
          316.6741895,
          298.08499,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,785",
        "box": [
          316.45999,
          316.6741895,
          337.08499,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/1/2025",
        "box": [
          351.88,
          316.6741895,
          382.29999999999995,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2029",
        "box": [
          391.25,
          316.6741895,
          421.66999999999996,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.75%",
        "box": [
          434.79999,
          316.6741895,
          511.29249000000004,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.40%",
        "box": [
          527.84003,
          316.6741895,
          547.2125299999999,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76.1%",
        "box": [
          560.09003,
          316.6741895,
          579.4625299999999,
          322.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 128",
        "box": [
          62.03,
          327.9241895,
          111.17000000000002,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          327.9241895,
          139.08,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          327.9241895,
          193.21250000000006,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nevada",
        "box": [
          222.14999,
          327.9241895,
          245.03999000000005,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,588",
        "box": [
          277.45999,
          327.9241895,
          298.08499,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,529",
        "box": [
          316.45999,
          327.9241895,
          337.08499,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/16/2025",
        "box": [
          350.0,
          327.9241895,
          384.16999999999996,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2031",
        "box": [
          393.13,
          327.9241895,
          419.79999999999995,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.90%",
        "box": [
          434.79999,
          327.9241895,
          511.29249000000004,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.55%",
        "box": [
          527.84003,
          327.9241895,
          547.2125299999999,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70.7%",
        "box": [
          560.09003,
          327.9241895,
          579.4625299999999,
          334.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 129",
        "box": [
          62.03,
          339.1741895,
          111.17000000000002,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          339.1741895,
          139.08,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          339.1741895,
          189.44750000000005,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "California",
        "box": [
          218.39999,
          339.1741895,
          248.78999000000007,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,268",
        "box": [
          279.34,
          339.1741895,
          296.215,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,230",
        "box": [
          318.34,
          339.1741895,
          335.215,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/19/2025",
        "box": [
          350.0,
          339.1741895,
          384.16999999999996,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2030",
        "box": [
          393.13,
          339.1741895,
          419.79999999999995,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.55%",
        "box": [
          434.79999,
          339.1741895,
          511.29249000000004,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.20%",
        "box": [
          527.84003,
          339.1741895,
          547.2125299999999,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50.1%",
        "box": [
          560.09003,
          339.1741895,
          579.4625299999999,
          345.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 130",
        "box": [
          62.03,
          350.2641895,
          111.17000000000002,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          350.2641895,
          139.08,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          350.2641895,
          189.44750000000005,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          350.2641895,
          242.53500000000003,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,349",
        "box": [
          279.34,
          350.2641895,
          296.215,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,290",
        "box": [
          318.34,
          350.2641895,
          335.215,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/19/2025",
        "box": [
          350.0,
          350.2641895,
          384.16999999999996,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2031",
        "box": [
          393.13,
          350.2641895,
          419.79999999999995,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.00%",
        "box": [
          434.79999,
          350.2641895,
          511.29249000000004,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.65%",
        "box": [
          527.84003,
          350.2641895,
          547.2125299999999,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56.2%",
        "box": [
          560.09003,
          350.2641895,
          579.4625299999999,
          356.435411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 131",
        "box": [
          62.03,
          369.1741895,
          111.17000000000002,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          369.1741895,
          139.08,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior ",
        "box": [
          165.3,
          361.6741895,
          186.74250000000004,
          367.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Housing",
        "box": [
          162.38,
          369.1741895,
          187.79,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          369.1741895,
          249.3125,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,000",
        "box": [
          277.45999,
          369.1741895,
          298.08499,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,962",
        "box": [
          318.34,
          369.1741895,
          335.215,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/19/2025",
        "box": [
          350.0,
          369.1741895,
          384.16999999999996,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2029",
        "box": [
          393.13,
          369.1741895,
          419.79999999999995,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.50%",
        "box": [
          434.79999,
          369.1741895,
          511.29249000000004,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.15%",
        "box": [
          527.84003,
          369.1741895,
          547.2125299999999,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68.4%",
        "box": [
          560.09003,
          369.1741895,
          579.4625299999999,
          375.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 132",
        "box": [
          62.03,
          380.4241895,
          111.17000000000002,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          380.4241895,
          139.08,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          380.4241895,
          189.44750000000005,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          221.73,
          380.4241895,
          245.46,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,000",
        "box": [
          277.45999,
          380.4241895,
          298.08499,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,905",
        "box": [
          316.45999,
          380.4241895,
          337.08499,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/23/2025",
        "box": [
          350.0,
          380.4241895,
          384.16999999999996,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2031",
        "box": [
          393.13,
          380.4241895,
          419.79999999999995,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.93%",
        "box": [
          434.79999,
          380.4241895,
          511.29249000000004,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.58%",
        "box": [
          527.84003,
          380.4241895,
          547.2125299999999,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60.8%",
        "box": [
          560.09003,
          380.4241895,
          579.4625299999999,
          386.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 133",
        "box": [
          62.03,
          391.6741895,
          111.17000000000002,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          391.6741895,
          139.08,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          158.44,
          391.6741895,
          191.76250000000005,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          391.6741895,
          244.41999,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,500",
        "box": [
          279.34,
          391.6741895,
          296.215,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,468",
        "box": [
          318.34,
          391.6741895,
          335.215,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/19/2025",
        "box": [
          350.0,
          391.6741895,
          384.16999999999996,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2031",
        "box": [
          393.13,
          391.6741895,
          419.79999999999995,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.85%",
        "box": [
          434.79999,
          391.6741895,
          511.29249000000004,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.50%",
        "box": [
          527.84003,
          391.6741895,
          547.2125299999999,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64.8%",
        "box": [
          560.09003,
          391.6741895,
          579.4625299999999,
          397.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 134",
        "box": [
          62.03,
          402.9241895,
          111.17000000000002,
          409.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          402.9241895,
          139.08,
          409.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          402.9241895,
          189.44750000000005,
          409.095411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          402.9241895,
          242.53500000000003,
          409.095411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,482",
        "box": [
          279.34,
          402.9241895,
          296.215,
          409.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,440",
        "box": [
          318.34,
          402.9241895,
          335.215,
          409.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/16/2025",
        "box": [
          350.0,
          402.9241895,
          384.16999999999996,
          409.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2031",
        "box": [
          393.13,
          402.9241895,
          419.79999999999995,
          409.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.50%",
        "box": [
          434.79999,
          402.9241895,
          511.29249000000004,
          409.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.15%",
        "box": [
          527.84003,
          402.9241895,
          547.2125299999999,
          409.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65.4%",
        "box": [
          560.09003,
          402.9241895,
          579.4625299999999,
          409.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 135",
        "box": [
          62.03,
          414.1741895,
          111.17000000000002,
          420.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          414.1741895,
          139.08,
          420.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Healthcare",
        "box": [
          158.88,
          414.1741895,
          191.3250000000001,
          420.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Massachusetts",
        "box": [
          211.96001,
          414.1741895,
          255.22751000000008,
          420.345411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,625",
        "box": [
          279.34,
          414.1741895,
          296.215,
          420.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,588",
        "box": [
          318.34,
          414.1741895,
          335.215,
          420.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/29/2025",
        "box": [
          350.0,
          414.1741895,
          384.16999999999996,
          420.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2029",
        "box": [
          393.13,
          414.1741895,
          419.79999999999995,
          420.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.70%",
        "box": [
          434.79999,
          414.1741895,
          511.29249000000004,
          420.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.35%",
        "box": [
          527.84003,
          414.1741895,
          547.2125299999999,
          420.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.3%",
        "box": [
          560.09003,
          414.1741895,
          579.4625299999999,
          420.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 136",
        "box": [
          62.03,
          425.4241895,
          111.17000000000002,
          431.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          425.4241895,
          139.08,
          431.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          425.4241895,
          193.21250000000006,
          431.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          425.4241895,
          256.18999,
          431.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,424",
        "box": [
          279.34,
          425.4241895,
          296.215,
          431.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,387",
        "box": [
          318.34,
          425.4241895,
          335.215,
          431.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/30/2025",
        "box": [
          350.0,
          425.4241895,
          384.16999999999996,
          431.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2031",
        "box": [
          393.13,
          425.4241895,
          419.79999999999995,
          431.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.45%",
        "box": [
          434.79999,
          425.4241895,
          511.29249000000004,
          431.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.10%",
        "box": [
          527.84003,
          425.4241895,
          547.2125299999999,
          431.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71.3%",
        "box": [
          560.09003,
          425.4241895,
          579.4625299999999,
          431.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 137",
        "box": [
          62.03,
          436.6741895,
          111.17000000000002,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          436.6741895,
          139.08,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          436.6741895,
          193.21250000000006,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          436.6741895,
          256.18999,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,500",
        "box": [
          277.45999,
          436.6741895,
          298.08499,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,500",
        "box": [
          316.45999,
          436.6741895,
          337.08499,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/6/2026",
        "box": [
          353.75,
          436.6741895,
          380.41999999999996,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/6/2027",
        "box": [
          393.13,
          436.6741895,
          419.79999999999995,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.95%",
        "box": [
          434.79999,
          436.6741895,
          511.29249000000004,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.60%",
        "box": [
          527.84003,
          436.6741895,
          547.2125299999999,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83.3%",
        "box": [
          560.09003,
          436.6741895,
          579.4625299999999,
          442.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 138",
        "box": [
          62.03,
          447.9241895,
          111.17000000000002,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          447.9241895,
          139.08,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          447.9241895,
          193.21250000000006,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          447.9241895,
          242.53500000000003,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,000",
        "box": [
          277.45999,
          447.9241895,
          298.08499,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,097",
        "box": [
          316.45999,
          447.9241895,
          337.08499,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/6/2026",
        "box": [
          353.75,
          447.9241895,
          380.41999999999996,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/6/2028",
        "box": [
          391.25,
          447.9241895,
          421.66999999999996,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.15%",
        "box": [
          434.79999,
          447.9241895,
          511.29249000000004,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.80%",
        "box": [
          527.84003,
          447.9241895,
          547.2125299999999,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79.0%",
        "box": [
          560.09003,
          447.9241895,
          579.4625299999999,
          454.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 139",
        "box": [
          62.03,
          459.1741895,
          111.17000000000002,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          459.1741895,
          139.08,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          459.1741895,
          193.21250000000006,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          222.75999,
          459.1741895,
          244.41999,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,200",
        "box": [
          277.45999,
          459.1741895,
          298.08499,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,877",
        "box": [
          316.45999,
          459.1741895,
          337.08499,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2026",
        "box": [
          353.75,
          459.1741895,
          380.41999999999996,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/9/2031",
        "box": [
          393.13,
          459.1741895,
          419.79999999999995,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.50%",
        "box": [
          434.79999,
          459.1741895,
          511.29249000000004,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.15%",
        "box": [
          527.84003,
          459.1741895,
          547.2125299999999,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.9%",
        "box": [
          560.09003,
          459.1741895,
          579.4625299999999,
          465.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 140",
        "box": [
          62.03,
          470.4241895,
          111.17000000000002,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          470.4241895,
          139.08,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          160.73,
          470.4241895,
          189.44750000000005,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Massachusetts",
        "box": [
          211.96001,
          470.4241895,
          255.22751000000008,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,086",
        "box": [
          277.45999,
          470.4241895,
          298.08499,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,008",
        "box": [
          316.45999,
          470.4241895,
          337.08499,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/26/2026",
        "box": [
          351.88,
          470.4241895,
          382.29999999999995,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2031",
        "box": [
          393.13,
          470.4241895,
          419.79999999999995,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.05%",
        "box": [
          434.79999,
          470.4241895,
          511.29249000000004,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.70%",
        "box": [
          527.84003,
          470.4241895,
          547.2125299999999,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66.7%",
        "box": [
          560.09003,
          470.4241895,
          579.4625299999999,
          476.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 141",
        "box": [
          62.03,
          481.6741895,
          111.17000000000002,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          481.6741895,
          139.08,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          481.6741895,
          193.21250000000006,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Colorado",
        "box": [
          219.64,
          481.6741895,
          247.54000000000002,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,150",
        "box": [
          277.45999,
          481.6741895,
          298.08499,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,079",
        "box": [
          316.45999,
          481.6741895,
          337.08499,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/27/2026",
        "box": [
          351.88,
          481.6741895,
          382.29999999999995,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/6/2031",
        "box": [
          393.13,
          481.6741895,
          419.79999999999995,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.18%",
        "box": [
          463.34,
          481.6741895,
          482.7125,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.18%",
        "box": [
          527.84003,
          481.6741895,
          547.2125299999999,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67.0%",
        "box": [
          560.09003,
          481.6741895,
          579.4625299999999,
          487.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 142",
        "box": [
          62.03,
          492.9241895,
          111.17000000000002,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          492.9241895,
          139.08,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Healthcare",
        "box": [
          158.88,
          492.9241895,
          191.3250000000001,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          221.73,
          492.9241895,
          245.46,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,896",
        "box": [
          277.45999,
          492.9241895,
          298.08499,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,784",
        "box": [
          316.45999,
          492.9241895,
          337.08499,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/12/2026",
        "box": [
          351.88,
          492.9241895,
          382.29999999999995,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/4/2029",
        "box": [
          393.13,
          492.9241895,
          419.79999999999995,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.70%",
        "box": [
          434.79999,
          492.9241895,
          511.29249000000004,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.35%",
        "box": [
          527.84003,
          492.9241895,
          547.2125299999999,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80.0%",
        "box": [
          560.09003,
          492.9241895,
          579.4625299999999,
          499.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 143",
        "box": [
          62.03,
          504.1741895,
          111.17000000000002,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          504.1741895,
          139.08,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          504.1741895,
          193.21250000000006,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "California",
        "box": [
          218.39999,
          504.1741895,
          248.78999000000007,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,620",
        "box": [
          279.34,
          504.1741895,
          296.215,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,577",
        "box": [
          318.34,
          504.1741895,
          335.215,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/4/2026",
        "box": [
          353.75,
          504.1741895,
          380.41999999999996,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2029",
        "box": [
          393.13,
          504.1741895,
          419.79999999999995,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.75%",
        "box": [
          434.79999,
          504.1741895,
          511.29249000000004,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.40%",
        "box": [
          527.84003,
          504.1741895,
          547.2125299999999,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68.8%",
        "box": [
          560.09003,
          504.1741895,
          579.4625299999999,
          510.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 144",
        "box": [
          62.03,
          515.4241895,
          111.17000000000002,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          515.4241895,
          139.08,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          515.4241895,
          193.21250000000006,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          515.4241895,
          256.18999,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,983",
        "box": [
          277.45999,
          515.4241895,
          298.08499,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,931",
        "box": [
          316.45999,
          515.4241895,
          337.08499,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/11/2026",
        "box": [
          351.88,
          515.4241895,
          382.29999999999995,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2030",
        "box": [
          393.13,
          515.4241895,
          419.79999999999995,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.80%",
        "box": [
          434.79999,
          515.4241895,
          511.29249000000004,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.45%",
        "box": [
          527.84003,
          515.4241895,
          547.2125299999999,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69.7%",
        "box": [
          560.09003,
          515.4241895,
          579.4625299999999,
          521.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 145",
        "box": [
          62.03,
          526.6741895,
          111.17000000000002,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          526.6741895,
          139.08,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          526.6741895,
          193.21250000000006,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          221.52,
          526.6741895,
          245.66250000000005,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,325",
        "box": [
          277.45999,
          526.6741895,
          298.08499,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,267",
        "box": [
          316.45999,
          526.6741895,
          337.08499,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2026",
        "box": [
          351.88,
          526.6741895,
          382.29999999999995,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2029",
        "box": [
          393.13,
          526.6741895,
          419.79999999999995,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 3.40%",
        "box": [
          434.79999,
          526.6741895,
          511.29249000000004,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.05%",
        "box": [
          527.84003,
          526.6741895,
          547.2125299999999,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.4%",
        "box": [
          560.09003,
          526.6741895,
          579.4625299999999,
          532.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 146",
        "box": [
          62.03,
          537.9241895,
          111.17000000000002,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          537.9241895,
          139.08,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          537.9241895,
          193.21250000000006,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          537.9241895,
          256.18999,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,034",
        "box": [
          277.45999,
          537.9241895,
          298.08499,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,970",
        "box": [
          316.45999,
          537.9241895,
          337.08499,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/6/2026",
        "box": [
          353.75,
          537.9241895,
          380.41999999999996,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2031",
        "box": [
          393.13,
          537.9241895,
          419.79999999999995,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.70%",
        "box": [
          434.79999,
          537.9241895,
          511.29249000000004,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.35%",
        "box": [
          527.84003,
          537.9241895,
          547.2125299999999,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.7%",
        "box": [
          560.09003,
          537.9241895,
          579.4625299999999,
          544.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 147",
        "box": [
          62.03,
          549.0141595,
          111.17000000000002,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          549.0141595,
          139.08,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          549.0141595,
          193.21250000000006,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Utah",
        "box": [
          226.3,
          549.0141595,
          240.87250000000003,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,475",
        "box": [
          279.34,
          549.0141595,
          296.215,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,475",
        "box": [
          318.34,
          549.0141595,
          335.215,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/6/2026",
        "box": [
          353.75,
          549.0141595,
          380.41999999999996,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2029",
        "box": [
          391.25,
          549.0141595,
          421.66999999999996,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.60%",
        "box": [
          434.79999,
          549.0141595,
          511.29249000000004,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.25%",
        "box": [
          527.84003,
          549.0141595,
          547.2125299999999,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47.7%",
        "box": [
          560.09003,
          549.0141595,
          579.4625299999999,
          555.185381917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 148",
        "box": [
          62.03,
          560.4241895,
          111.17000000000002,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          560.4241895,
          139.08,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          560.4241895,
          193.21250000000006,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          560.4241895,
          242.53500000000003,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,419",
        "box": [
          279.34,
          560.4241895,
          296.215,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,383",
        "box": [
          318.34,
          560.4241895,
          335.215,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/12/2026",
        "box": [
          351.88,
          560.4241895,
          382.29999999999995,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/9/2030",
        "box": [
          393.13,
          560.4241895,
          419.79999999999995,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.85%",
        "box": [
          433.85999,
          560.4241895,
          510.35249000000005,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.50%",
        "box": [
          527.84003,
          560.4241895,
          547.2125299999999,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.6%",
        "box": [
          560.09003,
          560.4241895,
          579.4625299999999,
          566.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 149",
        "box": [
          62.03,
          571.6741895,
          111.17000000000002,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          571.6741895,
          139.08,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          571.6741895,
          193.21250000000006,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          571.6741895,
          256.18999,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71,000",
        "box": [
          277.45999,
          571.6741895,
          298.08499,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,917",
        "box": [
          316.45999,
          571.6741895,
          337.08499,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/1/2026",
        "box": [
          353.75,
          571.6741895,
          380.41999999999996,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2031",
        "box": [
          393.13,
          571.6741895,
          419.79999999999995,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.00%",
        "box": [
          433.85999,
          571.6741895,
          510.35249000000005,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.66%",
        "box": [
          527.84003,
          571.6741895,
          547.2125299999999,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93.9%",
        "box": [
          560.09003,
          571.6741895,
          579.4625299999999,
          577.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 150",
        "box": [
          62.03,
          582.9241895,
          111.17000000000002,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          582.9241895,
          139.08,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          582.9241895,
          193.21250000000006,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          582.9241895,
          242.53500000000003,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,339",
        "box": [
          279.34,
          582.9241895,
          296.215,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,303",
        "box": [
          318.34,
          582.9241895,
          335.215,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/26/2026",
        "box": [
          351.88,
          582.9241895,
          382.29999999999995,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2027",
        "box": [
          391.25,
          582.9241895,
          421.66999999999996,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.45%",
        "box": [
          463.34,
          582.9241895,
          482.7125,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.45%",
        "box": [
          527.84003,
          582.9241895,
          547.2125299999999,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.2%",
        "box": [
          560.09003,
          582.9241895,
          579.4625299999999,
          589.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 151",
        "box": [
          62.03,
          594.1741895,
          111.17000000000002,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          594.1741895,
          139.08,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          594.1741895,
          193.21250000000006,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          594.1741895,
          242.53500000000003,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,450",
        "box": [
          277.45999,
          594.1741895,
          298.08499,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,370",
        "box": [
          316.45999,
          594.1741895,
          337.08499,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/27/2026",
        "box": [
          351.88,
          594.1741895,
          382.29999999999995,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2031",
        "box": [
          393.13,
          594.1741895,
          419.79999999999995,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.60%",
        "box": [
          433.85999,
          594.1741895,
          510.35249000000005,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.25%",
        "box": [
          527.84003,
          594.1741895,
          547.2125299999999,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66.4%",
        "box": [
          560.09003,
          594.1741895,
          579.4625299999999,
          600.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 152",
        "box": [
          62.03,
          605.4241895,
          111.17000000000002,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          605.4241895,
          139.08,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed Use",
        "box": [
          158.55,
          605.4241895,
          191.64750000000004,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          605.4241895,
          256.18999,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,450",
        "box": [
          277.45999,
          605.4241895,
          298.08499,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,371",
        "box": [
          316.45999,
          605.4241895,
          337.08499,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/14/2026",
        "box": [
          351.88,
          605.4241895,
          382.29999999999995,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2031",
        "box": [
          393.13,
          605.4241895,
          419.79999999999995,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.70%",
        "box": [
          433.85999,
          605.4241895,
          510.35249000000005,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.35%",
        "box": [
          527.84003,
          605.4241895,
          547.2125299999999,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65.6%",
        "box": [
          560.09003,
          605.4241895,
          579.4625299999999,
          611.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 153",
        "box": [
          62.03,
          616.6741895,
          111.17000000000002,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          616.6741895,
          139.08,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          616.6741895,
          193.21250000000006,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New Jersey",
        "box": [
          216.23,
          616.6741895,
          250.96250000000003,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,375",
        "box": [
          277.45999,
          616.6741895,
          298.08499,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,316",
        "box": [
          316.45999,
          616.6741895,
          337.08499,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/2/2026",
        "box": [
          353.75,
          616.6741895,
          380.41999999999996,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2030",
        "box": [
          393.13,
          616.6741895,
          419.79999999999995,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.75%",
        "box": [
          433.85999,
          616.6741895,
          510.35249000000005,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.40%",
        "box": [
          527.84003,
          616.6741895,
          547.2125299999999,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74.6%",
        "box": [
          560.09003,
          616.6741895,
          579.4625299999999,
          622.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 154",
        "box": [
          62.03,
          627.9241895,
          111.17000000000002,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          627.9241895,
          139.08,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          627.9241895,
          193.21250000000006,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New Jersey",
        "box": [
          216.23,
          627.9241895,
          250.96250000000003,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,210",
        "box": [
          277.45999,
          627.9241895,
          298.08499,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,054",
        "box": [
          316.45999,
          627.9241895,
          337.08499,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/27/2026",
        "box": [
          351.88,
          627.9241895,
          382.29999999999995,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2031",
        "box": [
          393.13,
          627.9241895,
          419.79999999999995,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.60%",
        "box": [
          433.85999,
          627.9241895,
          510.35249000000005,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.25%",
        "box": [
          527.84003,
          627.9241895,
          547.2125299999999,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54.9%",
        "box": [
          560.09003,
          627.9241895,
          579.4625299999999,
          634.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 155",
        "box": [
          62.03,
          639.1741895,
          111.17000000000002,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          639.1741895,
          139.08,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          639.1741895,
          193.21250000000006,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pennsylvania",
        "box": [
          213.61,
          639.1741895,
          253.58500000000006,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,375",
        "box": [
          277.45999,
          639.1741895,
          298.08499,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,303",
        "box": [
          316.45999,
          639.1741895,
          337.08499,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/26/2026",
        "box": [
          351.88,
          639.1741895,
          382.29999999999995,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/9/2030",
        "box": [
          393.13,
          639.1741895,
          419.79999999999995,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 1.00%",
        "box": [
          434.79999,
          639.1741895,
          511.29249000000004,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.25%",
        "box": [
          527.84003,
          639.1741895,
          547.2125299999999,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76.9%",
        "box": [
          560.09003,
          639.1741895,
          579.4625299999999,
          645.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 156",
        "box": [
          62.03,
          650.4241895,
          111.17000000000002,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          650.4241895,
          139.08,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          650.4241895,
          193.21250000000006,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          650.4241895,
          256.18999,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,500",
        "box": [
          279.34,
          650.4241895,
          296.215,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,465",
        "box": [
          318.34,
          650.4241895,
          335.215,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/27/2026",
        "box": [
          351.88,
          650.4241895,
          382.29999999999995,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2031",
        "box": [
          393.13,
          650.4241895,
          419.79999999999995,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.95%",
        "box": [
          433.85999,
          650.4241895,
          510.35249000000005,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.60%",
        "box": [
          527.84003,
          650.4241895,
          547.2125299999999,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71.6%",
        "box": [
          560.09003,
          650.4241895,
          579.4625299999999,
          656.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 157",
        "box": [
          62.03,
          661.6741895,
          111.17000000000002,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          661.6741895,
          139.08,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          661.6741895,
          193.21250000000006,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          661.6741895,
          242.53500000000003,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,829",
        "box": [
          279.34,
          661.6741895,
          296.215,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,790",
        "box": [
          318.34,
          661.6741895,
          335.215,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/29/2026",
        "box": [
          351.88,
          661.6741895,
          382.29999999999995,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2031",
        "box": [
          393.13,
          661.6741895,
          419.79999999999995,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.80%",
        "box": [
          433.85999,
          661.6741895,
          510.35249000000005,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.45%",
        "box": [
          527.84003,
          661.6741895,
          547.2125299999999,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.1%",
        "box": [
          560.09003,
          661.6741895,
          579.4625299999999,
          667.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 158",
        "box": [
          62.03,
          672.9241895,
          111.17000000000002,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          672.9241895,
          139.08,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed Use",
        "box": [
          158.55,
          672.9241895,
          191.64750000000004,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Washington",
        "box": [
          215.48,
          672.9241895,
          251.70500000000004,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,605",
        "box": [
          279.34,
          672.9241895,
          296.215,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,566",
        "box": [
          318.34,
          672.9241895,
          335.215,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/6/2026",
        "box": [
          353.75,
          672.9241895,
          380.41999999999996,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/9/2029",
        "box": [
          393.13,
          672.9241895,
          419.79999999999995,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.95%",
        "box": [
          433.85999,
          672.9241895,
          510.35249000000005,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.60%",
        "box": [
          527.84003,
          672.9241895,
          547.2125299999999,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58.5%",
        "box": [
          560.09003,
          672.9241895,
          579.4625299999999,
          679.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 159",
        "box": [
          62.03,
          684.1741895,
          111.17000000000002,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          684.1741895,
          139.08,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          684.1741895,
          193.21250000000006,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "North Carolina",
        "box": [
          211.00999,
          684.1741895,
          256.18999,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,500",
        "box": [
          279.34,
          684.1741895,
          296.215,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,464",
        "box": [
          318.34,
          684.1741895,
          335.215,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/21/2026",
        "box": [
          351.88,
          684.1741895,
          382.29999999999995,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2031",
        "box": [
          393.13,
          684.1741895,
          419.79999999999995,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.85%",
        "box": [
          433.85999,
          684.1741895,
          510.35249000000005,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.50%",
        "box": [
          527.84003,
          684.1741895,
          547.2125299999999,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75.9%",
        "box": [
          560.09003,
          684.1741895,
          579.4625299999999,
          690.345411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 160",
        "box": [
          62.03,
          695.4241895,
          111.17000000000002,
          701.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          695.4241895,
          139.08,
          701.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed Use",
        "box": [
          158.55,
          695.4241895,
          191.64750000000004,
          701.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Georgia",
        "box": [
          221.52,
          695.4241895,
          245.66250000000005,
          701.595411917137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,321",
        "box": [
          277.45999,
          695.4241895,
          298.08499,
          701.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,260",
        "box": [
          316.45999,
          695.4241895,
          337.08499,
          701.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/26/2026",
        "box": [
          351.88,
          695.4241895,
          382.29999999999995,
          701.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/9/2031",
        "box": [
          393.13,
          695.4241895,
          419.79999999999995,
          701.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.20%",
        "box": [
          433.85999,
          695.4241895,
          510.35249000000005,
          701.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.85%",
        "box": [
          527.84003,
          695.4241895,
          547.2125299999999,
          701.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69.6%",
        "box": [
          560.09003,
          695.4241895,
          579.4625299999999,
          701.595411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Debt 161",
        "box": [
          62.03,
          706.6741895,
          111.17000000000002,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          706.6741895,
          139.08,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          706.6741895,
          193.21250000000006,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          221.73,
          706.6741895,
          245.46,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,594",
        "box": [
          277.45999,
          706.6741895,
          298.08499,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,497",
        "box": [
          316.45999,
          706.6741895,
          337.08499,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/30/2026",
        "box": [
          351.88,
          706.6741895,
          382.29999999999995,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2026",
        "box": [
          393.13,
          706.6741895,
          419.79999999999995,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 2.50%",
        "box": [
          433.85999,
          706.6741895,
          510.35249000000005,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.15%",
        "box": [
          527.84003,
          706.6741895,
          547.2125299999999,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40.7%",
        "box": [
          560.09003,
          706.6741895,
          579.4625299999999,
          712.845411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine Loan 1",
        "box": [
          58.72,
          717.9241895,
          114.48250000000003,
          724.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          135.33,
          717.9241895,
          139.08,
          724.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          717.9241895,
          193.21250000000006,
          724.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "District of Columbia",
        "box": [
          202.59,
          717.9241895,
          264.64500000000004,
          724.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,805",
        "box": [
          279.34,
          717.9241895,
          296.215,
          724.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,805",
        "box": [
          318.34,
          717.9241895,
          335.215,
          724.095411917137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/30/2023",
        "box": [
          351.88,
          717.9241895,
          382.29999999999995,
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        "text": "7/17/2026",
        "box": [
          391.25,
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          421.66999999999996,
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        "confidence": 1.0
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      {
        "text": "1M SOFR Term + 4.45%",
        "box": [
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          510.35249000000005,
          724.095411917137
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        "from_ocr": false,
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      {
        "text": "8.10%",
        "box": [
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      {
        "text": "45.2%",
        "box": [
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      {
        "text": "Mezzanine Loan 2",
        "box": [
          58.72,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
          135.33,
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          139.08,
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        "text": "Multifamily",
        "box": [
          156.98,
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        "box": [
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        "text": "4,000",
        "box": [
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        "text": "4,000",
        "box": [
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        "text": "Loan",
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        "text": "Risk ",
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        "text": "70",
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        "text": "Mezzanine Loan 3",
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      {
        "text": "1M SOFR Term + 13.90%",
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        "text": "19.95%",
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        "text": "10.3%",
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        "text": "Mezzanine Loan 4",
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        "text": "2",
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        "text": "1M SOFR Term + 12.50%",
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        "confidence": 1.0
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        "text": "16.50%",
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        "text": "59.6%",
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        "text": "Mezzanine Loan 5",
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        "confidence": 1.0
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        "text": "2",
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        "text": "Multifamily",
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        "text": "New York",
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        "text": "1,647",
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        "text": "1,645",
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        "text": "11/19/2024",
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        "text": "12/9/2029",
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        "confidence": 1.0
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      {
        "text": "1M SOFR Term + 8.23%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11.88%",
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        "confidence": 1.0
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        "text": "85.6%",
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      {
        "text": "Mezzanine Loan 6",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "text": "2",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "1,417",
        "box": [
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          296.215,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,414",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/27/2024",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2028",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 10.51%",
        "box": [
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          151.6741895,
          512.23249,
          157.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.16%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
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        "text": "44.3%",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mezzanine Loan 7",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "New York",
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      },
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        "text": "6,202",
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      },
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        "box": [
          318.34,
          162.9241895,
          335.215,
          169.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/10/2025",
        "box": [
          351.88,
          162.9241895,
          382.29999999999995,
          169.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/9/2029",
        "box": [
          393.13,
          162.9241895,
          419.79999999999995,
          169.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 11.00%",
        "box": [
          431.98999,
          162.9241895,
          512.23249,
          169.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.65%",
        "box": [
          525.96997,
          162.9241895,
          549.0924699999999,
          169.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.3%",
        "box": [
          561.96997,
          162.9241895,
          577.5924699999999,
          169.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine Loan 8",
        "box": [
          58.72,
          174.1741895,
          114.48250000000003,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          174.1741895,
          139.08,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          174.1741895,
          193.21250000000006,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Texas",
        "box": [
          224.64,
          174.1741895,
          242.53500000000003,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,661",
        "box": [
          279.34,
          174.1741895,
          296.215,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,611",
        "box": [
          318.34,
          174.1741895,
          335.215,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/26/2025",
        "box": [
          351.88,
          174.1741895,
          382.29999999999995,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/9/2029",
        "box": [
          391.25,
          174.1741895,
          421.66999999999996,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 16.25%",
        "box": [
          432.92999,
          174.1741895,
          513.17249,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.25%",
        "box": [
          525.96997,
          174.1741895,
          549.0924699999999,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
          562.90002,
          174.1741895,
          572.89752,
          180.34541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine Loan 9",
        "box": [
          58.72,
          185.4241895,
          114.48250000000003,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          185.4241895,
          139.08,
          191.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          185.4241895,
          193.21250000000006,
          191.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tennessee",
        "box": [
          217.99001,
          185.4241895,
          249.1900100000001,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,638",
        "box": [
          279.34,
          185.4241895,
          296.215,
          191.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,254",
        "box": [
          318.34,
          185.4241895,
          335.215,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/18/2025",
        "box": [
          351.88,
          185.4241895,
          382.29999999999995,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9/9/2030",
        "box": [
          393.13,
          185.4241895,
          419.79999999999995,
          191.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 13.33%",
        "box": [
          432.92999,
          185.4241895,
          513.17249,
          191.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16.98%",
        "box": [
          525.96997,
          185.4241895,
          549.0924699999999,
          191.59541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-%",
        "box": [
          562.90002,
          185.4241895,
          572.89752,
          191.59541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine Loan 10",
        "box": [
          56.84,
          196.6741895,
          116.35250000000003,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          196.6741895,
          139.08,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          196.6741895,
          193.21250000000006,
          202.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          196.6741895,
          249.3125,
          202.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,116",
        "box": [
          279.34,
          196.6741895,
          296.215,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,093",
        "box": [
          318.34,
          196.6741895,
          335.215,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/1/2025",
        "box": [
          351.88,
          196.6741895,
          382.29999999999995,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/9/2030",
        "box": [
          391.25,
          196.6741895,
          421.66999999999996,
          202.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 4.52%",
        "box": [
          434.79999,
          196.6741895,
          511.29249000000004,
          202.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.17%",
        "box": [
          527.84003,
          196.6741895,
          547.2125299999999,
          202.84541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65.3%",
        "box": [
          560.09003,
          196.6741895,
          579.4625299999999,
          202.84541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine Loan 11",
        "box": [
          56.84,
          207.9241895,
          116.35250000000003,
          214.09541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          135.33,
          207.9241895,
          139.08,
          214.09541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          156.98,
          207.9241895,
          193.21250000000006,
          214.09541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York",
        "box": [
          217.88,
          207.9241895,
          249.3125,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "688",
        "box": [
          282.14999,
          207.9241895,
          293.39999,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "685",
        "box": [
          321.14999,
          207.9241895,
          332.39999,
          214.09541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/14/2025",
        "box": [
          350.0,
          207.9241895,
          384.16999999999996,
          214.09541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/9/2030",
        "box": [
          391.25,
          207.9241895,
          421.66999999999996,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR Term + 7.02%",
        "box": [
          434.79999,
          207.9241895,
          511.29249000000004,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.67%",
        "box": [
          525.96997,
          207.9241895,
          549.0924699999999,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62.8%",
        "box": [
          560.09003,
          207.9241895,
          579.4625299999999,
          214.09541191713697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted Average",
        "box": [
          85.24,
          219.1741895,
          159.97750000000005,
          225.34541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4,343,396",
        "box": [
          270.89999,
          219.1741895,
          304.64999,
          225.34541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4,329,579",
        "box": [
          309.89999,
          219.1741895,
          343.64999,
          225.34541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.97%",
        "box": [
          527.21002,
          219.1741895,
          544.08502,
          225.34541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64.2%",
        "box": [
          559.46002,
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          576.33502,
          225.34541191713697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan",
        "box": [
          78.25,
          91.45415950000006,
          94.9225,
          97.62538191713702
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Type",
        "box": [
          78.46,
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          94.71249999999999,
          105.12538191713702
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Risk ",
        "box": [
          129.92,
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          146.37499999999997,
          93.87538191713702
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Rating",
        "box": [
          126.38,
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        "from_ocr": false,
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      {
        "text": "(1)",
        "box": [
          134.37,
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          140.04937500000003,
          106.11432124613907
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        "from_ocr": false,
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      {
        "text": "Property",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Type",
        "box": [
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        "from_ocr": false,
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      {
        "text": "State",
        "box": [
          225.47,
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      {
        "text": "Par",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Amortized",
        "box": [
          309.72,
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        "from_ocr": false,
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        "text": "Cost",
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        "text": "Origination",
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        "text": "Date",
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        "text": "(2)",
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      {
        "text": "Fully",
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        "from_ocr": false,
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      {
        "text": "Extended",
        "box": [
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        "text": "Maturity",
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        "text": "(3)",
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      {
        "text": "Interest Rate",
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      {
        "text": "(4)(5)",
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        "text": "Effective",
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        "text": "Yield",
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      {
        "text": "(6)",
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        "text": "Loan to",
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        "text": "Value",
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      {
        "text": "(7)",
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      {
        "text": "________________________",
        "box": [
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      {
        "text": "(1)  For a discussion of risk ratings, see Note 4 - Commercial Mortgage Loans in our Consolidated Financial Statements included in this ",
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      {
        "text": "Form 10-Q.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2)  Date loan was originated or acquired by us. The origination or acquisition date is not updated for subsequent loan modifications.",
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      {
        "text": "(3)  Fully extended maturity assumes all extension options are exercised by the borrower; provided, however, that our loans may be repaid ",
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        "confidence": 1.0
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      {
        "text": "prior to such date.",
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        "from_ocr": false,
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      {
        "text": "(4)  Our floating rate loan agreements generally contain the contractual obligation for the borrower to maintain an interest rate cap to protect ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "against rising interest rates. In a simple interest rate cap, the borrower pays a premium for a notional principal amount based on a capped ",
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        "confidence": 1.0
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      {
        "text": "interest rate (the 'cap rate'). When the floating rate exceeds the cap rate, the borrower receives a payment from the cap counterparty ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "equal to the difference between the floating rate and the cap rate on the same notional principal amount for a specified period of time. ",
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        "confidence": 1.0
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      {
        "text": "When interest rates rise, the value of an interest rate cap will increase, thereby reducing the borrower's exposure to rising interest rates. ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)  As of June 2023, all of our commercial mortgage loans, held for investment which had been indexed at LIBOR have been converted ",
        "box": [
          58.46,
          368.80964001,
          545.6279999999998,
          376.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from LIBOR to compounded SOFR, plus a benchmark adjustment of 11.448 basis points, and the applicable spreads remain unchanged. ",
        "box": [
          67.46,
          380.3310254,
          560.1559999999997,
          387.7364923005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The loans which have the SOFR adjustment are indicated with \"Adj. 1M SOFR Term.\"",
        "box": [
          67.46,
          391.13101539999997,
          381.5330000000002,
          398.5364823005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)  Effective yield is calculated as the spread of the loan plus the greater of the applicable index or index floor.",
        "box": [
          58.46,
          404.20967001,
          452.6310000000001,
          412.33649230056443
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)  Loan-to-value percentage (\"LTV\") represents the ratio of the loan amount to the appraised value of the property at the time of ",
        "box": [
          58.46,
          418.00966001,
          521.706,
          426.1364823005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination. However, for predevelopment construction loans at origination, LTV is not applicable and is therefore nil.",
        "box": [
          67.46,
          429.53100539999997,
          493.64600000000013,
          436.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table shows selected data from our commercial mortgage loans, held for sale, measured at fair value as of ",
        "box": [
          67.46,
          445.35891599999997,
          550.7399999999999,
          453.5872125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 (dollars in thousands):",
        "box": [
          49.46,
          457.35891599999997,
          197.16000000000003,
          465.5872125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Type",
        "box": [
          93.76,
          478.028896,
          115.42,
          486.2571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Type",
        "box": [
          176.63,
          478.028896,
          248.54000000000002,
          486.2571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "State",
        "box": [
          293.26001,
          478.028896,
          314.92001,
          486.2571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          360.32001,
          478.028896,
          406.11001000000005,
          486.2571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate",
        "box": [
          428.45001,
          478.028896,
          484.23001,
          486.2571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effective Yield",
        "box": [
          495.35001,
          478.028896,
          558.3100100000001,
          486.2571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TRS Conduit Debt 1",
        "box": [
          52.09,
          492.278896,
          134.52999999999997,
          500.5071925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Agency",
        "box": [
          187.71001,
          492.278896,
          239.34001000000004,
          500.5071925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Florida",
        "box": [
          289.64999,
          492.278896,
          318.51998999999995,
          500.5071925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          348.34,
          492.278896,
          355.84,
          500.5071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,450 ",
        "box": [
          394.13,
          492.278896,
          419.13,
          500.5071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.24%",
        "box": [
          444.35999,
          492.278896,
          470.18998999999997,
          500.5071925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.24%",
        "box": [
          514.85999,
          492.278896,
          540.6899900000001,
          500.5071925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fannie Mae (1)",
        "box": [
          52.09,
          506.46968001000005,
          106.34525,
          514.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Loan",
        "box": [
          186.47,
          506.52892599999996,
          240.58000000000004,
          514.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          288.26001,
          506.52892599999996,
          319.90001,
          514.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          348.34,
          506.52892599999996,
          350.84,
          514.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,780 ",
        "box": [
          394.13,
          506.52892599999996,
          419.13,
          514.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.68%",
        "box": [
          444.35999,
          506.52892599999996,
          470.18998999999997,
          514.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.68%",
        "box": [
          514.85999,
          506.52892599999996,
          540.6899900000001,
          514.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Freddie Mac (1)",
        "box": [
          52.09,
          520.71968001,
          109.67524999999999,
          529.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Loan",
        "box": [
          185.53,
          520.778926,
          239.64000000000004,
          529.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various",
        "box": [
          289.20001,
          520.778926,
          320.84001,
          529.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          348.34,
          520.778926,
          350.84,
          529.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "223,492 ",
        "box": [
          384.13,
          520.778926,
          419.13,
          529.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.38%",
        "box": [
          444.35999,
          520.778926,
          470.18998999999997,
          529.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.38%",
        "box": [
          514.85999,
          520.778926,
          540.6899900000001,
          529.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ginnie Mae (1)",
        "box": [
          52.09,
          534.96968001,
          106.34525,
          543.2572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Loan",
        "box": [
          185.53,
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          239.64000000000004,
          543.2572225561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Various",
        "box": [
          288.26001,
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          319.90001,
          543.2572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          348.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,120 ",
        "box": [
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          419.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.69%",
        "box": [
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          470.18998999999997,
          543.2572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.69%",
        "box": [
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          543.2572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted Average",
        "box": [
          58.09,
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          157.72,
          557.5072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          348.34,
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          355.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "251,842 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.42%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.42%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  Interest rates and effective yields represent weighted averages.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 74,
    "width": 612.0,
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    "cells": [
      {
        "text": "The following table shows selected data from our real estate owned assets in our portfolio as of June 30, 2026 (dollars in ",
        "box": [
          67.46,
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          552.24999,
          89.53719255618262
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        "confidence": 1.0
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      {
        "text": "thousands):",
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        "confidence": 1.0
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      {
        "text": "Type",
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      {
        "text": "Location",
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        "text": "Property Type",
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      {
        "text": "Carrying ",
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        "text": "Value",
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      {
        "text": "Undepreciated / ",
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        "confidence": 1.0
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      {
        "text": "Unamortized Value",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Accounting Classification",
        "box": [
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      {
        "text": "REO 1 (1)",
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      {
        "text": "Jeffersonville, GA",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Industrial",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "115,205 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "139,816 ",
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      {
        "text": "Held for investment",
        "box": [
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        "text": "REO 2",
        "box": [
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      {
        "text": "Portland, OR",
        "box": [
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      {
        "text": "Office",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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        "text": "18,398 ",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "text": "18,544 ",
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        "confidence": 1.0
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      {
        "text": "Held for investment",
        "box": [
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        "text": "REO 3 (2)",
        "box": [
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      {
        "text": "Huntersville, NC",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "66,505 ",
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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": "66,505 ",
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        "confidence": 1.0
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      {
        "text": "Held for investment",
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      {
        "text": "REO 4",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Cleveland, OH",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "37,430 ",
        "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": "37,430 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Held for sale",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "REO 5",
        "box": [
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          79.57000000000001,
          202.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Denver, CO",
        "box": [
          102.34,
          194.228886,
          150.63000000000002,
          202.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          196.09,
          194.228886,
          221.61000000000004,
          202.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          280.84,
          194.228886,
          283.34,
          202.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,760 ",
        "box": [
          315.63,
          194.228886,
          345.63,
          202.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          352.84,
          194.228886,
          355.34,
          202.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,760 ",
        "box": [
          408.63,
          194.228886,
          438.63,
          202.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held for sale",
        "box": [
          445.84,
          194.228886,
          497.44999999999993,
          202.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO 6",
        "box": [
          52.09,
          208.478886,
          79.57000000000001,
          216.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin, TX",
        "box": [
          102.34,
          208.478886,
          147.31000000000003,
          216.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          196.09,
          208.478886,
          244.3600000000001,
          216.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          280.84,
          208.478886,
          283.34,
          216.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,968 ",
        "box": [
          315.63,
          208.478886,
          345.63,
          216.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          352.84,
          208.478886,
          355.34,
          216.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,968 ",
        "box": [
          408.63,
          208.478886,
          438.63,
          216.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held for sale",
        "box": [
          445.84,
          208.478886,
          497.44999999999993,
          216.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO 7",
        "box": [
          52.09,
          222.728886,
          79.57000000000001,
          230.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fort Worth, TX",
        "box": [
          102.34,
          222.728886,
          165.35000000000005,
          230.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          196.09,
          222.728886,
          244.3600000000001,
          230.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          280.84,
          222.728886,
          283.34,
          230.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,580 ",
        "box": [
          315.63,
          222.728886,
          345.63,
          230.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          352.84,
          222.728886,
          355.34,
          230.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,580 ",
        "box": [
          408.63,
          222.728886,
          438.63,
          230.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held for sale",
        "box": [
          445.84,
          222.728886,
          497.44999999999993,
          230.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          58.09,
          236.978886,
          80.86,
          245.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          280.84,
          236.978886,
          288.34,
          245.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "315,846 ",
        "box": [
          310.63,
          236.978886,
          345.63,
          245.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          352.84,
          236.978886,
          360.34,
          245.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "340,603 ",
        "box": [
          403.63,
          236.978886,
          438.63,
          245.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          49.46,
          252.558896,
          169.46,
          260.7871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  Includes intangible lease assets.",
        "box": [
          58.46,
          268.80964001000007,
          181.99000000000007,
          276.93647230056445
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)  Classified as construction-in-progress.",
        "box": [
          58.46,
          282.60966001,
          205.74100000000013,
          290.7364923005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table shows selected data from our equity method investments, in our portfolio as of June 30, 2026 (dollars ",
        "box": [
          67.46,
          299.15890599999994,
          557.0099900000001,
          307.3872025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in thousands):",
        "box": [
          49.46,
          311.15890599999994,
          105.82,
          319.3872025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Type",
        "box": [
          98.63,
          331.828916,
          120.28999999999999,
          340.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Date",
        "box": [
          175.09,
          331.828916,
          245.33000000000004,
          340.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Primary Location(s)",
        "box": [
          253.84,
          331.828916,
          340.69999999999993,
          340.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Type",
        "box": [
          371.63,
          331.828916,
          443.53999999999996,
          340.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Amount",
        "box": [
          474.45999,
          331.828916,
          559.70999,
          340.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investment 1",
        "box": [
          52.09,
          346.078916,
          166.71,
          354.3072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 2024",
        "box": [
          175.09,
          346.078916,
          238.63000000000005,
          354.3072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West New York, NJ",
        "box": [
          253.84,
          346.078916,
          334.8900000000001,
          354.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed Use Property",
        "box": [
          349.09,
          346.078916,
          430.13999999999993,
          354.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          474.34,
          346.078916,
          481.84,
          354.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,224 ",
        "box": [
          530.88,
          346.078916,
          560.88,
          354.3072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investment 2",
        "box": [
          52.09,
          360.328916,
          166.71,
          368.5572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2025",
        "box": [
          175.09,
          360.328916,
          215.91000000000003,
          368.5572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commerce, CA",
        "box": [
          253.84,
          360.328916,
          316.54,
          368.5572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial Property",
        "box": [
          349.09,
          360.328916,
          424.29999999999984,
          368.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.34,
          360.328916,
          476.84,
          368.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,931 ",
        "box": [
          530.88,
          360.328916,
          560.88,
          368.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investment 3",
        "box": [
          52.09,
          374.578916,
          166.71,
          382.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2026",
        "box": [
          175.09,
          374.578916,
          223.67000000000004,
          382.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gardena, CA",
        "box": [
          253.84,
          374.578916,
          306.56000000000006,
          382.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial Property",
        "box": [
          349.09,
          374.578916,
          424.29999999999984,
          382.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.34,
          374.578916,
          476.84,
          382.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,995 ",
        "box": [
          535.88,
          374.578916,
          560.88,
          382.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investment 4",
        "box": [
          52.09,
          392.80889599999995,
          166.71,
          401.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2025",
        "box": [
          175.09,
          392.80889599999995,
          214.25,
          401.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          253.84,
          392.80889599999995,
          271.05,
          401.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily Affordable Debt",
        "box": [
          349.09,
          387.80889599999995,
          465.6299999999998,
          396.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending",
        "box": [
          349.09,
          397.80889599999995,
          382.39,
          406.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.34,
          392.80889599999995,
          476.84,
          401.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,276 ",
        "box": [
          530.88,
          392.80889599999995,
          560.88,
          401.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investment 5",
        "box": [
          52.09,
          411.55889599999995,
          166.71,
          419.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2025",
        "box": [
          175.09,
          411.55889599999995,
          214.25,
          419.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          253.84,
          411.55889599999995,
          271.05,
          419.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily Bridge Lending",
        "box": [
          349.09,
          411.55889599999995,
          462.84999999999985,
          419.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.34,
          411.55889599999995,
          476.84,
          419.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,760 ",
        "box": [
          530.88,
          411.55889599999995,
          560.88,
          419.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          58.09,
          426.328916,
          80.86,
          434.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          474.34,
          426.328916,
          481.84,
          434.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,186 ",
        "box": [
          530.88,
          426.328916,
          560.88,
          434.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table shows selected data from our real estate securities, measured at fair value as of June 30, 2026 (dollars ",
        "box": [
          67.46,
          446.90890599999994,
          557.1400000000001,
          455.1372025561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "in thousands):",
        "box": [
          49.46,
          458.90890599999994,
          105.82,
          467.1372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Type",
        "box": [
          85.51,
          479.578916,
          107.17,
          487.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Interest Rate",
        "box": [
          176.7,
          479.578916,
          234.98000000000002,
          487.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          282.03,
          479.578916,
          320.87999999999994,
          487.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Par Value",
        "box": [
          347.07999,
          479.578916,
          390.09999000000005,
          487.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fair Value",
        "box": [
          418.44,
          479.578916,
          464.23,
          487.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Effective Yield",
        "box": [
          489.23001,
          479.578916,
          554.6900100000001,
          487.8072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 1",
        "box": [
          52.09,
          493.828916,
          87.36000000000001,
          502.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 1.74%",
        "box": [
          158.27,
          493.828916,
          255.27000000000004,
          502.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/15/2030",
        "box": [
          281.19,
          493.828916,
          321.72999999999996,
          502.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.09,
          493.828916,
          347.59,
          502.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,190 ",
        "box": [
          373.13,
          493.828916,
          398.13,
          502.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.34,
          493.828916,
          412.84,
          502.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,172 ",
        "box": [
          453.38,
          493.828916,
          478.38,
          502.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.39%",
        "box": [
          509.98001,
          493.828916,
          535.81001,
          502.0572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 2",
        "box": [
          52.09,
          508.078916,
          87.36000000000001,
          516.3072125561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 2.94%",
        "box": [
          158.27,
          508.078916,
          255.27000000000004,
          516.3072125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/15/2030",
        "box": [
          281.19,
          508.078916,
          321.72999999999996,
          516.3072125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          508.078916,
          342.59,
          516.3072125561828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,490 ",
        "box": [
          368.13,
          508.078916,
          398.13,
          516.3072125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          508.078916,
          407.84,
          516.3072125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,474 ",
        "box": [
          448.38,
          508.078916,
          478.38,
          516.3072125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.59%",
        "box": [
          509.98001,
          508.078916,
          535.81001,
          516.3072125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 3",
        "box": [
          52.09,
          522.3289159999999,
          87.36000000000001,
          530.5572125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 2.95%",
        "box": [
          158.27,
          522.3289159999999,
          255.27000000000004,
          530.5572125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/15/2030",
        "box": [
          278.69,
          522.3289159999999,
          324.22999999999996,
          530.5572125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          522.3289159999999,
          342.59,
          530.5572125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,000 ",
        "box": [
          368.13,
          522.3289159999999,
          398.13,
          530.5572125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          522.3289159999999,
          407.84,
          530.5572125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,062 ",
        "box": [
          448.38,
          522.3289159999999,
          478.38,
          530.5572125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.60%",
        "box": [
          509.98001,
          522.3289159999999,
          535.81001,
          530.5572125561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 4",
        "box": [
          52.09,
          536.5789159999999,
          87.36000000000001,
          544.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 2.14%",
        "box": [
          158.27,
          536.5789159999999,
          255.27000000000004,
          544.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/15/2030",
        "box": [
          278.69,
          536.5789159999999,
          324.22999999999996,
          544.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          536.5789159999999,
          342.59,
          544.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,775 ",
        "box": [
          373.13,
          536.5789159999999,
          398.13,
          544.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          536.5789159999999,
          407.84,
          544.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,760 ",
        "box": [
          453.38,
          536.5789159999999,
          478.38,
          544.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.79%",
        "box": [
          509.98001,
          536.5789159999999,
          535.81001,
          544.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 5",
        "box": [
          52.09,
          550.8289159999999,
          87.36000000000001,
          559.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 2.64%",
        "box": [
          158.27,
          550.8289159999999,
          255.27000000000004,
          559.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/15/2030",
        "box": [
          278.69,
          550.8289159999999,
          324.22999999999996,
          559.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          550.8289159999999,
          342.59,
          559.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,265 ",
        "box": [
          373.13,
          550.8289159999999,
          398.13,
          559.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          550.8289159999999,
          407.84,
          559.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,196 ",
        "box": [
          453.38,
          550.8289159999999,
          478.38,
          559.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.29%",
        "box": [
          509.98001,
          550.8289159999999,
          535.81001,
          559.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 6",
        "box": [
          52.09,
          565.0789159999999,
          87.36000000000001,
          573.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 2.35%",
        "box": [
          158.27,
          565.0789159999999,
          255.27000000000004,
          573.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/21/2043",
        "box": [
          281.19,
          565.0789159999999,
          321.72999999999996,
          573.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          565.0789159999999,
          342.59,
          573.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,659 ",
        "box": [
          368.13,
          565.0789159999999,
          398.13,
          573.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          565.0789159999999,
          407.84,
          573.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,664 ",
        "box": [
          448.38,
          565.0789159999999,
          478.38,
          573.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.00%",
        "box": [
          509.98001,
          565.0789159999999,
          535.81001,
          573.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 7",
        "box": [
          52.09,
          579.3289159999999,
          87.36000000000001,
          587.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 2.75%",
        "box": [
          158.27,
          579.3289159999999,
          255.27000000000004,
          587.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7/21/2043",
        "box": [
          281.19,
          579.3289159999999,
          321.72999999999996,
          587.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          579.3289159999999,
          342.59,
          587.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,000 ",
        "box": [
          368.13,
          579.3289159999999,
          398.13,
          587.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          579.3289159999999,
          407.84,
          587.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,993 ",
        "box": [
          448.38,
          579.3289159999999,
          478.38,
          587.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.40%",
        "box": [
          509.98001,
          579.3289159999999,
          535.81001,
          587.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 8",
        "box": [
          52.09,
          593.5789159999999,
          87.36000000000001,
          601.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 2.90%",
        "box": [
          158.27,
          593.5789159999999,
          255.27000000000004,
          601.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/15/2043",
        "box": [
          281.19,
          593.5789159999999,
          321.72999999999996,
          601.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          593.5789159999999,
          342.59,
          601.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,509 ",
        "box": [
          368.13,
          593.5789159999999,
          398.13,
          601.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          593.5789159999999,
          407.84,
          601.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,610 ",
        "box": [
          448.38,
          593.5789159999999,
          478.38,
          601.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.55%",
        "box": [
          509.98001,
          593.5789159999999,
          535.81001,
          601.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 9",
        "box": [
          52.09,
          607.8289159999999,
          87.36000000000001,
          616.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 3.75%",
        "box": [
          158.27,
          607.8289159999999,
          255.27000000000004,
          616.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2/15/2043",
        "box": [
          281.19,
          607.8289159999999,
          321.72999999999996,
          616.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          607.8289159999999,
          342.59,
          616.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,161 ",
        "box": [
          368.13,
          607.8289159999999,
          398.13,
          616.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          607.8289159999999,
          407.84,
          616.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,236 ",
        "box": [
          448.38,
          607.8289159999999,
          478.38,
          616.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.40%",
        "box": [
          509.98001,
          607.8289159999999,
          535.81001,
          616.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 10",
        "box": [
          52.09,
          622.0789159999999,
          92.36000000000001,
          630.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 7.76%",
        "box": [
          158.27,
          622.0789159999999,
          255.27000000000004,
          630.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5/15/2043",
        "box": [
          281.19,
          622.0789159999999,
          321.72999999999996,
          630.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          622.0789159999999,
          342.59,
          630.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,753 ",
        "box": [
          373.13,
          622.0789159999999,
          398.13,
          630.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          622.0789159999999,
          407.84,
          630.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,629 ",
        "box": [
          453.38,
          622.0789159999999,
          478.38,
          630.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.76%",
        "box": [
          509.98001,
          622.0789159999999,
          535.81001,
          630.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 11",
        "box": [
          52.09,
          636.3289159999999,
          92.36000000000001,
          644.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 2.94%",
        "box": [
          158.27,
          636.3289159999999,
          255.27000000000004,
          644.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/15/2030",
        "box": [
          281.19,
          636.3289159999999,
          321.72999999999996,
          644.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          636.3289159999999,
          342.59,
          644.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,309 ",
        "box": [
          368.13,
          636.3289159999999,
          398.13,
          644.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          636.3289159999999,
          407.84,
          644.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,321 ",
        "box": [
          448.38,
          636.3289159999999,
          478.38,
          644.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.59%",
        "box": [
          509.98001,
          636.3289159999999,
          535.81001,
          644.5572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 12",
        "box": [
          52.09,
          650.5789159999999,
          92.36000000000001,
          658.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 3.95%",
        "box": [
          158.27,
          650.5789159999999,
          255.27000000000004,
          658.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/15/2030",
        "box": [
          281.19,
          650.5789159999999,
          321.72999999999996,
          658.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          650.5789159999999,
          342.59,
          658.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,678 ",
        "box": [
          368.13,
          650.5789159999999,
          398.13,
          658.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          650.5789159999999,
          407.84,
          658.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,758 ",
        "box": [
          448.38,
          650.5789159999999,
          478.38,
          658.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.60%",
        "box": [
          509.98001,
          650.5789159999999,
          535.81001,
          658.8072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS 13",
        "box": [
          52.09,
          664.828916,
          92.36000000000001,
          673.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 month SOFR + 3.00%",
        "box": [
          158.27,
          664.828916,
          255.27000000000004,
          673.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/15/2030",
        "box": [
          281.19,
          664.828916,
          321.72999999999996,
          673.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.09,
          664.828916,
          342.59,
          673.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,370 ",
        "box": [
          368.13,
          664.828916,
          398.13,
          673.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          405.34,
          664.828916,
          407.84,
          673.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,372 ",
        "box": [
          448.38,
          664.828916,
          478.38,
          673.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.65%",
        "box": [
          509.98001,
          664.828916,
          535.81001,
          673.0572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted Average",
        "box": [
          58.09,
          679.078916,
          157.72,
          687.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.09,
          679.078916,
          347.59,
          687.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,159 ",
        "box": [
          363.13,
          679.078916,
          398.13,
          687.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          405.34,
          679.078916,
          412.84,
          687.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,247 ",
        "box": [
          443.38,
          679.078916,
          478.38,
          687.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.62%",
        "box": [
          509.14999,
          679.078916,
          531.64999,
          687.3072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 75,
    "width": 612.0,
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    "cells": [
      {
        "text": "Results of Operations",
        "box": [
          49.46,
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        "confidence": 1.0
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      {
        "text": "The Company conducts its business through the following segments:",
        "box": [
          49.46,
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          324.78999999999996,
          106.53719255618262
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
          67.46,
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          70.96,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt ",
        "box": [
          85.46,
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          529.0299999999997,
          123.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments, including first mortgages, subordinate mortgages, mezzanine loans and participations in such loans. The ",
        "box": [
          85.46,
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          557.1499999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "business also focuses on investing in and asset managing real estate securities, historically focusing on CMBS, CMBS ",
        "box": [
          85.46,
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          560.8099999999995,
          147.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bonds, CDO notes, and other securities.",
        "box": [
          85.46,
          151.308896,
          244.21000000000006,
          159.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.46,
          168.308896,
          70.96,
          176.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Agency Business focuses on originating, selling, and servicing loans under programs offered by GSE's and ",
        "box": [
          85.46,
          168.308896,
          535.0699999999999,
          176.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agencies, such as Fannie Mae, Freddie Mac, Ginnie Mae, and HUD. Additionally, the business services external ",
        "box": [
          85.46,
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          188.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolios of commercial real estate financing products.",
        "box": [
          85.46,
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          307.1100000000001,
          200.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.46,
          209.308896,
          70.96,
          217.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The commercial real estate conduit business, operated through the Company's TRS, is focused on generating risk-",
        "box": [
          85.46,
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          540.9200000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS ",
        "box": [
          85.46,
          221.308896,
          531.3099999999996,
          229.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securitization market at a profit. The TRS may also hold certain mezzanine loans that don't qualify as good REIT ",
        "box": [
          85.46,
          233.308896,
          540.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets due to any potential loss from foreclosure. ",
        "box": [
          85.46,
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          282.75000000000006,
          253.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.46,
          262.308896,
          70.96,
          270.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The real estate owned business represents real estate acquired by the Company through foreclosure, deed-in-lieu of ",
        "box": [
          85.46,
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          547.9499999999999,
          270.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure, or purchase. ",
        "box": [
          85.46,
          276.108916,
          186.74,
          284.3372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          186.73999,
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          190.07599000000002,
          284.7407932082658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comparison of the Six Months Ended June 30, 2026 to the Six Months Ended June 30, 2025",
        "box": [
          49.46,
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          431.02001,
          301.7772125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest Income",
        "box": [
          49.46,
          310.71890599999995,
          128.24999999999997,
          318.9472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income is generated on our interest-earning assets less related interest-bearing liabilities and is recorded as part ",
        "box": [
          67.46,
          327.708896,
          562.3099999999998,
          335.9371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our real estate debt, real estate securities, agency and conduit segments.",
        "box": [
          49.46,
          339.708896,
          346.26,
          347.9371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the average balance of interest-earning assets less related interest-bearing liabilities, ",
        "box": [
          67.46,
          356.708896,
          521.4999999999997,
          364.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated interest income and expense and corresponding yield earned and incurred for the six months ended June 30, 2026 ",
        "box": [
          49.46,
          368.708896,
          548.95001,
          376.9371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 2025 (dollars in thousands):",
        "box": [
          49.46,
          380.708896,
          178.26999999999998,
          388.9371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended",
        "box": [
          340.01999,
          401.378906,
          418.88999,
          409.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          258.17999,
          415.028896,
          316.22999,
          423.2571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025",
        "box": [
          442.67999,
          415.628906,
          500.72999,
          423.8572025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average ",
        "box": [
          208.33,
          429.378906,
          246.34000000000003,
          437.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          206.38,
          439.378906,
          248.29000000000002,
          447.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (1)",
        "box": [
          209.81,
          448.5773889,
          242.36899,
          457.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
          271.31,
          429.378906,
          307.09999999999997,
          437.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/",
        "box": [
          270.75,
          439.378906,
          305.16999999999996,
          447.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expense (2)(3)",
        "box": [
          262.62,
          448.5773889,
          313.3079899999999,
          457.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Yield/",
        "box": [
          326.45999,
          429.378906,
          366.70999,
          437.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing ",
        "box": [
          327.70999,
          439.378906,
          372.95999,
          447.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (4)(5)",
        "box": [
          331.79001,
          448.5773889,
          366.3880099999999,
          457.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average ",
        "box": [
          392.82999,
          429.378906,
          430.83999000000006,
          437.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          390.88,
          439.378906,
          432.79,
          447.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (1)",
        "box": [
          394.31,
          448.5773889,
          426.86900999999995,
          457.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
          455.81,
          429.378906,
          491.59999999999997,
          437.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/",
        "box": [
          455.25,
          439.378906,
          489.66999999999996,
          447.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expense (2)(3)",
        "box": [
          447.12,
          448.5773889,
          497.8079899999999,
          457.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Yield/",
        "box": [
          510.95999,
          429.378906,
          551.2099900000001,
          437.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing ",
        "box": [
          512.21002,
          439.378906,
          557.4600199999999,
          447.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (4)(5)",
        "box": [
          516.28998,
          448.5773889,
          550.8879799999999,
          457.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest-earning assets:",
        "box": [
          52.09,
          463.028896,
          151.71999999999997,
          471.2571925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate debt",
        "box": [
          52.09,
          477.35891599999997,
          115.30999999999996,
          485.5872125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,529,294 ",
        "box": [
          199.09,
          477.35891599999997,
          251.46,
          485.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          261.34,
          477.35891599999997,
          268.84,
          485.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "170,090 ",
        "box": [
          277.96,
          477.35891599999997,
          312.96,
          485.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.5  %",
        "box": [
          351.38,
          477.35891599999997,
          377.21,
          485.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,773,287 ",
        "box": [
          383.59,
          477.35891599999997,
          435.96,
          485.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.84,
          477.35891599999997,
          453.34,
          485.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "216,025 ",
        "box": [
          462.46,
          477.35891599999997,
          497.46,
          485.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.1  %",
        "box": [
          535.88,
          477.35891599999997,
          561.71,
          485.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency debt",
        "box": [
          52.09,
          491.60891599999997,
          102.87999999999998,
          499.8372125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          199.09,
          492.128906,
          201.59,
          500.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,454 ",
        "box": [
          221.46,
          492.128906,
          251.46,
          500.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          261.34,
          492.128906,
          263.84,
          500.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,841 ",
        "box": [
          287.96,
          492.128906,
          312.96,
          500.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  11.1  %",
        "box": [
          346.38,
          491.60891599999997,
          377.21,
          499.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          383.59,
          492.128906,
          386.09,
          500.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          423.46,
          492.128906,
          430.96,
          500.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.84,
          492.128906,
          448.34,
          500.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          484.96,
          492.128906,
          492.46,
          500.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  -  %",
        "box": [
          538.38,
          491.60891599999997,
          556.71,
          499.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate conduit",
        "box": [
          52.09,
          505.858886,
          128.07999999999996,
          514.0871825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          199.09,
          506.378906,
          201.59,
          514.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "137,985 ",
        "box": [
          216.46,
          506.378906,
          251.46,
          514.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          261.34,
          506.378906,
          263.84,
          514.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,944 ",
        "box": [
          287.96,
          506.378906,
          312.96,
          514.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  10.1  %",
        "box": [
          346.38,
          505.858886,
          377.21,
          514.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          383.59,
          506.378906,
          386.09,
          514.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,304 ",
        "box": [
          405.96,
          506.378906,
          435.96,
          514.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.84,
          506.378906,
          448.34,
          514.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,287 ",
        "box": [
          472.46,
          506.378906,
          497.46,
          514.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  14.2  %",
        "box": [
          530.88,
          505.858886,
          561.71,
          514.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate securities",
        "box": [
          52.09,
          520.108886,
          135.80999999999995,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          199.09,
          520.108886,
          201.59,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "175,876 ",
        "box": [
          216.46,
          520.108886,
          251.46,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          261.34,
          520.108886,
          263.84,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,756 ",
        "box": [
          287.96,
          520.108886,
          312.96,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.5  %",
        "box": [
          351.38,
          520.108886,
          377.21,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          383.59,
          520.108886,
          386.09,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124,734 ",
        "box": [
          400.96,
          520.108886,
          435.96,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.84,
          520.108886,
          448.34,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,713 ",
        "box": [
          472.46,
          520.108886,
          497.46,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.6  %",
        "box": [
          535.88,
          520.108886,
          561.71,
          528.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          63.34,
          534.8789059999999,
          86.11,
          543.1072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,930,609 ",
        "box": [
          199.09,
          534.8789059999999,
          251.46,
          543.1072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          261.34,
          534.278926,
          268.84,
          542.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "187,631 ",
        "box": [
          277.96,
          534.278926,
          312.96,
          542.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.6 %",
        "box": [
          351.38,
          534.8789059999999,
          372.21,
          543.1072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,930,325 ",
        "box": [
          383.59,
          534.278926,
          435.96,
          542.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.84,
          534.278926,
          453.34,
          542.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "223,025 ",
        "box": [
          462.46,
          534.278926,
          497.46,
          542.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.0 %",
        "box": [
          535.88,
          534.278926,
          556.71,
          542.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest-bearing liabilities:",
        "box": [
          52.09,
          548.528926,
          166.12000000000003,
          556.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements - ",
        "box": [
          52.09,
          562.358886,
          154.99999999999997,
          570.5871825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial mortgage loans",
        "box": [
          52.09,
          572.358886,
          163.03999999999996,
          580.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  1,017,953 ",
        "box": [
          199.09,
          567.358886,
          251.46,
          575.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          261.34,
          567.358886,
          268.84,
          575.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,876 ",
        "box": [
          282.96,
          567.358886,
          312.96,
          575.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.0  %",
        "box": [
          351.38,
          567.358886,
          377.21,
          575.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          383.59,
          567.358886,
          391.09,
          575.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "458,690 ",
        "box": [
          400.96,
          567.358886,
          435.96,
          575.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.84,
          567.358886,
          453.34,
          575.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,010 ",
        "box": [
          467.46,
          567.358886,
          497.46,
          575.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.9  %",
        "box": [
          535.88,
          567.358886,
          561.71,
          575.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other financing and loan ",
        "box": [
          52.09,
          585.858886,
          154.2,
          594.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participation - commercial ",
        "box": [
          52.09,
          595.858886,
          160.52000000000004,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mortgage loans",
        "box": [
          52.09,
          605.858886,
          113.40999999999998,
          614.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          199.09,
          595.858886,
          201.59,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,865 ",
        "box": [
          221.46,
          595.858886,
          251.46,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          261.34,
          595.858886,
          263.84,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "388 ",
        "box": [
          295.46,
          595.858886,
          312.96,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0  %",
        "box": [
          351.38,
          595.858886,
          377.21,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          383.59,
          595.858886,
          386.09,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,865 ",
        "box": [
          405.96,
          595.858886,
          435.96,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.84,
          595.858886,
          448.34,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "388 ",
        "box": [
          479.96,
          595.858886,
          497.46,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0  %",
        "box": [
          535.88,
          595.858886,
          561.71,
          604.0871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements - real ",
        "box": [
          52.09,
          619.358886,
          172.46,
          627.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate securities",
        "box": [
          52.09,
          629.358886,
          115.01999999999995,
          637.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          199.09,
          624.358886,
          201.59,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200,485 ",
        "box": [
          216.46,
          624.358886,
          251.46,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          261.34,
          624.358886,
          263.84,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,587 ",
        "box": [
          287.96,
          624.358886,
          312.96,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.6  %",
        "box": [
          351.38,
          624.358886,
          377.21,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          383.59,
          624.358886,
          386.09,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "164,654 ",
        "box": [
          400.96,
          624.358886,
          435.96,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.84,
          624.358886,
          448.34,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,394 ",
        "box": [
          472.46,
          624.358886,
          497.46,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.3  %",
        "box": [
          535.88,
          624.358886,
          561.71,
          632.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized loan obligations",
        "box": [
          52.09,
          643.108886,
          174.67999999999995,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          199.09,
          643.108886,
          201.59,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,847,178 ",
        "box": [
          208.96,
          643.108886,
          251.46,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          261.34,
          643.108886,
          263.84,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,803 ",
        "box": [
          282.96,
          643.108886,
          312.96,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.9  %",
        "box": [
          351.38,
          643.108886,
          377.21,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          383.59,
          643.108886,
          386.09,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,289,788 ",
        "box": [
          393.46,
          643.108886,
          435.96,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.84,
          643.108886,
          448.34,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "113,454 ",
        "box": [
          462.46,
          643.108886,
          497.46,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.9  %",
        "box": [
          535.88,
          643.108886,
          561.71,
          651.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured debt",
        "box": [
          52.09,
          657.878906,
          114.52999999999997,
          666.1072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          199.09,
          657.358886,
          201.59,
          665.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "188,519 ",
        "box": [
          216.46,
          657.358886,
          251.46,
          665.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          261.34,
          657.358886,
          263.84,
          665.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,837 ",
        "box": [
          287.96,
          657.358886,
          312.96,
          665.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.3  %",
        "box": [
          351.38,
          657.358886,
          377.21,
          665.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          383.59,
          657.358886,
          386.09,
          665.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "108,533 ",
        "box": [
          400.96,
          657.358886,
          435.96,
          665.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.84,
          657.358886,
          448.34,
          665.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,560 ",
        "box": [
          472.46,
          657.358886,
          497.46,
          665.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.4  %",
        "box": [
          535.88,
          657.358886,
          561.71,
          665.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          63.34,
          672.128906,
          86.11,
          680.3572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,267,000 ",
        "box": [
          199.09,
          671.528926,
          251.46,
          679.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          261.34,
          671.528926,
          268.84,
          679.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132,491 ",
        "box": [
          277.96,
          671.528926,
          312.96,
          679.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.2 %",
        "box": [
          351.38,
          672.128906,
          372.21,
          680.3572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,034,530 ",
        "box": [
          383.59,
          671.528926,
          435.96,
          679.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.84,
          671.528926,
          453.34,
          679.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140,806 ",
        "box": [
          462.46,
          671.528926,
          497.46,
          679.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.0 %",
        "box": [
          535.88,
          671.528926,
          556.71,
          679.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income/spread",
        "box": [
          52.09,
          685.858886,
          159.14999999999998,
          694.0871825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          261.34,
          686.378906,
          268.84,
          694.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,140 ",
        "box": [
          282.96,
          686.378906,
          312.96,
          694.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.4 %",
        "box": [
          351.38,
          686.378906,
          372.21,
          694.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          445.84,
          686.378906,
          453.34,
          694.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,219 ",
        "box": [
          467.46,
          686.378906,
          497.46,
          694.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.0 %",
        "box": [
          535.88,
          686.378906,
          556.71,
          694.6072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average leverage % (6)",
        "box": [
          52.09,
          699.3073689,
          140.65900000000002,
          708.3371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  86.5 %",
        "box": [
          225.8,
          700.628906,
          254.96000000000004,
          708.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  81.8 %",
        "box": [
          410.29999,
          700.628906,
          439.45998999999995,
          708.8572025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average levered yield (7)",
        "box": [
          52.09,
          713.5573689,
          186.40900000000002,
          722.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  16.6  %",
        "box": [
          346.38,
          714.878906,
          377.21,
          723.1072025561828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  18.4  %",
        "box": [
          530.88,
          714.358886,
          561.71,
          722.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.808896000000004,
          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 76,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "(1)  Based on amortized cost for real estate debt and real estate securities and principal amount for interest-bearing liabilities. Amounts are ",
        "box": [
          58.46,
          80.55964001000007,
          553.6629999999999,
          88.68647230056445
        ],
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        "confidence": 1.0
      },
      {
        "text": "calculated based on daily averages for the six months ended June 30, 2026 and 2025, respectively.",
        "box": [
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          92.0809954,
          421.25398999999993,
          99.48646230056443
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      {
        "text": "(2)  Includes the effect of amortization of premium or accretion of discount and deferred fees.",
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          102.15962001000003,
          389.9170000000001,
          110.2864523005644
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      {
        "text": "(3)  Excludes other income on the real estate owned business segment.",
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          305.679,
          121.08649230056437
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        "confidence": 1.0
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      {
        "text": "(4)  Calculated as interest income or expense divided by average carrying value.",
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          58.46,
          123.75966001000006,
          341.19100000000003,
          131.88648230056447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)  Annualized.",
        "box": [
          58.46,
          134.55964001000007,
          111.24999999999999,
          142.68647230056445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)  Calculated by dividing total average interest-bearing liabilities by total average interest-earning assets.",
        "box": [
          58.46,
          145.35963001000005,
          436.44700000000006,
          153.48646230056443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)  Calculated by dividing net interest income/spread by the average interest-earning assets less average interest-bearing liabilities.",
        "box": [
          58.46,
          156.15962001000003,
          525.6729999999998,
          164.2864523005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Income",
        "box": [
          49.46,
          172.71887600000002,
          111.88999999999997,
          180.94717255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income for the six months ended June 30, 2026 and 2025 totaled $189.4 million and $225.1 million, respectively, a ",
        "box": [
          67.46,
          189.70892600000002,
          562.8499800000002,
          197.93722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease of $35.7 million. The decrease was primarily due to i) an approximate 68 basis point decrease in daily average SOFR ",
        "box": [
          49.46,
          201.70892600000002,
          557.4600099999999,
          209.93722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and SOFR equivalent rates and ii) approximately $344.2 million of loans being on non-accrual as of June 30, 2026 versus ",
        "box": [
          49.46,
          213.70892600000002,
          538.46999,
          221.93722255618263
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$56.9 million as of June 30, 2025. As of June 30, 2026, our portfolio consisted of (i) 172 commercial mortgage loans, held for ",
        "box": [
          49.46,
          225.70892600000002,
          556.59,
          233.93722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, (ii) 12 commercial mortgage loans, held for sale, measured at fair value and (iii) 13 real estate securities, available ",
        "box": [
          49.46,
          237.70892600000002,
          557.6100000000001,
          245.93722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for sale, measured at fair value. As of June 30, 2025, our portfolio consisted of (i) 145 commercial mortgage loans, held for ",
        "box": [
          49.46,
          249.70886600000006,
          545.91999,
          257.93716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, (ii) three commercial mortgage loans, held for sale, measured at fair value and (iii) five real estate securities, ",
        "box": [
          49.46,
          261.70886600000006,
          534.56999,
          269.93716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "available for sale, measured at fair value.",
        "box": [
          49.46,
          273.708896,
          213.64000000000004,
          281.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Expense",
        "box": [
          49.46,
          290.71890599999995,
          115.75999999999996,
          298.9472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense for the six months ended June 30, 2026 and 2025 was $132.5 million and $140.8 million, respectively, a ",
        "box": [
          67.46,
          307.708896,
          553.9999800000002,
          315.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease of $8.3 million. The decrease was primarily due to an approximate 68 basis point decrease in daily average SOFR and ",
        "box": [
          49.46,
          319.708896,
          560.7899999999998,
          327.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR equivalent rates coupled with a decrease in spreads.",
        "box": [
          49.46,
          331.708896,
          283.34000999999995,
          339.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(Loss) on Sales, including fee-based services, net",
        "box": [
          49.46,
          348.71890599999995,
          268.7,
          356.9472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sales, including fee-based services, net for the six months ended June 30, 2026 and 2025 was $37.1 million and ",
        "box": [
          67.46,
          365.708896,
          549.5500000000001,
          373.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$5.3 million, respectively, which was comprised of sales, including fee-based services, from our Agency Business and conduit ",
        "box": [
          49.46,
          377.708896,
          557.8299999999999,
          385.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "segments. As discussed below, the increase was primarily attributable to the contributions of the Agency Business in the 2026 ",
        "box": [
          49.46,
          389.708896,
          555.8699999999998,
          397.9371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period, as the Company did not have the Agency Business segment during the 2025 period.",
        "box": [
          49.46,
          401.708896,
          414.6999999999999,
          409.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sales, including fee-based services, net from our Agency Business segment for the six months ended June 30, 2026 ",
        "box": [
          67.46,
          418.708896,
          563.96002,
          426.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was $26.2 million. This was due to Agency loans originated of $1.0 billion and sales of $1.1 billion. The Company did not have ",
        "box": [
          49.46,
          430.708896,
          563.46999,
          438.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Agency Business segment during the six months ended June 30, 2025. ",
        "box": [
          49.46,
          442.708896,
          348.13,
          450.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sales, including fee-based services, net from our conduit segment for the six months ended June 30, 2026 and 2025 ",
        "box": [
          67.46,
          459.708896,
          564.2500100000001,
          467.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was $10.9 million and $5.3 million, respectively. During the six months ended June 30, 2026, the Company sold $354.5 million ",
        "box": [
          49.46,
          471.708896,
          563.23999,
          479.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in principal amount of commercial real estate loans into the CMBS securitization market resulting in proceeds of ",
        "box": [
          49.46,
          483.708896,
          503.02999999999986,
          491.9371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$362.3 million. This is compared to the sale of $114.4 million in principal amount of commercial real estate loans sold into the ",
        "box": [
          49.46,
          495.708896,
          559.1600099999997,
          503.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS securitization market resulting in proceeds of $119.7 million for the six months ended June 30, 2025.",
        "box": [
          49.46,
          507.70892599999996,
          483.79999,
          515.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage Servicing Rights",
        "box": [
          49.46,
          524.718936,
          157.13,
          532.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from mortgage servicing rights for the six months ended June 30, 2026 was $10.7 million which related to the fair ",
        "box": [
          67.46,
          541.708926,
          558.3899800000002,
          549.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of originated MSR loans rate locked under programs with Fannie Mae, Freddie Mac and HUD. The Company did not ",
        "box": [
          49.46,
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          546.21,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have income from mortgage servicing rights for the six months ended June 30, 2025.",
        "box": [
          49.46,
          565.708926,
          388.88998,
          573.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing Revenue ",
        "box": [
          49.46,
          582.718936,
          125.99999999999994,
          590.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing revenue for the six months ended June 30, 2026 was $20.2 million which related to $25.7 million of servicing fee ",
        "box": [
          67.46,
          599.708926,
          564.2300000000002,
          607.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income, $14.8 million in placement fees on borrower escrows and reserves and $2.6 million in MSR impairment recovery. This ",
        "box": [
          49.46,
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          561.98999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is offset by $22.9 million in reductions to the MSR for amortization and payoffs. The Company did not have servicing revenue ",
        "box": [
          49.46,
          623.708926,
          559.2600000000002,
          631.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for the six months ended June 30, 2025.",
        "box": [
          49.46,
          635.708926,
          209.09,
          643.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(Loss) on Derivatives",
        "box": [
          49.46,
          652.718936,
          158.25,
          660.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 77,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Gain on derivatives for the six months ended June 30, 2026 was $2.3 million, compared to a loss of $0.3 million for the six ",
        "box": [
          67.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2025. For the six months ended June 30, 2026, the gain was composed of a $0.1 million unrealized gain ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related to mark to market on credit default swaps and treasury note futures, coupled with a $2.2 million realized gain primarily ",
        "box": [
          49.46,
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          557.99998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due to the termination and settlement of credit default swaps, options and treasury note futures. For the six months ended ",
        "box": [
          49.46,
          117.308896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025, the loss was primarily composed of a $1.2 million unrealized loss on mark to market on credit default swaps, ",
        "box": [
          49.46,
          129.308896,
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          137.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "treasury note futures, and options, partially offset by a realized gain of $0.9 million due to the termination and settlement of ",
        "box": [
          49.46,
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          546.0999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "treasury note futures.",
        "box": [
          49.46,
          153.308896,
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          161.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from Real Estate Owned",
        "box": [
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          183.73,
          178.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026 and 2025, revenue from real estate owned was $12.4 million and $15.1 million, ",
        "box": [
          67.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively. The decrease was primarily due to the sale of one real estate owned property at the beginning of the second quarter ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the current period, which was located in Raleigh, NC.",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision/(Benefit) for Credit losses ",
        "box": [
          49.46,
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          197.05999999999992,
          236.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for credit losses during the six months ended June 30, 2026 was $18.6 million, compared with a benefit of $3.4 ",
        "box": [
          67.46,
          245.308896,
          555.14001,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million during the six months ended June 30, 2025.",
        "box": [
          49.46,
          257.308896,
          254.88,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, general provision for credit losses was $2.3 million compared to a benefit of $4.2 ",
        "box": [
          67.46,
          274.308896,
          559.27002,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million during the six months ended June 30, 2025. General provision for the six months ended June 30, 2026 was attributable ",
        "box": [
          49.46,
          286.30889599999995,
          557.3900000000001,
          294.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to a worsening economic scenario projection utilized for the CECL model compared to preceding periods. General benefit for ",
        "box": [
          49.46,
          298.30889599999995,
          554.6700000000003,
          306.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the six months ended June 30, 2025 was primarily due to a decrease in the size of the overall portfolio.",
        "box": [
          49.46,
          310.30889599999995,
          459.85998999999987,
          318.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, specific provision for credit losses was $16.4 million compared to a specific ",
        "box": [
          67.46,
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          538.4200000000002,
          335.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provision for credit losses of $0.8 million for the six months ended June 30, 2025. For the six months ended June 30, 2026, the ",
        "box": [
          49.46,
          339.30889599999995,
          558.8500200000001,
          347.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase in specific reserve was primarily related to a $13.2 million provision for a non-performing loan secured by two ",
        "box": [
          49.46,
          351.30889599999995,
          530.5899999999998,
          359.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "multifamily properties located in North Carolina, coupled with an increase to provisions for non-performing loans secured by ",
        "box": [
          49.46,
          363.30889599999995,
          553.37,
          371.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "multifamily properties located in Pennsylvania, Arizona, Texas and North Carolina. For the six months ended June 30, 2025, ",
        "box": [
          49.46,
          375.30889599999995,
          551.47003,
          383.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the increase in specific reserve was primarily related to a non-performing loan secured by a multifamily property in Texas, ",
        "box": [
          49.46,
          387.30889599999995,
          542.1599999999999,
          395.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially offset by a partial paydown on a non-performing loan secured by an office property in Georgia.",
        "box": [
          49.46,
          399.30889599999995,
          466.5199999999999,
          407.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, benefit for loss sharing was $0.1 million which related to a $1.0 million increase ",
        "box": [
          67.46,
          416.30889599999995,
          555.9100100000003,
          424.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the general CECL reserve due to a worsening economic scenario outlook, offset with a $1.1 million decrease in the specific ",
        "box": [
          49.46,
          428.30889599999995,
          555.7799800000003,
          436.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan reserve due to the removal of a large at-risk loan from the reserve. The Company did not have an allowance for loss ",
        "box": [
          49.46,
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          534.45,
          448.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sharing for the six months ended June 30, 2025.",
        "box": [
          49.46,
          452.30889599999995,
          241.01001,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(Loss) on Other Real Estate ",
        "box": [
          49.46,
          469.31890599999997,
          186.29000000000002,
          477.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments",
        "box": [
          186.29001,
          469.31890599999997,
          234.57001000000002,
          477.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on other real estate investments for the six months ended June 30, 2026 was $3.2 million primarily due to a gain on ",
        "box": [
          67.46,
          486.30889599999995,
          552.82999,
          494.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure of a property located in Huntersville, NC, partially offset with losses on sales of one multifamily property and one ",
        "box": [
          49.46,
          498.30889599999995,
          555.5699999999998,
          506.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "retail property, as well as a write down on an office property located in Denver, CO. This is compared to a gain of $0.5 million ",
        "box": [
          49.46,
          510.30889599999995,
          559.17999,
          518.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for the six months ended June 30, 2025 primarily due to the sales and settled litigation regarding the Walgreens Portfolio (as ",
        "box": [
          49.46,
          522.308896,
          549.4899999999999,
          530.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defined in Note 8 - Real  Estate Owned), partially offset by losses related to the onboarding of real estate owned, held for sale, ",
        "box": [
          49.46,
          534.308896,
          558.58,
          542.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "multifamily and office properties, as well as fair value write downs on two of our multifamily properties.",
        "box": [
          49.46,
          546.308896,
          468.97999999999985,
          554.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) from equity method investments",
        "box": [
          56.21,
          563.318906,
          239.90000000000003,
          571.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from equity method investments for the six months ended June 30, 2026 of $13.8 million primarily related to the ",
        "box": [
          67.46,
          580.308896,
          553.1199799999999,
          588.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's allocated percentage of unrealized gains on a mixed use property located in New Jersey and an industrial property ",
        "box": [
          49.46,
          592.308896,
          554.2700000000001,
          600.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "located in California. This is compared to income from equity method investments for the six months ended June 30, 2025 of ",
        "box": [
          49.46,
          604.308896,
          552.58,
          612.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.2 million related to the Company's allocated percentage of quarterly income for a mixed use property located in New Jersey.",
        "box": [
          49.46,
          616.308896,
          559.2400000000001,
          624.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) from VIE's",
        "box": [
          49.46,
          633.318906,
          150.48,
          641.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from VIE's for the six months ended June 30, 2026 of $0.3 million primarily related to the Company's purchase of ",
        "box": [
          67.46,
          650.308896,
          558.6900000000002,
          658.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a CMBS B-Piece during the second quarter (see Note 23 - Consolidated Variable Interest Entities Assets and Liabilities, at Fair ",
        "box": [
          49.46,
          662.308896,
          562.4399999999999,
          670.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value). The Company did not own a CMBS B-Piece during the six months ended June 30, 2025.",
        "box": [
          49.46,
          674.308896,
          436.66998,
          682.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision)/Benefit for Income Tax",
        "box": [
          49.46,
          691.318906,
          189.57999999999996,
          699.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Benefit for income tax for the six months ended June 30, 2026 was $2.0 million compared to a provision of $0.5 million for ",
        "box": [
          67.46,
          708.308896,
          564.8200300000001,
          716.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the six months ended June 30, 2025. The increase was primarily due to taxable income related to our Agency Business and ",
        "box": [
          49.46,
          720.308896,
          543.1099899999999,
          728.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conduit segments.",
        "box": [
          49.46,
          732.308896,
          121.60999999999997,
          740.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          121.07999999999997,
          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 78,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Net (Income)/Loss Attributable to Non-controlling Interest",
        "box": [
          49.46,
          81.31890600000008,
          283.95000000000005,
          89.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to non-controlling interest in our consolidated joint ventures for the six months ended June 30, ",
        "box": [
          67.46,
          98.308896,
          544.4599800000001,
          106.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and 2025 was $1.0 million and $0.8 million, respectively.",
        "box": [
          49.46,
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          302.31,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from Operations",
        "box": [
          49.46,
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          155.48,
          135.5472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from operations for the six months ended June 30, 2026 and 2025 consisted of the following (dollars in ",
        "box": [
          67.46,
          144.308896,
          522.6699999999998,
          152.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          49.46,
          156.308896,
          95.55,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended",
        "box": [
          429.26999,
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          508.13999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          392.06,
          191.228886,
          450.11,
          199.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025",
        "box": [
          487.31,
          191.228886,
          545.36,
          199.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Compensation and benefits",
        "box": [
          58.84,
          205.478886,
          167.60999999999999,
          213.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          377.59,
          205.478886,
          385.09,
          213.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,793 ",
        "box": [
          435.63,
          205.478886,
          465.63,
          213.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.84,
          205.478886,
          480.34,
          213.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.38,
          205.478886,
          555.88,
          213.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset management and subordinated performance fee",
        "box": [
          58.84,
          219.728886,
          273.30000000000007,
          227.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.59,
          219.728886,
          380.09,
          227.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,023 ",
        "box": [
          435.63,
          219.728886,
          465.63,
          227.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.84,
          219.728886,
          475.34,
          227.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,092 ",
        "box": [
          530.88,
          219.728886,
          560.88,
          227.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition expenses",
        "box": [
          58.84,
          233.978886,
          144.02999999999994,
          242.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.59,
          233.978886,
          380.09,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "586 ",
        "box": [
          448.13,
          233.978886,
          465.63,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.84,
          233.978886,
          475.34,
          242.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "474 ",
        "box": [
          543.38,
          233.978886,
          560.88,
          242.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Administrative services expenses",
        "box": [
          58.84,
          248.228886,
          192.0,
          256.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.59,
          248.228886,
          380.09,
          256.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,362 ",
        "box": [
          440.63,
          248.228886,
          465.63,
          256.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.84,
          248.228886,
          475.34,
          256.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,232 ",
        "box": [
          535.88,
          248.228886,
          560.88,
          256.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
          58.84,
          262.478886,
          126.81999999999996,
          270.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.59,
          262.478886,
          380.09,
          270.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,526 ",
        "box": [
          435.63,
          262.478886,
          465.63,
          270.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.84,
          262.478886,
          475.34,
          270.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,274 ",
        "box": [
          530.88,
          262.478886,
          560.88,
          270.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other expenses",
        "box": [
          58.84,
          276.728916,
          120.15999999999997,
          284.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.59,
          276.728916,
          380.09,
          284.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,235 ",
        "box": [
          435.63,
          276.728916,
          465.63,
          284.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.84,
          276.728916,
          475.34,
          284.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,505 ",
        "box": [
          530.88,
          276.728916,
          560.88,
          284.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          58.84,
          290.97891599999997,
          180.32000000000005,
          299.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.59,
          290.97891599999997,
          380.09,
          299.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,403 ",
        "box": [
          440.63,
          290.97891599999997,
          465.63,
          299.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.84,
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          475.34,
          299.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,761 ",
        "box": [
          535.88,
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share-based compensation",
        "box": [
          58.84,
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          165.65999999999997,
          313.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.59,
          305.22891599999997,
          380.09,
          313.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,860 ",
        "box": [
          440.63,
          305.22891599999997,
          465.63,
          313.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.84,
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          475.34,
          313.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,562 ",
        "box": [
          535.88,
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses from operations",
        "box": [
          63.34,
          319.47891599999997,
          196.85000000000002,
          327.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          377.59,
          319.47891599999997,
          385.09,
          327.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,788 ",
        "box": [
          430.63,
          319.47891599999997,
          465.63,
          327.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          472.84,
          319.47891599999997,
          480.34,
          327.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,900 ",
        "box": [
          530.88,
          319.47891599999997,
          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The increase in operating expense for the six months ended June 30, 2026 compared to 2025 was primarily related to ",
        "box": [
          67.46,
          340.05889599999995,
          537.8099799999999,
          348.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increases resulting from our acquisition of NewPoint, including (i) an increase in professional fees related to correspondent fees ",
        "box": [
          49.46,
          352.05889599999995,
          563.03,
          360.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "paid from our Agency Business segment and (ii) our incurrence of compensation and benefits cost of $43.8 million compared to ",
        "box": [
          49.46,
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          564.2299800000002,
          372.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "no such expenses during the six months ended June 30, 2025.",
        "box": [
          49.46,
          376.05889599999995,
          295.42001,
          384.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, we incurred asset management and subordinated performance fees and ",
        "box": [
          67.46,
          393.05889599999995,
          516.7400099999999,
          401.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "administrative services expenses of $12.0 million and $4.4 million, respectively, which are payable to our Advisor under our ",
        "box": [
          49.46,
          405.05889599999995,
          550.6099800000001,
          413.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Advisory Agreement. For the six months ended June 30, 2026 compared to June 30, 2025, asset management and subordinated ",
        "box": [
          49.46,
          417.05889599999995,
          559.87998,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance fees stayed relatively consistent due to minimal changes in applicable average equity between periods, while ",
        "box": [
          49.46,
          429.05889599999995,
          539.06,
          437.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "administrative services expenses decreased due to the time spent on the NewPoint acquisition in the prior period compared to ",
        "box": [
          49.46,
          441.05889599999995,
          553.02,
          449.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "none in the current period. Refer to Note 18 - Related Party Transactions and Arrangements for a summary of the Company's ",
        "box": [
          49.46,
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          552.3899999999999,
          461.2871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Advisory Agreement with the Advisor and a description of how our fees are calculated.",
        "box": [
          49.46,
          465.05889599999995,
          399.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76",
        "box": [
          301.0,
          769.728886,
          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 79,
    "width": 612.0,
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    "cells": [
      {
        "text": "Comparison of the Three Months Ended June 30, 2026 to the Three Months Ended March 31, 2026",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest Income",
        "box": [
          49.46,
          98.31890600000008,
          128.24999999999997,
          106.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income is generated on our interest-earning assets less related interest-bearing liabilities and is recorded as part ",
        "box": [
          67.46,
          115.308896,
          562.3099999999998,
          123.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our real estate debt, real estate securities, agency and conduit segments.",
        "box": [
          49.46,
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          346.26,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the average balance of interest-earning assets less related interest-bearing liabilities, ",
        "box": [
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          521.4999999999997,
          152.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated interest income and expense and corresponding yield earned and incurred for the three months ended June 30, 2026 ",
        "box": [
          49.46,
          156.308896,
          557.25,
          164.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and March 31, 2026 (dollars in thousands):",
        "box": [
          49.46,
          168.308896,
          221.85000000000005,
          176.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          333.17999,
          183.978886,
          424.22999000000004,
          192.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          258.92999,
          198.228886,
          316.97999,
          206.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          439.28,
          198.228886,
          505.63,
          206.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average ",
        "box": [
          209.08,
          211.978886,
          247.09000000000003,
          220.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          207.13,
          221.978886,
          249.04000000000002,
          230.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (1)",
        "box": [
          210.56,
          231.17736890000003,
          243.11899,
          240.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
          273.56,
          211.978886,
          309.34999999999997,
          220.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/",
        "box": [
          273.0,
          221.978886,
          307.41999999999996,
          230.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expense (2)(3)",
        "box": [
          264.87,
          231.17736890000003,
          315.5579899999999,
          240.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Yield/",
        "box": [
          328.70999,
          211.978886,
          368.95999,
          220.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing ",
        "box": [
          329.95999,
          221.978886,
          375.20999,
          230.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (4)(5)",
        "box": [
          334.04001,
          231.17736890000003,
          368.6380099999999,
          240.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average ",
        "box": [
          394.32999,
          211.978886,
          432.33999000000006,
          220.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          392.38,
          221.978886,
          434.29,
          230.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (1)",
        "box": [
          395.81,
          231.17736890000003,
          428.36900999999995,
          240.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest ",
        "box": [
          456.56,
          211.978886,
          492.34999999999997,
          220.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/",
        "box": [
          456.0,
          221.978886,
          490.41999999999996,
          230.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expense (2)(3)",
        "box": [
          447.87,
          231.17736890000003,
          498.5579899999999,
          240.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Yield/",
        "box": [
          510.95999,
          211.978886,
          551.2099900000001,
          220.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing ",
        "box": [
          512.21002,
          221.978886,
          557.4600199999999,
          230.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (4)(5)",
        "box": [
          516.28998,
          231.17736890000003,
          550.8879799999999,
          240.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest-earning assets:",
        "box": [
          52.09,
          245.62890600000003,
          151.71999999999997,
          253.85720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate debt",
        "box": [
          52.09,
          259.95886600000006,
          115.30999999999996,
          268.18716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          198.34,
          259.95886600000006,
          205.84,
          268.18716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,558,512 ",
        "box": [
          211.21,
          259.95886600000006,
          253.71,
          268.18716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          263.59,
          259.95886600000006,
          271.09,
          268.18716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,483 ",
        "box": [
          287.88,
          259.95886600000006,
          317.88,
          268.18716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.7  %",
        "box": [
          353.63,
          259.95886600000006,
          379.46,
          268.18716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 4,475,335 ",
        "box": [
          385.84,
          260.478886,
          436.71,
          268.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.59,
          260.478886,
          454.09,
          268.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,606 ",
        "box": [
          470.88,
          260.478886,
          500.88,
          268.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.4  %",
        "box": [
          535.13,
          260.478886,
          560.96,
          268.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency debt",
        "box": [
          52.09,
          274.208896,
          102.87999999999998,
          282.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          198.34,
          274.728916,
          200.84,
          282.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,601 ",
        "box": [
          218.71,
          274.728916,
          253.71,
          282.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          263.59,
          274.728916,
          266.09,
          282.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,567 ",
        "box": [
          292.88,
          274.728916,
          317.88,
          282.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.4  %",
        "box": [
          353.63,
          274.208896,
          379.46,
          282.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.84,
          274.728916,
          388.34,
          282.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172,337 ",
        "box": [
          401.71,
          274.728916,
          436.71,
          282.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.59,
          274.728916,
          449.09,
          282.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,274 ",
        "box": [
          475.88,
          274.728916,
          500.88,
          282.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.3  %",
        "box": [
          535.13,
          274.728916,
          560.96,
          282.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate conduit",
        "box": [
          52.09,
          288.458896,
          128.07999999999996,
          296.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          198.34,
          288.97891599999997,
          200.84,
          297.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138,103 ",
        "box": [
          218.71,
          288.97891599999997,
          253.71,
          297.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          263.59,
          288.97891599999997,
          266.09,
          297.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,122 ",
        "box": [
          292.88,
          288.97891599999997,
          317.88,
          297.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.0  %",
        "box": [
          353.63,
          288.458896,
          379.46,
          296.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.84,
          288.97891599999997,
          388.34,
          297.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,331 ",
        "box": [
          401.71,
          288.97891599999997,
          436.71,
          297.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.59,
          288.97891599999997,
          449.09,
          297.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,822 ",
        "box": [
          475.88,
          288.97891599999997,
          500.88,
          297.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  9.4  %",
        "box": [
          535.13,
          288.97891599999997,
          560.96,
          297.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate securities",
        "box": [
          52.09,
          302.708896,
          135.80999999999995,
          310.9371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          198.34,
          302.708896,
          200.84,
          310.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "183,632 ",
        "box": [
          218.71,
          302.708896,
          253.71,
          310.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          263.59,
          302.708896,
          266.09,
          310.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,023 ",
        "box": [
          292.88,
          302.708896,
          317.88,
          310.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.6  %",
        "box": [
          353.63,
          302.708896,
          379.46,
          310.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.84,
          303.22891599999997,
          388.34,
          311.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,064 ",
        "box": [
          401.71,
          303.22891599999997,
          436.71,
          311.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.59,
          303.22891599999997,
          449.09,
          311.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,732 ",
        "box": [
          475.88,
          303.22891599999997,
          500.88,
          311.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.5  %",
        "box": [
          535.13,
          303.22891599999997,
          560.96,
          311.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          64.09,
          317.47891599999997,
          86.86,
          325.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          198.34,
          316.878906,
          205.84,
          325.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,002,848 ",
        "box": [
          211.21,
          316.878906,
          253.71,
          325.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          263.59,
          316.878906,
          271.09,
          325.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96,195 ",
        "box": [
          285.21,
          316.878906,
          315.21,
          325.1072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.7 %",
        "box": [
          353.63,
          317.47891599999997,
          374.46,
          325.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 4,979,067 ",
        "box": [
          385.84,
          317.47891599999997,
          436.71,
          325.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.59,
          317.47891599999997,
          454.09,
          325.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,434 ",
        "box": [
          468.21,
          317.47891599999997,
          498.21,
          325.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.3 %",
        "box": [
          535.13,
          317.47891599999997,
          555.96,
          325.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest-bearing liabilities:",
        "box": [
          52.09,
          331.128906,
          166.12000000000003,
          339.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements - ",
        "box": [
          52.09,
          344.958896,
          154.99999999999997,
          353.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial mortgage loans",
        "box": [
          52.09,
          354.958896,
          163.03999999999996,
          363.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          198.34,
          349.958896,
          205.84,
          358.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "972,781 ",
        "box": [
          218.71,
          349.958896,
          253.71,
          358.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          263.59,
          349.958896,
          271.09,
          358.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,142 ",
        "box": [
          287.88,
          349.958896,
          317.88,
          358.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.0  %",
        "box": [
          353.63,
          349.958896,
          379.46,
          358.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 1,209,052 ",
        "box": [
          385.84,
          354.97891599999997,
          436.71,
          363.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.59,
          354.97891599999997,
          454.09,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,734 ",
        "box": [
          470.88,
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          500.88,
          363.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.2  %",
        "box": [
          535.13,
          354.97891599999997,
          560.96,
          363.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other financing and loan ",
        "box": [
          52.09,
          368.458896,
          154.2,
          376.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participation - commercial ",
        "box": [
          52.09,
          378.458896,
          160.52000000000004,
          386.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mortgage loans",
        "box": [
          52.09,
          388.458896,
          113.40999999999998,
          396.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          198.34,
          378.458896,
          200.84,
          386.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,865 ",
        "box": [
          223.71,
          378.458896,
          253.71,
          386.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          263.59,
          378.458896,
          266.09,
          386.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "195 ",
        "box": [
          300.38,
          378.458896,
          317.88,
          386.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.1  %",
        "box": [
          353.63,
          378.458896,
          379.46,
          386.6871925561827
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
          385.84,
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          388.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "12,865 ",
        "box": [
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          436.71,
          396.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          446.59,
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          449.09,
          396.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "193 ",
        "box": [
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          500.88,
          396.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0  %",
        "box": [
          535.13,
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          560.96,
          396.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Repurchase agreements - real ",
        "box": [
          52.09,
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          172.46,
          410.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate securities",
        "box": [
          52.09,
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          115.01999999999995,
          420.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          198.34,
          406.958896,
          200.84,
          415.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "199,637 ",
        "box": [
          218.71,
          406.958896,
          253.71,
          415.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          263.59,
          406.958896,
          266.09,
          415.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,279 ",
        "box": [
          292.88,
          406.958896,
          317.88,
          415.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.6  %",
        "box": [
          353.63,
          406.958896,
          379.46,
          415.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.84,
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          388.34,
          420.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "201,343 ",
        "box": [
          401.71,
          411.97891599999997,
          436.71,
          420.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.59,
          411.97891599999997,
          449.09,
          420.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,308 ",
        "box": [
          475.88,
          411.97891599999997,
          500.88,
          420.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  4.6  %",
        "box": [
          535.13,
          411.97891599999997,
          560.96,
          420.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized loan obligations",
        "box": [
          52.09,
          425.708896,
          174.67999999999995,
          433.9371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          198.34,
          425.708896,
          200.84,
          433.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,988,907 ",
        "box": [
          211.21,
          425.708896,
          253.71,
          433.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          263.59,
          425.708896,
          266.09,
          433.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,723 ",
        "box": [
          287.88,
          425.708896,
          317.88,
          433.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.9  %",
        "box": [
          353.63,
          425.708896,
          379.46,
          433.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.84,
          426.22891599999997,
          388.34,
          434.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,703,874 ",
        "box": [
          394.21,
          426.22891599999997,
          436.71,
          434.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.59,
          426.22891599999997,
          449.09,
          434.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,080 ",
        "box": [
          470.88,
          426.22891599999997,
          500.88,
          434.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.9  %",
        "box": [
          535.13,
          426.22891599999997,
          560.96,
          434.4572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured debt",
        "box": [
          52.09,
          440.47891599999997,
          114.52999999999997,
          448.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          198.34,
          439.958896,
          200.84,
          448.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "188,532 ",
        "box": [
          218.71,
          439.958896,
          253.71,
          448.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          263.59,
          439.958896,
          266.09,
          448.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,922 ",
        "box": [
          292.88,
          439.958896,
          317.88,
          448.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.3  %",
        "box": [
          353.63,
          439.958896,
          379.46,
          448.1871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          385.84,
          440.47891599999997,
          388.34,
          448.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "188,507 ",
        "box": [
          401.71,
          440.47891599999997,
          436.71,
          448.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          446.59,
          440.47891599999997,
          449.09,
          448.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,915 ",
        "box": [
          475.88,
          440.47891599999997,
          500.88,
          448.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.3  %",
        "box": [
          535.13,
          440.47891599999997,
          560.96,
          448.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          63.34,
          454.72891599999997,
          86.11,
          462.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          198.34,
          454.128906,
          205.84,
          462.3572025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,362,722 ",
        "box": [
          211.21,
          454.128906,
          253.71,
          462.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          263.59,
          454.128906,
          271.09,
          462.3572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,261 ",
        "box": [
          287.88,
          454.128906,
          317.88,
          462.3572025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.2 %",
        "box": [
          353.63,
          454.72891599999997,
          374.46,
          462.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 4,315,641 ",
        "box": [
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          436.71,
          462.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          446.59,
          454.72891599999997,
          454.09,
          462.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,230 ",
        "box": [
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          500.88,
          462.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.0 %",
        "box": [
          535.13,
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          555.96,
          462.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income/spread",
        "box": [
          52.09,
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          159.14999999999998,
          476.6871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          263.59,
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          271.09,
          477.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,934 ",
        "box": [
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          317.88,
          477.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.5 %",
        "box": [
          353.63,
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          374.46,
          477.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          454.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,204 ",
        "box": [
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          500.88,
          477.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.3 %",
        "box": [
          535.13,
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          555.96,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average leverage % (6)",
        "box": [
          52.09,
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          490.9371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  87.2 %",
        "box": [
          228.05,
          483.22891599999997,
          257.21000000000004,
          491.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  86.7 %",
        "box": [
          411.04999,
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          440.20998999999995,
          491.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average levered yield (7)",
        "box": [
          52.09,
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          186.40900000000002,
          505.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  18.1  %",
        "box": [
          348.63,
          497.47891599999997,
          379.46,
          505.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  15.8  %",
        "box": [
          530.13,
          497.47891599999997,
          560.96,
          505.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          49.46,
          513.058896,
          169.46,
          521.2871925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  Based on amortized cost for real estate debt and real estate securities and principal amount for interest-bearing liabilities. Amounts are ",
        "box": [
          58.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculated based on daily averages for the three months ended June 30, 2026 and March 31, 2026, respectively.",
        "box": [
          67.46,
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          474.29799999999994,
          548.9264623005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)  Includes the effect of amortization of premium or accretion of discount and deferred fees.",
        "box": [
          58.46,
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          389.9170000000001,
          560.2364623005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)  Excludes other income on the real estate owned business segment.",
        "box": [
          58.46,
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          305.679,
          571.0365123005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)  Calculated as interest income or expense divided by average carrying value.",
        "box": [
          58.46,
          573.70967001,
          341.19100000000003,
          581.8364923005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)  Annualized.",
        "box": [
          58.46,
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          111.24999999999999,
          592.6364823005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)  Calculated by dividing total average interest-bearing liabilities by total average interest-earning assets.",
        "box": [
          58.46,
          595.30964001,
          436.44700000000006,
          603.4364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)  Calculated by dividing net interest income/spread by the average interest-earning assets less average interest-bearing liabilities.",
        "box": [
          58.46,
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          525.6729999999998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest Income",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income for the three months ended June 30, 2026 and March 31, 2026 totaled $97.2 million and $92.2 million, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, a increase of $5.0 million. The increase was primarily due to an increase in interest collected on non-accrual loans,  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially offset by a decrease in spreads while daily average SOFR and SOFR equivalent rates stayed relatively consistent. As ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of June 30, 2026, our portfolio consisted of (i) 172 commercial mortgage loans, held for investment, (ii) 12 commercial ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mortgage loans, held for sale, measured at fair value and (iii) 13 real estate securities, available for sale, measured at fair value. ",
        "box": [
          49.46,
          687.658936,
          560.1,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, our portfolio consisted of (i) 177 commercial mortgage loans, held for investment, (ii) 14 commercial ",
        "box": [
          49.46,
          699.658936,
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          707.8872325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mortgage loans, held for sale, measured at fair value and (iii) 12 real estate securities, available for sale, measured at fair value. ",
        "box": [
          49.46,
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          560.1,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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        "confidence": 1.0
      },
      {
        "text": "77",
        "box": [
          301.0,
          769.728886,
          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 80,
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    "cells": [
      {
        "text": "Interest Expense",
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      {
        "text": "Interest expense for the three months ended June 30, 2026 and March 31, 2026 totaled $67.3 million and $65.2 million, ",
        "box": [
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      {
        "text": "respectively, an increase of $2.1 million. The increase was primarily due to transaction costs incurred in a CMBS trust ",
        "box": [
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      {
        "text": "securitization in May 2026, where the Company purchased the B Piece (see Note 23 - Consolidated Variable Interest Entities ",
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        "confidence": 1.0
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      {
        "text": "Assets and Liabilities, at Fair Value).",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Gain/(loss) on sales, including fee-based services, net",
        "box": [
          49.46,
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          264.8,
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        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Gain on sales, including fee-based services, net for the three months ended June 30, 2026 and March 31, 2026 was ",
        "box": [
          67.46,
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        "confidence": 1.0
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      {
        "text": "$15.8 million and $21.3 million, respectively, which was comprised of sales, including fee-based services, from our Agency ",
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        "confidence": 1.0
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      {
        "text": "Business and conduit segments.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sales, including fee-based services, net from our Agency Business segment for the three months ended June 30, ",
        "box": [
          67.46,
          209.308896,
          549.7600000000001,
          217.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and March 31, 2026 was $9.8 million and $16.5 million, respectively. The decrease was primarily due to lower premiums ",
        "box": [
          49.46,
          221.308896,
          560.90998,
          229.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earned on loans rate locked during the three months ended June 30, 2026 as compared with three months ended March 31, ",
        "box": [
          49.46,
          233.308896,
          540.93001,
          241.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026.",
        "box": [
          49.46,
          245.308896,
          71.96,
          253.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sales, including fee-based services, net from our conduit segment for the three months ended June 30, 2026 and ",
        "box": [
          67.46,
          262.308896,
          550.0500000000001,
          270.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 was $6.0 million and $4.8 million, respectively. During the three months ended June 30, 2026, the Company ",
        "box": [
          49.46,
          274.308896,
          552.10999,
          282.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sold $249.5 million in principal amount of commercial real estate loans into the CMBS securitization market resulting in ",
        "box": [
          49.46,
          286.30889599999995,
          534.6999999999998,
          294.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds of $252.6 million. This is compared to the sale of $105.0 million in principal amount of commercial real estate loans ",
        "box": [
          49.46,
          298.30889599999995,
          556.0999999999999,
          306.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into the CMBS securitization market resulting in proceeds of $109.3 million for the three months ended March 31, 2026.",
        "box": [
          49.46,
          310.30889599999995,
          532.60004,
          318.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage servicing rights",
        "box": [
          49.46,
          327.31890599999997,
          153.80999999999995,
          335.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income for mortgage servicing rights for the three months ended June 30, 2026 and March 31, 2026 was $3.9 million and ",
        "box": [
          67.46,
          344.30889599999995,
          555.9500200000001,
          352.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6.7 million, respectively. The decrease is related to lower volume of loans sold during the three months ended June 30, 2026 ",
        "box": [
          49.46,
          356.30889599999995,
          554.22003,
          364.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to the three months ended March 31, 2026.",
        "box": [
          49.46,
          368.30889599999995,
          263.14999,
          376.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing Revenue",
        "box": [
          49.46,
          385.31890599999997,
          123.50999999999995,
          393.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing revenue for the three months ended June 30, 2026 and March 31, 2026 was $9.7 million and $10.6 million, ",
        "box": [
          67.46,
          402.30889599999995,
          538.47998,
          410.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively. The decrease was primarily due to MSR impairment recoveries recognized during the first quarter due to potential ",
        "box": [
          49.46,
          414.30889599999995,
          561.8499999999999,
          422.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market interest rate increase, which resulted in lower prepayment rates and higher portfolio valuation, compared to no ",
        "box": [
          49.46,
          426.30889599999995,
          523.5799999999998,
          434.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment recoveries recognized in the second quarter.",
        "box": [
          49.46,
          438.30889599999995,
          273.87,
          446.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(Loss) on derivatives",
        "box": [
          49.46,
          455.31890599999997,
          156.03,
          463.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on derivatives for the three months ended June 30, 2026 was $0.5 million composed of a $1.2 million unrealized loss ",
        "box": [
          67.46,
          472.30889599999995,
          559.7899900000001,
          480.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related to mark to market on credit default swaps, treasury note futures, and options, offset by a $1.7 million realized gain ",
        "box": [
          49.46,
          484.30889599999995,
          538.61999,
          492.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily due to the termination and settlement of credit default swaps and options. This is compared to a gain on derivatives ",
        "box": [
          49.46,
          496.30889599999995,
          551.6400000000001,
          504.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for the three months ended March 31, 2026 of $1.9 million composed of a $0.6 million realized gain related to the termination ",
        "box": [
          49.46,
          508.30889599999995,
          556.41999,
          516.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and settlement of credit default swaps and options, coupled with an unrealized gain of $1.3 million related to mark to market on ",
        "box": [
          49.46,
          520.308896,
          562.74998,
          528.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit default swaps, treasury note futures, and options.",
        "box": [
          49.46,
          532.308896,
          270.34000000000003,
          540.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from Real Estate Owned",
        "box": [
          49.46,
          549.318906,
          183.73,
          557.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026 and March 31, 2026, revenue from real estate owned was $5.5 million and $6.9 ",
        "box": [
          67.46,
          566.308896,
          557.33002,
          574.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, respectively. The decrease was primarily due to the sale of one real estate owned property at the beginning of the ",
        "box": [
          49.46,
          578.308896,
          537.4399999999999,
          586.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "second quarter of the current period, which was located in Raleigh, NC.",
        "box": [
          49.46,
          590.308896,
          336.35000000000014,
          598.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision)/Benefit for Credit losses",
        "box": [
          49.46,
          607.318906,
          194.55999999999992,
          615.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for credit losses was $7.2 million for the three months ended June 30, 2026, compared to a provision of ",
        "box": [
          67.46,
          624.308896,
          524.0399899999999,
          632.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$11.4 million for the three months ended March 31, 2026.",
        "box": [
          49.46,
          636.308896,
          281.5,
          644.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, general provision for credit losses was $3.7 million, compared with a general ",
        "box": [
          67.46,
          653.308896,
          550.8899800000003,
          661.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "benefit for credit losses of $1.3 million for the three months ended March 31, 2026. General provision for the three months ",
        "box": [
          49.46,
          665.308896,
          543.43999,
          673.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026 was attributable to a worsening economic scenario projection utilized for the CECL model compared to ",
        "box": [
          49.46,
          677.308896,
          550.5500000000002,
          685.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preceding periods. General benefit for the three months ended March 31, 2026 was attributable to more favorable economic ",
        "box": [
          49.46,
          689.308896,
          546.6599899999999,
          697.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions utilized for the CECL model compared to preceding periods.",
        "box": [
          49.46,
          701.308896,
          344.13,
          709.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          22.037192556182617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 81,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "For the three months ended June 30, 2026 and March 31, 2026, specific provision for credit losses was $1.5 million and ",
        "box": [
          67.46,
          81.308896,
          549.02003,
          89.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$14.8 million, respectively. For the three months ended June 30, 2026, the increase in specific reserve was primarily related to ",
        "box": [
          49.46,
          93.308896,
          556.93,
          101.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increases in the specific reserves for non-performing loans secured by multifamily properties located in Arizona and Texas. For ",
        "box": [
          49.46,
          105.308896,
          561.91,
          113.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the three months ended March 31, 2026, the specific provision was primarily related to a $13.2 million provision for a non-",
        "box": [
          49.46,
          117.308896,
          542.5999800000001,
          125.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performing loan secured by two multifamily properties located in North Carolina, coupled with an increase to provisions for ",
        "box": [
          49.46,
          129.308896,
          548.64,
          137.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-performing loans secured by multifamily properties located in Pennsylvania, Arizona and North Carolina.",
        "box": [
          49.46,
          141.308896,
          490.65,
          149.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, provision for loss sharing was $2.1 million, compared with a benefit for loss ",
        "box": [
          67.46,
          158.308896,
          547.91999,
          166.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sharing of $2.1 million for the three months ended March 31, 2026. For the three months ended June 30, 2026, the provision ",
        "box": [
          49.46,
          170.308896,
          549.37,
          178.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily related to a worsening economic scenario outlook since the end of the prior quarter. For the three months ended ",
        "box": [
          49.46,
          182.308896,
          537.52002,
          190.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 the benefit primarily related to a $1.2 million decrease to the general CECL reserve due to an increased overall ",
        "box": [
          49.46,
          194.308896,
          561.0100100000002,
          202.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic outlook, coupled with a $0.9 million decrease in the specific loan reserve due to the removal of a large at-risk loan ",
        "box": [
          49.46,
          206.308896,
          550.4999999999999,
          214.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from the reserve.",
        "box": [
          49.46,
          218.308896,
          117.42999999999995,
          226.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain/(Loss) on Other Real Estate Investments",
        "box": [
          49.46,
          235.31890600000008,
          233.45000000000005,
          243.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on other real estate investments for the three months ended June 30, 2026 was $7.7 million primarily due to a gain on ",
        "box": [
          67.46,
          252.308896,
          561.13,
          260.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure of a property located in Huntersville, NC, partially offset by a write down on an office property located in Denver, ",
        "box": [
          49.46,
          264.308896,
          556.6600000000001,
          272.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CO. This is compared to a loss on other real estate investments for the three months ended March 31, 2026 for $4.5 million ",
        "box": [
          49.46,
          276.308896,
          544.53003,
          284.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily due to a fair value write-down of one of our multifamily properties which was subsequently sold in the second ",
        "box": [
          49.46,
          288.30889599999995,
          532.8599999999998,
          296.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter, coupled with a loss realized on the sale of the final property from the Walgreens Portfolio (as defined in Note 8 - Real  ",
        "box": [
          49.46,
          300.30889599999995,
          561.0799999999999,
          308.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estate Owned).",
        "box": [
          49.46,
          312.30889599999995,
          111.04999999999998,
          320.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) from equity method investments",
        "box": [
          49.46,
          329.31890599999997,
          233.15000000000006,
          337.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, gain from equity method investments was $1.3 million primarily related to the ",
        "box": [
          67.46,
          346.30889599999995,
          555.5999899999999,
          354.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Company's net allocated percentage of unrealized gains on our multifamily affordable debt lending equity method investment. ",
        "box": [
          49.46,
          358.30889599999995,
          556.4699999999999,
          366.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This is compared to income from equity method investments of $12.4 million for the three months ended March 31, 2026 ",
        "box": [
          49.46,
          370.30889599999995,
          537.90002,
          378.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily related to the Company's allocated percentage of unrealized gains on a mixed use property located in New Jersey and ",
        "box": [
          49.46,
          382.30889599999995,
          560.0500000000002,
          390.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an industrial property located in California.",
        "box": [
          49.46,
          394.30889599999995,
          222.57000000000008,
          402.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income/(loss) from VIE's",
        "box": [
          49.46,
          411.31890599999997,
          150.48,
          419.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from VIE's for the three months ended June 30, 2026 of $0.3 million primarily related to the Company's purchase ",
        "box": [
          67.46,
          428.30889599999995,
          556.1599900000001,
          436.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of a CMBS B-Piece during the second quarter (see Note 23 - Consolidated Variable Interest Entities Assets and Liabilities, at ",
        "box": [
          49.46,
          440.30889599999995,
          554.68,
          448.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value). The Company did not own a CMBS B-Piece during the three months ended March 31, 2026.",
        "box": [
          49.46,
          452.30889599999995,
          471.31998,
          460.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision)/Benefit for Income Tax",
        "box": [
          49.46,
          469.31890599999997,
          189.57999999999996,
          477.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Benefit for income tax for the three months ended June 30, 2026 was $2.9 million compared to a benefit of $0.9 million for ",
        "box": [
          67.46,
          486.30889599999995,
          563.0899900000001,
          494.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the three months ended March 31, 2026. The difference is related to changes in taxable earnings in our Agency Business and ",
        "box": [
          49.46,
          498.30889599999995,
          550.85999,
          506.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conduit segments.",
        "box": [
          49.46,
          510.30889599999995,
          121.60999999999997,
          518.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (Income)/Loss Attributable to Non-controlling Interest",
        "box": [
          49.46,
          527.318906,
          283.95000000000005,
          535.5472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to non-controlling interest in our consolidated joint ventures for the three months ended June 30, ",
        "box": [
          67.46,
          544.308896,
          552.7600000000001,
          552.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 was $0.7 million compared to net income of $0.3 million for the three months ended March 31, 2026. ",
        "box": [
          49.46,
          556.308896,
          480.47998,
          564.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79",
        "box": [
          301.0,
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          311.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 82,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Expenses from operations",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from operations for the three months ended June 30, 2026 and March 31, 2026 consisted of the following (dollars ",
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          106.53719255618262
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      {
        "text": "in thousands):",
        "box": [
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          110.308896,
          105.82,
          118.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Three Months Ended",
        "box": [
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          517.22999,
          134.2071825561826
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        "confidence": 1.0
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      {
        "text": "June 30, 2026",
        "box": [
          396.56,
          140.228886,
          454.61,
          148.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          484.66,
          140.228886,
          551.01,
          148.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Compensation and benefits",
        "box": [
          58.84,
          154.478886,
          167.60999999999999,
          162.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          383.59,
          154.478886,
          391.09,
          162.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,969 ",
        "box": [
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          154.478886,
          468.63,
          162.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          154.478886,
          483.34,
          162.7071825561826
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        "confidence": 1.0
      },
      {
        "text": "22,824 ",
        "box": [
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          154.478886,
          560.88,
          162.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset management and subordinated performance fee",
        "box": [
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          273.30000000000007,
          176.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          168.728886,
          386.09,
          176.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,969 ",
        "box": [
          443.63,
          168.728886,
          468.63,
          176.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          168.728886,
          478.34,
          176.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,054 ",
        "box": [
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition expenses",
        "box": [
          58.84,
          182.978886,
          144.02999999999994,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          383.59,
          182.978886,
          386.09,
          191.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "415 ",
        "box": [
          451.13,
          182.978886,
          468.63,
          191.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          182.978886,
          478.34,
          191.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171 ",
        "box": [
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          182.978886,
          560.88,
          191.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Administrative services expenses",
        "box": [
          58.84,
          197.228886,
          192.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          383.59,
          197.228886,
          386.09,
          205.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,028 ",
        "box": [
          443.63,
          197.228886,
          468.63,
          205.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          197.228886,
          478.34,
          205.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,334 ",
        "box": [
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Professional fees",
        "box": [
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          126.81999999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          383.59,
          211.478886,
          386.09,
          219.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,241 ",
        "box": [
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          211.478886,
          468.63,
          219.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          211.478886,
          478.34,
          219.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,285 ",
        "box": [
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          211.478886,
          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share-based compensation",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          386.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,457 ",
        "box": [
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          225.728886,
          468.63,
          233.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
          225.728886,
          478.34,
          233.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,403 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Depreciation and amortization",
        "box": [
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          180.32000000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          386.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,983 ",
        "box": [
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          468.63,
          248.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          475.84,
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          478.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3,420 ",
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      {
        "text": "Other expenses",
        "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": "12,030 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "11,205 ",
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      {
        "text": "Total expenses from operations",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,092 ",
        "box": [
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          468.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,696 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "The decrease in operating expenses for the three months ended June 30, 2026 was primarily related to (i) a decrease in ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "professional fees related to less correspondent fees paid from our Agency Business segment and (ii) a decrease in compensation ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "and benefits caused by a decrease in commissionable loan fees recognized in the second quarter compared to the first.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "For the three months ended June 30, 2026 we incurred asset management and subordinated performance fees and ",
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        "confidence": 1.0
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      {
        "text": "administrative services expenses of $6.0 million and $2.0 million, respectively, which are payable to our Advisor under our ",
        "box": [
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      {
        "text": "Advisory Agreement. For the three months ended June 30, 2026 compared to March 31, 2026, asset management and ",
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        "confidence": 1.0
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      {
        "text": "subordinated performance fees stayed relatively consistent due to minimal changes in applicable average equity between ",
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        "confidence": 1.0
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      {
        "text": "periods. Refer to Note 18 - Related Party Transactions and Arrangements for a summary of the Company's Advisory ",
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        "confidence": 1.0
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      {
        "text": "Agreement with the Advisor and a description of how our fees are calculated.",
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      {
        "text": "Table of Contents",
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      {
        "text": "80",
        "box": [
          301.0,
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        "confidence": 1.0
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  {
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    "cells": [
      {
        "text": "Liquidity and Capital Resources",
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      {
        "text": "Overview",
        "box": [
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        "text": "Our expected material cash requirements over the next twelve months and thereafter are composed of (i) contractually ",
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      {
        "text": "obligated payments, including payments of principal and interest and contractually obligated fundings on our loans; (ii) other ",
        "box": [
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      {
        "text": "essential expenditures, including operating and administrative expenses and dividends paid in accordance with REIT ",
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      {
        "text": "distribution requirements; and (iii) opportunistic investments, including new loans.",
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        "text": "Our contractually obligated payments primarily consist of payment obligations under the debt financing arrangements ",
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        "confidence": 1.0
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      {
        "text": "which are set forth below, and included in 'Contractual Obligations and Commitments.'",
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        "text": "We may from time to time purchase or retire outstanding debt securities or repurchase or redeem our equity securities. ",
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      {
        "text": "Such purchases, if any, will depend on prevailing market conditions, liquidity requirements and other factors.",
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        "confidence": 1.0
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      {
        "text": "We closely monitor our liquidity position and believe that we have sufficient current liquidity and access to additional ",
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        "confidence": 1.0
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      {
        "text": "liquidity to meet our financial obligations for the next twelve months and beyond.",
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      {
        "text": "Debt-to-Equity Ratio and Total Leverage Ratio",
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      {
        "text": "The following table presents our debt-to-equity and total leverage ratios:",
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      {
        "text": "June 30, 2026",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Net debt-to-equity ratio (1)",
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        "confidence": 1.0
      },
      {
        "text": "2.6x",
        "box": [
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          316.22891599999997,
          457.82999,
          324.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5x",
        "box": [
          542.33002,
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          559.83002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total leverage ratio (2)",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "2.6x",
        "box": [
          440.32999,
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          457.82999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5x",
        "box": [
          542.33002,
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          559.83002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "(1)  Represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase ",
        "box": [
          58.46,
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          557.1299999999999,
          371.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements - commercial mortgage loans, repurchase agreements - real estate securities, asset-specific financing arrangements, and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "unsecured debt, less cash and cash equivalents, to (ii) total equity and total redeemable convertible preferred stock, at period end. ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Recourse net debt-to-equity ratio was 0.7x and 0.8x as of June 30, 2026 and December 31, 2025, respectively.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "(2)  Represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase ",
        "box": [
          58.46,
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          558.1699999999998,
          420.0264723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements - commercial mortgage loans, repurchase agreements - real estate securities, asset-specific financing arrangements, and ",
        "box": [
          67.46,
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          542.3179999999998,
          431.33649230056443
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "unsecured debt, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse leverage ratio was 0.8x and ",
        "box": [
          67.46,
          434.7310154,
          558.246,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.9x as of June 30, 2026 and December 31, 2025, respectively. ",
        "box": [
          67.46,
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          295.84799,
          452.9364723005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sources of Liquidity",
        "box": [
          49.46,
          461.36889599999995,
          129.95,
          469.5971925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our primary sources of liquidity include unrestricted cash, capacity in our collateralized loan obligations available for ",
        "box": [
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          478.35891599999997,
          541.0,
          486.5872125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reinvestment, and financings available and in progress on financing lines. ",
        "box": [
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          490.35891599999997,
          345.79,
          498.5872125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our current sources of near-term liquidity as of June 30, 2026 and December 31, 2025 are set forth in the following table ",
        "box": [
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          507.358886,
          553.6499899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(dollars in millions):",
        "box": [
          49.46,
          519.358886,
          131.59999999999997,
          527.5871825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          380.06,
          541.528926,
          438.11,
          549.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          470.70001,
          541.528926,
          551.4600100000001,
          549.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrestricted cash",
        "box": [
          52.09,
          557.278926,
          121.70999999999995,
          565.5072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.09,
          557.278926,
          371.59,
          565.5072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136 ",
        "box": [
          437.63,
          557.278926,
          455.13,
          565.5072225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          462.34,
          557.278926,
          469.84,
          565.5072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167 ",
        "box": [
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          557.278926,
          560.88,
          565.5072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO reinvestment available (1)",
        "box": [
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          572.2274189,
          172.269,
          581.2572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.09,
          573.028926,
          366.59,
          581.2572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78 ",
        "box": [
          442.63,
          573.028926,
          455.13,
          581.2572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          462.34,
          573.028926,
          464.84,
          581.2572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30 ",
        "box": [
          548.38,
          573.028926,
          560.88,
          581.2572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financings available & in progress (2)",
        "box": [
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          587.9774189,
          198.95899,
          597.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.09,
          588.778926,
          366.59,
          597.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "583 ",
        "box": [
          437.63,
          588.778926,
          455.13,
          597.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          462.34,
          588.778926,
          464.84,
          597.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "624 ",
        "box": [
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          588.778926,
          560.88,
          597.0072225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          63.34,
          604.528926,
          86.11,
          612.7572225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          364.09,
          604.528926,
          371.59,
          612.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "797 ",
        "box": [
          437.63,
          604.528926,
          455.13,
          612.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          462.34,
          604.528926,
          469.84,
          612.7572225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "821 ",
        "box": [
          543.38,
          604.528926,
          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "________________________",
        "box": [
          49.46,
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          169.46,
          628.3371825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  See discussion below for further information on the Company's collateralized loan obligations.",
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          644.4864623005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)  Represents cash available we can invest at a market advance rate utilizing our available capacity on financing lines.",
        "box": [
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          650.15968001,
          482.619,
          658.2865123005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We expect to use additional debt and equity financing as a source of capital. Our board of directors currently intends to ",
        "box": [
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          674.9372225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operate at a leverage level of between one to three times book value of equity. However, our board of directors may change this ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "target without shareholder approval. We anticipate that our debt and equity financing sources and our anticipated cash ",
        "box": [
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          523.86,
          698.9372225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generated from operations will be adequate to fund our anticipated uses of capital. ",
        "box": [
          49.46,
          702.708926,
          380.15,
          710.9372225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have an effective shelf registration statement for offerings of equity securities that is not limited on the amount of ",
        "box": [
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          539.6299999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities we may issue. We also have authorized an at-the-market sales program ('ATM') pursuant to which we may sell up to ",
        "box": [
          49.46,
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          563.28,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81",
        "box": [
          301.0,
          769.728886,
          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 84,
    "width": 612.0,
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    "cells": [
      {
        "text": "$200 million of shares of our common stock from time to time. We have not sold any shares of common stock under the ATM ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to date. We also may access liquidity through our dividend reinvestment and stock purchase plan ('DRIP'), which includes a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "direct stock purchase option.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to our current mix of financing sources, we may also access additional forms of financings, including credit ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilities, securitizations, public and private, secured and unsecured debt issuances by the Company or its subsidiaries, or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "through capital recycling initiatives whereby we sell certain assets in our portfolio and reinvest the proceeds in assets with more ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attractive risk-adjusted returns.",
        "box": [
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          173.45,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized Loan Obligations",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " As of June 30, 2026, the Company had $77.5 million of reinvestment capital available across all outstanding collateralized ",
        "box": [
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          562.4399999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan obligations. The following table shows the par value outstanding for each CLO and the respective reinvestment end dates ",
        "box": [
          49.46,
          204.308896,
          556.6500000000001,
          212.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(dollars in millions):",
        "box": [
          49.46,
          216.308896,
          131.59999999999997,
          224.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO Name",
        "box": [
          106.27,
          236.978886,
          155.41,
          245.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt Amount",
        "box": [
          267.56,
          236.978886,
          325.6,
          245.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reinvestment End Date",
        "box": [
          411.81,
          236.978886,
          512.86,
          245.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023-FL10 Issuer",
        "box": [
          52.09,
          251.228886,
          123.44999999999999,
          259.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          217.84,
          251.228886,
          225.34,
          259.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "355.5 ",
        "box": [
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          251.228886,
          376.38,
          259.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ended",
        "box": [
          515.54999,
          251.228886,
          541.0799900000001,
          259.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024-FL11 Issuer",
        "box": [
          52.09,
          265.478886,
          123.44999999999999,
          273.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          217.84,
          265.478886,
          225.34,
          273.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "886.2 ",
        "box": [
          351.38,
          265.478886,
          376.38,
          273.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10/08/27",
        "box": [
          505.54001,
          265.478886,
          541.0800099999999,
          273.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025-FL12 Issuer",
        "box": [
          52.09,
          279.728916,
          123.44999999999999,
          287.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          217.84,
          279.728916,
          225.34,
          287.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "947.2 ",
        "box": [
          351.38,
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          376.38,
          287.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "05/08/28",
        "box": [
          505.54001,
          279.728916,
          541.0800099999999,
          287.9572125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026-FL13 Issuer",
        "box": [
          52.09,
          293.97891599999997,
          123.44999999999999,
          302.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          217.84,
          293.97891599999997,
          225.34,
          302.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "778.1 ",
        "box": [
          351.38,
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          376.38,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11/10/28",
        "box": [
          505.54001,
          293.97891599999997,
          541.0800099999999,
          302.2072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase Agreements and Revolving Credit Facilities (\"Repo and Revolving Credit Facilities\")",
        "box": [
          49.46,
          314.56890599999997,
          440.6599999999999,
          322.7972025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Repo and Revolving Credit Facilities are financing sources through which the Company may pledge one or more ",
        "box": [
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          540.2800000000002,
          339.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mortgage loans to the financing entity in exchange for funds typically at an advance rate that typically range between 60% to ",
        "box": [
          49.46,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75% of the principal amount of the mortgage loan being pledged. ",
        "box": [
          49.46,
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          313.0800000000001,
          363.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We expect to use the advances from these Repo and Revolving Credit Facilities to finance the acquisition or origination of ",
        "box": [
          67.46,
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          559.6199999999999,
          380.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein. ",
        "box": [
          49.46,
          384.55889599999995,
          560.77,
          392.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Repo and Revolving Credit Facilities generally provide that in the event of a decrease in the value of our collateral, the ",
        "box": [
          67.46,
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          563.1700000000002,
          409.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lenders can demand additional collateral. Should the value of our collateral decrease as a result of deteriorating credit quality, ",
        "box": [
          49.46,
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          553.4599999999998,
          421.7871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resulting margin calls may cause an adverse change in our liquidity position.",
        "box": [
          49.46,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82",
        "box": [
          301.0,
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          311.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 85,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following tables summarize our Repo and Revolving Credit Facilities and our master repurchase agreements ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(\"MRAs\") for the six months ended June 30, 2026, 2025, and 2024, respectively (dollars in thousands):",
        "box": [
          49.46,
          93.308896,
          462.62999999999977,
          101.53719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026",
        "box": [
          371.20999,
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          453.69999,
          117.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount Outstanding",
        "box": [
          291.29001,
          123.22888599999999,
          382.1200099999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Outstanding Balance",
        "box": [
          424.35999,
          123.22888599999999,
          552.05999,
          131.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1",
        "box": [
          292.45001,
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          305.22001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q2",
        "box": [
          368.20001,
          137.478886,
          380.97001,
          145.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1",
        "box": [
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          137.478886,
          456.72001,
          145.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Q2",
        "box": [
          519.70001,
          137.478886,
          532.47001,
          145.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements and revolving credit ",
        "box": [
          52.09,
          150.70892600000002,
          232.13000000000005,
          158.93722255618263
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilities - commercial mortgage loans",
        "box": [
          52.09,
          160.70892600000002,
          205.73000000000005,
          168.93722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.09,
          160.728886,
          272.59,
          168.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,495,300 ",
        "box": [
          291.13,
          160.728886,
          333.63,
          168.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.84,
          160.728886,
          348.34,
          168.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "802,380 ",
        "box": [
          374.38,
          160.728886,
          409.38,
          168.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          416.59,
          160.728886,
          424.09,
          168.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,307,092 ",
        "box": [
          442.63,
          160.728886,
          485.13,
          168.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          492.34,
          160.728886,
          499.84,
          168.9571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "986,047 ",
        "box": [
          525.88,
          160.728886,
          560.88,
          168.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements, real estate securities",
        "box": [
          52.09,
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          232.06000000000006,
          182.68722255618263
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          265.09,
          174.978886,
          267.59,
          183.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "212,168 ",
        "box": [
          298.63,
          174.978886,
          333.63,
          183.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.84,
          174.978886,
          343.34,
          183.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "196,538 ",
        "box": [
          374.38,
          174.978886,
          409.38,
          183.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          416.59,
          174.978886,
          419.09,
          183.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "212,685 ",
        "box": [
          450.13,
          174.978886,
          485.13,
          183.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          492.34,
          174.978886,
          494.84,
          183.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "238,355 ",
        "box": [
          525.88,
          174.978886,
          560.88,
          183.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          64.09,
          189.228886,
          86.86,
          197.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.09,
          189.228886,
          272.59,
          197.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,707,468 ",
        "box": [
          291.13,
          189.228886,
          333.63,
          197.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.84,
          189.228886,
          348.34,
          197.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "998,918 ",
        "box": [
          374.38,
          189.228886,
          409.38,
          197.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          416.59,
          189.228886,
          424.09,
          197.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,519,777 ",
        "box": [
          442.63,
          189.228886,
          485.13,
          197.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          492.34,
          189.228886,
          499.84,
          197.4571825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,224,402 ",
        "box": [
          518.38,
          189.228886,
          560.88,
          197.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2025",
        "box": [
          371.20999,
          217.728886,
          453.69999,
          225.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount Outstanding",
        "box": [
          291.29001,
          231.978886,
          382.1200099999999,
          240.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Outstanding Balance",
        "box": [
          424.35999,
          231.978886,
          552.05999,
          240.2071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1",
        "box": [
          292.45001,
          246.228886,
          305.22001,
          254.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q2",
        "box": [
          368.20001,
          246.228886,
          380.97001,
          254.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1",
        "box": [
          443.95001,
          246.228886,
          456.72001,
          254.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q2",
        "box": [
          519.70001,
          246.228886,
          532.47001,
          254.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements and revolving credit ",
        "box": [
          52.09,
          259.45886600000006,
          232.13000000000005,
          267.68716255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilities - commercial mortgage loans",
        "box": [
          52.09,
          269.45886600000006,
          205.73000000000005,
          277.68716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.09,
          269.478886,
          272.59,
          277.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "429,314 ",
        "box": [
          298.63,
          269.478886,
          333.63,
          277.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.84,
          269.478886,
          348.34,
          277.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "573,093 ",
        "box": [
          374.38,
          269.478886,
          409.38,
          277.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          416.59,
          269.478886,
          424.09,
          277.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "426,898 ",
        "box": [
          450.13,
          269.478886,
          485.13,
          277.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          492.34,
          269.478886,
          499.84,
          277.7071825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "588,457 ",
        "box": [
          525.88,
          269.478886,
          560.88,
          277.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements - real estate securities",
        "box": [
          52.09,
          283.208896,
          235.39000000000007,
          291.4371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          265.09,
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          267.59,
          291.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "206,164 ",
        "box": [
          298.63,
          283.72891599999997,
          333.63,
          291.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.84,
          283.72891599999997,
          343.34,
          291.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128,890 ",
        "box": [
          374.38,
          283.72891599999997,
          409.38,
          291.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          416.59,
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          419.09,
          291.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,374 ",
        "box": [
          450.13,
          283.72891599999997,
          485.13,
          291.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          492.34,
          283.72891599999997,
          494.84,
          291.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "253,388 ",
        "box": [
          525.88,
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          560.88,
          291.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          63.34,
          297.97891599999997,
          86.11,
          306.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.09,
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          272.59,
          306.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "635,478 ",
        "box": [
          298.63,
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          333.63,
          306.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.84,
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          348.34,
          306.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "701,983 ",
        "box": [
          374.38,
          297.97891599999997,
          409.38,
          306.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          416.59,
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          424.09,
          306.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "676,272 ",
        "box": [
          450.13,
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          485.13,
          306.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          492.34,
          297.97891599999997,
          499.84,
          306.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "841,845 ",
        "box": [
          525.88,
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          560.88,
          306.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2024",
        "box": [
          371.20999,
          326.47891599999997,
          453.69999,
          334.7072125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount Outstanding",
        "box": [
          291.29001,
          340.72891599999997,
          382.1200099999999,
          348.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Outstanding Balance",
        "box": [
          424.35999,
          340.72891599999997,
          552.05999,
          348.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1",
        "box": [
          292.45001,
          354.97891599999997,
          305.22001,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q2",
        "box": [
          368.20001,
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          380.97001,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1",
        "box": [
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          456.72001,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Q2",
        "box": [
          519.70001,
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          532.47001,
          363.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements and revolving credit ",
        "box": [
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          368.208896,
          232.13000000000005,
          376.4371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilities - commercial mortgage loans",
        "box": [
          52.09,
          378.208896,
          205.73000000000005,
          386.4371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          265.09,
          378.22891599999997,
          272.59,
          386.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "412,556 ",
        "box": [
          298.63,
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          333.63,
          386.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.84,
          378.22891599999997,
          348.34,
          386.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "762,437 ",
        "box": [
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          409.38,
          386.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          416.59,
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          424.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "382,313 ",
        "box": [
          450.13,
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          485.13,
          386.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          492.34,
          378.22891599999997,
          499.84,
          386.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "671,561 ",
        "box": [
          525.88,
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          560.88,
          386.4572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements - real estate securities",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          267.59,
          400.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "194,769 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "243,646 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          419.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "217,012 ",
        "box": [
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          400.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          494.84,
          400.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,442 ",
        "box": [
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          560.88,
          400.7072125561827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total",
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          86.11,
          414.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          272.59,
          414.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "607,325 ",
        "box": [
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          414.9572125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          348.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,006,083 ",
        "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
      },
      {
        "text": "599,325 ",
        "box": [
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          485.13,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          492.34,
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          499.84,
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        "confidence": 1.0
      },
      {
        "text": "921,003 ",
        "box": [
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The use of our warehouse lines is dependent upon a number of factors including but not limited to: origination volume, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan repayments and prepayments, our use of other financing sources such as collateralized loan obligations, our liquidity needs ",
        "box": [
          49.46,
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          563.3299999999998,
          447.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and types of loan assets and underlying collateral that we hold.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, the maximum average outstanding balance was $1.6 billion, of which ",
        "box": [
          67.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.4 billion was related to repurchase agreements on our commercial mortgage loans and $0.2 billion for repurchase agreements ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our real estate securities. ",
        "box": [
          49.46,
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          163.18,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2025, the maximum average outstanding balance was $0.7 billion, of which ",
        "box": [
          67.46,
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          526.5000000000001,
          517.5371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.6 billion was related to repurchase agreements on our commercial mortgage loans and $0.1 billion for repurchase agreements ",
        "box": [
          49.46,
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          529.5371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our real estate securities. ",
        "box": [
          49.46,
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          163.18,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2024, the maximum average outstanding balance was $1.0 billion, of which ",
        "box": [
          67.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.8 billion was related to repurchase agreements on our commercial mortgage loans and $0.2 billion for repurchase agreements ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our real estate securities.",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 86,
    "width": 612.0,
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    "cells": [
      {
        "text": "Distributions",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In order to maintain our election to qualify as a REIT, we must currently distribute, at a minimum, an amount equal to 90% ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our taxable income, without regard to the deduction for distributions paid and excluding net capital gains. The Company ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate U.S. federal income taxes.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions on our common stock are payable when declared by our board of directors.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends payable on each share of Series H convertible preferred stock (\"Series H Preferred Stock\") is generally equal to ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the quarterly dividend that would have been paid had such share of preferred stock been converted to a share of common stock, ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "except to the extent common stock dividends have been reduced below certain specified levels. To the extent dividends on ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "shares of preferred stock are not authorized and declared by our board of directors and paid by the Company monthly, the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dividend amounts will accrue.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Holders of shares of the Company's 7.50% Series E Cumulative Redeemable Preferred Stock (\"Series E Preferred Stock\") ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "are entitled to receive, when, as and if authorized by our board of directors and declared by the Company, out of funds legally ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "available for the payment of dividends, cumulative cash dividends at the rate of 7.50% of the $25.00 per share liquidation ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "preference per annum (equivalent to $1.875 per annum per share). ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In June 2026, the Company's board of directors declared the following: (i) a second quarter 2026 dividend of $0.20 per ",
        "box": [
          67.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share on the Company's common stock (equivalent to $0.80 per annum), (ii) a second quarter 2026 dividend of $59.84 per share ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the Company's Series H Preferred Stock (iii) a second quarter 2026 dividend of $0.46875 per share on the Company's Series ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "E Preferred Stock, and (iv) a second quarter 2026 dividend of $0.20 per unit on the OP Units, all of which were paid in July ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 to holders of record as of June 30, 2026.",
        "box": [
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          232.97,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under the DRIP, the Company may elect to supply shares for reinvestment via newly issued shares of common stock or via ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "shares of common stock purchased by the DRIP administrator on the open market. During the six months ended June 30, 2026 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and 2025, no shares were newly issued, and 69,509 and 80,497 shares of common stock were purchased, respectively, by the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "administrator under the dividend reinvestment component of the DRIP.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026 and 2025, the Company paid an aggregate of $44.9 million and $59.2 million, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "respectively, of common stock distributions. In addition, during the six months ended June 30, 2026, the OP paid $4.7 million ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of distributions to holders of OP Units. There were no OP Units outstanding during the six months ended June 30, 2025.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
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  {
    "page_no": 87,
    "width": 612.0,
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    "cells": [
      {
        "text": "Cash Flows",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth changes in cash, cash equivalents and restricted cash for the six months ended June 30, 2026 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 2025:",
        "box": [
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          89.17,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Six Months Ended June 30,",
        "box": [
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          139.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          391.20999,
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          411.20999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash Flows From Operating Activities",
        "box": [
          52.09,
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          206.9400000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          351.34,
          159.478886,
          358.84,
          167.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,738)  $ ",
        "box": [
          423.79999999999995,
          159.478886,
          466.84,
          167.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128,057 ",
        "box": [
          525.13,
          159.478886,
          560.13,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows From Investing Activities",
        "box": [
          52.09,
          173.728886,
          204.18000000000006,
          181.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          351.34,
          173.728886,
          353.84,
          181.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,655 ",
        "box": [
          422.13,
          173.728886,
          452.13,
          181.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          459.34,
          173.728886,
          461.84,
          181.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "525,814 ",
        "box": [
          525.13,
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          560.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows From Financing Activities",
        "box": [
          52.09,
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          206.95000000000007,
          196.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          351.34,
          187.978886,
          353.84,
          196.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(36,087)   ",
        "box": [
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          187.978886,
          461.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(427,955) ",
        "box": [
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          563.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash",
        "box": [
          52.09,
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          338.0799999999999,
          210.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          351.34,
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          358.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,170)  $ ",
        "box": [
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          466.84,
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        "confidence": 1.0
      },
      {
        "text": "225,916 ",
        "box": [
          525.13,
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          560.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows from Operating Activities",
        "box": [
          49.46,
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          204.87000000000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, cash outflows of $5.7 million from operating activities were primarily driven ",
        "box": [
          67.46,
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          248.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by (i) net income of $28.6 million and (ii) net outflows of $42.0 million related to originations, sales or repayment of ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial mortgage loans, held for sale, measured at fair value.",
        "box": [
          49.46,
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          310.76,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2025, cash inflows of $128.1 million from operating activities were primarily driven ",
        "box": [
          67.46,
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          561.46,
          289.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by (i) net income of $48.1 million and (ii) net inflows of $75.4 million related to originations, sales and repayment of ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial mortgage loans, held for sale, measured at fair value.",
        "box": [
          49.46,
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          310.76,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows from Investing Activities",
        "box": [
          49.46,
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          201.53000000000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, cash inflows of $11.7 million from investing activities were primarily driven ",
        "box": [
          67.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by (i) proceeds from principal repayments of $749.1 million received on commercial mortgage loans, held for investment, (ii) ",
        "box": [
          49.46,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds received from distributions from equity method investments of $13.9 million and (iii) proceeds from the sale of ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment securities of $9.4 million. Inflows were partially offset by (i) the origination and purchase of $671.1 million of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial mortgage loans, held for investment, (ii) the purchase of real estate securities, available for sale for $40.6 million, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iii) the purchase of and contributions to equity method investments of $20.8 million, (iv) the purchase of investment securities ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of $12.3 million and (v) the purchase of interests in the CMBS trust for $27.4 million.",
        "box": [
          49.46,
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          393.06,
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        "from_ocr": false,
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      {
        "text": "During the six months ended June 30, 2025, our cash inflows of $525.8 million from investing activities were primarily ",
        "box": [
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      {
        "text": "driven by (i) proceeds from principal repayments of $596.5 million received on commercial mortgage loans, held for ",
        "box": [
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      {
        "text": "investment, (ii) proceeds received from the sale or paydown of real estate securities of $181.3 million and (iii) proceeds from ",
        "box": [
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      {
        "text": "the sale of real estate owned, held for sale assets of $44.9 million. Inflows were partially offset by (i) the origination and ",
        "box": [
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      {
        "text": "purchase of $223.1 million of commercial mortgage loans, held for investment and (ii) the purchase of real estate securities, ",
        "box": [
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        "text": "available for sale for $61.3 million.",
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      {
        "text": "Cash Flows from Financing Activities",
        "box": [
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      {
        "text": "During the six months ended June 30, 2026, cash outflows of $36.1 million from financing activities were primarily driven ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "by (i) net repayments on repurchase agreements and revolving credit facilities for commercial mortgage loans of $284.7 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "million, (ii) $57.6 million of distributions paid to shareholders and (iii) $55.8 million of common stock repurchases. Outflows ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "were partially offset by (i) net borrowings on collateralized loan obligations of $210.1 million, (ii) net borrowings on ",
        "box": [
          49.46,
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        "confidence": 1.0
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      {
        "text": "repurchase agreements for real estate securities of $9.2 million and (iii) proceeds from issuance of debt of consolidated VIEs for ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$157.4 million.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2025, cash outflows of $428.0 million from financing activities were primarily ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "driven by (i) repayments from borrowings on collateralized loan obligations of $589.5 million, (ii) net repayments on ",
        "box": [
          49.46,
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        "confidence": 1.0
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      {
        "text": "repurchase agreements for real estate securities of $107.7 million and (iii) $72.7 million of distributions paid to shareholders. ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Outflows were partially offset by (i) borrowings from new issuance of unsecured debt of $107.0 million and (ii) net borrowings ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "on repurchase agreements and revolving credit facilities for commercial mortgage loans of $243.3 million.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Table of Contents",
        "box": [
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        "confidence": 1.0
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      {
        "text": "85",
        "box": [
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          311.0,
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        "confidence": 1.0
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  {
    "page_no": 88,
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    "cells": [
      {
        "text": "Election as a REIT",
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      {
        "text": "We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with the ",
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        "confidence": 1.0
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      {
        "text": "taxable year ended December 31, 2013. As a REIT, if we meet certain organizational and operational requirements and ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "distribute at least 90% of our \"REIT taxable income\" (determined before the deduction of dividends paid and excluding net ",
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        "confidence": 1.0
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      {
        "text": "capital gains) to our stockholders in a year, we will not be subject to U.S. federal income tax to the extent of the income that we ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "distribute. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "property, and U.S. federal income and excise taxes on our undistributed income.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Table of Contents",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "86",
        "box": [
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        "confidence": 1.0
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    "cells": [
      {
        "text": "Contractual Obligations and Commitments",
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      {
        "text": "Our contractual obligations, excluding interest obligations (as amounts are not fixed or determinable), as of June 30, 2026 ",
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        "confidence": 1.0
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      {
        "text": "are summarized as follows (dollars in thousands):",
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        "confidence": 1.0
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      {
        "text": "Less than 1 ",
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        "confidence": 1.0
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      {
        "text": "year",
        "box": [
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        "confidence": 1.0
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      {
        "text": "1 to 3 years",
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        "confidence": 1.0
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      {
        "text": "3 to 5 years",
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        "text": "More than 5 ",
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        "confidence": 1.0
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      {
        "text": "years",
        "box": [
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      {
        "text": "Total",
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      {
        "text": "Unfunded loan commitments (1)",
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "57,121 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "confidence": 1.0
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      {
        "text": "228,125 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "285,246 ",
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        "text": "Repurchase agreements - commercial ",
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        "text": "mortgage loans",
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        "text": " ",
        "box": [
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      {
        "text": "264,884 ",
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        "text": " ",
        "box": [
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      {
        "text": "537,496 ",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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        "text": "- ",
        "box": [
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        "from_ocr": false,
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        "text": " ",
        "box": [
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        "text": "802,380 ",
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        "text": "Repurchase agreements - real estate securities",
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        "text": " ",
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        "text": "196,538 ",
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        "text": "- ",
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        "from_ocr": false,
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        "text": " ",
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        "text": "- ",
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        "text": " ",
        "box": [
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        "from_ocr": false,
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        "text": "- ",
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        "from_ocr": false,
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        "text": " ",
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        "from_ocr": false,
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      {
        "text": "196,538 ",
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      {
        "text": "CLOs (2)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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        "text": "2,967,000 ",
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      {
        "text": "Mortgage Note Payable",
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      {
        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "confidence": 1.0
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          428.38,
          228.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          440.59,
          220.228886,
          443.09,
          228.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          484.63,
          220.228886,
          492.13,
          228.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          504.34,
          220.228886,
          506.84,
          228.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "24,186 ",
        "box": [
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          220.228886,
          560.88,
          228.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unsecured debt",
        "box": [
          52.09,
          235.228886,
          114.52999999999997,
          243.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          244.84,
          235.228886,
          247.34,
          243.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          288.88,
          235.228886,
          296.38,
          243.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          308.59,
          235.228886,
          311.09,
          243.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,000 ",
        "box": [
          339.63,
          235.228886,
          369.63,
          243.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.84,
          235.228886,
          379.34,
          243.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,000 ",
        "box": [
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          235.228886,
          433.38,
          243.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          443.09,
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      },
      {
        "text": "82,500 ",
        "box": [
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          497.13,
          243.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          504.34,
          235.228886,
          506.84,
          243.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189,500 ",
        "box": [
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          560.88,
          243.4571825561826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other financings ",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "12,865 ",
        "box": [
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          369.63,
          257.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          428.38,
          257.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          440.59,
          249.478886,
          443.09,
          257.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          492.13,
          257.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          506.84,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "12,865 ",
        "box": [
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          560.88,
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      {
        "text": "Total",
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "518,543 ",
        "box": [
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          301.38,
          271.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "827,672 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,000 ",
        "box": [
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          433.38,
          271.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,049,500 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "4,477,715 ",
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        "confidence": 1.0
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      {
        "text": "________________________",
        "box": [
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      {
        "text": "(1)  The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the loan maturity date.",
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        "text": "(2)  Excludes $277.0 million of CLO notes, held by the Company, which are eliminated within the ",
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        "confidence": 1.0
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      {
        "text": "Collateralized loan obligations",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " line of the ",
        "box": [
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      {
        "text": "consolidated balance sheet as of June 30, 2026. This reflects the contractual CLO maturity dates.",
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      {
        "text": "In addition to its cash requirements, the Company pays a quarterly dividend and has an existing share repurchase ",
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      {
        "text": "authorization. As of June 30, 2026, the Company's quarterly cash dividend was $0.200 per share of common stock (which was ",
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        "text": "paid on an as-converted basis on the Company's shares of Series H Preferred Stock), and $0.46875 per share on the Company's ",
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      {
        "text": "shares of Series E Preferred Stock. The payment of future dividends is subject to declaration by the board of directors. In ",
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        "text": "February 2026 and then again in April 2026, the Company's board of directors reauthorized the Company's share repurchase ",
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        "text": "program to provide $50 million available for share repurchases through December 31, 2026, of which $34.0 million remained ",
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        "text": "available as of June 30, 2026. The authorization does not obligate the Company to acquire any specific number of shares. ",
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      {
        "text": "Related Party Arrangements",
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        "text": "Refer to 'Note 18 - Related Party Transactions and Arrangements' for a summary of the Company's related party ",
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      {
        "text": "arrangements.",
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      {
        "text": "Table of Contents",
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        "text": "87",
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  {
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      {
        "text": "Non-GAAP Financial Measures",
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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) ",
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        "text": "non-cash CLO amortization acceleration and amortization over the expected useful life of the Company's CLOs, (ii) unrealized ",
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        "text": "gains and losses on loans and derivatives, including CECL reserves and impairments, net of realized gains and losses, as ",
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        "text": "described further below, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated ",
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        "text": "performance fee accruals/(reversal), (vi) realized gains and losses on debt extinguishment and CLO calls, (vii) non-cash income ",
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        "text": "from mortgage servicing rights, and (viii) certain other non-cash items. Distributable Earnings before realized losses, a non-",
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        "text": "GAAP measure, presents Distributable Earnings gross of realized gain (loss) on debt extinguishment and realized gain (loss) on ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "loans and real estate owned. Further, Distributable Earnings to Common, a non-GAAP measure, presents Distributable ",
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        "confidence": 1.0
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        "text": "Earnings net of (x) perpetual preferred stock dividend payments and (y) non-controlling interests in joint ventures.",
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        "confidence": 1.0
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      {
        "text": "As noted above, we exclude unrealized gains and losses on loans and other investments, including CECL reserves and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "impairments, from our calculation of Distributable Earnings and include realized gains and losses. The nature of these ",
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        "from_ocr": false,
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      {
        "text": "adjustments is described more fully in the footnotes to our reconciliation tables. GAAP loan loss reserves and any property ",
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      {
        "text": "impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "existing definition of Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in ",
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      {
        "text": "Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the ",
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        "text": "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 ",
        "box": [
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      {
        "text": "deemed non-recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized. The ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "realized loss amount reflected in Distributable Earnings will generally equal the difference between the cash received and the ",
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      {
        "text": "Distributable Earnings basis of the asset. The timing of any such loss realization in our Distributable Earnings may differ ",
        "box": [
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        "from_ocr": false,
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        "text": "materially from the timing of the corresponding loss reserves, charge-offs or impairments in our consolidated financial ",
        "box": [
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      {
        "text": "statements prepared in accordance with GAAP.",
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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 ",
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        "text": "Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company ",
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        "from_ocr": false,
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      {
        "text": "believes Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common are useful ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "financial metrics for existing and potential future holders of its common stock as historically, over time, Distributable Earnings ",
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        "from_ocr": false,
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        "text": "to Common has been an indicator of common dividends per share. As a REIT, the Company generally must distribute annually ",
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        "text": "at least 90% of its taxable income, subject to certain adjustments, and therefore believes dividends are one of the principal ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reasons stockholders may invest in its common stock. Further, Distributable Earnings to Common helps investors evaluate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "performance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "necessarily indicative of current loan portfolio performance and the Company's operations and is one of the performance ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "metrics the Company's board of directors considers when dividends are declared.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common do not ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). The methodology for ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "calculating Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common may ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reported by other companies.",
        "box": [
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          166.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "88",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
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      {
        "text": "The following table provides a reconciliation of GAAP net income to Distributable Earnings, Distributable Earnings before ",
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      {
        "text": "Realized Losses and Distributable Earnings to Common for the three and six months ended June 30, 2026 and 2025 (amounts in ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "thousands, except share and per share data):",
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        "from_ocr": false,
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      {
        "text": "Three Months Ended June 30,",
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      {
        "text": "Six Months Ended June 30,",
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        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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        "from_ocr": false,
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      {
        "text": "GAAP Net Income (Loss)",
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "16,275 ",
        "box": [
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          323.46000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          333.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,384 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,567 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "48,089 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Adjustments:",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unrealized (gain)/loss on financial instruments (1)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,473) ",
        "box": [
          291.8,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2,531) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          413.59,
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          416.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,283) ",
        "box": [
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          201.7071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.84,
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          496.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "757 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Subordinated performance fee (2)",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          310.96,
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          318.46,
          215.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          333.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(791) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.59,
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          416.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          471.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.84,
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          496.34,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(540) ",
        "box": [
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          561.8800000000001,
          215.9571825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash compensation expense",
        "box": [
          52.09,
          221.978886,
          183.07,
          230.2071825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          253.09,
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          255.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,435 ",
        "box": [
          298.46,
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          323.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          333.34,
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          335.84,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,316 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "6,496 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "4,562 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Depreciation and amortization, net",
        "box": [
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          190.78000000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,939 ",
        "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
      },
      {
        "text": "1,381 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "5,313 ",
        "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": "2,761 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Transaction-related and non-recurring items (3)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          310.96,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,847 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "4,821 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Reversal of)/provision for credit losses",
        "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
      },
      {
        "text": "7,235 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,487) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          413.59,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,626 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,385) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Gain) / loss on debt extinguishment reversal",
        "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": "933 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          391.21,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "933 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Income from mortgage servicing rights",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(3,917) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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          173.38,
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        "confidence": 1.0
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          407.20998999999995,
          549.7071825561827
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          487.45998999999995,
          549.7071825561827
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          549.7071825561827
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          563.9571825561827
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          563.9571825561827
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          487.45998999999995,
          563.9571825561827
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          563.9571825561827
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        "text": "Distributable earnings per share before realized ",
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      {
        "text": "gain/(loss), fully converted (7)",
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      {
        "text": "$ ",
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        "text": "0.28 ",
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      {
        "text": "$ ",
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        "text": "0.49 ",
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        "text": "$ ",
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      {
        "text": "________________________",
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      {
        "text": "(1)  Represents unrealized gains and losses on (i) commercial mortgage loans, held for sale, measured at fair value, (ii) other real estate ",
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        "text": "investments, measured at fair value and (iii) derivatives.",
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        "text": "(2)  Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash ",
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        "text": "payment obligations in the quarter.",
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        "text": "(3)  Represents transaction-related and non-recurring costs associated with the acquisition of NewPoint.",
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        "text": "(4)  Represents non-cash (income) loss from equity method investments, net of cash received as return on capital for the quarter.",
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      {
        "text": "Table of Contents",
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        "text": "89",
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  {
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        "text": "(5)  Represents amounts deemed nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of a ",
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      {
        "text": "foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed non-recoverable if, in our determination, ",
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        "text": "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 ",
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      {
        "text": "June 30, 2026, the Company has $10.0 million of GAAP gain adjustments and $4.6 million of GAAP loss adjustments that would run ",
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        "text": "through distributable earnings if and when cash gains or losses are realized.",
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        "text": "(6)  Represents the average of all classes of equity except the Series E Preferred Stock.",
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        "text": "(7)  Fully Converted assumes conversion of our series of convertible preferred stock and OP units along with full vesting of our outstanding ",
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      {
        "text": "equity compensation awards. ",
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        "text": "Table of Contents",
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        "text": "90",
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      {
        "text": "Item 3. Quantitative and Qualitative Disclosures about Market Risk.",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our investments are subject to a high degree of credit risk. Credit risk is the exposure to loss from loan defaults. Default ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates are subject to a wide variety of factors, including, but not limited to, borrower financial condition, property performance, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "property management, supply/demand factors, construction trends, consumer behavior, regional economics, interest rates, the ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "strength of the U.S. economy, and other factors beyond our control. All loans are subject to a certain probability of default. We ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "manage credit risk through the underwriting process, acquiring our investments at the appropriate discount to face value, if any, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and establishing loss assumptions. We also carefully monitor the performance of the loans, as well as external factors that may ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "affect their value.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As a result of the NewPoint acquisition on July 1, 2025, and the operation of our Agency Business, we are subject to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "additional credit risk as a result of our obligations under the risk sharing requirements applicable to some Agency mortgage ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital Market Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are exposed to risks related to the debt capital markets, and our related ability to finance our business through ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "borrowings under repurchase obligations or other debt instruments. As a REIT, we are required to distribute a significant ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "portion of our taxable income annually, which constrains our ability to accumulate operating cash flow and therefore requires us ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to utilize debt or equity capital to finance our business. We seek to mitigate these risks by monitoring the debt capital markets to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "inform our decisions on the amount, timing and terms of capital we raise.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Market uncertainty and volatility may cause fluctuation in market value of certain asset classes within our portfolio. We ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "have and may continue to receive margin calls from our lenders as a result of the decline in the market value of the assets ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "pledged by us to our lenders under our repurchase agreements and warehouse credit facilities, and if we fail to resolve such ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "margin calls when due by payment of cash or delivery of additional collateral, the lenders may exercise remedies including ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "demanding payment by us of our aggregate outstanding financing obligations and/or taking ownership of the loans or other ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "assets securing the applicable obligations and liquidating them at inopportune prices.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our market risk arises primarily from interest rate risk relating to interest rate fluctuations. Many factors including ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "governmental monetary and tax policies, domestic and international economic and political considerations and other factors that ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are beyond our control contribute to interest rate risk. To meet our short and long-term liquidity requirements, we may borrow ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "funds at fixed and variable rates. Our interest rate risk management objectives are to limit the impact of interest rate changes in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we may enter ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "into interest rate hedge contracts such as swaps, collars and treasury lock agreements in order to mitigate our interest rate risk ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "with respect to various debt instruments. While hedging activities may insulate us against adverse changes in interest rates, they ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rates. We do not have any foreign denominated investments, and thus, we are not exposed to foreign currency ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fluctuations.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As of June 30, 2026 and December 31, 2025, our portfolio included 168 and 162 variable rate investments, respectively, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "based on LIBOR and SOFR (or 'indexing rates') for various terms. As of June 2023, the Company has fully transitioned all ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "loans formerly on LIBOR indexing rates to SOFR indexing rates. The following table quantifies the potential changes in ",
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        "confidence": 1.0
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      {
        "text": "interest income net of interest expense should interest rates increase by 50 basis points or decrease by 50 or 100 basis points, ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assuming that our current balance sheet was to remain constant and no actions were taken to alter our existing interest rate ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "sensitivity. The changes in the portfolio for each basis points increase/decrease is a change from the base scenario.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Estimated Percentage Change in Interest Income Net of Interest Expense",
        "box": [
          234.03,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in Interest Rates",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "June 30, 2026",
        "box": [
          273.56,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          436.20001,
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          516.96001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(-) 100 Basis Points",
        "box": [
          52.09,
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          131.20999999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  10.78 %",
        "box": [
          352.79999,
          656.228886,
          386.95998999999995,
          664.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  8.51 %",
        "box": [
          531.79999,
          656.228886,
          560.9599900000001,
          664.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(-) 50 Basis Points",
        "box": [
          52.09,
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          126.20999999999998,
          679.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  3.00 %",
        "box": [
          357.79999,
          671.228886,
          386.95998999999995,
          679.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2.26 %",
        "box": [
          531.79999,
          671.228886,
          560.9599900000001,
          679.4571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Base Interest Rate",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - %",
        "box": [
          365.29999,
          685.478886,
          381.95998999999995,
          693.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - %",
        "box": [
          539.29999,
          685.478886,
          555.9599900000001,
          693.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(+) 50 Basis Points",
        "box": [
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          128.51,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (0.39)  %",
        "box": [
          354.47,
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          386.96,
          707.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.24 %",
        "box": [
          531.79999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91",
        "box": [
          301.0,
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          311.0,
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        "confidence": 1.0
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    ]
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  {
    "page_no": 94,
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    "cells": [
      {
        "text": "Our Agency Business originates, sells and services a range of multifamily finance products with Fannie Mae, Freddie Mac, ",
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        "confidence": 1.0
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      {
        "text": "and HUD. Our loans held-for-sale to these agencies are not currently exposed to interest rate risk during the loan commitment, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "closing and delivery process. The sale or placement of each loan to an investor is negotiated prior to closing on the loan with ",
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        "confidence": 1.0
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      {
        "text": "the borrower, and the sale or placement is generally effectuated within 60 days of closing. The coupon rate for the loan is set ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "after we establish the interest rate with the investor.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair value of our MSRs is subject to market risk since a significant driver of the fair value of these assets will be the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discount rates which are influenced by interest rates and conditional prepayment rates (\"CPR\"). A 100 basis point increase in ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "the weighted average discount rate would decrease the fair value of our MSRs by $0.2 million at June 30, 2026, while a 100 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "basis point decrease would increase the fair value by $0.3 million.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Real Estate Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The market values of commercial mortgage assets are subject to volatility and may be affected adversely by a number of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "factors, including, but not limited to, national, regional and local economic conditions (which may be adversely affected by ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "industry slowdowns and other factors); local real estate conditions; changes or continued weakness in specific industry ",
        "box": [
          49.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "segments; and demographic factors. In addition, decreases in property values reduce the value of the collateral and the potential ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "proceeds available to a borrower to repay the underlying loans, which could also cause us to suffer losses.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92",
        "box": [
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        "confidence": 1.0
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  {
    "page_no": 95,
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    "cells": [
      {
        "text": "Item 4. Controls and Procedures.",
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      {
        "text": "Disclosure Controls and Procedures",
        "box": [
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      {
        "text": "In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the \"Exchange ",
        "box": [
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      {
        "text": "Act\"), management with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the ",
        "box": [
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      {
        "text": "effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of ",
        "box": [
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      {
        "text": "the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer ",
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        "confidence": 1.0
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      {
        "text": "and Chief Financial Officer have concluded, as of the end of such period, that our disclosure controls and procedures are ",
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      {
        "text": "effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by us in ",
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      {
        "text": "our reports that we file or submit under the Exchange Act. ",
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      {
        "text": "Changes in Internal Control Over Financial Reporting ",
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        "from_ocr": false,
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      {
        "text": "During the quarter ended June 30, 2026, there were no changes in our internal control over financial reporting that have ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "93",
        "box": [
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 96,
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    "cells": [
      {
        "text": "PART II",
        "box": [
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      {
        "text": "Item 1. Legal Proceedings.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Please  refer  to  'Litigation  and  Regulatory  Proceedings'  in  \"Note  16  -  Commitments  and  Contingencies\"  to  the ",
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      {
        "text": "consolidated financial statements included in this report. The Company believes that those proceedings, individually or in the ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "aggregate, will not have a material impact on the Company's financial condition, operating results or cash flows.",
        "box": [
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      },
      {
        "text": "Item 1A. Risk Factors. ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Our potential risks and uncertainties are presented in the section entitled \"Risk Factors\" contained in our Annual Report on ",
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      {
        "text": "Form 10-K for the year ended December 31, 2025.",
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        "confidence": 1.0
      },
      {
        "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.",
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        "confidence": 1.0
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      {
        "text": "Purchases of Equity Securities by the Issuer and Affiliated Purchasers",
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        "confidence": 1.0
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      {
        "text": "The Company's board of directors has authorized a share repurchase program that permits share repurchases at prices ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "below the most recently reported book value per share as determined in accordance with GAAP. Purchases made under the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Company's program may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "plans, as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any purchases by ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company are determined by the Company in its reasonable business judgment and consistent with the exercise of its legal ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "duties and are subject to economic and market conditions, stock price, applicable legal requirements and other factors. The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Company's share repurchase program does not obligate the Company to acquire any particular amount of common stock. The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Company's share repurchase program will remain open until expiration or until the capital committed to the repurchase ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "program has been exhausted, whichever is sooner. On April 28, 2026, the Company's board of directors reauthorized the ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Company's share repurchase program to provide $50.0 million available for share repurchases through December 31, 2026. ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Repurchases under the share repurchase program may be suspended from time to time at the Company's discretion without ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "prior notice.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "The following table sets forth purchases of the Company's common stock under the share repurchase program for the three ",
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      {
        "text": "months ended June 30, 2026 (in thousands, except share and per share data):",
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          355.30001,
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          69.96,
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        "confidence": 1.0
      },
      {
        "text": "Total number of ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "shares ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "purchased",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Average price ",
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        "confidence": 1.0
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      {
        "text": "paid per share  (1)",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Total number of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares purchased ",
        "box": [
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          460.26999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as part of publicly ",
        "box": [
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          461.9400099999999,
          478.2072125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "announced plans or ",
        "box": [
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          465.13999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "programs  (2)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Approximate dollar ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "value of shares that ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "may yet be ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "purchased under the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "plans or programs ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
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        "confidence": 1.0
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      {
        "text": "April 1, 2026 - April 30, 2026",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          211.84,
          504.22891599999997,
          214.34,
          512.4572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          270.88,
          504.22891599999997,
          278.38,
          512.4572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          290.59,
          504.22891599999997,
          298.09,
          512.4572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          358.63,
          504.22891599999997,
          366.13,
          512.4572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.34,
          504.22891599999997,
          380.84,
          512.4572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          451.63,
          504.22891599999997,
          459.13,
          512.4572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.34,
          504.22891599999997,
          478.84,
          512.4572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,000,000 ",
        "box": [
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          504.22891599999997,
          560.88,
          512.4572125561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 1, 2026 - May 31, 2026",
        "box": [
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          518.478886,
          167.06,
          526.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          211.84,
          518.478886,
          214.34,
          526.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "823 ",
        "box": [
          265.88,
          518.478886,
          283.38,
          526.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          290.59,
          518.478886,
          293.09,
          526.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.12 ",
        "box": [
          351.13,
          518.478886,
          371.13,
          526.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.34,
          518.478886,
          380.84,
          526.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "823 ",
        "box": [
          446.63,
          518.478886,
          464.13,
          526.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.34,
          518.478886,
          473.84,
          526.7071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,492,574 ",
        "box": [
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 1, 2026 - June 30, 2026",
        "box": [
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          167.06,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          211.84,
          532.728886,
          214.34,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,016 ",
        "box": [
          258.38,
          532.728886,
          283.38,
          540.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          290.59,
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          293.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.36 ",
        "box": [
          351.13,
          532.728886,
          371.13,
          540.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.34,
          532.728886,
          380.84,
          540.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,016 ",
        "box": [
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          532.728886,
          464.13,
          540.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.34,
          532.728886,
          473.84,
          540.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,999,369 ",
        "box": [
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          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
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          74.86000000000001,
          555.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          211.84,
          546.978886,
          214.34,
          555.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,839 ",
        "box": [
          258.38,
          546.978886,
          283.38,
          555.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          290.59,
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          298.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.70 ",
        "box": [
          351.13,
          546.978886,
          371.13,
          555.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.34,
          546.978886,
          380.84,
          555.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,839 ",
        "box": [
          439.13,
          546.978886,
          464.13,
          555.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          471.34,
          546.978886,
          478.84,
          555.2071825561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,999,369 ",
        "box": [
          513.38,
          546.978886,
          560.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "_______________________",
        "box": [
          58.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)  The average price paid per share represents the average purchase price per share, inclusive of any broker's fees or commissions.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)  All of the purchases listed in the table above were made in the open market under the Company's share purchase program, including ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under a Rule 10b5-1 plan adopted by the Company.",
        "box": [
          67.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 3. Defaults upon Senior Securities.",
        "box": [
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        "text": "Item 4. Mine Safety Disclosures.",
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        "text": "Not applicable.",
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        "text": "Table of Contents",
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        "text": "94",
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        "text": "Item",
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        "text": " ",
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      {
        "text": "5. Other Information.",
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        "text": "During the quarter ended June 30, 2026, no director or officer of the Company adopted or terminated a 'Rule 10b5-1 ",
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        "text": "trading arrangement' or 'non-Rule 10b5-1 trading arrangement,' as each term is defined in Item 408(a) of Regulation S-K. ",
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        "text": "Table of Contents",
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        "text": "95",
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        "text": "Item 6. Exhibits.",
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        "text": "EXHIBITS INDEX",
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        "text": "The following exhibits are included in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (and are ",
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        "text": "numbered in accordance with Item 601 of Regulation S-K).",
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        "text": "Exhibit ",
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        "text": "No.",
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        "text": "Description",
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        "text": "10.1",
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        "text": "Indenture, dated as of April 15, 2026, by and among BSPRT 2026-FL13 Issuer, LLC, Benefit Street Partners Realty Operating ",
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        "text": "Partnership, L.P., as advancing agent, Wilmington Trust, National Association, as trustee and  Computershare Trust Company, ",
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        "text": "National Association, as note administrator and custodian (incorporated by reference to Exhibit 10.1 to the Company's Current ",
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        "text": "Report on Form 8-K filed with the SEC on April 20, 2026).",
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        "text": "31.1 *",
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        "text": "Certification of the Principal Executive Officer of the Company pursuant to Securities Exchange Act Rule 13a - 14(a) or 15(d) ",
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        "text": "- 14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.",
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        "text": "31.2 *",
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        "text": "Certification of the Principal Financial Officer of the Company pursuant to Securities Exchange Act Rule 13a - 14(a) or 15(d) ",
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        "text": "- 14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.",
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        "text": "32 *",
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        "text": "Written statements of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. ",
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        "text": "Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.",
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        "text": "101 *",
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        "text": "XBRL (eXtensible Business Reporting Language). The following materials from Franklin BSP Realty Trust, Inc.'s Quarterly ",
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        "text": "Report on Form 10-Q for the quarter ended June 30, 2026, formatted in XBRL: (i) the Consolidated Balance Sheets, (ii) the ",
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        "text": "Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) the Consolidated Statement of Changes in ",
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        "text": "Equity, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to the Consolidated Financial Statements.",
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        "text": "104*",
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        "text": "Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).",
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      {
        "text": "________________________",
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        "text": "*Filed herewith.",
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        "text": "Table of Contents",
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        "text": "96",
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        "text": "SIGNATURES",
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        "text": "Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has ",
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        "text": "duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.",
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        "text": " ",
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        "text": "Franklin BSP Realty Trust, Inc. ",
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        "text": "July 29, 2026",
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        "text": "By",
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      {
        "text": "/s/ Michael Comparato",
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        "text": "Name: Michael Comparato",
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        "text": "Title: Chief Executive Officer",
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        "text": "(Principal Executive Officer)",
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        "text": "July 29, 2026",
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        "text": "/s/ Jerome S. Baglien",
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        "text": "Name: Jerome S. Baglien",
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        "text": "Title: Chief Financial Officer and Chief Operating ",
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        "text": "Officer",
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        "text": "Table of Contents",
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