{
 "markdown": "IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL\nMEASURES AND DEFINITIONS\n\n\nWe present Distributable Earnings, which is a non-GAAP supplemental financial measure of our performance. We believe that Distributable Earnings provides meaningful information to\nconsider in addition to our net income and cash flow from operating activities determined in accordance with GAAP, and this metric is a useful indicator for investors in evaluating and\ncomparing our operating performance to our peers and our ability to pay dividends. We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning\nwith our taxable year ended December 31, 2018. As a REIT, we are required to distribute substantially all of our taxable income and we believe that dividends are one of the principal\nreasons investors invest in credit or commercial mortgage REITs such as our company. Over time, Distributable Earnings has been a useful indicator of our dividends per share and we\nconsider that measure in determining the dividend, if any, to be paid. This supplemental financial measure also helps us to evaluate our performance excluding the effects of certain\ntransactions and GAAP adjustments that we believe are not necessarily indicative of our current portfolio and operations.\n\n\nWe define Distributable Earnings as GAAP net income (loss) attributable to our common stockholders (or, without duplication, the owners of the common equity of our direct subsidiaries,\nsuch as our OP) and excluding (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with our formation or other strategic transactions, (iii) acquisition costs\nfrom successful acquisitions, (iv) gains or losses from sales of real estate property and impairment write-downs of depreciable real estate, including unconsolidated joint ventures and\npreferred equity investments, (v) general CECL reserves, (vi) depreciation and amortization, (vii) any unrealized gains or losses or other similar non-cash items that are included in net\nincome for the current quarter, regardless of whether such items are included in other comprehensive income or loss, or in net income, (viii) one-time events pursuant to changes in GAAP\nand (ix) certain material non-cash income or expense items that in the judgment of management should not be included in Distributable Earnings. For clauses (viii) and (ix), such exclusions\nshall only be applied after approval by a majority of our independent directors. Distributable Earnings include specific CECL reserves.\n\n\nAdditionally, we define Adjusted Distributable Earnings as Distributable Earnings excluding (i) realized gains and losses on asset sales, (ii) fair value adjustments, which represent mark-to-\nmarket adjustments to investments in unconsolidated ventures based on an exit price, defined as the estimated price that would be received upon the sale of an asset or paid to transfer\na liability in an orderly transaction between market participants, (iii) unrealized gains or losses, (iv) specific CECL reserves and (v) one-time gains or losses that in the judgement of\nmanagement should not be included in Adjusted Distributable Earnings. We believe Adjusted Distributable Earnings is a useful indicator for investors to further evaluate and compare our\noperating performance to our peers and our ability to pay dividends, net of the impact of any gains or losses on assets sales or fair value adjustments, as described above.\n\n\nDistributable Earnings and Adjusted Distributable Earnings do not represent net income or cash generated from operating activities and should not be considered as an alternative to\nGAAP net income or an indication of our cash flows from operating activities determined in accordance with GAAP, a measure of our liquidity, or an indication of funds available to fund\nour cash needs. In addition, our methodology for calculating Distributable Earnings and Adjusted Distributable Earnings may differ from methodologies employed by other companies to\ncalculate the same or similar non-GAAP supplemental financial measures, and accordingly, our reported Distributable Earnings and Adjusted Distributable Earnings may not be\ncomparable to the Distributable Earnings and Adjusted Distributable Earnings reported by other companies.\n\n\nThe Company calculates Distributable Earnings per share and Adjusted Distributable Earnings per share, which are non-GAAP supplemental financial measures, based on a weighted\naverage number of common shares.\n\n\nWe believe NOI to be a useful measure of operating performance of our net leased and other real estate portfolios as they are more closely linked to the direct results of operations at\nthe property level. NOI excludes historical cost depreciation and amortization, which are based on different useful life estimates depending on the age of the properties, as well as\nadjustments for the effects of real estate impairment and gains or losses on sales of depreciated properties, which eliminate differences arising from investment and disposition decisions.\nAdditionally, by excluding corporate level expenses or benefits such as interest expense, any gain or loss on early extinguishment of debt and income taxes, which are incurred by the\nparent entity and are not directly linked to the operating performance of the Company's properties, NOI provides a measure of operating performance independent of the Company's\ncapital structure and indebtedness. However, the exclusion of these items as well as others, such as capital expenditures and leasing costs, which are necessary to maintain the\noperating performance of the Company's properties, and transaction costs and administrative costs, may limit the usefulness of NOI. NOI may fail to capture significant trends in these\ncomponents of GAAP net income (loss) which further limits its usefulness.\n\n\nNOI should not be considered as an alternative to net income (loss), determined in accordance with GAAP, as an indicator of operating performance. In addition, our methodology for\ncalculating NOI involves subjective judgment and discretion and may differ from the methodologies used by other companies, when calculating the same or similar supplemental financial\nmeasures and may not be comparable with other companies.\n\n\n\ud83d\udd32 BRIGHTSPIRE\n\ud83d\udd32 CAPITAL\n\n\n24\n\n<!-- doc_id=parse-01m3czvyd1cbmh1xg3zdwy5hkb -->",
 "structure": {
  "type": "document",
  "markdown": null,
  "children": [
   {
    "type": "page",
    "page": null,
    "span": null,
    "width": null,
    "height": null,
    "dpi": null,
    "grounding": {
     "page": 1,
     "range": {
      "start": 0,
      "end": 6311
     },
     "box": {
      "xmin": 0.0,
      "ymin": 0.0,
      "xmax": 1.0,
      "ymax": 1.0
     }
    },
    "markdown": null,
    "status": "ok",
    "reason": null,
    "children": [
     {
      "type": "text",
      "id": "text-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 0,
        "end": 69
       },
       "box": {
        "xmin": 0.03769,
        "ymin": 0.02815,
        "xmax": 0.84654,
        "ymax": 0.11698
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 0,
         "end": 44
        },
        "box": {
         "xmin": 0.03918,
         "ymin": 0.02819,
         "xmax": 0.84579,
         "ymax": 0.07347
        }
       },
       {
        "page": 1,
        "range": {
         "start": 44,
         "end": 69
        },
        "box": {
         "xmin": 0.03901,
         "ymin": 0.07295,
         "xmax": 0.47926,
         "ymax": 0.11583
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 71,
        "end": 1283
       },
       "box": {
        "xmin": 0.01981,
        "ymin": 0.16188,
        "xmax": 0.98112,
        "ymax": 0.28068
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 71,
         "end": 251
        },
        "box": {
         "xmin": 0.02252,
         "ymin": 0.16499,
         "xmax": 0.97768,
         "ymax": 0.18263
        }
       },
       {
        "page": 1,
        "range": {
         "start": 251,
         "end": 436
        },
        "box": {
         "xmin": 0.02266,
         "ymin": 0.18254,
         "xmax": 0.97762,
         "ymax": 0.19876
        }
       },
       {
        "page": 1,
        "range": {
         "start": 436,
         "end": 615
        },
        "box": {
         "xmin": 0.02256,
         "ymin": 0.19906,
         "xmax": 0.97807,
         "ymax": 0.21519
        }
       },
       {
        "page": 1,
        "range": {
         "start": 615,
         "end": 798
        },
        "box": {
         "xmin": 0.02241,
         "ymin": 0.21514,
         "xmax": 0.97802,
         "ymax": 0.23098
        }
       },
       {
        "page": 1,
        "range": {
         "start": 798,
         "end": 979
        },
        "box": {
         "xmin": 0.0222,
         "ymin": 0.23101,
         "xmax": 0.97865,
         "ymax": 0.24653
        }
       },
       {
        "page": 1,
        "range": {
         "start": 979,
         "end": 1161
        },
        "box": {
         "xmin": 0.02236,
         "ymin": 0.24646,
         "xmax": 0.97814,
         "ymax": 0.26224
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1161,
         "end": 1283
        },
        "box": {
         "xmin": 0.02199,
         "ymin": 0.26243,
         "xmax": 0.64798,
         "ymax": 0.27833
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-2",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1285,
        "end": 2542
       },
       "box": {
        "xmin": 0.02096,
        "ymin": 0.28461,
        "xmax": 0.98037,
        "ymax": 0.40268
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1285,
         "end": 1470
        },
        "box": {
         "xmin": 0.02282,
         "ymin": 0.28567,
         "xmax": 0.97652,
         "ymax": 0.30306
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1470,
         "end": 1659
        },
        "box": {
         "xmin": 0.02245,
         "ymin": 0.3033,
         "xmax": 0.97773,
         "ymax": 0.31961
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1659,
         "end": 1844
        },
        "box": {
         "xmin": 0.02284,
         "ymin": 0.31968,
         "xmax": 0.97745,
         "ymax": 0.33561
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1844,
         "end": 2031
        },
        "box": {
         "xmin": 0.02312,
         "ymin": 0.33573,
         "xmax": 0.97787,
         "ymax": 0.35145
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2031,
         "end": 2217
        },
        "box": {
         "xmin": 0.02306,
         "ymin": 0.35196,
         "xmax": 0.97798,
         "ymax": 0.36791
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2217,
         "end": 2406
        },
        "box": {
         "xmin": 0.0231,
         "ymin": 0.36811,
         "xmax": 0.97868,
         "ymax": 0.38395
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2406,
         "end": 2542
        },
        "box": {
         "xmin": 0.02289,
         "ymin": 0.384,
         "xmax": 0.70502,
         "ymax": 0.40045
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-3",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 2544,
        "end": 3466
       },
       "box": {
        "xmin": 0.02168,
        "ymin": 0.40526,
        "xmax": 0.98074,
        "ymax": 0.4922
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 2544,
         "end": 2736
        },
        "box": {
         "xmin": 0.02314,
         "ymin": 0.40677,
         "xmax": 0.97775,
         "ymax": 0.42513
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2736,
         "end": 2921
        },
        "box": {
         "xmin": 0.02307,
         "ymin": 0.42521,
         "xmax": 0.97842,
         "ymax": 0.44159
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2921,
         "end": 3108
        },
        "box": {
         "xmin": 0.023,
         "ymin": 0.44162,
         "xmax": 0.97924,
         "ymax": 0.45758
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3108,
         "end": 3293
        },
        "box": {
         "xmin": 0.02275,
         "ymin": 0.45755,
         "xmax": 0.97919,
         "ymax": 0.47332
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3293,
         "end": 3466
        },
        "box": {
         "xmin": 0.0231,
         "ymin": 0.47336,
         "xmax": 0.90431,
         "ymax": 0.49009
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-4",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 3468,
        "end": 4293
       },
       "box": {
        "xmin": 0.02197,
        "ymin": 0.49446,
        "xmax": 0.98057,
        "ymax": 0.58096
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 3468,
         "end": 3649
        },
        "box": {
         "xmin": 0.02363,
         "ymin": 0.49637,
         "xmax": 0.97839,
         "ymax": 0.51424
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3649,
         "end": 3834
        },
        "box": {
         "xmin": 0.0239,
         "ymin": 0.51421,
         "xmax": 0.97867,
         "ymax": 0.53086
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3834,
         "end": 4015
        },
        "box": {
         "xmin": 0.02382,
         "ymin": 0.53092,
         "xmax": 0.97867,
         "ymax": 0.54696
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4015,
         "end": 4187
        },
        "box": {
         "xmin": 0.02375,
         "ymin": 0.54699,
         "xmax": 0.97974,
         "ymax": 0.56267
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4187,
         "end": 4293
        },
        "box": {
         "xmin": 0.02383,
         "ymin": 0.5627,
         "xmax": 0.58132,
         "ymax": 0.57903
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-5",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 4295,
        "end": 4503
       },
       "box": {
        "xmin": 0.02132,
        "ymin": 0.58383,
        "xmax": 0.98025,
        "ymax": 0.62259
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 4295,
         "end": 4470
        },
        "box": {
         "xmin": 0.02318,
         "ymin": 0.58479,
         "xmax": 0.97929,
         "ymax": 0.60466
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4470,
         "end": 4503
        },
        "box": {
         "xmin": 0.02443,
         "ymin": 0.60436,
         "xmax": 0.21285,
         "ymax": 0.62043
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-6",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 4505,
        "end": 5856
       },
       "box": {
        "xmin": 0.02105,
        "ymin": 0.62551,
        "xmax": 0.98076,
        "ymax": 0.75976
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 4505,
         "end": 4690
        },
        "box": {
         "xmin": 0.02267,
         "ymin": 0.62694,
         "xmax": 0.97863,
         "ymax": 0.6443
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4690,
         "end": 4872
        },
        "box": {
         "xmin": 0.02282,
         "ymin": 0.64446,
         "xmax": 0.97892,
         "ymax": 0.66099
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4872,
         "end": 5061
        },
        "box": {
         "xmin": 0.02306,
         "ymin": 0.66112,
         "xmax": 0.97824,
         "ymax": 0.67722
        }
       },
       {
        "page": 1,
        "range": {
         "start": 5061,
         "end": 5244
        },
        "box": {
         "xmin": 0.02333,
         "ymin": 0.67715,
         "xmax": 0.97895,
         "ymax": 0.69307
        }
       },
       {
        "page": 1,
        "range": {
         "start": 5244,
         "end": 5421
        },
        "box": {
         "xmin": 0.02332,
         "ymin": 0.69321,
         "xmax": 0.97883,
         "ymax": 0.70891
        }
       },
       {
        "page": 1,
        "range": {
         "start": 5421,
         "end": 5598
        },
        "box": {
         "xmin": 0.02312,
         "ymin": 0.70916,
         "xmax": 0.97873,
         "ymax": 0.72457
        }
       },
       {
        "page": 1,
        "range": {
         "start": 5598,
         "end": 5782
        },
        "box": {
         "xmin": 0.02335,
         "ymin": 0.72498,
         "xmax": 0.97927,
         "ymax": 0.74061
        }
       },
       {
        "page": 1,
        "range": {
         "start": 5782,
         "end": 5856
        },
        "box": {
         "xmin": 0.0234,
         "ymin": 0.74118,
         "xmax": 0.39316,
         "ymax": 0.7573
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-7",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 5858,
        "end": 6278
       },
       "box": {
        "xmin": 0.02086,
        "ymin": 0.76243,
        "xmax": 0.9808,
        "ymax": 0.81773
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 5858,
         "end": 6038
        },
        "box": {
         "xmin": 0.02275,
         "ymin": 0.76463,
         "xmax": 0.97865,
         "ymax": 0.78236
        }
       },
       {
        "page": 1,
        "range": {
         "start": 6038,
         "end": 6221
        },
        "box": {
         "xmin": 0.02345,
         "ymin": 0.78201,
         "xmax": 0.9789,
         "ymax": 0.79895
        }
       },
       {
        "page": 1,
        "range": {
         "start": 6221,
         "end": 6278
        },
        "box": {
         "xmin": 0.0244,
         "ymin": 0.79855,
         "xmax": 0.34483,
         "ymax": 0.8156
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "logo",
      "id": "logo-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 6280,
        "end": 6304
       },
       "box": {
        "xmin": 0.02295,
        "ymin": 0.91204,
        "xmax": 0.2206,
        "ymax": 0.96771
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 6280,
         "end": 6294
        },
        "box": {
         "xmin": 0.02685,
         "ymin": 0.9176,
         "xmax": 0.21574,
         "ymax": 0.94455
        }
       },
       {
        "page": 1,
        "range": {
         "start": 6294,
         "end": 6304
        },
        "box": {
         "xmin": 0.02685,
         "ymin": 0.94026,
         "xmax": 0.13493,
         "ymax": 0.96237
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "marginalia",
      "id": "marginalia-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 6306,
        "end": 6309
       },
       "box": {
        "xmin": 0.95333,
        "ymin": 0.94279,
        "xmax": 0.97829,
        "ymax": 0.97269
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 6306,
         "end": 6309
        },
        "box": {
         "xmin": 0.95768,
         "ymin": 0.949,
         "xmax": 0.9747,
         "ymax": 0.96486
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     }
    ]
   }
  ]
 },
 "grounding": null,
 "metadata": {
  "req_id": null,
  "job_id": "parse-01m3czvyd1cbmh1xg3zdwy5hkb",
  "model_version": "dpt-3-pro-20260710",
  "page_count": 1,
  "markdown_chars": null,
  "output_markdown_chars": 6358,
  "range_units": "unicode_codepoints",
  "openapi_spec": "https://api.ade.landing.ai/openapi.json",
  "failed_pages": [],
  "duration_ms": 8748,
  "billing": {
   "service_tier": "standard",
   "total_credits": 2.1
  }
 }
}