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Yes ", "box": [ 33.74999859375, 717.8805316114181, 342.78842319839845, 722.8931692227161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 342.79686071679686, 719.0374688478831, 351.0955664134366, 722.4510317332707 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No ", "box": [ 351.1054578706053, 717.8805316114181, 368.32281540946536, 722.8931692227161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 368.33201965283183, 719.0374688478831, 376.63072534947156, 722.4510317332707 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 2, "width": 612.0, "height": 792.0, "cells": [ { "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant", "box": [ 33.74999859375, 38.38055992391821, 578.243116130623, 43.393197535216245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to Rule 405 of Regulation S-T (\u00a7232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant", "box": [ 33.74999859375, 50.38055942391827, 578.2418342306767, 55.3931970352163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "was required to submit such files). Yes ", "box": [ 33.74999859375, 62.380558923918215, 190.6556170372656, 67.39319653521625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 190.66405455566405, 63.537496160383284, 198.96276025230378, 66.95105904577088 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No ", "box": [ 198.9726517094725, 62.380558923918215, 216.19000924833256, 67.39319653521625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 216.19921349169906, 63.537496160383284, 224.49791918833876, 66.95105904577088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting", "box": [ 33.74999859375, 84.13055801766825, 578.2394631191875, 89.14319562896628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "company, or an emerging growth company. See the definitions of 'large accelerated filer,' 'accelerated filer,' 'smaller reporting", "box": [ 33.74999859375, 96.1305575176682, 578.2487562938005, 101.14319512896623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "company,' and 'emerging growth company' in Rule 12b-2 of the Exchange Act.", "box": [ 33.74999859375, 108.13055701766825, 356.34962518334817, 113.14319462896628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Large accelerated", "box": [ 34.74609230224609, 134.38055592391822, 105.31919887419983, 139.39319353521626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filer", "box": [ 34.74609230224609, 145.63055545516818, 51.397175488950346, 150.64319306646632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 125.83593225683595, 135.5374931603833, 134.13463795347567, 138.95105604577077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accelerated filer", "box": [ 143.41405652441406, 134.38055592391822, 210.29179146834116, 139.39319353521626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 234.6679627221678, 135.5374931603833, 242.9666684188075, 138.95105604577077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-accelerated filer", "box": [ 252.24608698974592, 134.38055592391822, 336.88791266850217, 139.39319353521626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 343.3359231943359, 135.5374931603833, 351.63462889097565, 138.95105604577077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Smaller reporting", "box": [ 362.1327974111328, 134.38055592391822, 432.3739225719191, 139.39319353521626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "company", "box": [ 362.1327974111328, 145.63055545516818, 398.7788885217122, 150.64319306646632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 452.75389113525375, 135.5374931603833, 461.0525968318934, 138.95105604577077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Emerging growth", "box": [ 470.33201540283187, 134.38055592391822, 540.3974166959399, 139.39319353521626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "company", "box": [ 470.33201540283187, 145.63055545516818, 506.9781065134113, 150.64319306646632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 561.1054491206053, 135.5374931603833, 569.404154817245, 138.95105604577077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for", "box": [ 33.74999859375, 174.13055426766823, 578.2420317370801, 179.14319187896626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ", "box": [ 33.74999859375, 186.13055376766818, 529.3187793512999, 191.14319137896632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 529.324200444824, 187.28749100413324, 537.6229061414638, 190.70105388952072 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ", "box": [ 33.74999859375, 207.8805528614182, 506.54128405036215, 212.89319047271624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 506.5429513940428, 209.03749009788328, 514.8416570906825, 212.45105298327076 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No ", "box": [ 514.8515410478515, 207.8805528614182, 532.0688985867116, 212.89319047271624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 532.0781028300781, 209.03749009788328, 540.3768085267178, 212.45105298327076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Class", "box": [ 158.46093089746094, 234.13055176766818, 181.2384185438119, 239.14318937896633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding at August 3, 2026", "box": [ 377.5195192700194, 234.13055176766818, 506.68623637557255, 239.14318937896633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common stock, $0.01 par value per share", "box": [ 86.55468389355468, 249.1305511426682, 253.13879137511134, 254.14318875396623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,515,851", "box": [ 419.60154501660156, 249.1305511426682, 464.5902414295725, 254.14318875396623 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 3, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639281386, 51.5044887041024, 51.21503951585828 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SUNRISE REALTY TRUST, INC.", "box": [ 232.51171281201155, 103.63055720516786, 379.4669800451251, 108.6431948164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "TABLE OF CONTENTS", "box": [ 252.6679619721678, 125.38055629891778, 359.3306220553286, 130.39319391021604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "INDEX", "box": [ 289.88671042138657, 147.13055539266793, 322.10519480486204, 152.1431930039662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Part I.", "box": [ 35.496092270996094, 173.3805542989178, 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560.5377891067577, 208.39319066021608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025", "box": [ 102.16405824316405, 218.38055242391783, 497.016650728472, 223.3931900352161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 102.16405824316405, 228.13055201766792, 148.24623152857282, 233.14318962896618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 555.539039352539, 222.88055223641777, 560.5377891067577, 227.89318984771603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2026 and 2025", "box": [ 102.16405824316405, 242.38055142391795, 536.3011758416167, 247.3931890352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 102.16405824316405, 252.8805509864178, 148.24623152857282, 257.89318859771606 ], "from_ocr": false, 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false, "confidence": 1.0 }, { "text": "SUNRISE REALTY TRUST, INC.", "box": [ 232.51171281201155, 103.63055720516877, 379.4669800451251, 108.64319481646544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 139.8867129213867, 115.6305567051686, 472.1079727562722, 120.64319431646527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026", "box": [ 264.74998896874996, 127.63055620516843, 347.23412899441064, 132.643193816466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 139.63055570516826, 330.99423636407215, 144.64319331646584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1. ORGANIZATION", "box": [ 33.74999859375, 161.38055479891864, 131.05030949048262, 166.3931924102153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sunrise Realty Trust, Inc. (the 'Company' or 'SUNS') was formed on August 28, 2023, and converted from a Delaware limited", "box": [ 33.74999859375, 183.1305538926681, 578.2400577191631, 188.14319150396568 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liability company to a Maryland corporation in February 2024. The Company is an institutional lender that provides debt capital", "box": [ 33.74999859375, 195.13055339266884, 578.2499826053372, 200.1431910039655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "solutions to the commercial real estate ('CRE') market in the Southern United States, with a primary focus on opportunities in Arizona,", "box": [ 33.74999859375, 207.13055289266867, 578.2431634127835, 212.14319050396534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee and Texas. The Company focuses on originating, underwriting", "box": [ 33.74999859375, 219.1305523926685, 578.247955368834, 224.14319000396517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and managing CRE debt investments and providing capital to high-quality borrowers and sponsors with transitional business plans", "box": [ 33.74999859375, 231.13055189266834, 578.2445774018878, 236.1431895039659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateralized by CRE assets with opportunities for near-term value creation, as well as recapitalization opportunities. The Company", "box": [ 33.74999859375, 243.13055139266817, 578.240103994161, 248.14318900396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "intends to further diversify its investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, B-notes,", "box": [ 33.74999859375, 255.130550892668, 578.240347387901, 260.1431885039656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commercial mortgage-backed securities ('CMBS') and debt-like preferred equity securities across CRE asset classes. The Company", "box": [ 33.74999859375, 267.13055039266874, 578.24660454389, 272.1431880039654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "intends for its investment mix to include high quality residential (including multi-family, condominiums and single-family residential", "box": [ 33.74999859375, 279.13054989266857, 578.2388589058005, 284.14318750396524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "communities), retail, office, hospitality, industrial, mixed-use and specialty-use real estate. The Company operates in one operating", "box": [ 33.74999859375, 291.1305493926684, 578.2458266439229, 296.143187003966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "segment.", "box": [ 33.74999859375, 303.13054889266823, 69.56621318265766, 308.1431865039649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SUNS is externally managed and advised by Sunrise Manager LLC ('SUNS Manager' or the 'Manager'), a registered investment", "box": [ 33.74999859375, 325.63054795516837, 578.232897006049, 330.64318556646504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "adviser under the Investment Advisers Act of 1940, as amended (the 'Advisers Act'). The Company consolidates all of its subsidiaries,", "box": [ 33.74999859375, 337.6305474551682, 578.2485915375578, 342.64318506646487 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which are consolidated within the Company's consolidated financial statements.", "box": [ 33.74999859375, 349.63054695516803, 354.42138733869126, 354.6431845664647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code (the", "box": [ 33.74999859375, 371.3805460489184, 578.244654104033, 376.3931836602151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Code'), commencing with the taxable year ending December 31, 2024. The Company generally will not be subject to United States", "box": [ 33.74999859375, 383.38054554891823, 578.2445771018881, 388.3931831602149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "federal income taxes on its REIT taxable income as long as it annually distributes all of its REIT taxable income prior to the deduction", "box": [ 33.74999859375, 395.38054504891807, 578.2426219690562, 400.39318266021473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for dividends paid to shareholders and complies with various other requirements as a REIT.", "box": [ 33.74999859375, 407.3805445489179, 399.48810456091155, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2. SIGNIFICANT ACCOUNTING POLICIES", "box": [ 33.74999859375, 429.1305436426683, 239.38737482796424, 434.14318125396494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited financial", "box": [ 33.74999859375, 451.6305427051684, 578.2438943305906, 456.6431803164651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements and results of operations included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31,", "box": [ 33.74999859375, 463.63054220516824, 578.2463104876525, 468.6431798164649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025 filed with the U.S. Securities and Exchange Commission ('SEC') on March 12, 2026 ('Annual Report on Form 10-K').", "box": [ 33.74999859375, 475.63054170516807, 537.987632990098, 480.64317931646474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Refer to Note 2 to the Company's Annual Report on Form 10-K for a description of the Company's significant accounting policies. The", "box": [ 33.74999859375, 497.38054079891845, 578.2483619538784, 502.3931784102151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company has included disclosures below regarding basis of presentation and other accounting policies that (i) are required to be", "box": [ 33.74999859375, 509.3805402989183, 578.24112910418, 514.393177910215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "disclosed quarterly, (ii) have material changes or (iii) the Company views as critical as of the date of this report.", "box": [ 33.74999859375, 521.3805397989181, 480.8933816690247, 526.3931774102148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basis of", "box": [ 33.74999859375, 543.1305388926685, 66.80321127203217, 548.1431765039652 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 66.8085909663086, 543.1305388926685, 69.30796584341797, 548.1431765039652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Presentation", "box": [ 69.31640336181641, 543.1305388926685, 121.52985058869459, 548.1431765039652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The accompanying unaudited interim consolidated financial statements and related notes have been prepared on the accrual basis of", "box": [ 33.74999859375, 565.6305379551686, 578.2445035869769, 570.6431755664653 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounting in conformity with accounting principles generally accepted in the United States of America ('GAAP') and in conformity", "box": [ 33.74999859375, 577.6305374551685, 578.2494880687699, 582.6431750664651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with the rules and regulations of the SEC applicable to interim financial information and include the accounts of the Company and its", "box": [ 33.74999859375, 589.6305369551683, 578.2495212516815, 594.643174566465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "wholly-owned subsidiaries. The unaudited interim consolidated financial statements reflect all adjustments that, in the opinion of", "box": [ 33.74999859375, 601.6305364551681, 578.2462435869048, 606.6431740664648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management, are necessary for the fair presentation of the Company's results of operations and financial condition as of and for the", "box": [ 33.74999859375, 613.6305359551679, 578.2447912790276, 618.6431735664664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "periods presented. All intercompany balances and transactions have been eliminated in consolidation.", "box": [ 33.74999859375, 625.6305354551678, 439.3560910247453, 630.6431730664663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Use of Estimates in the Preparation of Financial Statements", "box": [ 33.74999859375, 647.3805345489181, 282.0420372186608, 652.3931721602148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect", "box": [ 33.74999859375, 669.1305336426685, 578.2477851804287, 674.1431712539652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the current", "box": [ 33.74999859375, 681.1305331426684, 578.2433908556114, 686.143170753965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected credit losses reserve ('CECL Reserve') and the valuation of real estate owned ('REO') acquired through foreclosure", "box": [ 33.74999859375, 693.1305326426682, 578.2388864542734, 698.1431702539649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceedings.", "box": [ 33.74999859375, 705.130532142668, 84.55267415822178, 710.1431697539647 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 13, "width": 612.0, "height": 792.0, "cells": [ { "text": "6", "box": [ 303.4921748544922, 38.380559923916735, 308.49092460871094, 43.39319753521522 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 14, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639281386, 51.5044887041024, 51.215039515858734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity Method Investments", "box": [ 33.74999859375, 103.63055720516786, 147.06624714265243, 108.64319481646635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company accounts for its investment in unconsolidated real estate joint ventures over which it has the ability to exercise significant", "box": [ 33.74999859375, 125.38055629891824, 578.249891405341, 130.39319391021672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "influence, but does not control, under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and", "box": [ 33.74999859375, 137.38055579891807, 578.2405161191441, 142.39319341021655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Joint Ventures. Under the equity method, the Company initially records the investment at cost and subsequently adjusts the carrying", "box": [ 33.74999859375, 149.3805552989179, 578.2472908688617, 154.39319291021638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value of the investment to recognize the Company's proportionate share of the investee's earnings or losses, which are included in", "box": [ 33.74999859375, 161.38055479891955, 578.2471074188694, 166.39319241021622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equity in earnings (loss) of unconsolidated joint ventures in the consolidated statements of operations. For certain equity method", "box": [ 33.74999859375, 173.38055429891938, 578.239005469207, 178.39319191021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments, the Company records its share of earnings and losses on a one-quarter reporting lag when financial information of the", "box": [ 33.74999859375, 185.3805537989192, 578.2474004539191, 190.39319141021588 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investee is not available on a timely basis. Distributions received from equity method investees are recorded as reductions of the", "box": [ 33.74999859375, 197.38055329891904, 578.2411295541797, 202.3931909102157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment balance to the extent they represent returns of investment.", "box": [ 33.74999859375, 209.38055279891887, 311.365763007676, 214.39319041021554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In instances where the Company acquires real estate through foreclosure proceedings and contributes such real estate to an", "box": [ 33.74999859375, 231.13055189266925, 578.2409735441249, 236.1431895039659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unconsolidated real estate joint venture, the Company initially records its investment in the joint venture at the fair value of the real", "box": [ 33.74999859375, 243.13055139266908, 578.2438479805928, 248.14318900396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate contributed on the date of contribution. Fair value is generally determined based on the appraised value of the underlying real", "box": [ 33.74999859375, 255.1305508926689, 578.2453595305299, 260.1431885039656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate, less estimated costs to sell, as applicable.", "box": [ 33.74999859375, 267.13055039266874, 225.86968052001296, 272.1431880039654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the", "box": [ 33.74999859375, 289.6305494551689, 578.248133728888, 294.64318706646554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carrying value of the investment may not be recoverable or that a decline in value may be other-than-temporary. In evaluating whether", "box": [ 33.74999859375, 301.6305489551687, 578.2487152868018, 306.6431865664654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an other-than-temporary impairment exists, the Company considers various qualitative and quantitative factors, including the financial", "box": [ 33.74999859375, 313.63054845516854, 578.2446721555584, 318.6431860664652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "condition and near-term prospects of the investee, the underlying collateral and asset quality, expected holding period, market", "box": [ 33.74999859375, 325.63054795516837, 578.2399113807564, 330.64318556646504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions and other relevant factors. If the Company determines that a decline in value is other-than-temporary, the investment is", "box": [ 33.74999859375, 337.6305474551682, 578.2385342021396, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "written down to its estimated fair value, with the resulting impairment recognized in earnings.", "box": [ 33.74999859375, 349.63054695516803, 409.38795294841776, 354.6431845664665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recent Accounting Pronouncements", "box": [ 33.74999859375, 371.3805460489184, 184.4640725594097, 376.3931836602151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In November 2024, the FASB issued ASU 2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation", "box": [ 33.74999859375, 393.1305451426688, 578.2465587938922, 398.14318275396545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ('ASU 2024-03') and in January 2025, the FASB issued", "box": [ 33.74999859375, 405.1305446426686, 578.2443157689855, 410.1431822539653 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU 2025-01-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):", "box": [ 33.74999859375, 417.13054414266844, 578.2431621056214, 422.1431817539651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Clarifying the Effective Date ('ASU 2025-01'), which requires additional disclosure of the nature of expenses included in the income", "box": [ 33.74999859375, 429.1305436426683, 578.2402595542159, 434.14318125396494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement.", "box": [ 33.74999859375, 441.1305431426681, 578.2385620879753, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026 and interim periods within", "box": [ 33.74999859375, 453.13054264266793, 578.2463751189001, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fiscal years beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2024-03 is not expected to have a", "box": [ 33.74999859375, 465.13054214266776, 578.2459354789797, 470.14317975396625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "material impact on the Company's consolidated financial statements.", "box": [ 33.74999859375, 477.1305416426694, 309.15931964961106, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3. LOANS HELD FOR INVESTMENT AT CARRYING VALUE", "box": [ 33.74999859375, 499.63054070516773, 317.7368297054655, 504.6431783164662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, the Company's portfolio included 14 and 16 loans held at carrying value, respectively.", "box": [ 33.74999859375, 521.3805397989181, 578.2376125880149, 526.3931774102166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The aggregate originated commitment under these loans was approximately $377.4 million and $420.7 million, respectively, and", "box": [ 33.74999859375, 533.3805392989179, 578.2518155436733, 538.3931769102164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding principal was approximately $298.7 million and $305.5 million, respectively, as of June 30, 2026 and December 31, 2025.", "box": [ 33.74999859375, 545.3805387989178, 578.2515667124334, 550.3931764102163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, the Company funded approximately $115.6 million of new loans and additional principal", "box": [ 33.74999859375, 557.3805382989194, 578.2454969305239, 562.3931759102161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on existing loans and had approximately $96.1 million of principal repayments of loans held at carrying value. As of June 30, 2026 and", "box": [ 33.74999859375, 569.3805377989192, 578.2400124191647, 574.3931754102159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, approximately 96.1% and 96.4%, respectively, of the Company's loans held at carrying value had floating interest", "box": [ 33.74999859375, 581.3805372989191, 578.2456831555162, 586.3931749102157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rates. As of June 30, 2026, these floating benchmark rates included one-month Secured Overnight Financing Rate ('SOFR') quoted at", "box": [ 33.74999859375, 593.3805367989189, 578.2474648554421, 598.3931744102156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.7% and subject to a weighted average floor of 3.9%, and U.S. prime rate quoted at 6.75% and subject to a weighted average floor of", "box": [ 33.74999859375, 605.3805362989187, 578.2500320617467, 610.3931739102154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.0% based on outstanding principal.", "box": [ 33.74999859375, 617.3805357989186, 182.02544449685618, 622.3931734102152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7", "box": [ 303.4921748544922, 662.3805339239188, 308.49092460871094, 667.3931715352155 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 15, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639281386, 51.5044887041024, 51.215039515858734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following tables summarizes the Company's loans held at carrying value as of June 30, 2026 and December 31, 2025:", "box": [ 33.74999859375, 103.63055720516786, 523.226608247978, 108.64319481646453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026", "box": [ 384.42185898242184, 128.38055617391728, 466.90599900808263, 133.39319378521577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding", "box": [ 282.7382732192381, 163.63055470516701, 336.0793480341931, 168.6431923164655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 285.90233558740215, 173.38055429891756, 325.33578611842916, 178.39319191021423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Original", "box": [ 369.0468596230469, 143.38055554891798, 405.15107529279203, 148.39319316021465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issue", "box": [ 376.25389432275375, 153.8805551114183, 397.9232587924249, 158.89319272271496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Discount)", "box": [ 364.87498479687497, 163.63055470516701, 409.30717187603307, 168.6431923164655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Premium", "box": [ 367.1952972001953, 173.38055429891756, 406.99000013508197, 178.39319191021423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying", "box": [ 445.06639145556625, 163.63055470516701, 484.49497600020845, 168.6431923164655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 448.95701629345683, 173.38055429891756, 473.0330045128521, 178.39319191021423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted", "box": [ 521.9882632504881, 143.38055554891798, 562.5347225884908, 148.39319316021465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average", "box": [ 524.8710756303709, 153.8805551114183, 559.657279928507, 158.89319272271496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Remaining Life", "box": [ 509.07420128857405, 163.63055470516701, 575.4442321457174, 168.6431923164655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Years)", "box": [ 523.2070131997068, 173.38055429891756, 553.7413470079422, 178.39319191021423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior mortgage loans", "box": [ 34.74609230224609, 203.38055304891714, 124.70395497441467, 208.39319066021562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.0781135800781, 203.38055304891714, 279.07686333429683, 208.39319066021562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "222,838,841 ", "box": [ 291.7382728442381, 203.38055304891714, 344.2298331383397, 208.39319066021562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 351.9023328374022, 203.38055304891714, 356.90108259162093, 208.39319066021562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,474,956)", "box": [ 375.1171718701172, 203.38055304891714, 421.78235298123394, 208.39319066021562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.4570171059569, 203.38055304891714, 434.45576686017563, 208.39319066021562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "221,363,885 ", "box": [ 447.11716887011715, 203.38055304891714, 499.60872916421874, 208.39319066021562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.4", "box": [ 564.7499764687499, 203.38055304891714, 577.2468376355474, 208.39319066021562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subordinate debt", "box": [ 34.74609230224609, 217.63055245516807, 102.77099139196278, 222.64319006646474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "75,825,507 ", "box": [ 296.7304601362303, 216.8805524864183, 344.2298331383397, 221.89319009771498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(435,894)", "box": [ 382.61717155761716, 216.8805524864183, 421.78235298123394, 221.89319009771498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "75,389,613 ", "box": [ 452.10935616210935, 216.8805524864183, 499.60872916421874, 221.89319009771498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.4", "box": [ 564.7499764687499, 216.8805524864183, 577.2468376355474, 221.89319009771498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loans held at carrying value", "box": [ 34.74609230224609, 233.38055179891853, 177.40551420566467, 238.3931894102152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.0781135800781, 231.8805518614172, 279.07686333429683, 236.89318947271568 ], "from_ocr": false, "confidence": 1.0 }, { "text": "298,664,348", "box": [ 291.7382728442381, 231.8805518614172, 341.72571402392794, 236.89318947271568 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 341.7304582612303, 231.8805518614172, 344.2298331383397, 236.89318947271568 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 351.9023328374022, 231.8805518614172, 356.90108259162093, 236.89318947271568 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,910,850)", "box": [ 375.1171718701172, 231.8805518614172, 421.78235298123394, 236.89318947271568 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.4570171059569, 231.8805518614172, 434.45576686017563, 236.89318947271568 ], "from_ocr": false, "confidence": 1.0 }, { "text": "296,753,498", "box": [ 447.11716887011715, 231.8805518614172, 497.10461004980704, 236.89318947271568 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.10935428710934, 231.8805518614172, 499.60872916421874, 236.89318947271568 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.6", "box": [ 564.7499764687499, 231.8805518614172, 577.2468376355474, 236.89318947271568 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of December 31, 2025", "box": [ 373.13670695263653, 265.6305504551674, 478.1786843883873, 270.6431880664659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding", "box": [ 282.7382732192381, 300.13054901766736, 336.0793480341931, 305.14318662896585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 285.90233558740215, 310.63054858016767, 325.33578611842916, 315.64318619146434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Original", "box": [ 369.0468596230469, 280.6305498301681, 405.15107529279203, 285.64318744146476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issue", "box": [ 376.25389432275375, 290.38054942391864, 397.9232587924249, 295.3931870352153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Discount)", "box": [ 364.87498479687497, 300.13054901766736, 409.30717187603307, 305.14318662896585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Premium", "box": [ 367.1952972001953, 310.63054858016767, 406.99000013508197, 315.64318619146434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying", "box": [ 445.06639145556625, 300.13054901766736, 484.49497600020845, 305.14318662896585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 448.95701629345683, 310.63054858016767, 473.0330045128521, 315.64318619146434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted", "box": [ 521.9882632504881, 280.6305498301681, 562.5347225884908, 285.64318744146476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average", "box": [ 524.8710756303709, 290.38054942391864, 559.657279928507, 295.3931870352153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Remaining Life", "box": [ 509.07420128857405, 300.13054901766736, 575.4442321457174, 305.14318662896585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Years)", "box": [ 523.2070131997068, 310.63054858016767, 553.7413470079422, 315.64318619146434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior mortgage loans", "box": [ 34.74609230224609, 339.8805473614175, 124.70395497441467, 344.89318497271415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.0781135800781, 339.8805473614175, 279.07686333429683, 344.89318497271415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "282,678,920 ", "box": [ 291.7382728442381, 339.8805473614175, 344.2298331383397, 344.89318497271415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 351.9023328374022, 339.8805473614175, 356.90108259162093, 344.89318497271415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,803,998)", "box": [ 375.1171718701172, 339.8805473614175, 421.78235298123394, 344.89318497271415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.4570171059569, 339.8805473614175, 434.45576686017563, 344.89318497271415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "279,874,922 ", "box": [ 447.11716887011715, 339.8805473614175, 499.60872916421874, 344.89318497271415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.9", "box": [ 564.7499764687499, 339.8805473614175, 577.2468376355474, 344.89318497271415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subordinate debt", "box": [ 34.74609230224609, 354.1305467676684, 102.77099139196278, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,834,265 ", "box": [ 296.7304601362303, 354.1305467676684, 344.2298331383397, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(34,444)", "box": [ 387.60935884960935, 354.1305467676684, 421.78235298123394, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,799,821 ", "box": [ 452.10935616210935, 354.1305467676684, 499.60872916421874, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.4", "box": [ 564.7499764687499, 354.1305467676684, 577.2468376355474, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loans held at carrying value", "box": [ 34.74609230224609, 370.63054608016864, 177.40551420566467, 375.6431836914653 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.0781135800781, 369.1305461426673, 279.07686333429683, 374.1431837539658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "305,513,185", "box": [ 291.7382728442381, 369.1305461426673, 341.72571402392794, 374.1431837539658 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 341.7304582612303, 369.1305461426673, 344.2298331383397, 374.1431837539658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 351.9023328374022, 369.1305461426673, 356.90108259162093, 374.1431837539658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,838,442)", "box": [ 375.1171718701172, 369.1305461426673, 421.78235298123394, 374.1431837539658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.4570171059569, 369.1305461426673, 434.45576686017563, 374.1431837539658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "302,674,743", "box": [ 447.11716887011715, 369.1305461426673, 497.10461004980704, 374.1431837539658 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.10935428710934, 369.1305461426673, 499.60872916421874, 374.1431837539658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.9", "box": [ 564.7499764687499, 369.1305461426673, 577.2468376355474, 374.1431837539658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 51.749997843749995, 392.29099923454123, 62.24413798649414, 396.80350124405413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID or premium and", "box": [ 69.76171584326173, 392.29099923454123, 578.2397230466771, 396.80350124405413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan origination costs.", "box": [ 69.74999709375, 402.79099879704154, 149.48876338130128, 407.30350080655444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 51.749997843749995, 417.04099820329066, 62.24413798649414, 421.5535002128054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average remaining life is calculated based on the carrying value of each respective group of loans as of June 30, 2026 and", "box": [ 69.76171584326173, 417.04099820329066, 578.244117146494, 421.5535002128054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025.", "box": [ 69.74999709375, 427.54099776579096, 142.73436905273437, 432.05349977530386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 51.749997843749995, 441.0409972032903, 62.24413798649414, 445.55349921280504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior mortgage loans include senior loans that also have a contiguous subordinate loan because as a whole, the expected credit quality of", "box": [ 69.76171584326173, 441.0409972032903, 578.241185621616, 445.55349921280504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the subordinate loan is more similar to that of a senior loan.", "box": [ 69.74999709375, 452.2909967345404, 284.19871881838606, 456.8034987440551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 51.749997843749995, 465.79099617204156, 62.24413798649414, 470.30349818155446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If the Company holds both the A-note and B-note, the loan is categorized as a senior mortgage loan.", "box": [ 69.76171584326173, 465.79099617204156, 429.9155100568526, 470.30349818155446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents changes in loans held at carrying value as of and for the six months ended June 30, 2026:", "box": [ 33.74999859375, 486.88054123641814, 506.84393360558926, 491.8931788477148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 366.09373474609373, 531.8805393614184, 405.52718527712074, 536.8931769727151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Original Issue", "box": [ 433.6406069316406, 512.3805401739173, 493.91354641782954, 517.3931777852158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Discount)", "box": [ 441.56248160156247, 522.1305397676679, 485.9946686807207, 527.1431773789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Premium", "box": [ 443.8827940048828, 531.8805393614184, 483.6774969397696, 536.8931769727151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 508.874978796875, 531.8805393614184, 574.6982911017982, 536.8931769727151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loans held at carrying value at December 31, 2025", "box": [ 34.74609230224609, 561.880538111418, 271.3369949067914, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 350.36717290136716, 561.880538111418, 355.3659226555859, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "305,513,185", "box": [ 368.24998465625, 561.880538111418, 418.23742583593986, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 418.24217007324216, 561.880538111418, 420.74154495035157, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 428.4257671489256, 561.880538111418, 433.42451690314437, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,838,442)", "box": [ 451.9687311679687, 561.880538111418, 498.6339122790855, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 506.3202914033203, 561.880538111418, 511.31904115753906, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "302,674,743", "box": [ 524.2148256577146, 561.880538111418, 574.2022668374044, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.2070110747068, 561.880538111418, 576.7063859518162, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New fundings", "box": [ 34.74609230224609, 575.3805375489173, 91.11377327400561, 580.3931751602158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "109,218,292 ", "box": [ 368.24998465625, 575.3805375489173, 420.74154495035157, 580.3931751602158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(903,136)", "box": [ 459.4687308554687, 575.3805375489173, 498.6339122790855, 580.3931751602158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "108,315,156 ", "box": [ 524.2148256577146, 575.3805375489173, 576.7063859518162, 580.3931751602158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest drawn on loans", "box": [ 34.74609230224609, 589.6305369551683, 128.3065549243063, 594.643174566465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,364,993 ", "box": [ 378.24608173974593, 589.6305369551683, 420.74154495035157, 594.643174566465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 486.1406047441406, 589.6305369551683, 498.6374691546879, 594.643174566465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,364,993 ", "box": [ 534.2109152412108, 589.6305369551683, 576.7063859518162, 594.643174566465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accretion of original issue discount and premium, net", "box": [ 34.74609230224609, 603.8805363614174, 250.19485134930164, 608.8931739727159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 408.2460804897459, 603.8805363614174, 420.7429449002932, 608.8931739727159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,663,895 ", "box": [ 456.1406059941406, 603.8805363614174, 498.6360767047459, 608.8931739727159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,663,895 ", "box": [ 534.2109152412108, 603.8805363614174, 576.7063859518162, 608.8931739727159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan repayments", "box": [ 34.74609230224609, 618.1305357676683, 103.86936879252244, 623.143173378965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(96,130,931)", "box": [ 369.0702971220703, 618.1305357676683, 420.7393880246908, 623.143173378965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 486.1406047441406, 618.1305357676683, 498.6374691546879, 623.143173378965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(96,130,931)", "box": [ 525.0351381235349, 618.1305357676683, 576.7042215261557, 623.143173378965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Foreclosure and contribution to real estate joint venture", "box": [ 34.74609230224609, 632.3805351739175, 256.5653007073401, 637.3931727852159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(26,379,740)", "box": [ 369.0702971220703, 632.3805351739175, 420.7393880246908, 637.3931727852159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "166,833 ", "box": [ 463.64060568164064, 632.3805351739175, 498.6360767047459, 637.3931727852159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(26,212,907)", "box": [ 525.0351381235349, 632.3805351739175, 576.7042215261557, 637.3931727852159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PIK interest", "box": [ 34.74609230224609, 646.6305345801684, 82.7808875498838, 651.643172191465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78,549 ", "box": [ 390.7382687192381, 646.6305345801684, 420.74154495035157, 651.643172191465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 486.1406047441406, 646.6305345801684, 498.6374691546879, 651.643172191465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78,549 ", "box": [ 546.703102220703, 646.6305345801684, 576.7063859518162, 651.643172191465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loans held at carrying value at June 30, 2026", "box": [ 34.74609230224609, 662.380533923917, 248.77915757170135, 667.3931715352155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 350.36717290136716, 660.8805339864175, 355.3659226555859, 665.8931715977142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "298,664,348", "box": [ 368.24998465625, 660.8805339864175, 418.23742583593986, 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Company's portfolio on nonaccrual status. As of December 31, 2025, the Company had", "box": [ 33.74999859375, 691.6305327051687, 574.6383774192328, 696.6431703164653 ], "from_ocr": false, "confidence": 1.0 }, { "text": "one loan held at carrying value on nonaccrual status.", "box": [ 33.74999859375, 703.6305322051685, 243.90002971874824, 708.6431698164652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2026, the Company derecognized its senior hospitality loan in San Antonio, Texas (the 'San Antonio Loan') in connection", "box": [ 33.74999859375, 725.380531298917, 578.2447732689665, 730.3931689102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with the foreclosure on the underlying collateral and the contemporaneous contribution of the acquired real estate to a newly formed", "box": [ 33.74999859375, 737.3805307989187, 578.2418885440866, 742.3931684102154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 325.33592394433595, 172.6995924803996, 332.9091753547826, 175.95611468872448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 473.03904279003905, 172.6995924803996, 480.6122942004858, 175.95611468872448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 553.7460744272458, 172.6995924803996, 561.3193258376925, 175.95611468872448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)(4)", "box": [ 124.71093230371093, 201.9495912616494, 139.85742554860585, 205.2061134699743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 325.33592394433595, 309.19958679289994, 332.9091753547826, 312.456109001223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 473.03904279003905, 309.19958679289994, 480.6122942004858, 312.456109001223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 553.7460744272458, 309.19958679289994, 561.3193258376925, 312.456109001223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)(4)", "box": [ 124.71093230371093, 338.44958557414975, 139.85742554860585, 341.70610778247465 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 16, "width": 612.0, "height": 792.0, "cells": [ { "text": "unconsolidated joint venture. In exchange, the Company received an equity interest in the joint venture, which is accounted for under", "box": [ 33.74999859375, 38.380559923918554, 578.240979187124, 43.39319753521522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the equity method. The contribution was recorded based on the fair value of the", "box": [ 33.74999859375, 50.380559423918385, 351.716923292689, 55.39319703521687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8", "box": [ 303.4921748544922, 95.38055754891866, 308.49092460871094, 100.39319516021533 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 17, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639281386, 51.5044887041024, 51.215039515858734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underlying collateral of approximately $24.6 million. See Note 6 included in these consolidated financial statements for additional", "box": [ 33.74999859375, 103.63055720516786, 578.2508523803004, 108.64319481646453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "information.", "box": [ 33.74999859375, 115.63055670516769, 83.44941805419079, 120.64319431646618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A more detailed listing of the Company's loans held at carrying value portfolio based on information available as of June 30, 2026 is as", "box": [ 33.74999859375, 137.38055579891807, 578.2388549021259, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "follows:", "box": [ 33.74999859375, 149.3805552989179, 66.52008130241742, 154.39319291021457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Type", "box": [ 66.39843473339843, 197.95642735803085, 102.7584424185209, 201.9650332346082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Location", "box": [ 161.80077825830062, 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"confidence": 1.0 }, { "text": "Carrying", "box": [ 360.8202974658203, 189.70642770178165, 392.3513196770276, 193.715033578359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 363.9257698364256, 197.95642735803085, 383.1793328843166, 201.9650332346082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest", "box": [ 424.21873232421876, 189.70642770178165, 450.7138503362544, 193.715033578359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rate", "box": [ 429.46873210546875, 197.95642735803085, 445.450898639668, 201.9650332346082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity", "box": [ 489.57420210107404, 189.70642770178165, 520.6562726809879, 193.715033578359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date", "box": [ 494.09763941259746, 197.95642735803085, 510.07980594679674, 201.9650332346082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Payment", "box": [ 541.4179499409178, 189.70642770178165, 571.6138696737532, 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"(157,511)", "box": [ 309.2343621152344, 230.20642601428153, 340.2561332136593, 234.21503189085888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,081,647 ", "box": [ 366.8202972158203, 230.20642601428153, 404.80733059552716, 234.21503189085888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.25 %", "box": [ 435.8554543393553, 230.20642601428153, 462.5192530443624, 234.21503189085888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9/1/2027", "box": [ 490.91013954541, 230.20642601428153, 519.3376158359317, 234.21503189085888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I/O", "box": [ 551.1913870336912, 230.20642601428153, 561.8487711764583, 234.21503189085888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential", "box": [ 34.74609230224609, 250.45642517053057, 70.7157328916862, 254.4650310471079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Palm Beach Gardens,", "box": [ 141.5039003540039, 242.20642551428136, 210.5504686145635, 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"8.40 %", "box": [ 439.8632666723631, 323.20642213928113, 462.5192530443624, 327.2150280158585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9/25/2028", "box": [ 488.90622962890626, 323.20642213928113, 521.3311957028659, 327.2150280158585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I/O", "box": [ 551.1913870336912, 323.20642213928113, 561.8487711764583, 327.2150280158585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Industrial", "box": [ 34.74609230224609, 335.20642163928096, 65.38702068871588, 339.2150275158583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Doral, FL", "box": [ 141.5039003540039, 335.20642163928096, 173.03491384438564, 339.2150275158583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,902,832 ", "box": [ 242.36717740136717, 335.20642163928096, 276.3463984480662, 339.2150275158583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(19,428)", "box": [ 312.9257719614256, 335.20642163928096, 340.2561332136593, 339.2150275158583 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"confidence": 1.0 }, { "text": "Houston, TX", "box": [ 141.5039003540039, 359.9564206080304, 183.11062788221503, 363.96502648460773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,735,559 ", "box": [ 238.35936506835938, 359.9564206080304, 276.3463984480662, 363.96502648460773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(233,333)", "box": [ 308.92967462792967, 359.9564206080304, 340.2561332136593, 363.96502648460773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,502,226 ", "box": [ 366.8202972158203, 359.9564206080304, 404.80733059552716, 363.96502648460773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.50 %", "box": [ 439.8632666723631, 359.9564206080304, 462.5192530443624, 363.96502648460773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10/24/2028", "box": [ 486.90232721240216, 359.9564206080304, 523.3247830697997, 363.96502648460773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I/O", "box": [ 551.1913870336912, 359.9564206080304, 561.8487711764583, 363.96502648460773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subordinate debt:", "box": [ 34.74609230224609, 371.95642010803203, 93.60370454084429, 375.96502598460756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential", "box": [ 34.74609230224609, 383.95641960803187, 70.7157328916862, 387.9650254846092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Miami, FL", "box": [ 141.5039003540039, 383.95641960803187, 176.1501671145834, 387.9650254846092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,693,918 ", "box": [ 238.66405255566406, 383.95641960803187, 276.3463984480662, 387.9650254846092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(57,778)", "box": [ 312.9257719614256, 383.95641960803187, 340.2561332136593, 387.9650254846092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,636,140 ", "box": [ 367.124984703125, 383.95641960803187, 404.80733059552716, 387.9650254846092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.25 %", "box": [ 435.8554543393553, 383.95641960803187, 462.5192530443624, 387.9650254846092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11/15/2027", "box": [ 487.05466720605466, 383.95641960803187, 523.1804350008142, 387.9650254846092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I/O", "box": [ 551.1913870336912, 383.95641960803187, 561.8487711764583, 387.9650254846092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential", "box": [ 34.74609230224609, 395.9564191080317, 70.7157328916862, 399.96502498460904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Miami, FL", "box": [ 141.5039003540039, 395.9564191080317, 176.1501671145834, 399.96502498460904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,848,963 ", "box": [ 238.35936506835938, 395.9564191080317, 276.3463984480662, 399.96502498460904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "37,500 ", "box": [ 316.2656118222656, 395.9564191080317, 340.2604582849803, 399.96502498460904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,886,463 ", "box": [ 366.8202972158203, 395.9564191080317, 404.80733059552716, 399.96502498460904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14.50 %", "box": [ 435.8554543393553, 395.9564191080317, 462.5192530443624, 399.96502498460904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12/13/2028", "box": [ 486.90232721240216, 395.9564191080317, 523.3247830697997, 399.96502498460904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I/O", "box": [ 551.1913870336912, 395.9564191080317, 561.8487711764583, 399.96502498460904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hospitality", "box": [ 34.74609230224609, 408.7064185767813, 70.27850677172874, 412.71502445335864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Diversified", "box": [ 141.5039003540039, 408.7064185767813, 177.46963390543164, 412.71502445335864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44,282,626 ", "box": [ 238.35936506835938, 407.9564186080315, 276.3463984480662, 411.9650244846089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(415,616)", "box": [ 308.92967462792967, 407.9564186080315, 340.2561332136593, 411.9650244846089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43,867,010 ", "box": [ 366.8202972158203, 407.9564186080315, 404.80733059552716, 411.9650244846089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.25 %", "box": [ 436.16014182666, 408.7064185767813, 462.5192530443624, 412.71502445335864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2/13/2029", "box": [ 488.90622962890626, 408.7064185767813, 521.3311957028659, 412.71502445335864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I/O", "box": [ 551.1913870336912, 408.7064185767813, 561.8487711764583, 412.71502445335864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loans held at carrying value", "box": [ 34.74609230224609, 422.20641801428064, 148.8307750488403, 426.215023890858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 219.39842835839843, 420.7064180767811, 223.39592811683596, 424.71502395335847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "298,664,348", "box": [ 234.36327523486312, 420.7064180767811, 274.33818304424176, 424.71502395335847 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 274.3476485688475, 420.7064180767811, 276.3463984480662, 424.71502395335847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 283.9453006689453, 420.7064180767811, 287.94280042738285, 424.71502395335847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,910,850)", "box": [ 302.94139737744126, 420.7064180767811, 340.2561332136593, 424.71502395335847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.85936050585934, 420.7064180767811, 351.85686026429687, 424.71502395335847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "296,753,498", "box": [ 362.82420738232406, 420.7064180767811, 402.7991151917027, 424.71502395335847 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 402.8085807163084, 420.7064180767811, 404.80733059552716, 424.71502395335847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 51.749997843749995, 443.2909971095414, 62.24413798649414, 447.8034991190543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID or premium and", "box": [ 69.76171584326173, 443.2909971095414, 578.2397230466771, 447.8034991190543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan origination costs.", "box": [ 69.74999709375, 453.79099667204173, 149.48876338130128, 458.30349868155463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 51.749997843749995, 467.2909961095411, 62.24413798649414, 471.803498119054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the", "box": [ 69.76171584326173, 467.2909961095411, 578.2473205913607, 471.803498119054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with", "box": [ 69.74999709375, 478.54099564079115, 578.2426507765554, 483.05349765030405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in", "box": [ 69.74999709375, 489.04099520329146, 578.2485118763108, 493.55349721280436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "connection with loan modifications.", "box": [ 69.74999709375, 500.2909947345415, 199.22167149909666, 504.8034967440544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 51.749997843749995, 513.7909941720409, 62.24413798649414, 518.3034961815556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I/O = interest-only.", "box": [ 69.76171584326173, 513.7909941720409, 138.4877874796753, 518.3034961815556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 51.749997843749995, 527.2909936095402, 62.24413798649414, 531.803495619055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Base interest rate of 8.25% plus SOFR (SOFR floor of 4.00%).", "box": [ 69.76171584326173, 527.2909936095402, 296.9941282052441, 531.803495619055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 51.749997843749995, 541.5409930157912, 62.24413798649414, 546.0534950253041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Base interest rate of 6.25% plus SOFR (SOFR floor of 4.00%).", "box": [ 69.76171584326173, 541.5409930157912, 296.9941282052441, 546.0534950253041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 51.749997843749995, 555.0409924532905, 62.24413798649414, 559.5534944628052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash interest rate represents a blended rate of differing cash interest rates applicable to each of the A-Notes and B-Notes to which the", "box": [ 69.76171584326173, 555.0409924532905, 578.2455826914329, 559.5534944628052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company is a lender under the credit agreements. The A-Notes bear interest at a base interest rate of 4.75% plus SOFR (SOFR floor of", "box": [ 69.74999709375, 566.2909919845406, 578.2476633713462, 570.8034939940553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.75%) and the B-Notes bear interest at a base interest rate of 11.00% plus SOFR (SOFR floor of 4.75%).", "box": [ 69.74999709375, 576.7909915470409, 450.3574068151072, 581.3034935565538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 51.749997843749995, 591.0409909532918, 62.24413798649414, 595.5534929628047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Base interest rate of 5.50% plus SOFR (SOFR floor of 4.00%).", "box": [ 69.76171584326173, 591.0409909532918, 296.9941282052441, 595.5534929628047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 51.749997843749995, 604.5409903907912, 62.24413798649414, 609.0534924003041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Base interest rate of 5.00% plus SOFR (SOFR floor of 4.00%).", "box": [ 69.76171584326173, 604.5409903907912, 296.9941282052441, 609.0534924003041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9)", "box": [ 51.749997843749995, 618.0409898282905, 62.24413798649414, 622.5534918378053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Base interest rate of 5.60% plus SOFR (SOFR floor of 4.50%).", "box": [ 69.76171584326173, 618.0409898282905, 296.9941282052441, 622.5534918378053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(10) Base interest rate of 3.25% plus U.S. prime rate (U.S. prime floor of 8.00%).", "box": [ 51.749997843749995, 632.2909892345415, 346.20116115495097, 636.8034912440544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(11) Base interest rate of 4.75% plus SOFR (SOFR floor of 3.50%).", "box": [ 51.749997843749995, 645.7909886720408, 296.65428821940407, 650.3034906815556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12) Base interest rate of 6.20% plus SOFR (SOFR floor of 3.75%).", "box": [ 51.749997843749995, 660.0409880782918, 296.9941282052441, 664.5534900878047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(13) Base interest rate of 5.75% plus SOFR (SOFR floor of 3.75%).", "box": [ 51.749997843749995, 673.5409875157911, 296.9941282052441, 678.053489525304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(14) Base interest rate of 13.25%.", "box": [ 51.749997843749995, 687.0409869532905, 173.7275355513524, 691.5534889628052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(15) Base interest rate of 9.50% plus SOFR (SOFR floor of 4.00%) and PIK interest rate of 1.00%.", "box": [ 51.749997843749995, 701.2909863595414, 408.71190076033673, 705.8034883690543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(16) Base interest rate of ", "box": [ 51.749997843749995, 715.5409857657905, 143.73046294123048, 720.0534877753053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.25% ", "box": [ 143.73046276123046, 714.8805317364186, 172.0539217623363, 719.8931693477152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "plus SOFR (SOFR floor of ", "box": [ 172.0546803310547, 715.5409857657905, 271.3227424548852, 720.0534877753053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.00%)", "box": [ 271.32421119482404, 714.8805317364186, 300.4775369856015, 719.8931693477152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 260.8593641308594, 196.8086783964045, 266.9197236208682, 199.41464823169008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 383.1796715341797, 196.8086783964045, 389.2400310241885, 199.41464823169008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 510.0820137465819, 196.8086783964045, 516.1423732365906, 199.41464823169008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 564.2226364907224, 196.8086783964045, 570.2829959807312, 199.41464823169008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 464.51951564501934, 229.80867702140313, 470.5798751350282, 232.41464685669052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 464.51951564501934, 250.05867617765398, 470.5798751350282, 252.66464601293956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 464.51951564501934, 262.0586756776538, 470.5798751350282, 264.6646455129394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 464.51951564501934, 274.05867517765364, 470.5798751350282, 276.6646450129392 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 464.51951564501934, 286.80867464640323, 470.5798751350282, 289.4146444816888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9)", "box": [ 464.51951564501934, 298.80867414640306, 470.5798751350282, 301.41464398169046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(10)", "box": [ 464.51951564501934, 310.8086736464047, 473.17862225174713, 313.4146434816903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(11)", "box": [ 464.51951564501934, 322.80867314640454, 472.98574355978366, 325.4146429816901 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12)", "box": [ 464.51951564501934, 334.8086726464044, 473.17862225174713, 337.41464248168995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12)", "box": [ 464.51951564501934, 346.8086721464042, 473.17862225174713, 349.4146419816898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(13)", "box": [ 464.51951564501934, 359.5586716151538, 473.17862225174713, 362.1646414504394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(14)", "box": [ 464.51951564501934, 383.55867061515346, 473.17862225174713, 386.16464045043904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(15)", "box": [ 464.51951564501934, 395.5586701151533, 473.17862225174713, 398.16463995043887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(16)", "box": [ 464.51951564501934, 408.3086695839047, 473.17862225174713, 410.9146394191903 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 18, "width": 612.0, "height": 792.0, "cells": [ { "text": "9", "box": [ 303.4921748544922, 38.380559923916735, 308.49092460871094, 43.39319753521522 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 19, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639281386, 51.5044887041024, 51.215039515858734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4. CURRENT EXPECTED CREDIT LOSSES", "box": [ 33.74999859375, 103.63055720516786, 238.9382054716796, 108.64319481646635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, the Company's CECL Reserve for its loans held at carrying value was approximately $1.1", "box": [ 33.74999859375, 125.38055629891824, 578.2429350940433, 130.39319391021672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million and $2.1 million, respectively, or 0.37% and 0.68%, respectively, of the Company's total loans held at carrying value of", "box": [ 33.74999859375, 137.38055579891807, 578.2537546115916, 142.39319341021655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $296.8 million and $302.7 million, respectively. The CECL reserve consisted of an allowance on outstanding loan", "box": [ 33.74999859375, 149.3805552989179, 578.2537224185934, 154.39319291021638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balances of approximately $0.9 million and $1.9 million, respectively, and a liability for unfunded loan commitments of approximately", "box": [ 33.74999859375, 161.38055479891773, 578.2455057189358, 166.39319241021622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$0.2 million at both June 30, 2026 and December 31, 2025. The liability for unfunded commitments represents expected credit losses", "box": [ 33.74999859375, 173.38055429891756, 578.2461374018224, 178.39319191021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on the unfunded portion of loan commitments over the contractual period during which the Company is exposed to credit risk through", "box": [ 33.74999859375, 185.3805537989192, 578.2489387687931, 190.3931914102177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "its obligation to extend credit. In estimating this liability, management considered the likelihood that commitments will be funded and,", "box": [ 33.74999859375, 197.38055329891904, 578.2406218128897, 202.39319091021753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "if funded, the expected credit losses on the funded portion of those commitments.", "box": [ 33.74999859375, 209.38055279891887, 359.69832636881904, 214.39319041021736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company's loans held at carrying", "box": [ 33.74999859375, 231.13055189266743, 578.2480686188294, 236.14318950396773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value as of and for the three and six months ended June 30, 2026 was as follows:", "box": [ 33.74999859375, 243.13055139266908, 357.2211646398717, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding", "box": [ 342.4687357304687, 268.63055033016826, 395.8098105454237, 273.64318794146675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded", "box": [ 431.5546695185547, 268.63055033016826, 474.3417674881975, 273.64318794146675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 528.6679504721677, 268.63055033016826, 550.5228076106362, 273.64318794146675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance at March 31, 2026", "box": [ 34.74609230224609, 283.63054970516896, 148.13067496538827, 288.64318731646745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 334.32420856982407, 283.63054970516896, 339.32295832404276, 288.64318731646745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "322,786", "box": [ 375.8906093378906, 283.63054970516896, 408.3824495715638, 288.64318731646745 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.38670548388654, 283.63054970516896, 410.88608036099595, 288.64318731646745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 418.71092005371094, 283.63054970516896, 423.7096698079297, 288.64318731646745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "228,826", "box": [ 459.1874808671875, 283.63054970516896, 491.67932110086076, 288.64318731646745 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 491.6835770131834, 283.63054970516896, 494.1829518902928, 288.64318731646745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 501.93747908593747, 283.63054970516896, 506.9362288401563, 288.64318731646745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "551,612", "box": [ 541.6874774296874, 283.63054970516896, 574.1793176633607, 288.64318731646745 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1835735756833, 283.63054970516896, 576.6829484527927, 288.64318731646745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for current expected credit losses", "box": [ 34.74609230224609, 297.8805491114181, 207.70552294101586, 302.89318672271656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "609,435 ", "box": [ 375.8906093378906, 297.8805491114181, 410.88608036099595, 302.89318672271656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(52,187)", "box": [ 460.0077933330078, 297.8805491114181, 494.1807874646324, 302.89318672271656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "557,248 ", "box": [ 541.6874774296874, 297.8805491114181, 576.6829484527927, 302.89318672271656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Write-offs", "box": [ 34.74609230224609, 312.130548517669, 75.80020566207095, 317.1431861289675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 398.3788934008787, 312.130548517669, 410.88608036099595, 317.1431861289675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 481.6757649301756, 312.130548517669, 494.1829518902928, 317.1431861289675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 564.1757614926755, 312.130548517669, 576.6829484527927, 317.1431861289675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recoveries", "box": [ 34.74609230224609, 326.38054792391813, 79.1587717471307, 331.3931855352166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 398.3788934008787, 325.63054795516837, 410.88608036099595, 330.64318556646685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 481.6757649301756, 325.63054795516837, 494.1829518902928, 330.64318556646685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 564.1757614926755, 325.63054795516837, 576.6829484527927, 330.64318556646685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance at June 30, 2026", "box": [ 34.74609230224609, 342.1305472676686, 139.9979429042521, 347.1431848789671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 334.32420856982407, 340.63054733016907, 339.32295832404276, 345.64318494146755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "932,221", "box": [ 375.8906093378906, 340.63054733016907, 408.3824495715638, 345.64318494146755 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.38670548388654, 340.63054733016907, 410.88608036099595, 345.64318494146755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 418.71092005371094, 340.63054733016907, 423.7096698079297, 345.64318494146755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "176,639", "box": [ 459.1874808671875, 340.63054733016907, 491.67932110086076, 345.64318494146755 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 491.6835770131834, 340.63054733016907, 494.1829518902928, 345.64318494146755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 501.93747908593747, 340.63054733016907, 506.9362288401563, 345.64318494146755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,108,860", "box": [ 534.1874777421874, 340.63054733016907, 574.1774293884394, 345.64318494146755 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1835735756833, 340.63054733016907, 576.6829484527927, 345.64318494146755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding", "box": [ 342.64452072314435, 374.38054592391745, 395.98559553809935, 379.39318353521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded", "box": [ 431.4960795209959, 374.38054592391745, 474.2831774906387, 379.39318353521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 528.6562279726562, 374.38054592391745, 550.5110851111247, 379.39318353521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance at December 31, 2025", "box": [ 34.74609230224609, 389.38054529891815, 162.55578031434217, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 334.7577985517578, 389.38054529891815, 339.75654830597654, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,891,170", "box": [ 368.34373465234376, 389.38054529891815, 408.33368629859564, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.3398304858397, 389.38054529891815, 410.83920536294903, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 418.6288925571287, 389.38054529891815, 423.62764231134753, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "178,066", "box": [ 459.15232836865215, 389.38054529891815, 491.64416860232546, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 491.64841701464843, 389.38054529891815, 494.14779189175783, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 501.91404158691404, 389.38054529891815, 506.91279134113284, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,069,236", "box": [ 534.2109152412108, 389.38054529891815, 574.2008668874628, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.2070110747068, 389.38054529891815, 576.7063859518162, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for current expected credit losses", "box": [ 34.74609230224609, 403.6305447051691, 207.70552294101586, 408.6431823164676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "618,958 ", "box": [ 375.84373433984376, 403.6305447051691, 410.83920536294903, 408.6431823164676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,427)", "box": [ 464.97654312597655, 403.6305447051691, 494.1456349660971, 408.6431823164676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "617,531 ", "box": [ 541.7109149287108, 403.6305447051691, 576.7063859518162, 408.6431823164676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Write-offs", "box": [ 34.74609230224609, 417.13054414266844, 75.80020566207095, 422.1431817539669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,577,907)", "box": [ 364.17185982617184, 417.13054414266844, 410.83704093728863, 422.1431817539669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 481.6406049316406, 417.13054414266844, 494.14779189175783, 422.1431817539669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,577,907)", "box": [ 530.039040415039, 417.13054414266844, 576.7042215261557, 422.1431817539669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recoveries", "box": [ 34.74609230224609, 432.13054351766914, 79.1587717471307, 437.1431811289676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 398.33201840283186, 431.38054354891756, 410.83920536294903, 436.39318116021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 481.6406049316406, 431.38054354891756, 494.14779189175783, 436.39318116021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 564.199198991699, 431.38054354891756, 576.7063859518162, 436.39318116021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance at June 30, 2026", "box": [ 34.74609230224609, 447.8805428614178, 139.9979429042521, 452.89318047271627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 334.7577985517578, 446.38054292391826, 339.75654830597654, 451.39318053521674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "932,221", "box": [ 375.84373433984376, 446.38054292391826, 408.33557457351696, 451.39318053521674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.3398304858397, 446.38054292391826, 410.83920536294903, 451.39318053521674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 418.6288925571287, 446.38054292391826, 423.62764231134753, 451.39318053521674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "176,639", "box": [ 459.15232836865215, 446.38054292391826, 491.64416860232546, 451.39318053521674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 491.64841701464843, 446.38054292391826, 494.14779189175783, 451.39318053521674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 501.91404158691404, 446.38054292391826, 506.91279134113284, 451.39318053521674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,108,860", "box": [ 534.2109152412108, 446.38054292391826, 574.2008668874628, 451.39318053521674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.2070110747068, 446.38054292391826, 576.7063859518162, 451.39318053521674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 51.749997843749995, 480.79099554704044, 62.24413798649414, 485.303497556557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and ", "box": [ 69.76171584326173, 480.79099554704044, 159.527897743004, 485.303497556557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 159.53905585253906, 480.13054151766846, 238.11350521610353, 485.14317912896695 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", the CECL Reserve related to outstanding balances on loans held at carrying value is recorded", "box": [ 238.124990078125, 480.79099554704044, 578.2612866557786, 485.303497556557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "within current expected credit loss reserve in the Company's consolidated balance sheets.", "box": [ 69.74999709375, 492.0409950782905, 391.64500125145736, 496.55349708780705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 51.749997843749995, 506.2909944845396, 62.24413798649414, 510.80349649405616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and ", "box": [ 69.76171584326173, 506.2909944845396, 164.91966664334694, 510.80349649405616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 166.0078055830078, 505.63054045516765, 246.73896265670945, 510.64317806646613 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", the CECL Reserve related to unfunded commitments on loans held at carrying value is", "box": [ 246.74998971875, 506.2909944845396, 578.2562962909867, 510.80349649405616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recorded within current expected credit loss reserve as a liability in the Company's consolidated balance sheets.", "box": [ 69.74999709375, 517.5409940157897, 471.61228541948714, 522.0534960253062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 395.8124835078125, 267.1995885429005, 403.3857349182591, 270.4561107512236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 474.35154273535153, 267.1995885429005, 481.9247941457983, 270.4561107512236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 395.9882685004881, 372.9495841366497, 403.56151991093475, 376.2061063449746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 474.2929527377928, 372.9495841366497, 481.86620414823955, 376.2061063449746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 75.80859059130859, 416.44958232415047, 83.38184200175527, 419.70610453247355 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 20, "width": 612.0, "height": 792.0, "cells": [ { "text": "(3)", "box": [ 51.749997843749995, 39.04101395328871, 62.24413798649414, 43.55351596280525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the ", "box": [ 69.76171584326173, 39.04101395328871, 111.19654732681033, 43.55351596280525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "six months ended", "box": [ 111.64452659814452, 38.380559923916735, 182.50736355802619, 43.39319753521522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " June 30, 2026, the Company wrote off the provision for credit losses associated with the San Antonio Loan", "box": [ 182.5078048955078, 39.04101395328871, 578.2554676310212, 43.55351596280525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that was derecognized in connection with the foreclosure and contribution to a joint venture.", "box": [ 69.74999709375, 50.29101348453878, 402.1435383140182, 54.80351549405532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company continuously evaluates the credit quality of each loan by assessing the risk factors of each loan and assigning a risk", "box": [ 33.74999859375, 71.38055854891718, 578.2424390440641, 76.39319616021567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rating based on a variety of factors. Such factors may include property type, geographic and local market dynamics, physical condition,", "box": [ 33.74999859375, 83.38055804891701, 578.240805187882, 88.3931956602155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "projected cash flow, loan structure and exit plan, loan-to-value ratio, fixed charge coverage ratio, project sponsorship, and other factors", "box": [ 33.74999859375, 95.38055754891684, 578.2421962269872, 100.39319516021533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deemed necessary by the Company. Based on a 5-point scale, the Company's loans are rated '1' through '5,' from less risk to greater", "box": [ 33.74999859375, 107.38055704891667, 578.2533388116088, 112.39319466021698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risk, which ratings are defined as follows:", "box": [ 33.74999859375, 119.38055654891832, 201.16394674225617, 124.39319416021681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rating", "box": [ 44.49609189599609, 146.38055542391703, 73.3804340799818, 151.39319303521552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Definition", "box": [ 121.28905744628906, 146.38055542391703, 164.0566203917458, 151.39319303521552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 44.49609189599609, 162.1305547676675, 49.494841650214845, 167.14319237896598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Very Low Risk - Investment exceeds performance expectations. Trends and risk factors since time of", "box": [ 121.28905744628906, 162.1305547676675, 531.3520193658308, 167.14319237896598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment are favorable.", "box": [ 121.28905744628906, 173.38055429891756, 222.60637538098402, 178.39319191021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 44.49609189599609, 189.88055361141778, 49.494841650214845, 194.89319122271627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Low Risk - Investment performing consistent with expectations and a full return of principal and interest", "box": [ 121.28905744628906, 189.88055361141778, 546.9095602861879, 194.89319122271627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected. Trends and risk factors are neutral to favorable.", "box": [ 121.28905744628906, 201.13055314266785, 351.14823980007253, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3", "box": [ 44.49609189599609, 217.63055245516807, 49.494841650214845, 222.64319006646656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Medium Risk - Performing investments requiring closer monitoring. Trends and risk factors show some", "box": [ 121.28905744628906, 217.63055245516807, 542.8090326055171, 222.64319006646656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deterioration.", "box": [ 121.28905744628906, 228.88055198641814, 174.86445319523082, 233.89318959771663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 44.49609189599609, 245.38055129891836, 49.494841650214845, 250.39318891021685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "High Risk/ Potential for Loss - Investment underperforming with the potential of some interest loss. Trends and", "box": [ 121.28905744628906, 245.38055129891836, 574.1780924634116, 250.39318891021685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risk factors are negative.", "box": [ 121.28905744628906, 256.63055083016843, 219.5504825083129, 261.6431884414669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 44.49609189599609, 273.13055014266683, 49.494841650214845, 278.1431877539653 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Impaired/ Loss Likely - Investment underperforming with expected loss of interest, and full recovery of", "box": [ 121.28905744628906, 273.13055014266683, 543.004301405319, 278.1431877539653 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal is unlikely.", "box": [ 121.28905744628906, 284.3805496739169, 203.10441936856552, 289.3931872852154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10", "box": [ 300.99608495849594, 336.13054751766686, 310.9935794794336, 341.14318512896534 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 21, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639281386, 51.5044887041024, 51.215039515858734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The risk ratings are primarily based on historical data as well as taking into account future economic conditions.", "box": [ 33.74999859375, 103.63055720516786, 482.3920541065801, 108.64319481646635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the carrying value, excluding the CECL Reserve, of the Company's loans held at carrying value within each risk", "box": [ 33.74999859375, 125.38055629891824, 578.2445442939764, 130.39319391021672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rating by year of origination is as follows:", "box": [ 33.74999859375, 137.38055579891807, 201.73018899366272, 142.39319341021655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risk Rating:", "box": [ 34.74609230224609, 162.88055473641907, 88.9072791260293, 167.89319234771756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 207.6679638471678, 162.88055473641907, 227.6629479015434, 167.89319234771756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 311.33202202783184, 162.88055473641907, 331.32700608220745, 167.89319234771756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024", "box": [ 415.10154520410157, 162.88055473641907, 435.0965292584772, 167.89319234771756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 517.9804509174803, 162.88055473641907, 539.8353080559488, 167.89319234771756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 34.74609230224609, 177.88055411141795, 39.74484205646485, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 169.47655543847657, 177.88055411141795, 174.47530519269532, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 252.84373946484374, 177.88055411141795, 265.35092642496096, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 273.02342612402344, 177.88055411141795, 278.02217587824214, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 356.624985140625, 177.88055411141795, 369.1321721007422, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 376.8046717998047, 177.88055411141795, 381.80342155402343, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 460.3827933173828, 177.88055411141795, 472.8899802775, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 480.5624799765625, 177.88055411141795, 485.5612297307813, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 564.1874764921874, 177.88055411141795, 576.6946634523047, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 34.74609230224609, 191.38055354891912, 39.74484205646485, 196.3931911602176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43,867,010 ", "box": [ 217.85155342285157, 191.38055354891912, 265.35092642496096, 196.3931911602176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "135,152,669 ", "box": [ 316.6406118066406, 191.38055354891912, 369.1321721007422, 196.3931911602176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "117,733,819 ", "box": [ 420.7734199677734, 191.38055354891912, 472.8899802775, 196.3931911602176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "296,753,498 ", "box": [ 524.2031031582031, 191.38055354891912, 576.6946634523047, 196.3931911602176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3", "box": [ 34.74609230224609, 205.63055295516824, 39.74484205646485, 210.64319056646673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 252.84373946484374, 205.63055295516824, 265.35092642496096, 210.64319056646673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 356.624985140625, 205.63055295516824, 369.1321721007422, 210.64319056646673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 460.3827933173828, 205.63055295516824, 472.8899802775, 210.64319056646673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 564.1874764921874, 205.63055295516824, 576.6946634523047, 210.64319056646673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 34.74609230224609, 219.88055236141918, 39.74484205646485, 224.89318997271766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 252.84373946484374, 219.88055236141918, 265.35092642496096, 224.89318997271766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 356.624985140625, 219.88055236141918, 369.1321721007422, 224.89318997271766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 460.3827933173828, 219.88055236141918, 472.8899802775, 224.89318997271766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 564.1874764921874, 219.88055236141918, 576.6946634523047, 224.89318997271766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 34.74609230224609, 234.1305517676683, 39.74484205646485, 239.14318937896678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 252.84373946484374, 234.1305517676683, 265.35092642496096, 239.14318937896678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 356.624985140625, 234.1305517676683, 369.1321721007422, 239.14318937896678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 460.3827933173828, 234.1305517676683, 472.8899802775, 239.14318937896678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 564.1874764921874, 234.1305517676683, 576.6946634523047, 239.14318937896678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 34.74609230224609, 250.63055108016852, 56.6009494407146, 255.643188691467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 169.47655543847657, 249.130551142669, 174.47530519269532, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43,867,010", "box": [ 217.85155342285157, 249.130551142669, 262.8402498358224, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 262.85155154785156, 249.130551142669, 265.35092642496096, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 273.02342612402344, 249.130551142669, 278.02217587824214, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "135,152,669", "box": [ 316.6406118066406, 249.130551142669, 366.62805298633043, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 366.6327972236328, 249.130551142669, 369.1321721007422, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 376.8046717998047, 249.130551142669, 381.80342155402343, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "117,733,819", "box": [ 420.94920496044904, 249.130551142669, 470.38502948812294, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 470.3906054003906, 249.130551142669, 472.8899802775, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 480.5624799765625, 249.130551142669, 485.5612297307813, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "296,753,498", "box": [ 524.2031031582031, 249.130551142669, 574.1905443378929, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1952885751953, 249.130551142669, 576.6946634523047, 254.14318875396748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gross write-offs", "box": [ 34.74609230224609, 281.38054979891785, 103.13710722303333, 286.39318741021634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 169.47655543847657, 279.88054986141833, 174.47530519269532, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 252.84373946484374, 279.88054986141833, 262.84123897328124, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 262.85155154785156, 279.88054986141833, 265.35092642496096, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 273.02342612402344, 279.88054986141833, 278.02217587824214, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 356.624985140625, 279.88054986141833, 366.6224846490625, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 366.6327972236328, 279.88054986141833, 369.1321721007422, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 376.8046717998047, 279.88054986141833, 381.80342155402343, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,577,907)", "box": [ 426.2226422407225, 279.88054986141833, 472.88782335183924, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 480.5624799765625, 279.88054986141833, 485.5612297307813, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,577,907)", "box": [ 530.0273254155271, 279.88054986141833, 576.6925065266439, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2026, the Company and its affiliate co-lender exercised their rights to foreclose on the hotel property underlying the San", "box": [ 33.74999859375, 309.8805486114179, 578.2411569941175, 314.8931862227164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Antonio Loan. Upon foreclosure, the Company derecognized the loan and the related CECL reserve of approximately $1.6 million. At", "box": [ 33.74999859375, 321.88054811141774, 578.2477287804311, 326.89318572271804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the time of foreclosure, the San Antonio Loan had an outstanding principal balance of approximately $26.4 million and an amortized", "box": [ 33.74999859375, 333.8805476114194, 578.2516974186782, 338.8931852227179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cost basis of approximately $26.2 million. Prior to foreclosure, the loan had a risk rating of '5.' The amortized cost basis of the loan,", "box": [ 33.74999859375, 345.8805471114192, 578.247401137607, 350.8931847227177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net of the related CECL reserve, approximated the fair value of the acquired collateral of approximately $24.6 million, which was", "box": [ 33.74999859375, 357.88054661141905, 578.2418809270001, 362.89318422271754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subsequently contributed to a newly formed unconsolidated joint venture. See Note 6 included in these consolidated financial", "box": [ 33.74999859375, 369.8805461114189, 578.2440311305851, 374.89318372271737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements for additional information.", "box": [ 33.74999859375, 381.8805456114187, 184.78623998182303, 386.8931832227172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5. INTEREST RECEIVABLE", "box": [ 33.74999859375, 404.38054467391885, 168.95089352987975, 409.39318228521734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the interest receivable balance for the Company as of June 30, 2026 and December 31, 2025:", "box": [ 33.74999859375, 426.1305437676692, 537.0707537961384, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of", "box": [ 412.41795531591777, 451.6305427051684, 434.35580823233994, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 394.37108106787093, 461.38054229891895, 452.41801201174866, 466.39317991021744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of", "box": [ 517.3827909423828, 451.6305427051684, 539.3206438588049, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 488.0507646645506, 461.38054229891895, 568.6555330185183, 466.39317991021744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest receivable", "box": [ 34.74609230224609, 489.880541111419, 108.29206038539206, 494.8931787227175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 374.51951939501936, 489.880541111419, 379.5182691492381, 494.8931787227175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,516,570 ", "box": [ 429.2695171137694, 489.880541111419, 471.764980324375, 494.8931787227175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 479.46091752246093, 489.880541111419, 484.4596672766797, 494.8931787227175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,251,700 ", "box": [ 534.2226377407225, 489.880541111419, 576.7181009513281, 494.8931787227175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unused fees receivable", "box": [ 34.74609230224609, 504.1305405176681, 127.45230741204838, 509.1431781289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,451 ", "box": [ 446.7656063847656, 504.1305405176681, 471.764980324375, 509.1431781289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,203 ", "box": [ 551.7187270117187, 504.1305405176681, 576.7181009513281, 509.1431781289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PIK receivable", "box": [ 34.74609230224609, 518.3805399239191, 94.42348118824955, 523.3931775352175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,554 ", "box": [ 442.1367040776365, 518.3805399239191, 471.764980324375, 523.3931775352175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,037 ", "box": [ 551.7187270117187, 518.3805399239191, 576.7181009513281, 523.3931775352175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other fees receivable", "box": [ 34.74609230224609, 532.6305393301682, 119.6710462612676, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,640 ", "box": [ 446.7656063847656, 532.6305393301682, 471.764980324375, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,193 ", "box": [ 551.7187270117187, 532.6305393301682, 576.7181009513281, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total interest receivable", "box": [ 34.74609230224609, 548.3805386739186, 136.7370474501842, 553.3931762852171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 374.51951939501936, 546.8805387364191, 379.5182691492381, 551.8931763477176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,539,215", "box": [ 429.2695171137694, 546.8805387364191, 469.2594687600213, 551.8931763477176 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 469.2656054472656, 546.8805387364191, 471.764980324375, 551.8931763477176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 479.46091752246093, 546.8805387364191, 484.4596672766797, 551.8931763477176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,264,133", "box": [ 534.2226377407225, 546.8805387364191, 574.2125893869744, 551.8931763477176 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.2187260742187, 546.8805387364191, 576.7181009513281, 551.8931763477176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6. INVESTMENT IN UNCONSOLIDATED REAL ESTATE JOINT VENTURE", "box": [ 33.74999859375, 577.6305374551685, 383.46734139169394, 582.6431750664669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In February 2026, the Company and the affiliate co-lender to the San Antonio Loan formed 123 Lex Ave Hotel Holdings LLC (the 'Lex", "box": [ 33.74999859375, 599.3805365489188, 578.2489386187933, 604.3931741602173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ave JV') based on their respective interests in the San Antonio Loan. On March 3, 2026, following the lenders' exercise of their", "box": [ 33.74999859375, 611.3805360489187, 578.2423984870651, 616.3931736602171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "foreclosure rights, the Lex Ave JV acquired the San Antonio hotel property that served as the underlying collateral for the San Antonio", "box": [ 33.74999859375, 623.3805355489185, 578.2456425189307, 628.393173160217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan through a credit bid equal to the aggregate unpaid principal balance of the San Antonio Loan of approximately $40.6 million (the", "box": [ 33.74999859375, 635.3805350489183, 578.2514449787501, 640.3931726602168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Lex Ave Hotel Foreclosure').", "box": [ 33.74999859375, 647.3805345489181, 156.2631698202843, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Following the Lex Ave Hotel Foreclosure, the Company exchanged its 65.0% interest in the San Antonio Loan for a 65.0% equity", "box": [ 33.74999859375, 669.1305336426685, 578.2350615193715, 674.143171253967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest in the Lex Ave JV and recognized real estate owned ('REO') at the lower of the carrying value of the San Antonio Loan and", "box": [ 33.74999859375, 681.1305331426684, 578.2417977190908, 686.1431707539668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the fair value of the REO. The Company's investment in the Lex Ave JV was initially recognized at the fair value of the contributed", "box": [ 33.74999859375, 693.1305326426682, 578.2497166687608, 698.1431702539667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "REO of approximately $24.6 million.", "box": [ 33.74999859375, 705.130532142668, 183.6955724772675, 710.1431697539665 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 22, "width": 612.0, "height": 792.0, "cells": [ { "text": "11", "box": [ 301.18358495068344, 38.380559923918554, 310.8100734620797, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 23, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639281386, 51.5044887041024, 51.215039515858734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Following the Lex Ave Hotel Foreclosure, the Company owns a 65.0% membership interest in the Lex Ave JV. No gain or loss was", "box": [ 33.74999859375, 103.63055720516968, 578.2410528520344, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recognized upon foreclosure and contribution because the Lex Ave Hotel Foreclosure was accounted for as an exchange of the San", "box": [ 33.74999859375, 115.63055670516951, 578.2388223192144, 120.643194316468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Antonio Loan for an equity method investment in the Lex Ave JV.", "box": [ 33.74999859375, 127.63055620516934, 297.7119784015836, 132.64319381646783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three and six months ended June 30, 2026, the Company recognized equity in earnings of approximately $32.3 thousand,", "box": [ 33.74999859375, 149.38055529891972, 578.2430527877883, 154.3931929102182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "representing its 65.0% share of the Lex Ave JV's net income for the month ended March 31, 2026. The Company records its share of", "box": [ 33.74999859375, 161.38055479891955, 578.2392394871964, 166.39319241021803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "earnings and losses from the Lex Ave JV using a one-quarter reporting lag.", "box": [ 33.74999859375, 173.38055429891938, 332.9472366584479, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Activity in the Company's investment in the Lex Ave JV during the six months ended June 30, 2026 was as follows:", "box": [ 33.74999859375, 195.13055339266793, 497.5152596942842, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Activity", "box": [ 34.74609230224609, 230.38055192391948, 68.6145307785611, 235.39318953521797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended June", "box": [ 470.27341790527345, 220.63055233016894, 568.8863061439645, 225.64318994146743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026", "box": [ 502.08982657958967, 230.38055192391948, 537.0810334591226, 235.39318953521797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Initial contribution of REO", "box": [ 34.74609230224609, 260.38055067391906, 143.31251572955736, 265.39318828521755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 465.23435561523434, 260.38055067391906, 470.23310536945314, 265.39318828521755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "24,635,000 ", "box": [ 525.9023255874022, 260.38055067391906, 573.4016985895115, 265.39318828521755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additional capital contributions", "box": [ 34.74609230224609, 274.6305500801682, 161.91138517410496, 279.64318769146666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,258,647 ", "box": [ 530.9062278789062, 274.6305500801682, 573.4016985895115, 279.64318769146666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity in earnings of unconsolidated real estate joint venture", "box": [ 34.74609230224609, 288.8805494864191, 277.94666274145, 293.8931870977176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32,287 ", "box": [ 543.3984148583984, 288.13054951766935, 573.4016985895115, 293.14318712896784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ending investment balance at June 30, 2026", "box": [ 34.74609230224609, 304.6305488301696, 221.66195980158463, 309.64318644146806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 465.23435561523434, 303.13054889266823, 470.23310536945314, 308.1431865039667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,925,934", "box": [ 525.9023255874022, 303.13054889266823, 570.891022000373, 308.1431865039667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 570.9023237124021, 303.13054889266823, 573.4016985895115, 308.1431865039667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additional capital contributions primarily related to funding operating costs and capital requirements of the hotel property.", "box": [ 33.74999859375, 333.8805476114194, 523.9489371500433, 338.8931852227179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the Company's investment in its unconsolidated real estate joint venture as of June 30, 2026 and", "box": [ 33.74999859375, 355.63054670516794, 550.1838542131717, 360.64318431646825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025:", "box": [ 33.74999859375, 367.6305462051696, 115.09188325359227, 372.6431838164681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Entity", "box": [ 108.83202671533203, 402.8805447364193, 135.49523094186515, 407.8931823477178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date Formed", "box": [ 232.66405280566406, 402.8805447364193, 289.0171025100587, 407.8931823477178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ownership", "box": [ 317.17967428417967, 393.1305451426688, 364.39927484413477, 398.14318275396727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "%", "box": [ 335.78904850878905, 402.8805447364193, 345.78654801722655, 407.8931823477178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of", "box": [ 413.75389276025373, 393.1305451426688, 435.69174567667585, 398.14318275396727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 395.70701851220684, 402.8805447364193, 453.7539494560846, 407.8931823477178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of", "box": [ 517.6406034316406, 393.1305451426688, 539.5784563480627, 398.14318275396727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 488.3085771538084, 402.8805447364193, 568.9133455077762, 407.8931823477178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "123 Lex Ave Hotel Holdings LLC", "box": [ 34.74609230224609, 431.3805435489194, 170.898414698733, 436.39318116021786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2/27/2026", "box": [ 240.57421247607405, 431.3805435489194, 281.12066739913826, 436.39318116021786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "65%", "box": [ 331.6171736826172, 431.3805435489194, 349.9529809366246, 436.39318116021786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 376.62889430712875, 431.3805435489194, 381.6276440613475, 436.39318116021786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,925,934 ", "box": [ 424.8281072988281, 431.3805435489194, 472.3274803009375, 436.39318116021786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 479.9882650004881, 431.3805435489194, 484.9870147547069, 436.39318116021786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 563.9999764999999, 431.3805435489194, 576.5071634601171, 436.39318116021786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On May 21, 2026, the Company, through its investment in the Lex Ave JV, entered into a definitive agreement to sell the San Antonio", "box": [ 33.74999859375, 458.3805424239181, 567.7807995799657, 463.3931800352166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "hotel property. See Note 16 for additional information.", "box": [ 33.74999859375, 470.3805419239179, 252.15698749970835, 475.3931795352182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7. DEBT", "box": [ 33.74999859375, 492.88054098641805, 78.47070319988782, 497.89317859771654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revolving Credit Facility", "box": [ 33.74999859375, 514.6305400801684, 137.04433271238065, 519.6431776914669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On November 6, 2024, the Company entered into a Loan and Security Agreement (as amended, the 'Revolving Credit Agreement')", "box": [ 33.74999859375, 536.3805391739188, 578.2464269618971, 541.3931767852173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with the lenders party thereto and East West Bank, as administrative agent. The Revolving Credit Agreement provides for a senior", "box": [ 33.74999859375, 548.3805386739186, 578.2481659118246, 553.3931762852171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "secured revolving credit facility (the 'Revolving Credit Facility') with initial aggregate commitments of $50.0 million, which may be", "box": [ 33.74999859375, 560.3805381739185, 578.2436287040757, 565.393175785217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowed, repaid and redrawn, subject to a borrowing base based on eligible loan obligations held by the Company and subject to the", "box": [ 33.74999859375, 572.3805376739183, 578.2438300790672, 577.3931752852168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "satisfaction of other conditions provided under the Revolving Credit Agreement.", "box": [ 33.74999859375, 584.3805371739181, 355.81745205552204, 589.3931747852184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the year ended December 31, 2025, the Company entered into a series of amendments to the Revolving Credit Facility that,", "box": [ 33.74999859375, 606.8805362364183, 578.2367353880514, 611.8931738477186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "among other things, increased the aggregate commitment from $50.0 million to $140.0 million.", "box": [ 33.74999859375, 618.8805357364181, 415.2580628288299, 623.8931733477184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In February 2026, the Company entered into Amendment Number Seven to the Revolving Credit Facility ('Amendment Number", "box": [ 33.74999859375, 640.6305348301685, 578.2472503868628, 645.6431724414688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Seven'), by and among the Company and certain subsidiaries, as borrowers, the lenders party thereto, and East West Bank, as", "box": [ 33.74999859375, 652.6305343301683, 578.241784777004, 657.6431719414686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "administrative agent, which, among other things (i) facilitated the entry of an additional lender; (ii) increased the aggregate", "box": [ 33.74999859375, 664.6305338301681, 578.2406260792008, 669.6431714414684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitment by $25.0 million, for a total maximum revolver usage of $165.0 million; and (iii) revised the required consent from certain", "box": [ 33.74999859375, 676.630533330168, 578.2502706187372, 681.6431709414683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lenders to advance additional funds under the Revolving Credit Agreement. Pursuant to the Revolving Credit Agreement, total", "box": [ 33.74999859375, 688.6305328301678, 578.2498905803411, 693.6431704414681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitments may be increased to up to $200.0 million, subject to borrowing base availability and lender participation. The Revolving", "box": [ 33.74999859375, 700.6305323301676, 578.2478899688364, 705.6431699414679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Facility matures on November 8, 2027.", "box": [ 33.74999859375, 712.6305318301675, 218.11283006821503, 717.6431694414678 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 24, "width": 612.0, "height": 792.0, "cells": [ { "text": "Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to SOFR plus 2.75%, subject to a SOFR floor of", "box": [ 33.74999859375, 38.380559923916735, 578.2429977370404, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.63%, with an additional 0.25% during any Increase Rate Month (as defined in the Revolving Credit Agreement).", "box": [ 33.74999859375, 50.380559423916566, 491.8581297371602, 55.39319703521687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12", "box": [ 300.99608495849594, 95.38055754891684, 310.9935794794336, 100.39319516021715 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 25, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.215039515856915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company is required to pay certain fees under the Revolving Credit Agreement, including a $75.0 thousand agent fee and a 0.25%", "box": [ 33.74999859375, 103.63055720516786, 578.2342214249057, 108.64319481646453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "per annum unused commitment fee, payable semi-annually in arrears, subject to waiver if specified utilization thresholds are met.", "box": [ 33.74999859375, 115.63055670516769, 578.2398895129203, 120.64319431646436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unused commitment fees were $17.8 thousand and $21.9 thousand during the six months ended June 30, 2026 and 2025, respectively.", "box": [ 33.74999859375, 127.63055620516752, 578.2071181892857, 132.6431938164642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In connection with the Revolving Credit Agreement and related amendments, the Company incurred certain closing costs of", "box": [ 33.74999859375, 139.63055570516735, 578.2385992122231, 144.64319331646402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $0.5 million, which were included in prepaid expenses and other assets on the Company's consolidated balance sheets", "box": [ 33.74999859375, 151.63055520516718, 578.2445778518877, 156.6431928164675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and amortized over the life of the Revolving Credit Facility.", "box": [ 33.74999859375, 163.63055470516701, 273.5458379760063, 168.64319231646732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Revolving Credit Facility is guaranteed by certain material subsidiaries of the Company and is secured by substantially all assets of", "box": [ 33.74999859375, 185.3805537989174, 578.2471131368684, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company; provided that upon the meeting of certain conditions, the Revolving Credit Facility will be secured only by certain assets", "box": [ 33.74999859375, 197.38055329891722, 578.247598251762, 202.39319091021753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the Company comprising of or relating to loan obligations designed for inclusion in the borrowing base. In addition, the Company is", "box": [ 33.74999859375, 209.38055279891705, 578.2503495516473, 214.39319041021736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subject to various financial and other covenants, including a liquidity and debt service coverage ratio covenant. As amended, the", "box": [ 33.74999859375, 221.38055229891688, 578.2469428039376, 226.3931899102172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revolving Credit Facility requires us to, among other things: (i) maintain liquidity equal to the greater of (A) $5 million and (B) an", "box": [ 33.74999859375, 233.3805517989167, 578.2301481945761, 238.39318941021702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amount equal to 10% of the outstanding obligations thereunder so long as we maintain at least $5 million in qualified cash, (ii) maintain", "box": [ 33.74999859375, 245.38055129891654, 578.2473255188604, 250.39318891021685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a quarterly debt service coverage ratio of at least 1.50 to 1.0 and (iii) maintain a leverage ratio of not more than 3.25x measured as of", "box": [ 33.74999859375, 257.3805507989164, 578.2306724625535, 262.3931884102167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the end of each fiscal quarter. To the best of the Company's knowledge, as of June 30, 2026, the Company was in compliance in all", "box": [ 33.74999859375, 269.3805502989162, 578.2451305555392, 274.3931879102165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "material respects with these covenants.", "box": [ 33.74999859375, 281.38054979891604, 189.48724361094787, 286.39318741021634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, outstanding borrowings under the Revolving Credit Facility were $82.6 million and", "box": [ 33.74999859375, 303.1305488926664, 578.230079644579, 308.1431865039667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$102.3 million, respectively, and $82.4 million and $37.7 million were available for borrowing as of June 30, 2026 and December 31,", "box": [ 33.74999859375, 315.13054839266624, 578.2580217371647, 320.14318600396655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, respectively. As of June 30, 2026 and December 31, 2025, the interest rate on the Company's borrowings under the Revolving", "box": [ 33.74999859375, 327.1305478926661, 578.2494923437697, 332.1431855039664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Facility was 6.40% and 6.59%, respectively.", "box": [ 33.74999859375, 339.1305473926659, 238.56510729103678, 344.1431850039662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SRTF Credit Facility", "box": [ 33.74999859375, 361.63054645516604, 120.7739935153115, 366.64318406646635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On December 9, 2024, the Company entered into an unsecured revolving credit agreement (the 'SRTF Credit Agreement') with SRT", "box": [ 33.74999859375, 383.3805455489164, 578.24414511108, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Finance LLC, an affiliate, as agent and lender. The SRTF Credit Agreement provides for an unsecured revolving credit facility (the", "box": [ 33.74999859375, 395.38054504891625, 578.2453860290028, 400.39318266021655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'SRTF Credit Facility') with aggregate commitments of $75.0 million, which may be borrowed, repaid and redrawn, subject to a draw", "box": [ 33.74999859375, 407.3805445489161, 578.2385149076395, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fee and other customary conditions.", "box": [ 33.74999859375, 419.3805440489159, 176.7267615426346, 424.3931816602162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings under the SRTF Credit Facility bear interest at a rate per annum of 8.00%. The SRTF Credit Facility matures on the earlier", "box": [ 33.74999859375, 441.1305431426663, 578.2483723118162, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of (i) May 31, 2028 and (ii) the closing date of certain Refinancing Indebtedness, as defined in the SRTF Credit Agreement. As", "box": [ 33.74999859375, 453.1305426426661, 578.2432957269413, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amended, beginning January 1, 2026, the Company is required to pay a quarterly fee equal to 0.25% of the aggregate commitments", "box": [ 33.74999859375, 465.13054214266594, 578.2352318022771, 470.14317975396625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ratably to the lenders, payable on the first business day of each quarter; provided that the fee due and payable on April 1, 2028 will be", "box": [ 33.74999859375, 477.1305416426658, 578.2433719040864, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prorated on the basis of a year of 360 days for the actual number of days elapsed from and including April 1, 2028 until and excluding", "box": [ 33.74999859375, 489.1305411426656, 578.2479310688352, 494.1431787539659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "May 31, 2028.", "box": [ 33.74999859375, 501.13054064266544, 92.06542264519058, 506.14317825396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In connection with the SRTF Credit Agreement, the Company incurred approximately $25.5 thousand of deferred financing costs,", "box": [ 33.74999859375, 523.6305397051656, 578.2446204377229, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which are included in prepaid expenses and other assets and are amortized over the term of the facility.", "box": [ 33.74999859375, 535.6305392051654, 445.05776628717564, 540.6431768164657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, outstanding borrowings under the SRTF Credit Facility were $59.1 million and $19.8", "box": [ 33.74999859375, 557.3805382989158, 578.261207568282, 562.3931759102161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, respectively, and $15.9 million and $55.2 million were available for borrowing as of June 30, 2026 and December 31, 2025,", "box": [ 33.74999859375, 569.3805377989156, 578.2415383878515, 574.3931754102159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively.", "box": [ 33.74999859375, 581.3805372989154, 83.89854128547731, 586.3931749102157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13", "box": [ 300.99608495849594, 626.3805354239157, 310.9935794794336, 631.393173035216 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 26, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.215039515856915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following tables reflect a summary of interest expense incurred during the three and six months ended June 30, 2026 and 2025:", "box": [ 33.74999859375, 103.63055720516786, 560.1682273587437, 108.64319481646453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three months ended June 30, 2026", "box": [ 374.3202969033203, 128.38055617391728, 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false, "confidence": 1.0 }, { "text": "$", "box": [ 319.535146686035, 183.1305538926681, 324.5338964402537, 188.14319150396477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,310,576 ", "box": [ 357.574207601074, 183.1305538926681, 400.0696708116797, 188.14319150396477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 407.7538930102537, 183.1305538926681, 412.7526427644725, 188.14319150396477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,061,133 ", "box": [ 445.7929539252928, 183.1305538926681, 488.28841713589844, 188.14319150396477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.9726393344725, 183.1305538926681, 500.97138908869124, 188.14319150396477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,371,709 ", "box": [ 534.1874777421874, 183.1305538926681, 576.6829484527927, 188.14319150396477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unused fee expense", "box": [ 34.74609230224609, 197.38055329891722, 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[ 475.7812301757812, 324.8805479864168, 488.28841713589844, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,913 ", "box": [ 546.6796647216796, 324.8805479864168, 576.6829484527927, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of deferred financing costs", "box": [ 34.74609230224609, 339.88054736141567, 197.4249181693744, 344.89318497271597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "104,448 ", "box": [ 365.07420728857403, 339.1305473926659, 400.0696708116797, 344.1431850039662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,433 ", "box": [ 463.2890431962891, 339.1305473926659, 488.28841713589844, 344.1431850039662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "105,881 ", "box": [ 541.6874774296874, 339.1305473926659, 576.6829484527927, 344.1431850039662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total interest expense", "box": [ 34.74609230224609, 355.63054670516794, 126.93970365840687, 360.6431843164646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 319.535146686035, 354.1305467676648, 324.5338964402537, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,064,134", "box": [ 357.574207601074, 354.1305467676648, 397.56415924732596, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 397.5702959345703, 354.1305467676648, 400.0696708116797, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 407.7538930102537, 354.1305467676648, 412.7526427644725, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,078", "box": [ 458.28514090478495, 354.1305467676648, 485.7782363717393, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 485.78904225878904, 354.1305467676648, 488.28841713589844, 359.1431843789651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.9726393344725, 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false, "confidence": 1.0 }, { "text": "Credit Facility", "box": [ 417.12889261962874, 412.63054433016805, 479.41303268695617, 417.6431819414647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Borrowings", "box": [ 499.52341668652343, 412.63054433016805, 573.6844623168928, 417.6431819414647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense", "box": [ 34.74609230224609, 441.1305431426663, 99.42222595496852, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 319.535146686035, 441.1305431426663, 324.5338964402537, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,012,748 ", "box": [ 357.574207601074, 441.1305431426663, 400.0696708116797, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 407.7538930102537, 441.1305431426663, 412.7526427644725, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,982,489 ", "box": [ 445.7929539252928, 441.1305431426663, 488.28841713589844, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.9726393344725, 441.1305431426663, 500.97138908869124, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,995,237 ", "box": [ 534.1874777421874, 441.1305431426663, 576.6829484527927, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unused fee expense", "box": [ 34.74609230224609, 455.3805425489154, 114.6918481437342, 460.3931801602157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,821 ", "box": [ 370.0663945805662, 455.3805425489154, 400.0696708116797, 460.3931801602157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 475.7812301757812, 455.3805425489154, 488.28841713589844, 460.3931801602157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,821 ", "box": [ 546.6796647216796, 455.3805425489154, 576.6829484527927, 460.3931801602157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of deferred financing costs", "box": [ 34.74609230224609, 469.63054195516816, 197.4249181693744, 474.6431795664648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "321,423 ", "box": [ 365.07420728857403, 469.63054195516816, 400.0696708116797, 474.6431795664648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "378,937 ", "box": [ 453.2929536127928, 469.63054195516816, 488.28841713589844, 474.6431795664648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "700,360 ", "box": [ 541.6874774296874, 469.63054195516816, 576.6829484527927, 474.6431795664648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total interest expense", "box": [ 34.74609230224609, 485.3805412989168, 126.93970365840687, 490.39317891021346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 319.535146686035, 483.8805413614173, 324.5338964402537, 488.89317897271394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,351,992", "box": [ 357.574207601074, 483.8805413614173, 397.56415924732596, 488.89317897271394 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 397.5702959345703, 483.8805413614173, 400.0696708116797, 488.89317897271394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 407.7538930102537, 483.8805413614173, 412.7526427644725, 488.89317897271394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,361,426", "box": [ 445.7929539252928, 483.8805413614173, 485.78290557154475, 488.89317897271394 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 485.78904225878904, 483.8805413614173, 488.28841713589844, 488.89317897271394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.9726393344725, 483.8805413614173, 500.97138908869124, 488.89317897271394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,713,418", "box": [ 534.1874777421874, 483.8805413614173, 574.1774293884394, 488.89317897271394 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1835735756833, 483.8805413614173, 576.6829484527927, 488.89317897271394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended June 30, 2025", "box": [ 380.2031091582031, 517.6305399551675, 516.3065704247255, 522.6431775664641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revolving Credit", "box": [ 323.35545902685527, 532.6305393301664, 396.20337064702477, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Facility", "box": [ 343.6757706801756, 542.3805389239169, 375.8795859508498, 547.3931765352136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SRTF Revolving", "box": [ 413.09764278759747, 532.6305393301664, 483.19721602928183, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Facility", "box": [ 416.999982625, 542.3805389239169, 479.28412269232746, 547.3931765352136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Borrowings", "box": [ 499.54685418554686, 542.3805389239169, 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534.1874777421874, 570.8805377364151, 576.6829484527927, 575.8931753477154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unused fee expense", "box": [ 34.74609230224609, 585.1305371426679, 114.6918481437342, 590.1431747539646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,913 ", "box": [ 369.77342209277344, 585.1305371426679, 399.7767058238866, 590.1431747539646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 475.7577926767578, 585.1305371426679, 488.264979636875, 590.1431747539646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,913 ", "box": [ 546.6796647216796, 585.1305371426679, 576.6829484527927, 590.1431747539646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of deferred financing costs", "box": [ 34.74609230224609, 599.380536548917, 197.4249181693744, 604.3931741602137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "171,081 ", "box": [ 364.78123480078125, 599.380536548917, 399.7767058238866, 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614.3805359239159, 412.45967027667973, 619.3931735352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43,099", "box": [ 458.2617034057615, 614.3805359239159, 485.75479887271587, 619.3931735352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 485.7656047597656, 614.3805359239159, 488.264979636875, 619.3931735352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 496.0077918330078, 614.3805359239159, 501.0065415872266, 619.3931735352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,419,371", "box": [ 534.1874777421874, 614.3805359239159, 574.1774293884394, 619.3931735352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1835735756833, 614.3805359239159, 576.6829484527927, 619.3931735352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14", "box": [ 300.99608495849594, 667.6305337051672, 310.9935794794336, 672.6431713164638 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 27, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639283205, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8. COMMITMENTS AND CONTINGENCIES", "box": [ 33.74999859375, 103.63055720516786, 242.3309666053146, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, the Company had the following commitments to fund various investments:", "box": [ 33.74999859375, 125.38055629891824, 516.607162673788, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of", "box": [ 415.85154517285156, 150.88055523642106, 437.7893980892737, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 397.80467092480467, 160.63055483016797, 455.85160186868245, 165.64319244146827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of", "box": [ 519.0585758725584, 150.88055523642106, 540.9964287889804, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 489.72654209472654, 160.63055483016797, 570.3313104486944, 165.64319244146827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loan commitments", "box": [ 34.74609230224609, 189.8805536114196, 131.78227430448464, 194.89319122271627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 378.02342174902344, 189.8805536114196, 383.0221715032422, 194.89319122271627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "377,421,670 ", "box": [ 422.63670489013657, 189.8805536114196, 475.1282651842381, 194.89319122271627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 482.8124798828125, 189.8805536114196, 487.81122963703126, 194.89319122271627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "420,707,524 ", "box": [ 524.2031031582031, 189.8805536114196, 576.6946634523047, 194.89319122271627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less: drawn commitments", "box": [ 43.74609192724609, 204.88055298641848, 149.25671512638291, 209.89319059771879 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(298,513,237)", "box": [ 418.46483006396465, 204.13055301766872, 475.1261007585777, 209.14319062896902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(305,440,623)", "box": [ 520.0312283320312, 204.13055301766872, 576.6925065266439, 209.14319062896902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total undrawn commitments", "box": [ 34.74609230224609, 220.63055233017076, 158.24044095206102, 225.64318994146743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 378.02342174902344, 219.1305523926676, 383.0221715032422, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78,908,433", "box": [ 427.6288921821287, 219.1305523926676, 472.6175885950996, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.6288903071287, 219.1305523926676, 475.1282651842381, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 482.8124798828125, 219.1305523926676, 487.81122963703126, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "115,266,901", "box": [ 524.7538881352536, 219.1305523926676, 574.1897126629276, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1952885751953, 219.1305523926676, 576.6946634523047, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company from time to time may be a party to litigation in the normal course of business. The Company investigates these claims", "box": [ 33.74999859375, 249.130551142669, 578.2437919239205, 254.1431887539693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as they arise. If the potential loss from any claim or legal claim is considered probable and the amount can be estimated, the Company", "box": [ 33.74999859375, 261.1305506426688, 578.2439948439986, 266.14318825396913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accrues a liability for the estimated loss. As of June 30, 2026, the Company was not aware of any legal claims that could materially", "box": [ 33.74999859375, 273.13055014266865, 578.2375179942688, 278.14318775396896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impact its business, financial condition or results of operations.", "box": [ 33.74999859375, 285.1305496426685, 286.4159274472526, 290.1431872539688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9. SHAREHOLDERS' EQUITY", "box": [ 33.74999859375, 307.6305487051686, 179.10950776301596, 312.6431863164689 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred Stock", "box": [ 33.74999859375, 329.380547798919, 101.3941434776824, 334.3931854102193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, the Company was authorized to issue up to 10,000 shares of Preferred Stock, par value", "box": [ 33.74999859375, 351.1305468926694, 578.2572887535066, 356.1431845039697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$0.01 per share (the 'Preferred Stock'), respectively, of which none have been issued. The Board of Directors has the authority, without", "box": [ 33.74999859375, 363.1305463926692, 578.246026955502, 368.1431840039695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "action by our shareholders, to issue up to 10,000 shares of Preferred Stock in one or more series or classes and to designate the rights,", "box": [ 33.74999859375, 375.13054589266903, 578.2443793877327, 380.14318350396934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "preferences and privileges of each series or class, which may be greater than the rights of Common Stock. There were no shares of", "box": [ 33.74999859375, 387.13054539266886, 578.2425019120607, 392.14318300396917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred Stock designated or outstanding as of June 30, 2026 and December 31, 2025, respectively.", "box": [ 33.74999859375, 399.1305448926687, 434.55917492461685, 404.143182503969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common Stock", "box": [ 33.74999859375, 421.63054395516883, 99.56843332875366, 426.64318156646914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, the Company was authorized to issue up to 50,000,000 shares of Common Stock,", "box": [ 33.74999859375, 443.3805430489192, 578.2529023123781, 448.3931806602195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively, and issued 13,517,402 and 13,420,986 shares of Common Stock, respectively.", "box": [ 33.74999859375, 455.38054254891904, 398.71603291808094, 460.39318016021934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Shelf Registration Statement", "box": [ 33.74999859375, 477.1305416426694, 156.47792038558583, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On August 1, 2025, the Company filed a shelf registration statement on Form S-3 (File No. 333-289188) (the 'Shelf Registration", "box": [ 33.74999859375, 499.63054070516955, 578.2491222937855, 504.6431783164662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Statement'), which was declared effective on August 6, 2025. Under the Shelf Registration Statement, the Company may, from time to", "box": [ 33.74999859375, 511.6305402051694, 578.2433079190278, 516.643177816466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "time, issue and sell up to $500.0 million of the Company's common stock, preferred stock, debt securities, warrants and rights", "box": [ 33.74999859375, 523.6305397051692, 578.2487474017137, 528.6431773164695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(including as part of a unit) to purchase shares of the Company's common stock or preferred stock.", "box": [ 33.74999859375, 535.630539205169, 429.37318156569984, 540.6431768164693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On January 29, 2025, the Company completed a registered public offering of common stock at a public offering price of $12.00 per", "box": [ 33.74999859375, 557.3805382989194, 578.2459008369191, 562.3931759102161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share (the 'January 2025 Offering'), including a partial exercise of the underwriters' over-allotment option. In aggregate, the Company", "box": [ 33.74999859375, 569.3805377989192, 578.239005694207, 574.3931754102196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "issued 6,400,000 shares and received total net proceeds of approximately $70.8 million after underwriting discounts and offering", "box": [ 33.74999859375, 581.3805372989191, 578.2428624940462, 586.3931749102194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expenses.", "box": [ 33.74999859375, 593.3805367989189, 72.3389562421267, 598.3931744102192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At-the-Market Offering Program ('ATM Program')", "box": [ 33.74999859375, 615.1305358926693, 258.61538257985796, 620.1431735039696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On August 13, 2025, the Company entered into an Equity Distribution Agreement (the 'Equity Distribution Agreement') by and among", "box": [ 33.74999859375, 637.6305349551694, 578.2453227939436, 642.6431725664661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company, SUNS Manager and Raymond James & Associates, Inc. (the 'Sales Agent') under which the Company may, from time", "box": [ 33.74999859375, 649.6305344551693, 578.246622928951, 654.6431720664696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to time, offer and sell shares of common stock, having an aggregate offering price of up to $50.0 million. Under the terms of the Equity", "box": [ 33.74999859375, 661.6305339551691, 578.2343712943999, 666.6431715664694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distribution Agreement, the Company has agreed to pay the Sales Agents a commission of up to 2.0% of the gross sales price of", "box": [ 33.74999859375, 673.6305334551689, 578.2324994624773, 678.6431710664692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common stock sold through the Sales Agents. Sales of common stock, if any, may be made in transactions that are deemed to be 'at-", "box": [ 33.74999859375, 685.6305329551687, 578.239926187168, 690.643170566469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the-market' offerings, as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the 'Securities Act').", "box": [ 33.74999859375, 697.6305324551686, 578.2413544878588, 702.6431700664689 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were no shares issued under the ATM Program during the six months ended June 30, 2026.", "box": [ 33.74999859375, 709.6305319551684, 423.0227909802995, 714.6431695664687 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 28, "width": 612.0, "height": 792.0, "cells": [ { "text": "15", "box": [ 300.99608495849594, 38.380559923916735, 310.9935794794336, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 29, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.215039515856915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dividend Reinvestment Plan", "box": [ 33.74999859375, 103.63055720516786, 155.38934610288223, 108.64319481646453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On September 3, 2025, the Company established a dividend reinvestment plan ('DRIP'). The DRIP allows shareholders to reinvest all", "box": [ 33.74999859375, 125.38055629891824, 578.2396368057683, 130.3931939102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or a portion of their cash dividends in additional shares of the Company's common stock (which shares, at the Company's option, are", "box": [ 33.74999859375, 137.38055579891807, 578.2439672540617, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "either newly issued directly from the Company or purchased by the plan administrator in the open market). The Company may issue up", "box": [ 33.74999859375, 149.3805552989179, 578.2485726938081, 154.39319291021457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to 1,000,000 shares of common stock under the DRIP. There were no shares issued under the DRIP during the six months ended", "box": [ 33.74999859375, 161.38055479891773, 578.2410201941232, 166.39319241021803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026.", "box": [ 33.74999859375, 173.38055429891756, 92.06542264519058, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stock Incentive Plan", "box": [ 33.74999859375, 195.13055339266793, 121.50625273967782, 200.1431910039646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company maintains the 2024 Stock Incentive Plan (the '2024 Plan'), which provides for the grant of stock options, stock", "box": [ 33.74999859375, 217.63055245516807, 578.2383645942338, 222.64319006646474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "appreciation rights, restricted stock, stock bonuses, stock units and other forms of awards granted or denominated in the Company's", "box": [ 33.74999859375, 229.6305519551679, 578.2453553018554, 234.64318956646457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common Stock or units of Common Stock. The 2024 Plan is intended to provide flexibility to offer competitive incentives and to tailor", "box": [ 33.74999859375, 241.63055145516773, 578.2496308117635, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. The Company has granted, and", "box": [ 33.74999859375, 253.63055095516756, 578.2468786688788, 258.64318856646787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "currently intends to continue to grant, restricted stock awards to participants in the 2024 Plan, but it may also grant any other type of", "box": [ 33.74999859375, 265.6305504551674, 578.2418029870897, 270.6431880664677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "award available under the 2024 Plan in the future. Persons eligible to receive awards under the 2024 Plan include officers or employees", "box": [ 33.74999859375, 277.6305499551672, 578.2446686768837, 282.64318756646753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the Company or any of its subsidiaries, directors of the Company, employees of the Manager and certain directors, consultants and", "box": [ 33.74999859375, 289.63054945516706, 578.239966444167, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other service providers to the Company or any of its subsidiaries.", "box": [ 33.74999859375, 301.6305489551669, 294.4608033120492, 306.6431865664672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, the Company's Board of Directors approved grants of restricted stock to the Company's", "box": [ 33.74999859375, 323.38054804891726, 578.2423344519809, 328.39318566021757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "directors and certain officers, as well as certain employees of the Manager or its affiliates, with an aggregate of 98,669 shares of", "box": [ 33.74999859375, 335.3805475489171, 578.2433410120258, 340.3931851602174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "restricted stock granted to such eligible persons. The restricted stock awards granted during the six months ended June 30, 2026 under", "box": [ 33.74999859375, 347.3805470489169, 578.2450807119532, 352.39318466021723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the 2024 Plan contain vesting periods that vary from immediately, vesting over a one-year period, and vesting over a three-year period,", "box": [ 33.74999859375, 359.38054654891675, 578.2331650132004, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with approximately 33% vesting on each of the first, second and third anniversaries of the vesting commencement date.", "box": [ 33.74999859375, 371.3805460489166, 512.1095213433522, 376.3931836602169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2025, the Company's Board of Directors approved grants of restricted stock to the Company's", "box": [ 33.74999859375, 393.13054514266696, 578.2493842266872, 398.14318275396727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "directors and certain officers, as well as certain employees of the Manager or its affiliates, with an aggregate of 19,625 shares of", "box": [ 33.74999859375, 405.1305446426668, 578.2433410120258, 410.1431822539671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "restricted stock granted to such eligible persons. The restricted stock awards granted in February 2025 under the 2024 Plan vest over a", "box": [ 33.74999859375, 417.1305441426666, 578.2458898039815, 422.1431817539669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three-year period, with approximately 33% vesting on each of the first, second and third anniversaries of the vesting commencement", "box": [ 33.74999859375, 429.13054364266645, 578.2383553558213, 434.14318125396676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "date.", "box": [ 33.74999859375, 441.1305431426663, 52.9004690520637, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, there were 228,370 shares of restricted stock granted under the 2024 Plan.", "box": [ 33.74999859375, 463.6305422051664, 415.2387677296336, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the maximum number of shares of the Company's Common Stock that may be delivered pursuant to awards under", "box": [ 33.74999859375, 485.3805412989168, 578.2528353366297, 490.3931789102171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the 2024 Plan (the 'Share Limit') equaled 1,191,122 shares, of which 962,752 shares remained available for future issuance under the", "box": [ 33.74999859375, 497.3805407989166, 578.2499684538114, 502.39317841021693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024 Plan.", "box": [ 33.74999859375, 509.38054029891646, 76.51757169301771, 514.3931779102168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stock Compensation", "box": [ 33.74999859375, 531.1305393926668, 121.7942777026768, 536.1431770039671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the stock-based compensation expense incurred by the Company for the three and six months ended", "box": [ 33.74999859375, 553.630538455167, 578.239741594176, 558.6431760664673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 and 2025:", "box": [ 33.74999859375, 565.6305379551668, 131.7722415085773, 570.6431755664671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three months ended", "box": [ 265.03123895703123, 591.130536892666, 352.61176901028074, 596.1431745039663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 291.04686287304685, 603.1305363926695, 326.5994513479389, 608.1431740039661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended", "box": [ 450.71482872021465, 591.130536892666, 526.2720019494376, 596.1431745039663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 470.71873038671873, 603.1305363926695, 506.2713188616109, 608.1431740039661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 253.92186441992186, 619.6305357051679, 273.91684847429747, 624.6431733164645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 343.73436067773434, 619.6305357051679, 363.72934473210995, 624.6431733164645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 433.5468569355469, 619.6305357051679, 453.5418409899225, 624.6431733164645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 523.3945131918944, 619.6305357051679, 543.3894972462699, 624.6431733164645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stock-based compensation", "box": [ 34.74609230224609, 647.3805345489163, 141.638201610908, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 222.59765072509748, 647.3805345489163, 227.59640047931623, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "297,484 ", "box": [ 269.74217626074216, 647.3805345489163, 304.7376472838475, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.41014698290996, 647.3805345489163, 317.4088967371287, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "259,066 ", "box": [ 359.5546725185547, 647.3805345489163, 394.55014354166, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 402.2226432407225, 647.3805345489163, 407.2213929949412, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "667,446 ", "box": [ 449.3671687763672, 647.3805345489163, 484.3626397994725, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 492.035139498535, 647.3805345489163, 497.03388925275374, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "502,687 ", "box": [ 539.203102533203, 647.3805345489163, 574.1985735563084, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16", "box": [ 300.99608495849594, 698.3805324239183, 310.9935794794336, 703.393170035215 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 30, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.215039515856915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Restricted Stock", "box": [ 33.74999859375, 103.63055720516786, 98.4310188712688, 108.64319481646453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes restricted stock (i) converted, (ii) granted, (iii) vested and (iv) forfeited for the Company's directors", "box": [ 33.74999859375, 125.38055629891824, 578.2477355017562, 130.3931939102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and officers and employees of the Manager as of June 30, 2026 and December 31, 2025:", "box": [ 33.74999859375, 137.38055579891807, 387.5410944015412, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of", "box": [ 455.5077935205078, 162.88055473641725, 477.4456464369299, 167.89319234771392 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 382.3007690708006, 177.88055411141613, 440.34770001467837, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 481.25388994775375, 177.88055411141613, 561.8586583017214, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Converted", "box": [ 34.74609230224609, 192.13055351766525, 76.39090522954548, 197.14319112896555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "88,685 ", "box": [ 432.29295448779277, 192.13055351766525, 462.29623071890626, 197.14319112896555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "88,685 ", "box": [ 542.4960748959959, 192.13055351766525, 572.4993511271093, 197.14319112896555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Granted", "box": [ 34.74609230224609, 206.380552923918, 66.94504382312306, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "233,938 ", "box": [ 427.30076719580063, 206.380552923918, 462.29623071890626, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "135,269 ", "box": [ 537.5038876040037, 206.380552923918, 572.4993511271093, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Vested", "box": [ 34.74609230224609, 220.63055233016712, 61.39956902918452, 225.6431899414638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(130,131)", "box": [ 423.1288923696287, 220.63055233016712, 462.2940737932455, 225.6431899414638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(76,350)", "box": [ 538.324200069824, 220.63055233016712, 572.4971942014486, 225.6431899414638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forfeited", "box": [ 34.74609230224609, 234.88055173641624, 71.392148987827, 239.89318934771654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5,568)", "box": [ 433.124981953125, 234.88055173641624, 462.2940737932455, 239.89318934771654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,315)", "box": [ 543.3281023613281, 234.88055173641624, 572.4971942014486, 239.89318934771654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance", "box": [ 34.74609230224609, 251.38055104891828, 68.6242994632155, 256.39318866021495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "186,924", "box": [ 427.30076719580063, 249.88055111141512, 459.7926074294739, 254.89318872271542 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.79685584179686, 249.88055111141512, 462.29623071890626, 254.89318872271542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "144,289", "box": [ 537.5038876040037, 249.88055111141512, 569.9957278376769, 254.89318872271542 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.9999762499999, 249.88055111141512, 572.4993511271093, 254.89318872271542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The fair value of the Company's restricted stock awards is based on the Company's stock price on the date of grant. The following", "box": [ 33.74999859375, 279.8805498614165, 578.2438578190048, 284.8931874727168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "tables summarize the restricted stock activity as of and during the six months ended June 30, 2026:", "box": [ 33.74999859375, 291.88054936141634, 429.41333855686435, 296.89318697271665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of shares of", "box": [ 371.4374845234375, 312.1305485176672, 457.98800169766514, 317.14318612896386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "restricted stock", "box": [ 381.90233158740216, 321.88054811141774, 447.5108472561524, 326.8931857227144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted-average", "box": [ 486.64451472314437, 312.1305485176672, 563.827277804757, 317.14318612896386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "grant date fair value", "box": [ 481.59372993359375, 321.88054811141774, 568.8764529443748, 326.8931857227144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance as of December 31, 2025", "box": [ 34.74609230224609, 336.8805474864166, 169.6584983433956, 341.8931850977169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "144,289 ", "box": [ 430.4999820625, 336.8805474864166, 465.49545308560533, 341.8931850977169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 473.2382652817381, 336.8805474864166, 478.23701503595686, 341.8931850977169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.88 ", "box": [ 551.6366995151365, 336.8805474864166, 576.6360734547459, 341.8931850977169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Granted", "box": [ 34.74609230224609, 351.13054689266573, 66.94504382312306, 356.14318450396604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "98,669 ", "box": [ 435.49216935449215, 351.13054689266573, 465.49545308560533, 356.14318450396604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.34 ", "box": [ 556.6406018066406, 351.13054689266573, 576.6360734547459, 356.14318450396604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Vested", "box": [ 34.74609230224609, 365.3805462989185, 61.39956902918452, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(53,781)", "box": [ 431.3202945283203, 365.3805462989185, 465.4932886599449, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.79 ", "box": [ 552.0116994995115, 365.3805462989185, 576.6360734547459, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forfeited", "box": [ 34.74609230224609, 379.6305457051676, 71.392148987827, 384.6431833164643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,253)", "box": [ 436.32420431982405, 379.6305457051676, 465.4932886599449, 384.6431833164643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.34 ", "box": [ 556.6406018066406, 379.6305457051676, 576.6360734547459, 384.6431833164643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance as of June 30, 2026", "box": [ 34.74609230224609, 396.130545017666, 151.38667915472143, 401.1431826289663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "186,924", "box": [ 430.4999820625, 394.6305450801665, 462.99182229617327, 399.6431826914668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 462.99607820849593, 394.6305450801665, 465.49545308560533, 399.6431826914668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 473.2382652817381, 394.6305450801665, 478.23701503595686, 399.6431826914668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.37", "box": [ 552.1874769921874, 394.6305450801665, 574.1302110404068, 399.6431826914668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1366985776365, 394.6305450801665, 576.6360734547459, 399.6431826914668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The total fair value of shares vested during the six months ended June 30, 2026 was approximately $0.6 million.", "box": [ 33.74999859375, 424.6305438301679, 482.72290751779474, 429.64318144146455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2025, 19,625 shares of restricted stock were granted with a weighted-average grant date fair", "box": [ 33.74999859375, 446.38054292391826, 578.2480747868279, 451.3931805352149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value of $11.78. During the six months ended June 30, 2025, 34,671 shares of restricted stock vested with a weighted-average grant", "box": [ 33.74999859375, 458.3805424239181, 578.2438980805904, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "date fair value of $13.13. The total fair value of shares vested during the six months ended June 30, 2025 was approximately $0.5", "box": [ 33.74999859375, 470.3805419239179, 578.2546500935551, 475.3931795352146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million.", "box": [ 33.74999859375, 482.38054142391775, 65.13371066734527, 487.3931790352144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, there was approximately $1.5 million of total unrecognized compensation cost related to non-vested restricted", "box": [ 33.74999859375, 504.1305405176681, 578.2418016940901, 509.1431781289648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stock. That cost is expected to be recognized over a weighted-average period of 1.76 years.", "box": [ 33.74999859375, 516.130540017668, 398.05691059554465, 521.1431776289646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10. EARNINGS PER SHARE", "box": [ 33.74999859375, 538.6305390801681, 168.46305500020634, 543.6431766914648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following information sets forth the computations of basic and diluted earnings per common share for the three and six months", "box": [ 33.74999859375, 560.3805381739185, 578.2429295019563, 565.3931757852151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 and 2025:", "box": [ 33.74999859375, 572.3805376739183, 158.15652910923194, 577.393175285215 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 31, "width": 612.0, "height": 792.0, "cells": [ { "text": "Three months ended", "box": [ 304.78123730078124, 41.38055979891578, 392.36176735403075, 46.39319741021609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 330.79686121679686, 51.88055936141609, 366.3494496916889, 56.893196972716396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended", "box": [ 465.6210780991209, 41.38055979891578, 541.1782513283439, 46.39319741021609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 485.62497976562497, 51.88055936141609, 521.1775682405171, 56.893196972716396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 299.8710850053709, 66.88055873641497, 319.8660690597465, 71.89319634771527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 377.27342178027345, 66.88055873641497, 397.268405834649, 71.89319634771527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 454.6757660551756, 66.88055873641497, 474.67075010955125, 71.89319634771527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 532.1015403291016, 66.88055873641497, 552.0965243834771, 71.89319634771527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net income", "box": [ 34.74609230224609, 96.1305575176666, 81.10653011812252, 101.14319512896327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.7578010517578, 96.1305575176666, 279.75655080597653, 101.14319512896327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,076,025 ", "box": [ 301.99217491699216, 96.1305575176666, 344.4876456275975, 101.14319512896327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 352.16014532666, 96.1305575176666, 357.1588950808787, 101.14319512896327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,358,314 ", "box": [ 379.39451919189435, 96.1305575176666, 421.8899824025, 101.14319512896327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.56248210156247, 96.1305575176666, 434.5612318557813, 101.14319512896327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,329,375 ", "box": [ 456.79685596679684, 96.1305575176666, 499.2923266774022, 101.14319512896327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 506.96482637646466, 96.1305575176666, 511.96357613068346, 101.14319512896327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,457,751 ", "box": [ 534.2226377407225, 96.1305575176666, 576.7181009513281, 101.14319512896327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dividends paid on unvested restricted stock", "box": [ 40.74609205224609, 110.38055692391572, 215.38481863813223, 115.39319453521603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(57,623)", "box": [ 310.3124870703125, 110.38055692391572, 344.4854812019371, 115.39319453521603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(55,701)", "box": [ 387.7148313452147, 110.38055692391572, 421.8878254768392, 115.39319453521603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(100,910)", "box": [ 460.124980828125, 110.38055692391572, 499.2901622517418, 115.39319453521603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(141,181)", "box": [ 537.5507626020506, 110.38055692391572, 576.7159440256673, 115.39319453521603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net income attributable to common shareholders", "box": [ 34.74609230224609, 125.3805562989146, 229.9167876905464, 130.3931939102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,018,402 ", "box": [ 301.99217491699216, 125.3805562989146, 344.4876456275975, 130.3931939102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,302,613 ", "box": [ 379.39451919189435, 125.3805562989146, 421.8899824025, 130.3931939102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,228,465 ", "box": [ 456.79685596679684, 125.3805562989146, 499.2923266774022, 130.3931939102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,316,570 ", "box": [ 534.2226377407225, 125.3805562989146, 576.7181009513281, 130.3931939102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Divided by:", "box": [ 34.74609230224609, 138.8805557364176, 87.2280157395868, 143.89319334771426 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Basic weighted average shares of common stock", "box": [ 34.74609230224609, 153.1305551426667, 234.07590355933692, 158.14319275396338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding", "box": [ 43.74609192724609, 163.63055470516701, 90.3994114708577, 168.64319231646368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,329,968 ", "box": [ 296.9882726254881, 163.63055470516701, 344.4876456275975, 168.64319231646368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,235,823 ", "box": [ 374.39060940039064, 163.63055470516701, 421.8899824025, 168.64319231646368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,324,626 ", "box": [ 451.7929536752928, 163.63055470516701, 499.2923266774022, 168.64319231646368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,227,520 ", "box": [ 529.2187279492188, 163.63055470516701, 576.7181009513281, 168.64319231646368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average unvested restricted stock", "box": [ 40.74609205224609, 177.88055411141613, 213.7153315326942, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,407 ", "box": [ 314.48436189648436, 177.13055414266637, 344.4876456275975, 182.14319175396304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23,939 ", "box": [ 391.88670617138655, 177.13055414266637, 421.8899824025, 182.14319175396304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,196 ", "box": [ 469.66404293066404, 177.13055414266637, 499.2923266774022, 182.14319175396304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,608 ", "box": [ 546.7148247202146, 177.13055414266637, 576.7181009513281, 182.14319175396304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Diluted weighted average shares of common stock", "box": [ 34.74609230224609, 192.13055351766525, 236.8535219936028, 197.14319112896555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding", "box": [ 43.74609192724609, 201.8805531114158, 90.3994114708577, 206.8931907227161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,346,375 ", "box": [ 296.9882726254881, 201.13055314266603, 344.4876456275975, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,259,762 ", "box": [ 374.39060940039064, 201.13055314266603, 421.8899824025, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,335,822 ", "box": [ 451.7929536752928, 201.13055314266603, 499.2923266774022, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,245,128 ", "box": [ 529.2187279492188, 201.13055314266603, 576.7181009513281, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basic earnings per common share", "box": [ 34.74609230224609, 217.63055245516443, 178.2256663964917, 222.64319006646474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.7578010517578, 216.1305525176649, 279.75655080597653, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.23", "box": [ 324.4921739794922, 216.1305525176649, 341.9877799130085, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 341.9882707504881, 216.1305525176649, 344.4876456275975, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 352.16014532666, 216.1305525176649, 357.1588950808787, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.25", "box": [ 401.89451825439437, 216.1305525176649, 419.39012418791077, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 419.39060752539064, 216.1305525176649, 421.8899824025, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.56248210156247, 216.1305525176649, 434.5612318557813, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.54", "box": [ 479.29685502929686, 216.1305525176649, 496.79246096281327, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 496.79295180029277, 216.1305525176649, 499.2923266774022, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 506.96482637646466, 216.1305525176649, 511.96357613068346, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.52", "box": [ 556.7226368032224, 216.1305525176649, 574.2182427367388, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.2187260742187, 216.1305525176649, 576.7181009513281, 221.14319012896522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Diluted earnings per common share", "box": [ 34.74609230224609, 234.88055173641624, 187.11502452610176, 239.8931893477129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.7578010517578, 233.3805517989167, 279.75655080597653, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.23", "box": [ 324.4921739794922, 233.3805517989167, 341.9877799130085, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 341.9882707504881, 233.3805517989167, 344.4876456275975, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 352.16014532666, 233.3805517989167, 357.1588950808787, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.25", "box": [ 401.89451825439437, 233.3805517989167, 419.39012418791077, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 419.39060752539064, 233.3805517989167, 421.8899824025, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.56248210156247, 233.3805517989167, 434.5612318557813, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.54", "box": [ 479.29685502929686, 233.3805517989167, 496.79246096281327, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 496.79295180029277, 233.3805517989167, 499.2923266774022, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 506.96482637646466, 233.3805517989167, 511.96357613068346, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.52", "box": [ 556.7226368032224, 233.3805517989167, 574.2182427367388, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.2187260742187, 233.3805517989167, 576.7181009513281, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17", "box": [ 300.99608495849594, 286.63054958016437, 310.9935794794336, 291.6431871914647 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 32, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639283205, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Diluted earnings per common share was computed using the treasury stock method for restricted stock. Diluted earnings per common", "box": [ 33.74999859375, 103.63055720516786, 578.2447272939687, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share excluded 95,475 and 81,850 weighted average shares of unvested restricted stock due to anti-dilutive effect for the three and six", "box": [ 33.74999859375, 115.63055670516769, 578.2506825937205, 120.643194316468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026, respectively, and 108,488 and 115,125 for the three and six months ended June 30, 2025, respectively.", "box": [ 33.74999859375, 127.63055620516752, 560.7723885082328, 132.64319381646783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11. INCOME TAX", "box": [ 33.74999859375, 149.3805552989179, 120.59504472611866, 154.3931929102182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company elected to be taxed as a REIT for U.S. federal income tax purposes, commencing with the taxable year ending December", "box": [ 33.74999859375, 171.13055439266827, 578.2486242368051, 176.14319200396858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31, 2024. The Company believes that we have been organized in conformity with the requirements for qualification and taxation as a", "box": [ 33.74999859375, 183.1305538926681, 578.2482245538845, 188.1431915039684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "REIT under the U.S. federal income tax laws, and that our method of operation enables us to satisfy the requirements for qualification", "box": [ 33.74999859375, 195.13055339266793, 578.2461458439097, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and taxation as a REIT under the U.S. federal income tax laws for such taxable year and thereafter.", "box": [ 33.74999859375, 207.13055289266777, 428.86552151185253, 212.14319050396807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "So long as the Company qualifies for taxation as a REIT, the Company generally will not be subject to U.S. federal income tax on the", "box": [ 33.74999859375, 229.6305519551679, 578.2435556540787, 234.6431895664682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portion of our taxable income or capital gain that is distributed to shareholders annually. The Company had no income tax provision for", "box": [ 33.74999859375, 241.63055145516773, 578.2320649124956, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the three and six months ended June 30, 2026 and 2025.", "box": [ 33.74999859375, 253.63055095516756, 258.11153162660236, 258.64318856646787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three and six months ended June 30, 2026 and 2025, the Company incurred no expense for U.S. federal excise tax. Excise tax", "box": [ 33.74999859375, 275.38055004891794, 578.2451394189515, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "represents a 4% tax on the sum of a portion of the Company's ordinary income and net capital gains not distributed during the period. If", "box": [ 33.74999859375, 287.38054954891777, 578.2405674371415, 292.3931871602181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "it is determined that an excise tax liability exists for the current period, the Company will accrue excise tax on estimated excess taxable", "box": [ 33.74999859375, 299.3805490489176, 578.2419074541472, 304.3931866602179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income as such taxable income is earned. The expense is calculated in accordance with applicable tax regulations.", "box": [ 33.74999859375, 311.38054854891743, 489.3777104155112, 316.39318616021774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.", "box": [ 33.74999859375, 333.1305476426678, 558.2196875720953, 338.1431852539681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12. FAIR VALUE", "box": [ 33.74999859375, 355.63054670516794, 115.97134258736111, 360.64318431646825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair Value of Financial Instruments", "box": [ 33.74999859375, 377.3805457989183, 184.31270171571677, 382.3931834102186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the balance", "box": [ 33.74999859375, 399.1305448926687, 578.2483162788802, 404.143182503969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sheets, for which it is practicable to estimate that value.", "box": [ 33.74999859375, 411.1305443926685, 255.564350982735, 416.14318200396883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table details the carrying value and fair value of the Company's financial instruments not recognized at fair value in the", "box": [ 33.74999859375, 433.63054345516866, 578.2410373791835, 438.64318106646897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unaudited interim balance sheets as of June 30, 2026:", "box": [ 33.74999859375, 445.6305429551685, 247.26590039634132, 450.6431805664688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026", "box": [ 450.80857871630843, 471.1305418926677, 533.2927187419691, 476.143179503968 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 414.7382677192381, 487.6305412051697, 480.56158002416134, 492.6431788164664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair Value", "box": [ 514.16013857666, 487.6305412051697, 558.6948432936086, 492.6431788164664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial assets:", "box": [ 34.74609230224609, 503.38054054891836, 100.54987623450924, 508.39317816021867 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and cash equivalents", "box": [ 40.74609205224609, 519.1305398926706, 145.96869013838398, 524.1431775039673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 406.8515455478516, 519.1305398926706, 411.8502953020703, 524.1431775039673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,593,575 ", "box": [ 445.44139143994124, 519.1305398926706, 487.9368546505469, 524.1431775039673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.6210768491209, 519.1305398926706, 500.6198266033397, 524.1431775039673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,593,575 ", "box": [ 534.2226377407225, 519.1305398926706, 576.7181009513281, 524.1431775039673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment, net", "box": [ 40.74609205224609, 534.8805392364193, 162.62951699785748, 539.893176847716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 406.8515455478516, 534.8805392364193, 411.8502953020703, 539.893176847716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "296,753,498 ", "box": [ 435.4452943564453, 534.8805392364193, 487.9368546505469, 539.893176847716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.6210768491209, 534.8805392364193, 500.6198266033397, 539.893176847716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "296,694,357 ", "box": [ 524.2265406572266, 534.8805392364193, 576.7181009513281, 539.893176847716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment in unconsolidated real estate joint venture", "box": [ 40.74609205224609, 549.8805386114182, 254.5155954177446, 554.8931762227185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 406.8515455478516, 549.8805386114182, 411.8502953020703, 554.8931762227185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,925,934 ", "box": [ 440.4374816484375, 549.8805386114182, 487.9368546505469, 554.8931762227185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.6210768491209, 549.8805386114182, 500.6198266033397, 554.8931762227185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,935,000 ", "box": [ 529.2187279492188, 549.8805386114182, 576.7181009513281, 554.8931762227185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and cash equivalents have a carrying value which approximates their fair value due to the short-term nature of these instruments.", "box": [ 33.74999859375, 578.38053742392, 578.2468018876322, 583.3931750352167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company categorizes the fair value measurement of these assets as Level 1. The Company's loans held for investment and its", "box": [ 33.74999859375, 590.3805369239199, 578.2404573520596, 595.3931745352165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment in unconsolidated real estate joint venture are measured using unobservable inputs, or Level 3 inputs.", "box": [ 33.74999859375, 602.3805364239197, 484.9060918768289, 607.3931740352164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13. RELATED PARTY TRANSACTIONS", "box": [ 33.74999859375, 624.1305355176701, 221.07190759110875, 629.1431731289667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management Agreement", "box": [ 33.74999859375, 645.8805346114204, 138.7871176227026, 650.8931722227171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On February 22, 2024, the Company entered into a management agreement (the 'Management Agreement') with SUNS Manager,", "box": [ 33.74999859375, 668.3805336739206, 578.2392035629488, 673.3931712852172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "effective upon the listing of the Company's common stock. Following the listing of the Company's Common Stock on July 9, 2024, the", "box": [ 33.74999859375, 680.3805331739204, 578.2415416791628, 685.3931707852171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company became managed by its Board of Directors and executive officers and by SUNS Manager, pursuant to the Management", "box": [ 33.74999859375, 692.3805326739202, 578.2440776305831, 697.3931702852169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement.", "box": [ 33.74999859375, 704.3805321739201, 80.66206079533066, 709.3931697852167 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 33, "width": 612.0, "height": 792.0, "cells": [ { "text": "18", "box": [ 300.99608495849594, 38.380559923916735, 310.9935794794336, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 34, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.215039515856915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pursuant to the Management Agreement, the Manager manages the Company's investment activities and day-to-day operations, subject", "box": [ 33.74999859375, 103.63055720516786, 578.2467323304724, 108.64319481646453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "at all times to the further terms and conditions set forth in the Management Agreement and such further limitations or parameters as", "box": [ 33.74999859375, 115.63055670516769, 578.2454926268498, 120.64319431646436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may be imposed from time to time by the Board of Directors.", "box": [ 33.74999859375, 127.63055620516752, 279.18632899848586, 132.6431938164642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Manager receives base management fees (the 'Base Management Fees'), calculated and payable quarterly in arrears, equal to", "box": [ 33.74999859375, 149.3805552989179, 578.2471996688655, 154.39319291021457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.375% of the Company's Equity (as defined in the Management Agreement), subject to certain adjustments, less 50% of the aggregate", "box": [ 33.74999859375, 161.38055479891773, 578.2372427543417, 166.3931924102144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amount of any other fees ('Outside Fees'), including any agency fees relating to the Company's loans, but excluding the Incentive", "box": [ 33.74999859375, 173.38055429891756, 578.239801604235, 178.39319191021423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Compensation (as defined below) and any diligence fees paid to and earned by the Manager and paid by third parties in connection with", "box": [ 33.74999859375, 185.3805537989174, 578.2489389937929, 190.3931914102177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Manager's due diligence of potential loans.", "box": [ 33.74999859375, 197.38055329891722, 221.51530700144517, 202.39319091021753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Base Management Fees incurred for the three and six months ended June 30, 2026 were approximately $0.7 million and $1.4 million,", "box": [ 33.74999859375, 219.1305523926676, 578.2401307879103, 224.14319000396426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively. Base Management Fees incurred for the three and six months ended June 30, 2025 were approximately $0.7 million and", "box": [ 33.74999859375, 231.13055189266743, 578.232505819478, 236.14318950396773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1.3 million, respectively. As discussed under 'Fee Waiver' below, the Manager waived approximately $7.3 thousand and $0.6 million", "box": [ 33.74999859375, 243.13055139266726, 578.2461165939109, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of Base Management Fees for the three and six months ended June 30, 2025, respectively.", "box": [ 33.74999859375, 255.1305508926671, 393.7601883745746, 260.1431885039674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition to the Base Management Fees, the Manager is entitled to receive incentive compensation (the 'Incentive Compensation' or", "box": [ 33.74999859375, 277.6305499551672, 578.2462892619027, 282.64318756646753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Incentive Fees') with respect to each fiscal quarter (or portion thereof that the Management Agreement is in effect) based upon the", "box": [ 33.74999859375, 289.63054945516706, 578.2385201542884, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's achievement of targeted levels of Core Earnings. 'Core Earnings' is defined in the Management Agreement as, for a given", "box": [ 33.74999859375, 301.6305489551669, 578.247428118856, 306.6431865664672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "period, the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation", "box": [ 33.74999859375, 313.6305484551667, 578.2432623940297, 318.643186066467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense, (ii) Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items", "box": [ 33.74999859375, 325.63054795516655, 578.2458587018342, 330.64318556646685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that are included in net income for the applicable reporting period, regardless of whether such items are included in other", "box": [ 33.74999859375, 337.6305474551664, 578.247387786857, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in", "box": [ 33.74999859375, 349.6305469551662, 578.247794643841, 354.6431845664665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "each case after discussions between the Manager and the Company's independent directors and approval by a majority of the", "box": [ 33.74999859375, 361.63054645516604, 578.2425939291186, 366.64318406646635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "independent directors.", "box": [ 33.74999859375, 373.63054595516587, 122.5850974235374, 378.6431835664662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive Fees incurred for the three and six months ended June 30, 2026 were approximately $0.2 million and $1.1 million,", "box": [ 33.74999859375, 395.38054504891625, 578.2406457378888, 400.39318266021655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively. Incentive Fees incurred for the three and six months ended June 30, 2025 were approximately $0.2 million and $0.5", "box": [ 33.74999859375, 407.3805445489161, 578.2429350940433, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, respectively. As discussed under 'Fee Waiver' below, the Manager waived approximately $0.2 million and $0.5 million of", "box": [ 33.74999859375, 419.3805440489159, 578.2357193623434, 424.3931816602162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive Fees for the three and six months ended June 30, 2025, respectively.", "box": [ 33.74999859375, 431.38054354891574, 346.00628786432054, 436.39318116021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fee Waiver", "box": [ 33.74999859375, 453.1305426426661, 79.1829416961236, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "From time to time, the Manager may waive fees it would otherwise be entitled to under the terms of the Management Agreement. The", "box": [ 33.74999859375, 475.63054170516625, 578.2462105039682, 480.64317931646656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Manager agreed to waive (i) the inclusion of the net proceeds from the January 2025 Offering in the Company's Equity for purposes of", "box": [ 33.74999859375, 487.6305412051661, 578.2401546371589, 492.6431788164664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "calculating the management fee until the earlier of (a) December 31, 2025 and (b) the quarter in which the total amount of the net", "box": [ 33.74999859375, 499.6305407051659, 578.2400028807532, 504.6431783164662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceeds of the January 2025 Offering have been utilized to fund loans in our portfolio and (ii) an additional $1.0 million in fees.", "box": [ 33.74999859375, 511.63054020516574, 549.9832195652816, 516.643177816466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three and six months ended June 30, 2026, no Base Management Fees or Incentive Fees were waived. For the three and six", "box": [ 33.74999859375, 533.3805392989161, 578.2395090941855, 538.3931769102164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2025, Base Management Fees waived were $7.3 thousand and $0.6 million, respectively, and Incentive Fees", "box": [ 33.74999859375, 545.380538798916, 578.2364753772254, 550.3931764102163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "waived were $0.2 million and $0.5 million, respectively.", "box": [ 33.74999859375, 557.3805382989158, 259.4364635638969, 562.3931759102161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Administrative Services Agreement", "box": [ 33.74999859375, 579.1305373926662, 173.67580011259565, 584.1431750039665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2024, SUNS Manager entered into the Administrative Services Agreement with TCG Services LLC, an affiliate of SUNS", "box": [ 33.74999859375, 601.6305364551663, 578.2445259089155, 606.6431740664666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Manager. The Administrative Services Agreement sets forth the terms on which TCG Services LLC will provide SUNS certain", "box": [ 33.74999859375, 613.6305359551661, 578.2396923191784, 618.6431735664664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "administrative services, including providing personnel, office facilities, information technology and other equipment and legal,", "box": [ 33.74999859375, 625.630535455166, 578.2424530128131, 630.6431730664663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounting, human resources, clerical, bookkeeping and record keeping services at such facilities as well as other services.", "box": [ 33.74999859375, 637.6305349551658, 523.9929739232082, 642.6431725664661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Services Agreement", "box": [ 33.74999859375, 659.3805340489162, 112.30938959452948, 664.3931716602165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2024, SUNS Manager entered into a Services Agreement with SRT Group LLC, an affiliate of SUNS Manager and certain", "box": [ 33.74999859375, 681.1305331426665, 578.2473374438597, 686.1431707539668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "officers. The Services Agreement sets forth the terms on which SRT Group LLC will provide SUNS the services of its investment", "box": [ 33.74999859375, 693.1305326426664, 578.2464576054841, 698.1431702539667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "personnel.", "box": [ 33.74999859375, 705.1305321426662, 75.11656312639306, 710.1431697539665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company is required to pay all of its allocable costs and expenses and reimburse the Manager or its affiliates for such expenses", "box": [ 33.74999859375, 727.6305312051663, 578.239633402094, 732.6431688164666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "paid or incurred on behalf of the Company by the Manager or its affiliates, excepting only those expenses that are specifically the", "box": [ 33.74999859375, 739.6305307051662, 578.2467143539469, 744.6431683164665 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 35, "width": 612.0, "height": 792.0, "cells": [ { "text": "responsibility of the Manager pursuant to the Management Agreement.", "box": [ 33.74999859375, 38.380559923916735, 317.2139229390027, 43.3931975352134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19", "box": [ 300.99608495849594, 83.38055804891701, 310.9935794794336, 88.39319566021368 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 36, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639283205, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the related party costs incurred by the Company for the three and six months ended June 30, 2026 and", "box": [ 33.74999859375, 103.63055720516786, 578.2440528189967, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025:", "box": [ 33.74999859375, 115.63055670516769, 56.5315295936071, 120.643194316468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three months ended", "box": [ 290.71873788671877, 141.13055564267052, 378.2992679399682, 146.14319325396718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 316.7343618027344, 153.13055514267035, 352.28695027762643, 158.143192753967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended", "box": [ 460.9335782944334, 141.13055564267052, 536.4907515236564, 146.14319325396718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 480.9374799609375, 153.13055514267035, 516.4900684358296, 158.143192753967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 283.47655068847655, 169.63055445516875, 303.47153474285216, 174.64319206646906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 365.55467226855467, 169.63055445516875, 385.5496563229303, 174.64319206646906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 447.6327938486328, 169.63055445516875, 467.62777790300845, 174.64319206646906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 529.7460754272458, 169.63055445516875, 549.7410594816215, 174.64319206646906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Affiliate costs", "box": [ 34.74609230224609, 185.38055379892103, 92.7686002050545, 190.3931914102177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Base management fees, net of waivers", "box": [ 34.74609230224609, 201.13055314266967, 187.97909096295058, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 256.0195243325193, 201.13055314266967, 261.0182740867381, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "695,302 ", "box": [ 295.4296751904297, 201.13055314266967, 330.425146213535, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 338.0976459125975, 201.13055314266967, 343.0963956668162, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "689,140 ", "box": [ 377.5077967705078, 201.13055314266967, 412.50326779361313, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.1757674926756, 201.13055314266967, 425.17451724689437, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,393,906 ", "box": [ 452.0859186630859, 201.13055314266967, 494.58138937369125, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 502.25388907275374, 201.13055314266967, 507.2526388269725, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "689,140 ", "box": [ 541.6874774296874, 201.13055314266967, 576.6829484527927, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive fees earned, net of waivers", "box": [ 34.74609230224609, 216.13055251766855, 181.3010516412022, 221.14319012896885 ], "from_ocr": false, "confidence": 1.0 }, { "text": "183,693 ", "box": [ 295.4296751904297, 216.13055251766855, 330.425146213535, 221.14319012896885 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 399.9960808334959, 216.13055251766855, 412.50326779361313, 221.14319012896885 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,120,225 ", "box": [ 452.0859186630859, 216.13055251766855, 494.58138937369125, 221.14319012896885 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 564.1757614926755, 216.13055251766855, 576.6829484527927, 221.14319012896885 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General and administrative expenses reimbursable to", "box": [ 34.74609230224609, 231.88055186142083, 246.56300936404077, 236.8931894727175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Manager", "box": [ 41.9414045024414, 243.1305513926709, 77.46960785259895, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "692,677 ", "box": [ 295.4296751904297, 243.1305513926709, 330.425146213535, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "532,262 ", "box": [ 377.5077967705078, 243.1305513926709, 412.50326779361313, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,304,918 ", "box": [ 452.0859186630859, 243.1305513926709, 494.58138937369125, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,144,827 ", "box": [ 534.1874777421874, 243.1305513926709, 576.6829484527927, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Professional fees reimbursable to Manager", "box": [ 34.74609230224609, 258.88055073641954, 205.75780263225727, 263.89318834771984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "37,219 ", "box": [ 300.4218624824219, 258.88055073641954, 330.425146213535, 263.89318834771984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,905 ", "box": [ 382.4999840625, 258.88055073641954, 412.50326779361313, 263.89318834771984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "54,442 ", "box": [ 464.5781056425781, 258.88055073641954, 494.58138937369125, 263.89318834771984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,894 ", "box": [ 546.6796647216796, 258.88055073641954, 576.6829484527927, 263.89318834771984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 34.74609230224609, 276.8805499864211, 56.6009494407146, 281.89318759771777 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 256.0195243325193, 275.38055004891794, 261.0182740867381, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,608,891", "box": [ 287.9296755029297, 275.38055004891794, 327.91962714918157, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 327.9257713364256, 275.38055004891794, 330.425146213535, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 338.0976459125975, 275.38055004891794, 343.0963956668162, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,234,307", "box": [ 370.0077970830078, 275.38055004891794, 409.9977487292597, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 410.00389291650373, 275.38055004891794, 412.50326779361313, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 420.1757674926756, 275.38055004891794, 425.17451724689437, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,873,491", "box": [ 452.0859186630859, 275.38055004891794, 492.07587030933786, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 492.08201449658185, 275.38055004891794, 494.58138937369125, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 502.25388907275374, 275.38055004891794, 507.2526388269725, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,851,861", "box": [ 534.1874777421874, 275.38055004891794, 574.1774293884394, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1835735756833, 275.38055004891794, 576.6829484527927, 280.39318766021825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts payable to the Manager as of June 30, 2026 and December 31, 2025 were approximately $1.8 million and $1.0 million,", "box": [ 33.74999859375, 306.1305487676691, 578.2415383878515, 311.1431863789694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively, and are recorded within accrued management and incentive fees and accrued direct administrative expenses in the", "box": [ 33.74999859375, 318.1305482676689, 578.2483158288805, 323.14318587896923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's consolidated Balance Sheets.", "box": [ 33.74999859375, 330.13054776766876, 198.11789667633735, 335.14318537896906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Manager is beneficially owned by certain officers and directors as of the date of this Quarterly Report on Form 10-Q.", "box": [ 33.74999859375, 351.88054686141913, 520.794023281498, 356.89318447271944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments in Loans and Unconsolidated Real Estate Joint Venture", "box": [ 33.74999859375, 373.6305459551695, 323.53062989211804, 378.6431835664698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "From time to time, the Company may co-invest with other investment vehicles managed by the SUNS Manager or its affiliates,", "box": [ 33.74999859375, 396.13054501766965, 578.2469854126242, 401.1431826289663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including by means of splitting loans, participating in loans or other means of syndicating loans. The Company is not obligated to", "box": [ 33.74999859375, 408.1305445176695, 578.2465587938921, 413.1431821289698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company's risk is limited to", "box": [ 33.74999859375, 420.1305440176693, 578.2485725438086, 425.1431816289696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the carrying value of its investment in any such loan. Additionally, SUNS Manager or its affiliates, including TCG RE Agent, may from", "box": [ 33.74999859375, 432.13054351766914, 578.2404310932354, 437.14318112896945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "time to time serve as administrative and collateral agents to the lenders under the loans in the Company's portfolio. As of June 30,", "box": [ 33.74999859375, 444.13054301766897, 578.2394098729402, 449.1431806289693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, there were 14 co-invested loans held by the Company and affiliates of the Company.", "box": [ 33.74999859375, 456.1305425176688, 396.6299197800024, 461.1431801289691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2026, in connection with the foreclosure of the San Antonio Loan, the Company formed a joint venture with an affiliate co-", "box": [ 33.74999859375, 477.8805416114192, 578.2439084620022, 482.8931792227195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lender to acquire the underlying hotel property. The Company holds a 65.0% ownership interest in the joint venture. Refer to Note 6 for", "box": [ 33.74999859375, 489.880541111419, 578.2326286874719, 494.8931787227193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "more information.", "box": [ 33.74999859375, 501.88054061141884, 106.49050519414544, 506.89317822271914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured Revolving Credit Facility with Affiliate", "box": [ 33.74999859375, 523.6305397051692, 247.4706587362836, 528.6431773164695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company maintains an unsecured revolving credit facility with SRT Finance LLC, an affiliate of the Company. Refer to Note 7 for", "box": [ 33.74999859375, 546.1305387676693, 578.2477084118436, 551.1431763789697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "more information.", "box": [ 33.74999859375, 558.1305382676692, 106.49050519414544, 563.1431758789695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14. DIVIDENDS AND DISTRIBUTIONS", "box": [ 33.74999859375, 579.8805373614196, 217.91841962250408, 584.8931749727162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the Company's dividends declared during the six months ended June 30, 2026 and 2025:", "box": [ 33.74999859375, 601.6305364551699, 519.6682290462437, 606.6431740664666 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 37, "width": 612.0, "height": 792.0, "cells": [ { "text": "Declaration Date", "box": [ 166.45311806445312, 71.38055854891718, 238.9105014679568, 76.39319616021749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Record Date", "box": [ 259.1953017001953, 71.38055854891718, 312.7707240654473, 76.39319616021749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Payment Date", "box": [ 338.82420838232406, 71.38055854891718, 399.06786246973303, 76.39319616021749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Per Common", "box": [ 425.0156072910156, 41.38055979891942, 481.74942485454494, 46.39319741021609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Share", "box": [ 440.97654412597655, 51.88055936141973, 465.78964626465876, 56.893196972716396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distribution", "box": [ 427.27732969677714, 61.63055895517027, 479.4956406734527, 66.64319656646694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 435.8788918383787, 71.38055854891718, 470.8749907607073, 76.39319616021749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Distribution", "box": [ 500.29685415429685, 59.38055904891735, 576.8693816162133, 64.39319666021765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 521.0859157880859, 70.63055858016742, 556.0820147104145, 75.64319619146772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Regular cash dividend", "box": [ 34.74609230224609, 102.13055726766834, 124.14257778989239, 107.14319487896864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/4/2025", "box": [ 205.38280394238282, 102.13055726766834, 240.9305140987281, 107.14319487896864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/31/2025", "box": [ 283.35936319335934, 102.13055726766834, 323.9058181164236, 107.14319487896864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4/15/2025", "box": [ 366.30467223730466, 102.13055726766834, 406.8511271603689, 107.14319487896864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 413.9882677504881, 102.13055726766834, 418.9870175047069, 107.14319487896864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.30 ", "box": [ 472.07810533007813, 102.13055726766834, 492.07357697818344, 107.14319487896864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 499.92185416992186, 102.13055726766834, 504.92060392414066, 107.14319487896864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,026,448 ", "box": [ 534.0937277460937, 102.13055726766834, 576.589198456699, 107.14319487896864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Regular cash dividend", "box": [ 34.74609230224609, 117.13055664266722, 124.14257778989239, 122.14319425396752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6/13/2025", "box": [ 200.39061665039063, 117.13055664266722, 240.9370715734549, 122.14319425396752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6/30/2025", "box": [ 283.35936319335934, 117.13055664266722, 323.9058181164236, 122.14319425396752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7/15/2025", "box": [ 366.30467223730466, 117.13055664266722, 406.8511271603689, 122.14319425396752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.30 ", "box": [ 472.07810533007813, 117.13055664266722, 492.07357697818344, 122.14319425396752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,026,353 ", "box": [ 534.0937277460937, 117.13055664266722, 576.589198456699, 122.14319425396752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025 Period Subtotal", "box": [ 34.74609230224609, 135.13055589266878, 124.17184270026058, 140.1431935039691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 413.9882677504881, 133.63055595516926, 418.9870175047069, 138.64319356646592 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.60", "box": [ 472.07810533007813, 133.63055595516926, 489.57371126359453, 138.64319356646592 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 489.57420210107404, 133.63055595516926, 492.07357697818344, 138.64319356646592 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 499.92185416992186, 133.63055595516926, 504.92060392414066, 138.64319356646592 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,052,801", "box": [ 534.0937277460937, 133.63055595516926, 574.0836793923456, 138.64319356646592 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.0898235795896, 133.63055595516926, 576.589198456699, 138.64319356646592 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Regular cash dividend", "box": [ 34.74609230224609, 151.63055520516718, 124.14257778989239, 156.6431928164675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/10/2026", "box": [ 200.39061665039063, 151.63055520516718, 240.9370715734549, 156.6431928164675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/31/2026", "box": [ 283.35936319335934, 151.63055520516718, 323.9058181164236, 156.6431928164675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4/15/2026", "box": [ 366.30467223730466, 151.63055520516718, 406.8511271603689, 156.6431928164675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 413.9882677504881, 151.63055520516718, 418.9870175047069, 156.6431928164675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.30 ", "box": [ 472.07810533007813, 151.63055520516718, 492.07357697818344, 156.6431928164675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 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183.88055386141787, 492.07357697818344, 188.89319147271817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 499.92185416992186, 183.88055386141787, 504.92060392414066, 188.89319147271817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,111,117", "box": [ 535.7460751772459, 183.88055386141787, 574.08117686745, 188.89319147271817 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.0898235795896, 183.88055386141787, 576.589198456699, 188.89319147271817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20", "box": [ 300.99608495849594, 237.88055161141892, 310.9935794794336, 242.8931892227156 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 38, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.215039515856915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15. REPORTABLE SEGMENTS", "box": [ 33.74999859375, 103.63055720516786, 182.09730346505063, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise's reportable", "box": [ 33.74999859375, 125.38055629891824, 578.2392064042601, 130.3931939102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "segments. The Company is an institutional lender that provides debt capital solutions to CRE markets in the Southern United States,", "box": [ 33.74999859375, 137.38055579891807, 578.2415383878515, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with a primary focus on opportunities in Arizona, Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee and Texas. The", "box": [ 33.74999859375, 149.3805552989179, 578.2419535791454, 154.3931929102182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company generates revenue from originating and investing in secured CRE loans and providing capital to high-quality borrowers and", "box": [ 33.74999859375, 161.38055479891773, 578.2432622440296, 166.39319241021803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sponsors with transitional business plans collateralized by CRE assets with opportunities for near-term value creation, as well as", "box": [ 33.74999859375, 173.38055429891756, 578.2391753771125, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recapitalization opportunities. The accounting policies of the institutional lending segment are the same as those described in the", "box": [ 33.74999859375, 185.3805537989174, 578.2477209289051, 190.3931914102177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "summary of significant accounting policies.", "box": [ 33.74999859375, 197.38055329891722, 208.94034507540192, 202.39319091021753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The presentation of financial results as one reportable segment is consistent with the way the Company operates its business and is", "box": [ 33.74999859375, 219.1305523926676, 578.2395685270963, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consistent with the manner in which the Company's Chief Operating Decision Maker ('CODM'), the Company's Chief Executive", "box": [ 33.74999859375, 231.13055189266743, 578.2497352788209, 236.14318950396773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Officer, evaluates performance and makes resource and operating decisions for the business. The Company has no operations outside of", "box": [ 33.74999859375, 243.13055139266726, 578.2442748369868, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the United States. The Company's portfolio exhibits similar economic characteristics, similar yields and is operated using consistent", "box": [ 33.74999859375, 255.1305508926671, 578.2421091056649, 260.1431885039674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business strategies. The Company operates as one operating segment and has one reportable operating segment for activities related to", "box": [ 33.74999859375, 267.1305503926669, 578.2328984444613, 272.1431880039672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "institutional lending.", "box": [ 33.74999859375, 279.13054989266675, 116.50262017697398, 284.14318750396706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The CODM assesses performance and evaluates the allocation of resources of the Company on a consolidated basis, based on the", "box": [ 33.74999859375, 301.6305489551669, 578.2420447041416, 306.6431865664672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's net income, which is reported on the Company's consolidated statements of operations. The CODM is regularly provided", "box": [ 33.74999859375, 313.6305484551667, 578.2497624187587, 318.643186066467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with only the consolidated expenses, as noted on the consolidated statement of operations. Significant segment expenses are listed on", "box": [ 33.74999859375, 325.63054795516655, 578.2449102939609, 330.64318556646685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the accompanying consolidated statement of operations. The measure of segment assets is reported on the consolidated balance sheets", "box": [ 33.74999859375, 337.6305474551664, 578.2433417769391, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as total assets.", "box": [ 33.74999859375, 349.6305469551662, 90.6692890783628, 354.6431845664665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The CODM uses net income to evaluate income generated from segment assets and in deciding the amount of dividends to be", "box": [ 33.74999859375, 371.3805460489166, 578.2476297289088, 376.3931836602169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distributed, as well as using net income as a basis for evaluating lender terms for CRE loans with borrowers and sponsors.", "box": [ 33.74999859375, 383.3805455489164, 521.8596579620969, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income earned on the Company's portfolio was concentrated with two borrowers each comprising more than 10% of", "box": [ 33.74999859375, 405.1305446426668, 578.2408418621297, 410.1431822539671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated interest income for an aggregate amount of $3.0 million, or 35%, of consolidated interest income during the three months", "box": [ 33.74999859375, 417.1305441426666, 578.2514897765997, 422.1431817539669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026. Interest income earned on the Company's portfolio was concentrated with six borrowers each comprising more", "box": [ 33.74999859375, 429.13054364266645, 578.2482703038825, 434.14318125396676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "than 10% of consolidated interest income for an aggregate amount of $5.7 million, or 85%, of consolidated interest income during the", "box": [ 33.74999859375, 441.1305431426663, 578.250777178778, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three months ended June 30, 2025.", "box": [ 33.74999859375, 453.1305426426661, 172.85567187893005, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income earned on the Company's portfolio was concentrated with three borrowers each comprising more than 10% of", "box": [ 33.74999859375, 475.63054170516625, 578.2444582869791, 480.64317931646656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated interest income for an aggregate amount of $7.7 million, or 41%, of consolidated interest income during the six months", "box": [ 33.74999859375, 487.6305412051661, 578.2412359270269, 492.6431788164664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026. Interest income earned on the Company's portfolio was concentrated with five borrowers each comprising more", "box": [ 33.74999859375, 499.63054070516955, 578.2453405790045, 504.6431783164662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "than 10% of consolidated interest income for an aggregate amount of $8.8 million, or 75%, of consolidated interest income during the", "box": [ 33.74999859375, 511.6305402051694, 578.250777178778, 516.643177816466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "six months ended June 30, 2025.", "box": [ 33.74999859375, 523.6305397051692, 164.5423292503193, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16. SUBSEQUENT EVENTS", "box": [ 33.74999859375, 545.3805387989196, 165.80255394399856, 550.3931764102163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has evaluated subsequent events through the date the consolidated financial statements were available to be issued. There", "box": [ 33.74999859375, 567.1305378926663, 578.2431434540956, 572.1431755039666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were no material subsequent events, other than those described below, that required disclosure in these unaudited interim financial", "box": [ 33.74999859375, 579.1305373926662, 578.2430698556252, 584.1431750039665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements.", "box": [ 33.74999859375, 591.1305368926696, 78.45069608747087, 596.1431745039663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 17, 2026, the Company's senior term loan and a residential development project revolver for various residential development", "box": [ 33.74999859375, 613.6305359551661, 578.2416969056825, 618.6431735664664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "projects in Palm Beach Gardens, FL, were repaid in full. The outstanding principal balances of the senior term loan and residential", "box": [ 33.74999859375, 625.6305354551696, 578.2417886306785, 630.6431730664663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "development project revolver, on the date of repayment were approximately $31.6 million and $23.8 million, respectively. In", "box": [ 33.74999859375, 637.6305349551694, 578.2584532683969, 642.6431725664661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "connection with the repayment, the Company recognized approximately $0.2 million of default interest and breakage fees.", "box": [ 33.74999859375, 649.6305344551693, 523.4749844197911, 654.6431720664659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On May 21, 2026, the Company, through its investment in the Lex Ave JV, entered into a definitive agreement (the 'Agreement') to sell", "box": [ 33.74999859375, 671.3805335489196, 578.2469616054628, 676.3931711602163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "its San Antonio hotel property for a purchase price of $41.0 million, subject to closing costs and other transaction expenses, and", "box": [ 33.74999859375, 683.3805330489195, 578.2408864691284, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "customary closing conditions. Based on the Company's 65.0% ownership interest in the Lex Ave JV, the Company expects to receive", "box": [ 33.74999859375, 695.3805325489193, 578.2449751040193, 700.393170160216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consideration of approximately $26.7 million, subject to its proportionate share of such closing costs and transaction expenses. Under", "box": [ 33.74999859375, 707.3805320489191, 578.2428602620454, 712.3931696602158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the terms of the Agreement, the purchaser paid a $4.0 million earnest money deposit upon execution of the agreement, with the", "box": [ 33.74999859375, 719.380531548919, 578.2453414790043, 724.3931691602156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "remaining purchase price to be funded at closing through approximately $5.0 million of purchaser cash and a $32.0 million senior", "box": [ 33.74999859375, 731.3805310489188, 578.236928662293, 736.3931686602155 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 39, "width": 612.0, "height": 792.0, "cells": [ { "text": "secured loan to be originated by the Company and its affiliate co-lender in proportion to their respective ownership interests in the Lex", "box": [ 33.74999859375, 38.380559923916735, 578.2385473692259, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ave JV, with the Company owning 65.0%.", "box": [ 33.74999859375, 50.380559423916566, 204.16329542444566, 55.39319703521687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21", "box": [ 300.99608495849594, 95.38055754891684, 310.9935794794336, 100.39319516021715 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 40, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.215039515856915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 30, 2026, the Company, through its investment in the Lex Ave JV, entered into an amendment to the Agreement granting the", "box": [ 33.74999859375, 103.63055720516786, 578.248637128867, 108.64319481646453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purchaser an exclusive option to acquire the San Antonio hotel property on or before September 30, 2026. In connection with the", "box": [ 33.74999859375, 115.63055670516769, 578.2442878040482, 120.64319431646436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amendment, the $4.0 million earnest money deposit was released and the purchaser made an additional $2.0 million payment, with the", "box": [ 33.74999859375, 127.63055620516752, 578.2377234293219, 132.6431938164642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "remaining purchase price expected to be funded at closing through $3.0 million of purchaser cash and a $32.0 million senior secured", "box": [ 33.74999859375, 139.63055570516735, 578.2460820939123, 144.64319331646402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan from the Company and its affiliate co-lender. No assurance can be given that the transaction will close on the currently", "box": [ 33.74999859375, 151.63055520516718, 578.2390058442068, 156.64319281646385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "contemplated terms, or at all. See Note 6 for additional information regarding the Lex Ave JV, the Lex Ave Hotel Foreclosure, and", "box": [ 33.74999859375, 163.63055470516701, 578.2384098942316, 168.64319231646368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "related accounting treatment.", "box": [ 33.74999859375, 175.63055420516685, 150.05378890400854, 180.6431918164635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On August 5, 2026, the Company entered into an Agreement and Plan of Merger (the 'Merger Agreement'), pursuant to which the", "box": [ 33.74999859375, 197.38055329891722, 578.2447918040272, 202.3931909102139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company will acquire Southern Realty Trust Inc. ('SRT'), subject to the approval of its stockholders and the approval of the SRT", "box": [ 33.74999859375, 209.38055279891705, 578.2483565109042, 214.39319041021372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stockholders. Under the terms of the Merger Agreement, at the effective time of the Merger (the 'Effective Time'), each outstanding", "box": [ 33.74999859375, 221.38055229891688, 578.249534418768, 226.39318991021355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share of SRT common stock will be converted into the right to receive the following: (i) 1.45 shares, or approximately 8.4 million", "box": [ 33.74999859375, 233.3805517989167, 578.24661631889, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shares in aggregate, of the Company's common stock; and (ii) from the Manager, an amount in cash per share equal to $0.05.", "box": [ 33.74999859375, 245.38055129891654, 534.4720127115818, 250.3931889102132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Further, in the Merger Agreement, the Company has agreed to take all necessary corporate action so that upon and after the effective", "box": [ 33.74999859375, 267.1305503926669, 578.2457065039891, 272.1431880039636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "time of the Merger, the size of its Board of Directors will be increased by one member (the 'SRT Director Designee'). The SRT", "box": [ 33.74999859375, 279.13054989266675, 578.2454262610263, 284.1431875039634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Director Designee will be appointed to the Company's Board of Directors.", "box": [ 33.74999859375, 291.1305493926666, 331.6536193873486, 296.14318700396325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22", "box": [ 300.99608495849594, 406.6305445801663, 310.9935794794336, 411.6431821914666 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 41, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.206433639283205, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations", "box": [ 33.74999859375, 103.63055720516786, 455.2650444010353, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our", "box": [ 33.74999859375, 125.38055629891824, 578.2450346768691, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated financial statements and the accompanying notes and other information included in this Quarterly Report on Form 10-Q", "box": [ 33.74999859375, 137.38055579891807, 578.246796707295, 142.39319341021837 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(the 'Quarterly Report'). This discussion and analysis contains forward-looking statements that involve risks and uncertainties which", "box": [ 33.74999859375, 149.3805552989179, 578.2472910188617, 154.3931929102182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "could cause our actual results to differ materially from those anticipated in these forward-looking statements, including, but not limited", "box": [ 33.74999859375, 161.38055479891773, 578.2425758440586, 166.39319241021803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to, risks and uncertainties discussed under the heading 'Cautionary Note Regarding Forward-Looking Statements' in this Form 10-Q,", "box": [ 33.74999859375, 173.38055429891756, 578.238791212966, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2025 and our other filings with the SEC.", "box": [ 33.74999859375, 185.3805537989174, 541.7326430840557, 190.3931914102177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS", "box": [ 33.74999859375, 207.13055289266777, 372.8104536186689, 212.14319050396807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This Quarterly Report on Form 10-Q (this 'Quarterly Report'), filed by Sunrise Realty Trust, Inc. (the 'Company,' 'SUNS,' 'we,'", "box": [ 33.74999859375, 229.6305519551679, 578.2465313539548, 234.6431895664682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'us,' and 'our'), and the information incorporated by reference herein, or made in other reports, filings with the SEC, and press", "box": [ 33.74999859375, 241.63055145516773, 578.2414186270197, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "releases contain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A", "box": [ 33.74999859375, 253.63055095516756, 578.2424932074738, 258.64318856646787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and we intend such", "box": [ 33.74999859375, 265.6305504551674, 578.2447274439684, 270.6431880664677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements to be covered by the safe harbor provisions contained therein. These forward-looking statements are based on our current", "box": [ 33.74999859375, 277.63054995517086, 578.2468239054687, 282.64318756646753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "intent, belief, expectations and views of future events. The forward-looking statements include, without limitation, any statement that", "box": [ 33.74999859375, 289.6305494551707, 578.2458165805109, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may predict, forecast, indicate or imply future results or performance, and may contain the words 'believe,' 'anticipate,' 'expect,'", "box": [ 33.74999859375, 301.6305489551705, 578.2431892040936, 306.6431865664672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'estimate,' 'project,' 'could,' 'would,' 'will,' 'can,' 'continuing,' 'may,' 'aim,' 'intend,' 'ongoing,' 'plan,' 'predict,' 'potential,'", "box": [ 33.74999859375, 313.63054845517036, 578.2409000541893, 318.643186066467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'should,' 'seeks,' 'likely to' or words or phrases of similar meaning. Specifically, this Quarterly Report includes forward-looking", "box": [ 33.74999859375, 325.6305479551702, 578.2415226191019, 330.64318556646685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements regarding (i) our portfolio and strategies for the growth of our commercial real estate lending business; (ii) our working", "box": [ 33.74999859375, 337.63054745517, 578.2445899689743, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "capital, liquidity and capital requirements; (iii) potential state and federal legislative and regulatory matters; (iv) our expectations and", "box": [ 33.74999859375, 349.63054695516985, 578.2448182689648, 354.6431845664665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estimates regarding certain tax, legal and accounting matters, including the impact on our financial statements and/or those of our", "box": [ 33.74999859375, 361.6305464551697, 578.2447783119657, 366.64318406646635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowers; (v) the amount, collectability and timing of cash flows, if any, from our loans; (vi) our expected ranges of originations and", "box": [ 33.74999859375, 373.6305459551695, 578.243445694022, 378.6431835664662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repayments; (vii) estimates relating to our ability to make distributions to our shareholders in the future; and (viii) our investment", "box": [ 33.74999859375, 385.63054545516934, 578.2487919053865, 390.643183066466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "strategy.", "box": [ 33.74999859375, 397.63054495516917, 67.24744570427298, 402.6431825664695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "These forward-looking statements reflect management's current views about future events, and are subject to risks, uncertainties and", "box": [ 33.74999859375, 419.38054404891955, 578.2495341937682, 424.3931816602162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assumptions. Our actual results may differ materially from the future results and events expressed or implied by the forward-looking", "box": [ 33.74999859375, 431.3805435489194, 578.2397832941746, 436.39318116021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements. Key factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking", "box": [ 33.74999859375, 443.3805430489192, 578.2475651438506, 448.3931806602195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include,", "box": [ 33.74999859375, 455.38054254891904, 578.2403929128993, 460.39318016021934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "but are not limited to, the following:", "box": [ 33.74999859375, 467.38054204891887, 178.96736496711375, 472.3931796602192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 485.38054129892043, 55.250099027505115, 490.3931789102171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to identify a successful business and investment strategy and execute on our strategy;", "box": [ 69.74999709375, 485.38054129892043, 454.5556057342697, 490.3931789102171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 503.38054054891836, 55.250099027505115, 508.39317816021867 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the ability of our Manager to locate suitable loan opportunities for us and to monitor and actively manage our portfolio and", "box": [ 69.74999709375, 503.38054054891836, 578.2395538691841, 508.39317816021867 ], "from_ocr": false, "confidence": 1.0 }, { "text": "implement our investment strategy;", "box": [ 69.74999709375, 515.3805400489182, 211.62841250623674, 520.3931776602185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 533.3805392989198, 55.250099027505115, 538.3931769102164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to successfully complete our proposed Merger (as defined below) and/or realize all of the expected benefits or that", "box": [ 69.74999709375, 533.3805392989198, 578.2488840053827, 538.3931769102164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such benefits may take longer to realize than expected (including because we expect to incur significant costs associated with", "box": [ 69.74999709375, 545.3805387989196, 578.2450932939533, 550.3931764102163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such Merger);", "box": [ 69.74999709375, 557.3805382989194, 125.92239955232071, 562.3931759102161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 572.3805376739183, 55.250099027505115, 577.3931752852186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to consummate the sale of the San Antonio hotel property on acceptable terms, or at all;", "box": [ 69.74999709375, 572.3805376739183, 463.9868187413025, 577.3931752852186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 587.3805370489208, 55.250099027505115, 592.3931746602175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to meet our expected ranges of originations and repayments;", "box": [ 69.74999709375, 587.3805370489208, 355.1470104012948, 592.3931746602175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 602.3805364239197, 55.250099027505115, 607.3931740352164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to obtain our target mix of loan and collateral types with our expected ranges of yields;", "box": [ 69.74999709375, 602.3805364239197, 461.3018976031742, 607.3931740352164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 620.3805356739176, 55.250099027505115, 625.3931732852179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the allocation of loan opportunities to us by our Manager and our ability to close those loans;", "box": [ 69.74999709375, 620.3805356739176, 441.7999760157543, 625.3931732852179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 638.3805349239192, 55.250099027505115, 643.3931725352195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "changes in general economic conditions, in our industry and in the commercial finance and commercial real estate markets;", "box": [ 69.74999709375, 638.3805349239192, 563.3320143269192, 643.3931725352195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 656.3805341739208, 55.250099027505115, 661.3931717852174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we have limited history of operating as an independent company, and our historical financial information is not necessarily", "box": [ 69.74999709375, 656.3805341739208, 578.2485726188083, 661.3931717852174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "representative of the results that we would have achieved as a separate, publicly traded company and may not be a reliable", "box": 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573.5978769625874, 103.3931950352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate acquired through foreclosure and held through joint ventures;", "box": [ 69.74999709375, 111.13055689266912, 358.18820867457816, 116.14319450396579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 126.130556267668, 55.250099027505115, 131.14319387896467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to obtain and maintain competitive financing arrangements;", "box": [ 69.74999709375, 126.130556267668, 352.3742674168258, 131.14319387896467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 144.13055551766593, 55.250099027505115, 149.14319312896623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to achieve our expected leverage;", "box": [ 69.74999709375, 144.13055551766593, 247.40066181572624, 149.14319312896623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 162.1305547676675, 55.250099027505115, 167.1431923789678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "changes in the value of our loans and other investments, including investments in real estate acquired through foreclosure and", "box": [ 69.74999709375, 162.1305547676675, 578.247611493848, 167.1431923789678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "held through joint ventures;;", "box": [ 69.74999709375, 174.13055426766732, 183.31518131095476, 179.14319187896763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 192.1305535176689, 55.250099027505115, 197.14319112896555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses that may be exacerbated due to the concentration of our portfolio in a limited number of loans and borrowers;", "box": [ 69.74999709375, 192.1305535176689, 534.2133016901988, 197.14319112896555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", 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], "from_ocr": false, "confidence": 1.0 }, { "text": "the degree to which our hedging strategies may or may not protect us from interest rate volatility;", "box": [ 69.74999709375, 258.13055076766614, 458.9831418247891, 263.14318837896644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 277.0546758960554, 55.95116958870116, 283.07134524207504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the availability of investment opportunities in mortgage-related and real estate-related instruments and other securities, and our", "box": [ 69.74999709375, 278.380549923917, 577.7863283060677, 283.3931875352173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ability to reinvest proceeds from loan repayments, sales and other realizations in a timely manner and on favorable terms;", "box": [ 69.74999709375, 290.3805494239168, 555.8533921885281, 295.3931870352171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 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accounting guidance, tariffs and similar matters;", "box": [ 69.74999709375, 341.3805472989188, 544.5671836337871, 346.3931849102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 359.38054654891675, 55.250099027505115, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the impact of a changing interest rate and inflation environment on our results of operations, cash flows and the market value", "box": [ 69.74999709375, 359.38054654891675, 578.2424566791245, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our loans;", "box": [ 69.74999709375, 371.3805460489166, 120.28415906224743, 376.3931836602169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 389.38054529891815, 55.250099027505115, 394.3931829102148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to maintain our exemption from registration under the Investment Company Act of 1940 (the 'Investment Company", "box": [ 69.74999709375, 389.38054529891815, 578.2403328191516, 394.3931829102148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Act');", "box": [ 69.74999709375, 401.380544798918, 94.72907967704242, 406.39318241021465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 419.3805440489159, 55.250099027505115, 424.3931816602162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ability to qualify and maintain our qualification as a real estate investment trust (a 'REIT') for U.S. federal income tax", "box": [ 69.74999709375, 419.3805440489159, 578.2465129688939, 424.3931816602162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purposes;", "box": [ 69.74999709375, 431.3805435489194, 108.07045262115187, 436.39318116021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 449.3805427989173, 55.250099027505115, 454.3931804102176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estimates relating to our ability to make distributions to our shareholders in the future;", "box": [ 69.74999709375, 449.3805427989173, 414.31174928609704, 454.3931804102176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 467.38054204891887, 55.250099027505115, 472.39317966021554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our understanding of our competition;", "box": [ 69.74999709375, 467.38054204891887, 221.90411940308223, 472.39317966021554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 485.3805412989168, 55.250099027505115, 490.3931789102171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market trends in our industry, interest rates, real estate values, the securities markets or the general economy;", "box": [ 69.74999709375, 485.3805412989168, 505.2264259229852, 490.3931789102171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 503.38054054891836, 55.250099027505115, 508.39317816021503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we may issue shares of preferred or common stock in the future, which could dilute your percentage ownership of SUNS;", "box": [ 69.74999709375, 503.38054054891836, 556.1609176007148, 508.39317816021503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 521.3805397989163, 55.250099027505115, 526.3931774102166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "use of proceeds of our securities offerings; and", "box": [ 69.74999709375, 521.3805397989163, 256.9587647058843, 526.3931774102166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.749997843749995, 538.8386824735826, 55.250099027505115, 544.3236008272797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "litigation, including costs associated with prosecuting or defending claims and any adverse outcomes.", "box": [ 69.74999709375, 539.3805390489179, 476.21522033894803, 544.3931766602145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The above list of factors is not exhaustive or necessarily in order of importance.", "box": [ 33.74999859375, 561.1305381426682, 353.0105138724779, 566.1431757539649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Actual results may differ materially from those expressed in or implied by these forward-looking statements as a result of various risks", "box": [ 33.74999859375, 582.8805372364186, 578.2433408019394, 587.8931748477153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and uncertainties, including, without limitation, those described below and elsewhere in this Quarterly Report, including in Part II, Item", "box": [ 33.74999859375, 594.8805367364184, 578.249220717869, 599.8931743477151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1A, 'Risk Factors,' and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, including in the section", "box": [ 33.74999859375, 606.8805362364183, 578.2477941938408, 611.8931738477149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "entitled 'Risk Factors,' as well as in our subsequent filings with the SEC. These forward-looking statements speak only as of the date", "box": [ 33.74999859375, 618.8805357364181, 578.2453864040026, 623.8931733477148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of this Quarterly Report. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking", "box": [ 33.74999859375, 630.8805352364179, 578.249304393778, 635.8931728477146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements contained in this Quarterly Report to reflect events or circumstances after the date of this Quarterly Report or to reflect the", "box": [ 33.74999859375, 642.8805347364178, 578.243509454081, 647.8931723477144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "occurrence of unanticipated events.", "box": [ 33.74999859375, 654.8805342364176, 175.3111158266199, 659.8931718477179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Overview", "box": [ 33.74999859375, 677.3805332989177, 74.8334536578517, 682.3931709102144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SUNS is a Maryland corporation that was formed on August 28, 2023 and that made its first investment in January 2024. We are a real", "box": [ 33.74999859375, 699.1305323926681, 578.2475106054399, 704.1431700039648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate focused debt fund, actively pursuing opportunities to finance transitional commercial real estate", "box": [ 33.74999859375, 711.1305318926679, 442.1190189009347, 716.1431695039646 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 44, "width": 612.0, "height": 792.0, "cells": [ { "text": "24", "box": [ 300.99608495849594, 38.380559923916735, 310.9935794794336, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 45, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.215039515856915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "projects located across the Southern U.S. We are an integral part of the platform of affiliated asset managers under the Tannenbaum", "box": [ 33.74999859375, 103.63055720516422, 578.2448265430517, 108.64319481646453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capital Group ('TCG').", "box": [ 33.74999859375, 115.63055670516769, 131.19620398974126, 120.64319431646436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our investment focus includes originating or acquiring loans backed by single assets or portfolios of assets that typically have (i) an", "box": [ 33.74999859375, 137.38055579891443, 578.2491677437837, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment hold size of approximately $15-100 million, secured by CRE assets, including transitional or construction projects, across", "box": [ 33.74999859375, 149.38055529891426, 578.2428374019603, 154.39319291021457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "diverse property types, (ii) a duration of approximately 2-5 years, (iii) interest rates that are determined periodically on the basis of a", "box": [ 33.74999859375, 161.38055479891773, 578.2406716041986, 166.3931924102144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "floating base lending rate (e.g., Secured Overnight Financing Rate ('SOFR')) plus a credit spread, (iv) a loan-to-value ('LTV') ratio of", "box": [ 33.74999859375, 173.38055429891756, 578.2455568869333, 178.39319191021423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "no greater than approximately 75% on an individual investment basis and (v) no more than approximately 75% LTV across the", "box": [ 33.74999859375, 185.3805537989174, 578.2434638540823, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio, in each case, at the time of origination or acquisition, and are led by experienced borrowers and well-capitalized sponsors", "box": [ 33.74999859375, 197.38055329891722, 578.2486508767182, 202.3931909102139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with high quality business plans. Our loans typically feature origination fees and/or exit fees. We target a portfolio net internal rate of", "box": [ 33.74999859375, 209.38055279891705, 578.2468391618801, 214.39319041021372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "return ('IRR') in the low-teens, which we believe may increase to the mid-teens after including total interest and other revenue from", "box": [ 33.74999859375, 221.38055229891688, 578.249266917867, 226.39318991021355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the portfolio, including loans funded from drawing on our leverage, net of our interest expense from our portfolio lenders. We are also", "box": [ 33.74999859375, 233.3805517989167, 578.2498079437569, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "targeting a near to mid-term target capitalization of one-third equity, one-third secured debt availability and one-third unsecured debt.", "box": [ 33.74999859375, 245.38055129891654, 578.2408504128801, 250.3931889102132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We do not expect to be fully drawn on our secured debt availability and, as a result, we are targeting an expected leverage ratio of 1.5:1", "box": [ 33.74999859375, 257.3805507989164, 578.2418892190867, 262.39318841021304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "debt-to-equity.", "box": [ 33.74999859375, 269.3805502989162, 92.23627143807187, 274.3931879102129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are an externally managed Maryland corporation and elected to be taxed as a REIT under Section 856 of the Internal Revenue Code", "box": [ 33.74999859375, 291.1305493926666, 578.2493686788364, 296.14318700396325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of 1986, as amended (the 'Code'), commencing with our taxable year ended December 31, 2024. We believe our organization and", "box": [ 33.74999859375, 303.1305488926664, 578.2408824191286, 308.1431865039631 ], "from_ocr": false, "confidence": 1.0 }, { "text": "current and proposed method of operation will enable us to qualify as a REIT. However, no assurances can be given that our beliefs or", "box": [ 33.74999859375, 315.13054839266624, 578.2449620619581, 320.1431860039629 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expectations will be fulfilled, since qualification as a REIT depends on our continuing to satisfy numerous asset, income, distribution", "box": [ 33.74999859375, 327.1305478926661, 578.245917018919, 332.1431855039664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and other tests, which in turn depends, in part, on our operating results and ability to obtain financing. We also intend to operate our", "box": [ 33.74999859375, 339.1305473926659, 578.2444120119812, 344.1431850039662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business in a manner that will permit us to maintain our exemption from registration under the Investment Company Act.", "box": [ 33.74999859375, 351.13054689266573, 518.2522060374071, 356.14318450396604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are an 'emerging growth company,' as defined in the Jumpstart Our Business Startups Act ('JOBS Act'), and we are eligible to", "box": [ 33.74999859375, 373.63054595516587, 578.242621894056, 378.6431835664662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not", "box": [ 33.74999859375, 385.6305454551657, 578.2457712055124, 390.643183066466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'emerging growth companies' including, but not limited to, not being required to comply with the auditor attestation requirements of", "box": [ 33.74999859375, 397.63054495516553, 578.2449157869601, 402.64318256646584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and", "box": [ 33.74999859375, 409.63054445516536, 578.2406529941381, 414.64318206646567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and", "box": [ 33.74999859375, 421.6305439551652, 578.2437201940103, 426.6431815664655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shareholder approval of any golden parachute payments not previously approved. In addition, Section 107 of the JOBS Act provides", "box": [ 33.74999859375, 433.630543455165, 578.2429289769567, 438.64318106646533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that an 'emerging growth company' can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the", "box": [ 33.74999859375, 445.63054295516486, 578.2407628791952, 450.64318056646516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securities Act for complying with new or revised accounting standards. In other words, an 'emerging growth company' can delay the", "box": [ 33.74999859375, 457.6305424551647, 578.249231953842, 462.643180066465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take", "box": [ 33.74999859375, 469.6305419551645, 578.2457985289848, 474.6431795664648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "advantage of the extended transition period. As a result, we will not be subject to the same implementation timing for new or revised", "box": [ 33.74999859375, 481.63054145516435, 578.2465578938925, 486.64317906646465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounting standards as other public companies that are not emerging growth companies, which may make comparison of our", "box": [ 33.74999859375, 493.6305409551678, 578.2456029369314, 498.6431785664645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financials to those of other public companies more difficult.", "box": [ 33.74999859375, 505.63054045516765, 273.16243379948145, 510.6431780664643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We will remain an 'emerging growth company' until the earliest to occur of the following: (1) the last day of the fiscal year (a)", "box": [ 33.74999859375, 527.3805395489144, 578.2411167371182, 532.3931771602147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "following the fifth anniversary of the date of the first sale of our common stock pursuant to an effective registration statement under the", "box": [ 33.74999859375, 539.3805390489142, 578.2434637040827, 544.3931766602145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securities Act, (b) in which we have total annual revenue of at least $1.235 billion, or (c) in which we are deemed to be a large", "box": [ 33.74999859375, 551.3805385489177, 578.2407168291971, 556.3931761602144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accelerated filer, which generally means the market value of our common equity that is held by non-affiliates exceeds $700 million as", "box": [ 33.74999859375, 563.3805380489175, 578.2415097520156, 568.3931756602142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the end of the prior fiscal year's second fiscal quarter; and (2) the date on which we have issued more than $1 billion in non-", "box": [ 33.74999859375, 575.3805375489173, 578.2460599119127, 580.393175160214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "convertible debt securities during the prior three-year period.", "box": [ 33.74999859375, 587.3805370489172, 277.4826240444736, 592.3931746602138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Developments During the Second Quarter June 30, 2026:", "box": [ 33.74999859375, 609.1305361426676, 276.8285620459755, 614.1431737539642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Updates to Our Loan Portfolio During the Second Quarter June 30, 2026", "box": [ 33.74999859375, 631.6305352051677, 335.92987274042133, 636.6431728164644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On April 1, 2026, our senior loan for a residential property in Austin, TX was repaid in full. 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Based on our 65.0% ownership interest in the Lex Ave JV, we expect to receive total consideration of approximately", "box": [ 33.74999859375, 340.63054733016907, 578.2423926940658, 345.64318494146573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$26.7 million, subject to our proportionate share of such closing costs and transaction expenses. Under the terms of the Agreement, the", "box": [ 33.74999859375, 352.6305468301689, 578.2462561039665, 357.6431844414692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purchaser paid a $4.0 million earnest money deposit upon execution of the Agreement, with the remaining purchase price to be funded", "box": [ 33.74999859375, 364.6305463301687, 578.2407448691346, 369.64318394146903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "at closing through approximately $5.0 million of purchaser cash and a $32.0 million senior secured loan to be originated by us and our", "box": [ 33.74999859375, 376.63054583016856, 578.2445957619732, 381.64318344146886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "affiliate co-lender in proportion to our respective ownership interests in the Lex Ave JV.", "box": [ 33.74999859375, 388.6305453301684, 384.67734435302657, 393.6431829414687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 30, 2026, we, through our investment in the Lex Ave JV, entered into an amendment to the Agreement to grant the purchaser an", "box": [ 33.74999859375, 410.38054442391876, 578.2443162189854, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "exclusive option to purchase the San Antonio hotel property on or before September 30, 2026. In connection with the amendment, the", "box": [ 33.74999859375, 422.38054392392223, 578.2424572041245, 427.3931815352189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$4.0 million earnest money deposit was released and the purchaser made an additional $2.0 million payment, with the remaining", "box": [ 33.74999859375, 434.3805434239184, 578.2408359191312, 439.3931810352151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purchase price to be funded at closing through approximately $3.0 million of purchaser cash and a $32.0 million senior secured loan", "box": [ 33.74999859375, 446.3805429239219, 578.2419809440829, 451.39318053521856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from us and our affiliate co-lender. No assurance can be given that the transaction will close on the currently contemplated terms or at", "box": [ 33.74999859375, 458.3805424239181, 578.2384461808176, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all.", "box": [ 33.74999859375, 470.38054192392156, 46.24197630450091, 475.3931795352182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 17, 2026, our senior term loan and a residential development project revolver for various residential development projects in", "box": [ 33.74999859375, 492.8805409864217, 578.2403330441516, 497.89317859771836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Palm Beach Gardens, FL were repaid in full. The outstanding principal balances of the senior term loan and residential development", "box": [ 33.74999859375, 504.8805404864179, 578.2420173056689, 509.89317809771455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "project revolver on the date of repayment were approximately $31.6 million and $23.8 million, respectively. In connection with the", "box": [ 33.74999859375, 516.8805399864214, 578.2440586790577, 521.893177597718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repayment, we recognized approximately $0.2 million of default interest and breakage fees.", "box": [ 33.74999859375, 528.8805394864175, 400.1813416070264, 533.8931770977142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As previously reported, on August 5, 2026, we entered into an Agreement and Plan of Merger (the 'Merger Agreement'), pursuant to", "box": [ 33.74999859375, 550.6305385801679, 578.2391432442015, 555.6431761914646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which we will acquire Southern Realty Trust Inc. ('SRT'), subject to the approval of our stockholders and the approval of the SRT", "box": [ 33.74999859375, 562.6305380801714, 578.2435040861066, 567.6431756914681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stockholders. Under the terms of the Merger Agreement, at the effective time of the Merger (the 'Effective Time'), each outstanding", "box": [ 33.74999859375, 574.6305375801676, 578.249534418768, 579.6431751914643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share of SRT common stock will be converted into the right to receive the following: (i) 1.45 shares, or approximately 8.4 million", "box": [ 33.74999859375, 586.630537080171, 578.2444523439802, 591.6431746914677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shares in aggregate, of our common stock; and (ii) from the Manager, an amount in cash per share equal to $0.05.", "box": [ 33.74999859375, 598.6305365801672, 487.537271842196, 603.6431741914639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Further, in the Merger Agreement, we have agreed to take all necessary corporate action so that upon and after the effective time of the", "box": [ 33.74999859375, 620.3805356739176, 578.2452945290063, 625.3931732852143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Merger, the size of our Board of Directors will be increased by one member (the 'SRT Director Designee'). The SRT Director", "box": [ 33.74999859375, 632.3805351739211, 578.2479832118321, 637.3931727852178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Designee will be appointed to our Board of Directors.", "box": [ 33.74999859375, 644.3805346739173, 248.91560883476592, 649.393172285214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Key Financial Measures and Indicators", "box": [ 33.74999859375, 666.8805337364174, 201.8620440594942, 671.8931713477141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As a commercial real estate finance company, we believe the key financial measures and indicators for our business are Distributable", "box": [ 33.74999859375, 688.6305328301678, 578.244150179054, 693.6431704414645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings (as defined below), book value per share and dividends declared per share.", "box": [ 33.74999859375, 700.6305323301713, 370.20352148110265, 705.6431699414679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Book Value Per Share", "box": [ 33.74999859375, 722.3805314239216, 126.98339730658628, 727.3931690352183 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 47, "width": 612.0, "height": 792.0, "cells": [ { "text": "We believe that book value per share is helpful to shareholders in evaluating our growth as we scale our equity capital base and", "box": [ 33.74999859375, 38.3805599239131, 578.2470615938712, 43.393197535209765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "continue to invest in our target investments. The book value per share of our Common Stock as of June 30, 2026 and December 31,", "box": [ 33.74999859375, 50.380559423916566, 578.2438722377541, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025 was approximately $13.45 and $13.56, respectively.", "box": [ 33.74999859375, 62.38055892391276, 264.1022615269885, 67.39319653520943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26", "box": [ 300.99608495849594, 107.38055704891303, 310.9935794794336, 112.3931946602097 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 48, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-GAAP Metrics", "box": [ 33.74999859375, 103.63055720516422, 117.8743960089796, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings", "box": [ 33.74999859375, 125.3805562989146, 128.47715201719808, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition to using certain financial metrics prepared in accordance with GAAP to evaluate our performance, we also use Distributable", "box": [ 33.74999859375, 147.13055539266497, 578.2454322290005, 152.14319300396892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments we believe are not", "box": [ 33.74999859375, 159.13055489266844, 578.245084730541, 164.1431925039651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "necessarily indicative of our current loan activity and operations. Distributable Earnings is a measure that is not prepared in accordance", "box": [ 33.74999859375, 171.13055439266464, 578.247675253907, 176.14319200396858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with GAAP. We use these non-GAAP financial measures both to explain our results to shareholders and the investment community and", "box": [ 33.74999859375, 183.1305538926681, 578.2438579690049, 188.14319150396477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and", "box": [ 33.74999859375, 195.1305533926643, 578.2439490190008, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the information they provide are useful to investors since these measures permit investors and shareholders to assess the overall", "box": [ 33.74999859375, 207.13055289266777, 578.2437570805967, 212.14319050396443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance of our business using the same tools that our management uses to evaluate our past performance and prospects for future", "box": [ 33.74999859375, 219.13055239266396, 578.2473094039225, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance. The determination of Distributable Earnings is substantially similar to the determination of Core Earnings under our", "box": [ 33.74999859375, 231.13055189266743, 578.2433141620268, 236.1431895039641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management Agreement, provided that Core Earnings is a component of the calculation of any Incentive Compensation earned under", "box": [ 33.74999859375, 243.1305513926709, 578.2418942620858, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Management Agreement for the applicable time period. Thus, Core Earnings is calculated without giving effect to Incentive", "box": [ 33.74999859375, 255.1305508926671, 578.2429600791038, 260.14318850396376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Compensation expense, while the calculation of Distributable Earnings accounts for any Incentive Compensation earned for such time", "box": [ 33.74999859375, 267.13055039267056, 578.2429148541053, 272.1431880039672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "period.", "box": [ 33.74999859375, 279.13054989266675, 61.78982725667375, 284.1431875039634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We define Distributable Earnings as, for a specified period, the net income (loss) computed in accordance with GAAP, excluding (i)", "box": [ 33.74999859375, 301.6305489551669, 578.2481656868247, 306.64318656646356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stock-based compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains, losses or other non-cash items", "box": [ 33.74999859375, 313.63054845517036, 578.2479641767466, 318.643186066467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in", "box": [ 33.74999859375, 325.63054795516655, 578.2426213690565, 330.6431855664632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net income (loss); provided that Distributable Earnings does not exclude, in the case of investments with a deferred interest feature", "box": [ 33.74999859375, 337.63054745517, 578.2444709540405, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash, (iv)", "box": [ 33.74999859375, 349.6305469551662, 578.2478917868362, 354.6431845664629 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision for (reversal of) current expected credit losses, (v) TRS (income) loss, net of any dividends received from TRS and (vi) one-", "box": [ 33.74999859375, 361.6305464551697, 578.2456482369297, 366.64318406646635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between our Manager and our", "box": [ 33.74999859375, 373.63054595516587, 578.2389196872097, 378.64318356646254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "independent directors and after approval by a majority of such independent directors.", "box": [ 33.74999859375, 385.63054545516934, 374.098998443791, 390.643183066466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We believe providing Distributable Earnings on a supplemental basis to our net income as determined in accordance with GAAP is", "box": [ 33.74999859375, 407.3805445489197, 578.2433411769393, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "helpful to shareholders in assessing the overall performance of our business. As a REIT, we are required to distribute at least 90% of", "box": [ 33.74999859375, 419.3805440489159, 578.2390102122059, 424.3931816602126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our annual REIT taxable income, subject to certain adjustments, and to pay tax at regular corporate rates to the extent that we annually", "box": [ 33.74999859375, 431.3805435489194, 578.2417061440945, 436.39318116021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distribute less than 100% of such taxable income. Given these requirements and our belief that dividends are generally one of the", "box": [ 33.74999859375, 443.38054304891557, 578.2460731789739, 448.39318066021224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal reasons that shareholders invest in our Common Stock, we generally intend to attempt to pay dividends to our shareholders in", "box": [ 33.74999859375, 455.38054254891904, 578.2459176189188, 460.3931801602157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an amount at least equal to such REIT taxable income, if and to the extent authorized by our Board of Directors. Distributable Earnings", "box": [ 33.74999859375, 467.38054204891523, 578.2418304520022, 472.3931796602192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "is one of many factors considered by our Board of Directors in authorizing dividends and, while not a direct measure of net taxable", "box": [ 33.74999859375, 479.3805415489187, 578.2411753041781, 484.39317916021537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income, over time, the measure can be considered a useful indicator of our dividends.", "box": [ 33.74999859375, 491.3805410489149, 375.76850827422817, 496.39317866021884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings is a non-GAAP financial measure and should not be considered as a substitute for GAAP net income. We", "box": [ 33.74999859375, 513.1305401426653, 578.2401678292201, 518.1431777539692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "caution readers that our methodology for calculating Distributable Earnings may differ from the methodologies employed by other", "box": [ 33.74999859375, 525.1305396426687, 578.2485776618075, 530.1431772539654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "REITs to calculate the same or similar supplemental performance measures, and as a result, our reported Distributable Earnings may", "box": [ 33.74999859375, 537.1305391426649, 578.2477482938428, 542.1431767539689 ], "from_ocr": false, "confidence": 1.0 }, { "text": "not be comparable to similar measures presented by other REITs.", "box": [ 33.74999859375, 549.1305386426684, 294.5731155073698, 554.1431762539651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27", "box": [ 300.99608495849594, 594.1305367676687, 310.9935794794336, 599.1431743789653 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 49, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363928684, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table provides a reconciliation of GAAP net income to Distributable Earnings for the three and six months ended", "box": [ 33.74999859375, 103.6305572051715, 578.2485261188106, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 and 2025:", "box": [ 33.74999859375, 115.63055670516769, 131.7722415085773, 120.64319431647164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three months ended", "box": [ 300.1171749951172, 140.38055567391712, 387.6977050483667, 145.39319328522106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 326.1327989111328, 150.88055523642106, 361.68538738602484, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended", "box": [ 464.0624806640625, 140.38055567391712, 539.6196538932854, 145.39319328522106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 484.0663898305662, 150.88055523642106, 519.6189783054583, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 294.4335852319334, 165.88055461142358, 314.428569286309, 170.89319222272024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 373.3827969423828, 165.88055461142358, 393.3777809967584, 170.89319222272024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 452.33201615283184, 165.88055461142358, 472.3270002072075, 170.89319222272024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 531.3163878618162, 165.88055461142358, 551.3113719161918, 170.89319222272024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net income", "box": [ 34.74609230224609, 195.13055339267157, 82.7711417737637, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 268.5468638105469, 195.13055339267157, 273.5456135647656, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,076,025", "box": [ 297.3281126113281, 195.13055339267157, 337.31806425758003, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.324208444824, 195.13055339267157, 339.8235833219334, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.4960830209959, 195.13055339267157, 352.49483277521466, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,358,314", "box": [ 376.2773318217772, 195.13055339267157, 416.2672834680291, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 416.2734201552734, 195.13055339267157, 418.7727950323828, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 426.4452947314453, 195.13055339267157, 431.4440444856641, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,329,375", "box": [ 455.2265435322266, 195.13055339267157, 495.2164951784785, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 495.2226393657225, 195.13055339267157, 497.72201424283185, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 505.39451394189433, 195.13055339267157, 510.39326369611314, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,457,751", "box": [ 534.1874777421874, 195.13055339267157, 574.1774293884394, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1835735756833, 195.13055339267157, 576.6829484527927, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Adjustments to net income:", "box": [ 34.74609230224609, 209.38055279891705, 144.98207593316752, 214.393190410221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stock-based compensation expense", "box": [ 40.74609205224609, 223.6305522051698, 182.33652145020602, 228.64318981646647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "297,484 ", "box": [ 304.83983479833967, 223.6305522051698, 339.8310449216225, 228.64318981646647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "259,066 ", "box": [ 383.78904650878906, 223.6305522051698, 418.7802566320719, 228.64318981646647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "667,446 ", "box": [ 462.7382657192381, 223.6305522051698, 497.7294758425209, 228.64318981646647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "502,687 ", "box": [ 541.6991999291989, 223.6305522051698, 576.6904100524819, 228.64318981646647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Depreciation and amortization", "box": [ 40.74609205224609, 237.1305516426728, 162.33176222367632, 242.14318925396947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 327.3281113613281, 237.1305516426728, 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"0.65", "box": [ 477.72654259472654, 383.38054554892005, 495.22214852824294, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 495.2226393657225, 383.38054554892005, 497.72201424283185, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 505.39451394189433, 383.38054554892005, 510.39326369611314, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.62", "box": [ 556.6874768046874, 383.38054554892005, 574.1830827382039, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1835735756833, 383.38054554892005, 576.6829484527927, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Factors Impacting our Operating Results", "box": [ 33.74999859375, 413.3805442989178, 209.6237587110894, 418.39318191022176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The results of our operations are affected by a number of factors and primarily depend on, among other things, the level of our net", "box": [ 33.74999859375, 435.88054336141795, 578.2499822303374, 440.8931809727219 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest margin, the market value of our assets and the supply of, and demand for, commercial real estate debt and other financial assets", "box": [ 33.74999859375, 447.8805428614214, 578.2428836769583, 452.8931804727181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the marketplace. Our net interest margin, which includes the accretion and amortization of OID, is recognized based on the", "box": [ 33.74999859375, 459.8805423614176, 578.2399384042296, 464.89317997272155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "contractual rate and the outstanding principal balance of the loans we originate. Interest rates will vary according to the type of loan,", "box": [ 33.74999859375, 471.8805418614211, 578.2486781625543, 476.89317947271775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions in the financial markets, creditworthiness of our borrowers, competition and other factors, some of which cannot be", "box": [ 33.74999859375, 483.8805413614173, 578.2437382040711, 488.8931789727212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "predicted with any certainty. Our operating results may also be impacted by credit losses in excess of initial anticipations or", "box": [ 33.74999859375, 495.88054086142074, 578.2488070867981, 500.8931784727174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unanticipated credit events experienced by our borrowers.", "box": [ 33.74999859375, 507.88054036141693, 265.5423168169864, 512.8931779727209 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28", "box": [ 300.99608495849594, 552.8805384864172, 310.9935794794336, 557.8931760977212 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 50, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951585328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results of Operations for the three and six months ended June 30, 2026 and 2025", "box": [ 33.74999859375, 103.63055720516422, 369.5428853398791, 108.64319481646089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes our consolidated results of operations for the three and six months ended June 30, 2026 and 2025:", "box": [ 33.74999859375, 125.3805562989146, 556.5580275841686, 130.39319391021127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three months ended", "box": [ 299.8710850053709, 150.88055523641378, 387.4516150586204, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 325.88670892138657, 160.63055483016797, 361.4392973962786, 165.64319244146463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended", "box": [ 463.91014067041, 150.88055523641378, 539.4673138996329, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 483.91404233691406, 160.63055483016797, 519.4666308118061, 165.64319244146463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 294.2226477407225, 175.6305542051632, 314.2176317950981, 180.64319181646715 ], "from_ocr": 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"text": " ", "box": [ 415.96873266796877, 326.3805479239163, 418.4681075450781, 331.393185535213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,209,344", "box": [ 455.0976410375975, 326.3805479239163, 495.08759268384944, 331.393185535213 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 495.09372937109373, 326.3805479239163, 497.59310424820313, 331.393185535213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,247,939", "box": [ 534.199200241699, 326.3805479239163, 574.189151887951, 331.393185535213 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1952885751953, 326.3805479239163, 576.6946634523047, 331.393185535213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for current expected credit losses", "box": [ 34.74609230224609, 341.3805472989188, 207.70552294101586, 346.3931849102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(557,248)", "box": [ 300.43358498193345, 341.3805472989188, 339.58390058116953, 346.3931849102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(468,493)", "box": [ 379.32420669482406, 341.3805472989188, 418.4745222940602, 346.3931849102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(617,531)", "box": [ 458.449203397949, 341.3805472989188, 497.59951899718516, 346.3931849102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(586,141)", "box": [ 537.5507626020506, 341.3805472989188, 576.7010782012867, 346.3931849102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity in earnings of unconsolidated real estate joint", "box": [ 34.74609230224609, 354.88054673641454, 245.46947144619253, 359.8931843477112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "venture", "box": [ 34.74609230224609, 365.3805462989185, 64.72391285073161, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32,287 ", "box": [ 309.58592460058594, 365.3805462989185, 339.5783899571498, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 405.9726430844725, 365.3805462989185, 418.4695074950198, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32,287 ", "box": [ 467.60154301660157, 365.3805462989185, 497.5940083731654, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 564.199198991699, 365.3805462989185, 576.6960634022463, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net income", "box": [ 34.74609230224609, 381.1305456426635, 82.7711417737637, 386.14318325396744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 268.3593638183594, 379.63054570516397, 273.3581135725781, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,076,025", "box": [ 297.08202262158187, 379.63054570516397, 337.07197426783375, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.0781109550781, 379.63054570516397, 339.5774858321875, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 347.24998553125, 379.63054570516397, 352.24873528546874, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,358,314", "box": [ 375.9726443344725, 379.63054570516397, 415.9625959807244, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 415.96873266796877, 379.63054570516397, 418.4681075450781, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 426.1406072441406, 379.63054570516397, 431.1393569983594, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,329,375", "box": [ 455.0976410375975, 379.63054570516397, 495.08759268384944, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 495.09372937109373, 379.63054570516397, 497.59310424820313, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 505.2656039472656, 379.63054570516397, 510.26435370148437, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,457,751", "box": [ 534.199200241699, 379.63054570516397, 574.189151887951, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1952885751953, 379.63054570516397, 576.6946634523047, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net income. ", "box": [ 33.74999859375, 409.630544455169, 86.86275551196837, 414.64318206646567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our net income allocable to our common shareholders for the three and six months ended June 30, 2026, was", "box": [ 89.73046501123046, 409.630544455169, 578.2409610520385, 414.64318206646567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $3.1 million and $7.3 million, or $0.23 and $0.54 per basic weighted average common share, respectively, compared to", "box": [ 33.74999859375, 421.6305439551652, 578.246832993881, 426.64318156646186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net income allocable to our common shareholders of approximately $3.4 million and $6.5 million, or $0.25 and $0.52 per basic", "box": [ 33.74999859375, 433.63054345516866, 578.2441957790523, 438.64318106646533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "weighted average common share, respectively, for the three and six months ended June 30, 2025.", "box": [ 33.74999859375, 445.63054295516486, 421.77261085739065, 450.6431805664615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income.", "box": [ 33.74999859375, 468.130542017665, 99.93832794215282, 473.14317962896166 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Interest income increased approximately $1.8 million, or 26.8%, for the three months ended June 30, 2026, as", "box": [ 99.94921458544923, 468.130542017665, 578.2479647767465, 473.14317962896166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compared to the three months ended June 30, 2025. Interest income increased approximately $7.1 million, or 60.8%, for the six months", "box": [ 33.74999859375, 480.13054151766846, 578.2457213768402, 485.14317912896513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 as compared to the six months ended June 30, 2025. The increase reflects a higher average investment balance", "box": [ 33.74999859375, 492.13054101766465, 578.2427777541111, 497.1431786289613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "driven by increased capital deployment. In addition, we recognized approximately $1.2 million of repayment premium income related", "box": [ 33.74999859375, 504.1305405176681, 578.2402873691533, 509.1431781289648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the early repayment of a $45.0 million secured mortgage loan in March 2026.", "box": [ 33.74999859375, 516.1305400176643, 354.4066928893037, 521.143177628961 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense.", "box": [ 33.74999859375, 537.8805391114147, 101.2779845613338, 542.8931767227114 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Interest expense increased approximately $1.7 million and $4.3 million for the three and six months ended June 30,", "box": [ 101.28515202978517, 537.8805391114147, 578.2438716377541, 542.8931767227114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, as compared to the three and six months ended June 30, 2025, respectively, primarily driven by increased utilization of our lines", "box": [ 33.74999859375, 549.8805386114182, 578.2399542520806, 554.8931762227148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of credit to support portfolio growth.", "box": [ 33.74999859375, 561.8805381114144, 180.91021794332394, 566.893175722711 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management and incentive fees.", "box": [ 33.74999859375, 583.6305372051647, 165.17232622406948, 588.6431748164614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Management and incentive fees increased approximately $0.2 million and $1.8 million for the three", "box": [ 165.1757781176756, 583.6305372051647, 578.2502424288001, 588.6431748164614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and six months ended June 30, 2026, as compared to the three and six months ended June 30, 2025, respectively. Base Management", "box": [ 33.74999859375, 595.6305367051682, 578.2434365306098, 600.6431743164649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fees incurred for the three and six months ended June 30, 2026 were approximately $0.7 million and $1.4 million, respectively, as", "box": [ 33.74999859375, 607.6305362051644, 578.2410338770356, 612.6431738164611 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compared $0.7 million, during both the three and six months ended June 30, 2025. The increase compared to the six months ended June", "box": [ 33.74999859375, 619.6305357051679, 578.2395265042464, 624.6431733164645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2025 was driven by the waiver of approximately $7.3 thousand and $0.6 million of Base Management Fees for the three and six", "box": [ 33.74999859375, 631.630535205164, 578.23964589418, 636.6431728164607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2025, respectively. Incentive Fees incurred for the three and six months ended June 30, 2026 were", "box": [ 33.74999859375, 643.6305347051675, 578.2429763541028, 648.6431723164642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $0.2 million and $1.1 million, respectively. There were no incentive fees incurred during the three and six months ended", "box": [ 33.74999859375, 655.6305342051637, 578.2471993688654, 660.6431718164677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025 due to the waiver of approximately $0.2 million and $0.5 million of Incentive Fees, respectively.", "box": [ 33.74999859375, 667.6305337051672, 478.47640544473205, 672.6431713164638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General and administrative expenses", "box": [ 33.74999859375, 690.1305327676673, 183.57617152140554, 695.143170378964 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". General and administrative expenses increased $149.8 thousand and $139.8 thousand during the", "box": [ 183.58592985058593, 690.1305327676673, 578.249551603829, 695.143170378964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, primarily driven by", "box": [ 33.74999859375, 702.1305322676635, 578.2434459940221, 707.1431698789675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "higher reimbursable payroll and bonus costs payable to the Manager under the Management Agreement.", "box": [ 33.74999859375, 714.130531767667, 450.7350886006203, 719.1431693789636 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 51, "width": 612.0, "height": 792.0, "cells": [ { "text": "Professional fees. ", "box": [ 33.74999859375, 38.38055992392037, 109.71585058475603, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Professional fees were relatively consistent during the three months ended June 30, 2026, compared to the", "box": [ 112.47655781347655, 38.38055992392037, 578.2518864287314, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corresponding period in 2025, and decreased $(0.2) million during the six months ended June 30, 2026, compared to", "box": [ 33.74999859375, 50.380559423916566, 499.92186973242104, 55.39319703522051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29", "box": [ 300.99608495849594, 95.38055754891684, 310.9935794794336, 100.39319516021351 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 52, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951585328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the six months ended June 30, 2025. The year-to-date decrease was primarily attributable to higher professional fees incurred during the", "box": [ 33.74999859375, 103.63055720516422, 578.2469886289355, 108.64319481646089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "first quarter of 2025 in connection with our first annual Form 10-K and proxy statement filing following our transition to a public", "box": [ 33.74999859375, 115.63055670516769, 578.2456605289914, 120.64319431646436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "company.", "box": [ 33.74999859375, 127.63055620516388, 72.24621342099098, 132.64319381646055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for current expected credit losses.", "box": [ 33.74999859375, 149.38055529891426, 214.61080068913296, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 214.6171785576172, 149.38055529891426, 217.11655343472654, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The provision for current expected credit losses increased $(88.8) thousand and $(31.4)", "box": [ 218.08592841308592, 149.38055529891426, 578.2459688619156, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousand during the three and six months ended June 30, 2026, respectively, as compared to the three and six months ended June 30,", "box": [ 33.74999859375, 161.38055479891773, 578.2436893127617, 166.3931924102144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025. The CECL Reserve balance as of June 30, 2026 was approximately $1.1 million, or 0.37%, of our total loans held at carrying", "box": [ 33.74999859375, 173.38055429891392, 578.2364654443128, 178.3931919102106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value of approximately $296.8 million and was bifurcated between (i) the current expected credit loss reserve (contra-asset) related to", "box": [ 33.74999859375, 185.3805537989174, 578.2414773191038, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding balances on loans held at carrying value of $0.9 million and (ii) a liability for unfunded commitments of approximately", "box": [ 33.74999859375, 197.38055329891358, 578.2437196690104, 202.39319091021025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$0.2 million. The liability for unfunded commitments represents expected credit losses on the unfunded portion of loan commitments", "box": [ 33.74999859375, 209.38055279891705, 578.2399998520783, 214.39319041021372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "over the contractual period during which we are exposed to credit risk through our obligation to extend credit. In estimating this", "box": [ 33.74999859375, 221.38055229891324, 578.2472778517756, 226.3931899102099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liability, we consider the likelihood that commitments will be funded and, if funded, the expected credit losses on the funded portion of", "box": [ 33.74999859375, 233.3805517989167, 578.2477996118397, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "those commitments. We continuously evaluate the credit quality of each loan by assessing the risk factors of each loan.", "box": [ 33.74999859375, 245.3805512989129, 509.17250969072774, 250.39318891020957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Portfolio", "box": [ 33.74999859375, 267.1305503926633, 94.56966127209728, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below summarizes our total loan portfolio as of June 30, 2026, unless otherwise specified.", "box": [ 33.74999859375, 289.6305494551634, 434.10833434340196, 294.6431870664601 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Type", "box": [ 42.09374824609375, 328.36687598114804, 73.91727188767496, 331.8753462559471 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Location", "box": [ 93.3867148588867, 328.36687598114804, 119.82204901485301, 331.8753462559471 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Original", "box": [ 158.56640339306625, 320.8668762936504, 183.83663512422743, 324.3753465684422 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Funding Date", "box": [ 150.6913999711914, 328.36687598114804, 191.71279145452806, 331.8753462559471 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Maturity", "box": [ 196.78124180078126, 328.36687598114804, 241.29112885870256, 331.8753462559471 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current", "box": [ 257.6015517666015, 314.11687657490256, 281.95952090218555, 317.6253468496943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitments as", "box": [ 244.6171773076172, 320.8668762936504, 294.95263197571956, 324.3753465684422 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of 06/30/2026", "box": [ 250.05467708105468, 328.36687598114804, 289.5112082745324, 331.8753462559471 ], "from_ocr": false, "confidence": 1.0 }, { "text": "% of Total", "box": [ 299.63671001513654, 328.36687598114804, 331.13221861191124, 331.8753462559471 ], "from_ocr": false, 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"19,803,590 ", "box": [ 352.88670779638653, 394.36687323114893, 386.12477469271704, 397.8753435059407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.5%", "box": [ 396.42185848242184, 394.36687323114893, 414.23675360313393, 397.8753435059407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "N/A", "box": [ 433.9452944189453, 394.36687323114893, 445.99615418273845, 397.8753435059407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Floating", "box": [ 464.10935566210935, 394.36687323114893, 487.43545145268865, 397.8753435059407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "No", "box": [ 514.9570135434568, 394.36687323114893, 523.5091307746186, 397.8753435059407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15%", "box": [ 554.6249768906249, 394.36687323114893, 567.4514383941885, 397.8753435059407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hospitality", "box": [ 34.74609230224609, 405.61687276240264, 65.84527821894662, 409.1253430371944 ], 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{ "text": "Industrial", "box": [ 34.74609230224609, 485.866869418649, 61.564091768916995, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "West Palm", "box": [ 83.2617152807617, 479.11686969990114, 113.21288292938394, 482.6253399746929 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Beach, FL", "box": [ 83.2617152807617, 485.866869418649, 112.40994802583899, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10/16/2025", "box": [ 155.26171603076153, 485.866869418649, 187.1399241400028, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10/16/2027", "box": [ 203.0976515375975, 485.866869418649, 234.9758596468387, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,240,000 ", "box": [ 261.8437390898437, 485.866869418649, 295.08180598617423, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.3%", "box": [ 308.09764716259747, 485.866869418649, 322.6734753432707, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,893,394 ", "box": [ 356.3906101503906, 485.866869418649, 386.12993221750213, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.0%", "box": [ 396.29295598779277, 485.866869418649, 414.367528997685, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "N/A", "box": [ 433.9452944189453, 485.866869418649, 445.99615418273845, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Floating", "box": [ 464.10935566210935, 485.866869418649, 487.43545145268865, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "No", "box": [ 514.9570135434568, 485.866869418649, 523.5091307746186, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14%", "box": [ 554.6249768906249, 485.866869418649, 567.4514383941885, 489.37533969344076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Retail", "box": [ 34.74609230224609, 497.1168689499027, 51.45737974003002, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Houston, TX", "box": [ 83.2617152807617, 497.1168689499027, 119.67735452935577, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10/24/2025", "box": [ 155.26171603076153, 497.1168689499027, 187.1399241400028, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10/24/2028", "box": [ 203.0976515375975, 497.1168689499027, 234.9758596468387, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30,000,000 ", "box": [ 261.8437390898437, 497.1168689499027, 295.08180598617423, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.9%", "box": [ 308.09764716259747, 497.1168689499027, 322.6734753432707, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,735,559 ", "box": [ 352.88670779638653, 497.1168689499027, 386.12477469271704, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.5%", "box": [ 398.0507684145506, 497.1168689499027, 412.6265965952238, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "N/A", "box": [ 433.9452944189453, 497.1168689499027, 445.99615418273845, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Floating", "box": [ 464.10935566210935, 497.1168689499027, 487.43545145268865, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "No", "box": [ 514.9570135434568, 497.1168689499027, 523.5091307746186, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11%", "box": [ 554.7538868852537, 497.1168689499027, 567.3206704996371, 500.62533922469447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subordinate debt:", "box": [ 34.74609230224609, 508.36686848114914, 86.26030653131983, 511.8753387559409 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential", "box": [ 34.74609230224609, 519.6168680124028, 66.22795944958918, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Miami, FL", "box": [ 83.2617152807617, 519.6168680124028, 113.5853020018659, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11/15/2024", "box": [ 155.3906185253906, 519.6168680124028, 187.00914874545177, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11/15/2027", "box": [ 203.22655403222657, 519.6168680124028, 234.8450842522877, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,000,000 ", "box": [ 261.8437390898437, 519.6168680124028, 295.08180598617423, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.4%", "box": [ 308.09764716259747, 519.6168680124028, 322.6734753432707, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,693,918 ", "box": [ 353.1445202856444, 519.6168680124028, 386.1229092927947, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.3%", "box": [ 396.29295598779277, 519.6168680124028, 414.367528997685, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "N/A", "box": [ 433.9452944189453, 519.6168680124028, 445.99615418273845, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fixed", "box": [ 467.80076550830063, 519.6168680124028, 483.7398719816712, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "No", "box": [ 514.9570135434568, 519.6168680124028, 523.5091307746186, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15%", "box": [ 554.6249768906249, 519.6168680124028, 567.4514383941885, 523.1253382871946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential", "box": [ 34.74609230224609, 530.1168675748995, 66.22795944958918, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Miami, FL", "box": [ 83.2617152807617, 530.1168675748995, 113.5853020018659, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/21/2025", "box": [ 157.00780595800782, 530.1168675748995, 185.3872692380301, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12/13/2028", "box": [ 203.0976515375975, 530.1168675748995, 234.9758596468387, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,761,225 ", "box": [ 261.8437390898437, 530.1168675748995, 295.08180598617423, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.8%", "box": [ 308.09764716259747, 530.1168675748995, 322.6734753432707, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,848,963 ", "box": [ 352.88670779638653, 530.1168675748995, 386.12477469271704, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.5%", "box": [ 396.29295598779277, 530.1168675748995, 414.367528997685, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.0%", "box": [ 432.6796694716797, 530.1168675748995, 447.2554976523529, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Floating", "box": [ 464.10935566210935, 530.1168675748995, 487.43545145268865, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "No", "box": [ 514.9570135434568, 530.1168675748995, 523.5091307746186, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15%", "box": [ 554.6249768906249, 530.1168675748995, 567.4514383941885, 533.6253378496913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hospitality", "box": [ 34.74609230224609, 542.116867074903, 65.84527821894662, 545.6253373496947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Diversified", "box": [ 83.2617152807617, 542.116867074903, 114.74015840665987, 545.6253373496947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2/13/2026", "box": [ 157.00780595800782, 541.3668671061532, 185.3872692380301, 544.875337380945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2/13/2029", "box": [ 204.84374146484376, 541.3668671061532, 233.223204744866, 544.875337380945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,254,616 ", "box": [ 261.8437390898437, 541.3668671061532, 295.08180598617423, 544.875337380945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.5%", "box": [ 306.35154973535157, 541.3668671061532, 324.42612274524373, 544.875337380945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44,282,626 ", "box": [ 352.88670779638653, 541.3668671061532, 386.12477469271704, 544.875337380945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.3%", "box": [ 396.42185848242184, 541.3668671061532, 414.23675360313393, 544.875337380945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "N/A", "box": [ 433.9452944189453, 541.3668671061532, 445.99615418273845, 544.875337380945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Floating", "box": [ 464.10935566210935, 541.3668671061532, 487.43545145268865, 544.875337380945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "No", "box": [ 514.9570135434568, 541.3668671061532, 523.5091307746186, 544.875337380945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13%", "box": [ 554.6249768906249, 541.3668671061532, 567.4514383941885, 544.875337380945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subtotal", "box": [ 203.74217901074218, 553.3668666061494, 229.01921999161968, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 243.94921233544906, 553.3668666061494, 247.44796215216778, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "377,421,670", "box": [ 258.33983673583964, 553.3668666061494, 293.3272785405295, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 293.33202277783187, 553.3668666061494, 295.0813976861912, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0%", "box": [ 304.0195223325194, 553.3668666061494, 326.7613679599424, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 335.15623603515627, 553.3668666061494, 338.654985851875, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "298,664,348", "box": [ 349.3827979423828, 553.3668666061494, 384.3702397470726, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 384.374983984375, 553.3668666061494, 386.1243588927344, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.6%", "box": [ 395.70701851220684, 553.3668666061494, 414.9501193104109, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.1%", "box": [ 432.09373199609377, 553.3668666061494, 447.83808796507884, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13%", "box": [ 554.039039415039, 553.3668666061494, 568.0340287069143, 556.8753368809412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Wtd", "box": [ 554.4257618989255, 565.3668661061529, 567.6451389305566, 568.8753363809446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average", "box": [ 548.8593521308593, 572.1168658249007, 573.2070803089321, 575.6253360996925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 591.04099095329, 44.24413873649414, 595.5534929628047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Estimated YTM includes a variety of fees and features that affect the total yield, which may include, but is not limited to, OID, exit fees,", "box": [ 51.76171659326172, 591.04099095329, 578.2397221166771, 595.5534929628047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prepayment fees, unused fees and contingent features. OID is recognized as a discount to the funded loan principal and is accreted to income over", "box": [ 51.749997843749995, 602.2909904845365, 578.2499776612498, 606.8034924940512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the term of the loan.", "box": [ 51.749997843749995, 612.7909900470404, 124.47509250353761, 617.3034920565551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The estimated YTM calculations require management to make estimates and assumptions, including, but not limited to, the timing and amounts", "box": [ 51.749997843749995, 626.2909894845361, 578.2397216516774, 630.8034914940508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of loan draws on delayed draw loans, the timing and collectability of exit fees, the probability and timing of prepayments and the probability of", "box": [ 51.749997843749995, 637.5409890157898, 578.244115271494, 642.0534910253045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "contingent features occurring. For example, certain credit agreements contain provisions pursuant to which certain interest rates and fees earned", "box": [ 51.749997843749995, 648.0409885782865, 578.2411861916161, 652.5534905878012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by us under such credit agreements will decrease upon the satisfaction of certain specified criteria which we believe may improve the risk profile", "box": [ 51.749997843749995, 659.2909881095402, 578.2485108413108, 663.8034901190549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the applicable borrower. To be conservative, we have not assumed any prepayment penalties or early payoffs in our estimated YTM", "box": [ 51.749997843749995, 669.7909876720369, 578.2470466613719, 674.3034896815516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "calculation. Estimated YTM is based on current management estimates and assumptions, which may change. Estimated YTM is calculated using", "box": [ 51.749997843749995, 680.2909872345408, 578.2499760412499, 684.8034892440555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the interest rate as of June 30, 2026 applied through maturity. Actual results could differ from those estimates and assumptions.", "box": [ 51.749997843749995, 691.5409867657872, 509.4008590349632, 696.053488775302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 705.0409862032902, 44.24413873649414, 709.553488212805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This loan is structured as a senior term loan and home construction revolver, of which the proceeds will be used to fund varying development", "box": [ 51.76171659326172, 705.0409862032902, 578.2470485363721, 709.553488212805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "projects. Under each credit facility, the borrower is able to re-draw funds after repayment through maturity. The actual YTM is presented based on", "box": [ 51.749997843749995, 716.2909857345367, 578.2455796314331, 720.8034877440514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repayment of the facilities on July 17, 2026.", "box": [ 51.749997843749995, 726.7909852970406, 210.46288199071287, 731.3034873065553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 740.2909847345363, 44.24413873649414, 744.803486744051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If the Company holds both the A-note and B-note, the loan is categorized as a senior mortgage loan.", "box": [ 51.76171659326172, 740.2909847345363, 411.9155108068526, 744.803486744051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 566.5546638935546, 326.9906992929464, 571.8541986942151, 329.2695127701445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 136.46483806396483, 356.24069807419437, 141.76437286462527, 358.5195115513925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 136.46483806396483, 374.24069732419593, 141.76437286462527, 376.51951080139406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 136.46483806396483, 392.2406965741902, 141.76437286462527, 394.5195100513956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 136.46483806396483, 432.7406948866919, 141.76437286462527, 435.01950836389005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 229.01952545751936, 552.7406898866902, 234.31906025817977, 555.0195033638956 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 53, "width": 612.0, "height": 792.0, "cells": [ { "text": "30", "box": [ 300.99608495849594, 67.63055870516837, 310.9935794794336, 72.64319631646504 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 54, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 96.04101157829427, 44.24413873649414, 100.553513587809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The interest subtotal rate is a weighted average rate.", "box": [ 51.76171659326172, 96.04101157829427, 238.92918963461668, 100.553513587809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans Held for Investment at Carrying Value", "box": [ 33.74999859375, 117.13055664266722, 220.38764438974255, 122.14319425397116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, our portfolio included 14 and 16 loans held at carrying value, respectively. The aggregate", "box": [ 33.74999859375, 138.8805557364176, 578.2342787514652, 143.89319334772154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "originated commitment under these loans was approximately $377.4 million and $420.7 million, respectively, and outstanding principal", "box": [ 33.74999859375, 150.88055523642106, 578.2464114054859, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "was approximately $298.7 million and $305.5 million, respectively, as of June 30, 2026 and December 31, 2025. During the six months", "box": [ 33.74999859375, 162.88055473641725, 578.243994576912, 167.8931923477212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026, we funded approximately $115.6 million of new loans and additional principal on existing loans and had", "box": [ 33.74999859375, 174.88055423642072, 578.2473372938599, 179.8931918477174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $96.1 million of principal repayments of loans held at carrying value. As of June 30, 2026 and December 31, 2025,", "box": [ 33.74999859375, 186.8805537364169, 578.2402108879068, 191.89319134772086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately 96.1% and 96.4%, respectively, of our loans held at carrying value had floating interest rates. As of June 30, 2026, these", "box": [ 33.74999859375, 198.88055323642038, 578.2484542788748, 203.89319084771705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "floating benchmark rates included one-month SOFR quoted at 3.7% and subject to a weighted average floor of 3.9% and U.S. prime", "box": [ 33.74999859375, 210.88055273641658, 578.2399854292274, 215.89319034772052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rate subject to a weighted average floor of 8.0% and quoted at 6.75% based on outstanding principal.", "box": [ 33.74999859375, 222.88055223642004, 437.6914333191061, 227.8931898477167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following tables summarize our loans held at carrying value as of June 30, 2026 and December 31, 2025:", "box": [ 33.74999859375, 245.38055129892018, 472.41823101499375, 250.39318891021685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026", "box": [ 384.42185898242184, 270.88055023641937, 466.90599900808263, 275.89318784771604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding", "box": [ 282.7382732192381, 305.380548798923, 336.0793480341931, 310.39318641021964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 285.90233558740215, 315.1305483926699, 325.33578611842916, 320.14318600396655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Original", "box": [ 369.0468596230469, 295.6305492051688, 405.15107529279203, 300.64318681646546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issue", "box": [ 376.25389432275375, 305.380548798923, 397.9232587924249, 310.39318641021964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Discount", "box": [ 368.2031096582031, 315.1305483926699, 405.9768268647975, 320.14318600396655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying", "box": [ 445.06639145556625, 305.380548798923, 484.49497600020845, 310.39318641021964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 448.95701629345683, 315.1305483926699, 473.0330045128521, 320.14318600396655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted", "box": [ 521.9882632504881, 285.1305496426721, 562.5347225884908, 290.1431872539688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average", "box": [ 524.8710756303709, 295.6305492051688, 559.657279928507, 300.64318681646546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Remaining Life", "box": [ 509.07420128857405, 305.380548798923, 575.4442321457174, 310.39318641021964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Years)", "box": [ 523.2070131997068, 315.1305483926699, 553.7413470079422, 320.14318600396655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior mortgage loans", "box": [ 34.74609230224609, 345.13054714266764, 124.70395497441467, 350.1431847539716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.0781135800781, 345.13054714266764, 279.07686333429683, 350.1431847539716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "222,838,841 ", "box": [ 291.74998784375, 345.13054714266764, 344.2367989130494, 350.1431847539716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 351.9023328374022, 345.13054714266764, 356.90108259162093, 350.1431847539716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,474,956)", "box": [ 375.14060936914063, 345.13054714266764, 421.78903638095545, 350.1431847539716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.4570171059569, 345.13054714266764, 434.45576686017563, 350.1431847539716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "221,363,885 ", "box": [ 447.1288913696287, 345.13054714266764, 499.61570243892817, 350.1431847539716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.4", "box": [ 564.7499764687499, 345.13054714266764, 577.2468376355474, 350.1431847539716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subordinate debt", "box": [ 34.74609230224609, 359.3805465489204, 102.77099139196278, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "75,825,507 ", "box": [ 296.7421751357422, 358.63054658017063, 344.23024143832265, 363.6431841914673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(435,894)", "box": [ 382.64060905664064, 358.63054658017063, 421.7909246558768, 363.6431841914673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "75,389,613 ", "box": [ 452.1210786616209, 358.63054658017063, 499.6091449642014, 363.6431841914673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.4", "box": [ 564.7499764687499, 358.63054658017063, 577.2468376355474, 363.6431841914673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loans held at carrying value", "box": [ 34.74609230224609, 375.13054589267267, 177.40551420566467, 380.14318350396934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.0781135800781, 373.63054595517315, 279.07686333429683, 378.6431835664698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "298,664,348", "box": [ 291.7382728442381, 373.63054595517315, 341.72571402392794, 378.6431835664698 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 341.7304582612303, 373.63054595517315, 344.2298331383397, 378.6431835664698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 351.9023328374022, 373.63054595517315, 356.90108259162093, 378.6431835664698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,910,850)", "box": [ 375.14060936914063, 373.63054595517315, 421.78903638095545, 378.6431835664698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.4570171059569, 373.63054595517315, 434.45576686017563, 378.6431835664698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "296,753,498", "box": [ 447.11716887011715, 373.63054595517315, 497.10461004980704, 378.6431835664698 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.10935428710934, 373.63054595517315, 499.60872916421874, 378.6431835664698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.6", "box": [ 564.7499764687499, 373.63054595517315, 577.2468376355474, 378.6431835664698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of December 31, 2025", "box": [ 373.13670695263653, 407.3805445489197, 478.1786843883873, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding", "box": [ 282.7382732192381, 442.6305430801731, 336.0793480341931, 447.64318069146975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 285.90233558740215, 452.38054267392, 325.33578611842916, 457.39318028521666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Original", "box": [ 369.0468596230469, 432.13054351766914, 405.15107529279203, 437.1431811289658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issue", "box": [ 376.25389432275375, 442.6305430801731, 397.9232587924249, 447.64318069146975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Discount", "box": [ 368.2031096582031, 452.38054267392, 405.9768268647975, 457.39318028521666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying", "box": [ 445.06639145556625, 442.6305430801731, 484.49497600020845, 447.64318069146975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 448.95701629345683, 452.38054267392, 473.0330045128521, 457.39318028521666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted", "box": [ 521.9882632504881, 422.38054392392223, 562.5347225884908, 427.3931815352189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average", "box": [ 524.8710756303709, 432.13054351766914, 559.657279928507, 437.1431811289658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Remaining Life", "box": [ 509.07420128857405, 442.6305430801731, 575.4442321457174, 447.64318069146975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Years)", "box": [ 523.2070131997068, 452.38054267392, 553.7413470079422, 457.39318028521666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior mortgage loans", "box": [ 34.74609230224609, 481.630541455168, 124.70395497441467, 486.64317906647193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.0781135800781, 481.630541455168, 279.07686333429683, 486.64317906647193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "282,678,920 ", "box": [ 291.74998784375, 481.630541455168, 344.2367989130494, 486.64317906647193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 351.9023328374022, 481.630541455168, 356.90108259162093, 486.64317906647193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,803,998)", "box": [ 375.14060936914063, 481.630541455168, 421.78903638095545, 486.64317906647193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.4570171059569, 481.630541455168, 434.45576686017563, 486.64317906647193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "279,874,922 ", "box": [ 447.1288913696287, 481.630541455168, 499.61570243892817, 486.64317906647193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.9", "box": [ 564.7499764687499, 481.630541455168, 577.2468376355474, 486.64317906647193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subordinate debt", "box": [ 34.74609230224609, 495.88054086142074, 102.77099139196278, 500.8931784727174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,834,265 ", "box": [ 296.7421751357422, 495.88054086142074, 344.23024143832265, 500.8931784727174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(34,444)", "box": [ 387.6327963486328, 495.88054086142074, 421.78436718115, 500.8931784727174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,799,821 ", "box": [ 452.1210786616209, 495.88054086142074, 499.6091449642014, 500.8931784727174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.4", "box": [ 564.7499764687499, 495.88054086142074, 577.2468376355474, 500.8931784727174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loans held at carrying value", "box": [ 34.74609230224609, 512.3805401739228, 177.40551420566467, 517.3931777852195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 274.0781135800781, 510.88054023642326, 279.07686333429683, 515.8931778477199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "305,513,185", "box": [ 291.7382728442381, 510.88054023642326, 341.72571402392794, 515.8931778477199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 341.7304582612303, 510.88054023642326, 344.2298331383397, 515.8931778477199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 351.9023328374022, 510.88054023642326, 356.90108259162093, 515.8931778477199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,838,442)", "box": [ 375.14060936914063, 510.88054023642326, 421.78903638095545, 515.8931778477199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 429.4570171059569, 510.88054023642326, 434.45576686017563, 515.8931778477199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "302,674,743", "box": [ 447.11716887011715, 510.88054023642326, 497.10461004980704, 515.8931778477199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.10935428710934, 510.88054023642326, 499.60872916421874, 515.8931778477199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.9", "box": [ 564.7499764687499, 510.88054023642326, 577.2468376355474, 515.8931778477199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 51.749997843749995, 534.0409933282936, 62.24413798649414, 538.5534953378083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID and loan origination", "box": [ 69.76171584326173, 534.0409933282936, 576.9257577214254, 538.5534953378083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "costs.", "box": [ 69.74999709375, 544.5409928907975, 89.99999634, 549.0534949003049 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 51.749997843749995, 558.790992297043, 62.24413798649414, 563.3034943065577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average remaining life is calculated based on the carrying value of each respective group of loans as of June 30, 2026 and", "box": [ 69.76171584326173, 558.790992297043, 578.244117146494, 563.3034943065577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025.", "box": [ 69.74999709375, 569.2909918595469, 142.73436905273437, 573.8034938690544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 51.749997843749995, 582.7909912970426, 62.24413798649414, 587.3034933065574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior mortgage loans include senior loans that also have a contiguous subordinate loan because as a whole, the expected credit quality of", "box": [ 69.76171584326173, 582.7909912970426, 578.241185621616, 587.3034933065574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the subordinate loan is more similar to that of a senior loan.", "box": [ 69.74999709375, 594.0409908282963, 284.19871881838606, 598.5534928378111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 51.749997843749995, 607.5409902657921, 62.24413798649414, 612.0534922753068 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If the Company holds both the A-note and B-note, the loan is categorized as a senior mortgage loan.", "box": [ 69.76171584326173, 607.5409902657921, 429.9155100568526, 612.0534922753068 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 325.33592394433595, 314.44958657414827, 332.9091753547826, 317.7061087824695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 473.03904279003905, 314.44958657414827, 480.6122942004858, 317.7061087824695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 553.7460744272458, 314.44958657414827, 561.3193258376925, 317.7061087824695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)(4)", "box": [ 124.71093230371093, 343.69958535539627, 139.85742554860585, 346.9561075637248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 325.33592394433595, 450.9495808866486, 332.9091753547826, 454.2061030949699 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 473.03904279003905, 450.9495808866486, 480.6122942004858, 454.2061030949699 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 553.7460744272458, 450.9495808866486, 561.3193258376925, 454.2061030949699 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)(4)", "box": [ 124.71093230371093, 480.9495796366464, 139.85742554860585, 484.2061018449749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31", "box": [ 300.99608495849594, 654.8805342364212, 310.9935794794336, 659.8931718477179 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 55, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951585328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents changes in loans held at carrying value as of and for the six months ended June 30, 2026:", "box": [ 33.74999859375, 103.63055720516422, 506.84393360558926, 108.64319481646089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 366.09373474609373, 148.6305553301645, 405.52718527712074, 153.64319294146117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Original Issue", "box": [ 433.6406069316406, 128.38055617391365, 493.91354641782954, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Discount)", "box": [ 441.56248160156247, 138.8805557364176, 485.9946686807207, 143.89319334771426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Premium", "box": [ 443.8827940048828, 148.6305553301645, 483.6774969397696, 153.64319294146117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 508.874978796875, 148.6305553301645, 574.6982911017982, 153.64319294146117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loans held at carrying value at December 31, 2025", "box": [ 34.74609230224609, 177.13055414266273, 271.3369949067914, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 350.36717290136716, 177.13055414266273, 355.3659226555859, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "305,513,185", "box": [ 368.24998465625, 177.13055414266273, 418.23742583593986, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 418.24217007324216, 177.13055414266273, 420.74154495035157, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 428.4257671489256, 177.13055414266273, 433.42451690314437, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,838,442)", "box": [ 451.9921686669922, 177.13055414266273, 498.640595678807, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 506.3202914033203, 177.13055414266273, 511.31904115753906, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "302,674,743", "box": [ 524.2148256577146, 177.13055414266273, 574.2022668374044, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.2070110747068, 177.13055414266273, 576.7063859518162, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New fundings", "box": [ 34.74609230224609, 191.3805535489155, 91.11377327400561, 196.39319116021215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "109,218,292 ", "box": [ 368.26170715576154, 191.3805535489155, 420.748518225061, 196.39319116021215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(903,136)", "box": [ 459.49216835449215, 191.3805535489155, 498.6424839537283, 196.39319116021215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "108,315,156 ", "box": [ 524.2265406572266, 191.3805535489155, 576.713351726526, 196.39319116021215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest drawn on loans", "box": [ 34.74609230224609, 205.63055295516824, 128.3065549243063, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,364,993 ", "box": [ 378.2577967392578, 205.63055295516824, 420.7471182751193, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 486.1406047441406, 205.63055295516824, 498.6374691546879, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,364,993 ", "box": [ 534.2226377407225, 205.63055295516824, 576.7119592765839, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accretion of original issue discount and premium, net", "box": [ 34.74609230224609, 219.88055236141372, 250.19485134930164, 224.8931899727104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 408.2460804897459, 219.88055236141372, 420.7429449002932, 224.8931899727104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,663,895 ", "box": [ 456.1523284936522, 219.88055236141372, 498.6416500295137, 224.8931899727104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,663,895 ", "box": [ 534.2226377407225, 219.88055236141372, 576.7119592765839, 224.8931899727104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan repayments", "box": [ 34.74609230224609, 233.3805517989167, 103.86936879252244, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(96,130,931)", "box": [ 369.09373462109374, 233.3805517989167, 420.74090639962753, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 486.1406047441406, 233.3805517989167, 498.6374691546879, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(96,130,931)", "box": [ 525.0585756225584, 233.3805517989167, 576.7057474010921, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Foreclosure and contribution to real estate joint venture", "box": [ 34.74609230224609, 247.6305512051622, 256.5653007073401, 252.64318881646614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(26,379,740)", "box": [ 369.09373462109374, 247.6305512051622, 420.74090639962753, 252.64318881646614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "166,833 ", "box": [ 463.65232818115214, 247.6305512051622, 498.643538304435, 252.64318881646614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(26,212,907)", "box": [ 525.0585756225584, 247.6305512051622, 576.7057474010921, 252.64318881646614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PIK interest", "box": [ 34.74609230224609, 261.88055061141495, 82.7808875498838, 266.8931882227116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78,549 ", "box": [ 390.74998371875, 261.88055061141495, 420.74244907531386, 266.8931882227116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 486.1406047441406, 261.88055061141495, 498.6374691546879, 266.8931882227116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78,549 ", "box": [ 546.7148247202146, 261.88055061141495, 576.7072900767785, 266.8931882227116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loans held at carrying value at June 30, 2026", "box": [ 34.74609230224609, 278.380549923917, 248.77915757170135, 283.39318753521366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 350.36717290136716, 276.88054998641746, 355.3659226555859, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "298,664,348", "box": [ 368.24998465625, 276.88054998641746, 418.23742583593986, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 418.24217007324216, 276.88054998641746, 420.74154495035157, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 428.4257671489256, 276.88054998641746, 433.42451690314437, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,910,850)", "box": [ 451.9921686669922, 276.88054998641746, 498.640595678807, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 506.3202914033203, 276.88054998641746, 511.31904115753906, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "296,753,498", "box": [ 524.2148256577146, 276.88054998641746, 574.2022668374044, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.2070110747068, 276.88054998641746, 576.7063859518162, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collateral Overview", "box": [ 33.74999859375, 306.8805487364152, 115.65814042541118, 311.8931863477119 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our loans are secured by various types of assets of our borrowers, including real property and certain personal property and other assets", "box": [ 33.74999859375, 328.6305478301656, 578.2491545766972, 333.64318544146226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the extent permitted by applicable laws and the regulations governing our borrowers.", "box": [ 33.74999859375, 340.6305473301618, 383.8377600380093, 345.64318494146573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our debt investments will primarily be secured by real estate assets that are expected to be diversified across asset classes, including", "box": [ 33.74999859375, 363.1305463926619, 578.2497175687605, 368.14318400396587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "high quality residential (including multi-family, condominiums and single-family residential communities), retail, office, hospitality,", "box": [ 33.74999859375, 375.1305458926654, 578.2476717375961, 380.14318350396206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "industrial, mixed-use and specialty-use real estate.", "box": [ 33.74999859375, 387.13054539266886, 235.01776688884271, 392.14318300396553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Upon default of a loan, we may seek to sell the loan to a third-party or have an affiliate or a third party work with the borrower to have", "box": [ 33.74999859375, 408.88054448641196, 578.2424110041262, 413.8931820977159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the borrower sell collateral securing the loan to a third party or institute a foreclosure proceeding to have such collateral sold, in each", "box": [ 33.74999859375, 420.88054398641543, 578.2432623940299, 425.8931815977121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "case, to generate funds towards the payoff of the loan. While we believe that the appraised value of any real estate assets or other", "box": [ 33.74999859375, 432.8805434864189, 578.2453272369423, 437.89318109771557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral securing our loans may impact the amount of the recovery in each such scenario, the amount of any such recovery from the", "box": [ 33.74999859375, 444.8805429864151, 578.2498718538153, 449.89318059771176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sale of such real estate or other collateral may be less than the appraised value of such collateral and the sale of such collateral may not", "box": [ 33.74999859375, 456.88054248641856, 578.2491585053713, 461.89318009771523 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be sufficient to pay off the remaining balance on the defaulted loan. If we do not or cannot sell a foreclosed property, we would then", "box": [ 33.74999859375, 468.88054198641476, 578.241065269121, 473.8931795977114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "come to own and operate it as 'real estate owned' ('REO'). During the six months ended ", "box": [ 33.74999859375, 480.8805414864182, 406.7519438832517, 485.8931790977149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 407.5429555190428, 481.5409955157884, 459.3664473597305, 486.0534975253031 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", we acquired one REO asset", "box": [ 459.374980859375, 480.8805414864182, 578.2481405304139, 485.8931790977149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through foreclosure proceedings and contemporaneously contributed such asset to the Lex Ave JV (see Note 6).", "box": [ 33.74999859375, 492.8805409864144, 479.8048656893795, 497.8931785977111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We may pursue a sale of a defaulted loan if we believe that a sale would yield higher proceeds or that a sale could be accomplished", "box": [ 33.74999859375, 514.6305400801648, 578.2461921189072, 519.6431776914615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "more quickly than a foreclosure proceeding while yielding proceeds comparable to what would be expected from a foreclosure sale. To", "box": [ 33.74999859375, 526.6305395801683, 578.2499004187528, 531.6431771914649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the extent that we determine that the proceeds are more likely to be maximized through instituting a foreclosure sale or through taking", "box": [ 33.74999859375, 538.6305390801645, 578.2390972692033, 543.6431766914611 ], "from_ocr": false, "confidence": 1.0 }, { "text": "title to the underlying collateral, we will be subject to the rules and regulations under state law that govern foreclosure sales. However,", "box": [ 33.74999859375, 550.6305385801679, 578.2464811876455, 555.6431761914646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we can provide no assurances that a third party would buy such loans or that the sales price of such loans would be sufficient to recover", "box": [ 33.74999859375, 562.6305380801641, 578.2445957619735, 567.6431756914608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the outstanding principal balance, accrued interest, and fees.", "box": [ 33.74999859375, 574.6305375801676, 274.7001762104089, 579.6431751914643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity and Capital Resources", "box": [ 33.74999859375, 597.1305366426677, 172.16732799677408, 602.1431742539644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity is a measure of our ability to meet potential cash requirements, including ongoing commitments to repay borrowings, fund", "box": [ 33.74999859375, 618.8805357364181, 578.2466952188865, 623.8931733477148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and maintain our assets and operations, make distributions to our shareholders and meet other general business needs. We use", "box": [ 33.74999859375, 630.8805352364143, 578.2390234042674, 635.893172847711 ], "from_ocr": false, "confidence": 1.0 }, { "text": "significant cash to purchase our target investments, repay principal and interest on our borrowings, make distributions to our", "box": [ 33.74999859375, 642.8805347364178, 578.2420314370806, 647.8931723477144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shareholders and fund our operations. The sources of financing for our target investments are described below.", "box": [ 33.74999859375, 654.880534236414, 475.5383255671521, 659.8931718477106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our primary sources of cash generally consist of net proceeds of future debt or equity offerings, debt financing, including borrowings", "box": [ 33.74999859375, 676.6305333301643, 578.2417390270062, 681.643170941461 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under a senior secured revolving credit facility (the 'Revolving Credit Facility') and an unsecured revolving credit facility (the 'SRTF", "box": [ 33.74999859375, 688.6305328301678, 578.2306368844944, 693.6431704414645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Facility'), the net proceeds of future debt or equity offerings, including in connection with our ATM Program, payments of", "box": [ 33.74999859375, 700.630532330164, 578.2483490618173, 705.6431699414607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal and interest we receive on our portfolio of assets and cash generated from our operating results.", "box": [ 33.74999859375, 712.6305318301675, 453.77619529890774, 717.6431694414641 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 56, "width": 612.0, "height": 792.0, "cells": [ { "text": "32", "box": [ 300.99608495849594, 38.38055992392037, 310.9935794794336, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 57, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951585328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, all of our cash was unrestricted and totaled approximately $5.6 million and $6.4 million,", "box": [ 33.74999859375, 103.63055720516422, 578.2429103627943, 108.64319481646089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively.", "box": [ 33.74999859375, 115.63055670516042, 83.89854128547731, 120.64319431646436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we believe that our cash on hand, capacity available under the Revolving Credit Facility, SRTF Credit Facility and", "box": [ 33.74999859375, 137.3805557989108, 578.2433536690259, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash flows from operations will be sufficient to satisfy the operating requirements of our business through at least the next twelve", "box": [ 33.74999859375, 149.38055529891426, 578.2437383540712, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months.", "box": [ 33.74999859375, 161.38055479891045, 65.69022541915716, 166.3931924102144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capital Markets", "box": [ 33.74999859375, 183.13055389266083, 100.12979454833805, 188.14319150396477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Given the nature of our business, we constantly explore both the public and private capital markets to raise capital, subject to market", "box": [ 33.74999859375, 205.63055295516097, 578.2486089053942, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and other considerations.", "box": [ 33.74999859375, 217.63055245516443, 133.9738336740067, 222.6431900664611 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were no capital markets transactions completed during the six months ended June 30, 2026.", "box": [ 33.74999859375, 239.3805515489148, 425.7923297399022, 244.39318916021148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our registration statement on Form S-3 (File No. 333-289188) (the 'Shelf Registration Statement') became effective on August 6, 2025", "box": [ 33.74999859375, 261.1305506426652, 578.2460091189149, 266.14318825396185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and allows us to offer and sell, from time to time, up to $500.0 million of our securities, including common stock, preferred stock, debt", "box": [ 33.74999859375, 273.1305501426614, 578.2401864807451, 278.1431877539653 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securities, warrants and rights (including as part of a unit) to purchase shares of our common stock or preferred stock. The specifics of", "box": [ 33.74999859375, 285.13054964266485, 578.242947187042, 290.1431872539615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement , or", "box": [ 33.74999859375, 297.13054914266104, 578.2498140367558, 302.143186753965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other offering materials, at the time of any offering. We may also access liquidity through our at-the-market offering program (the", "box": [ 33.74999859375, 309.1305486426645, 578.2405333792046, 314.1431862539612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'ATM Program'), established in August 2025, pursuant to which we may offer and sell, from time to time, up to $50.0 million of our", "box": [ 33.74999859375, 321.1305481426607, 578.2430390620387, 326.14318575396464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common stock. No shares were sold under the ATM Program during the six months ended June 30, 2026.", "box": [ 33.74999859375, 333.13054764266417, 454.70248103531253, 338.14318525396084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On September 3, 2025, we also established a dividend reinvestment plan (the 'DRIP'). The DRIP allows shareholders to reinvest all or", "box": [ 33.74999859375, 355.6305467051643, 578.2478917868359, 360.643184316461 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a portion of their cash dividends in additional shares of our common stock (which shares, at our option, are either newly issued directly", "box": [ 33.74999859375, 367.6305462051605, 578.2418888440867, 372.64318381646444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from us or purchased by the plan administrator in the open market). A total of 1,000,000 shares of common stock has been registered", "box": [ 33.74999859375, 379.63054570516397, 578.242438669064, 384.64318331646064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for issuance under the DRIP. No shares were issued under the DRIP during the six months ended June 30, 2026.", "box": [ 33.74999859375, 391.63054520516744, 481.52312701778567, 396.6431828164641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We intend to raise future equity capital and issue debt securities in order to fund our future investments in loans.", "box": [ 33.74999859375, 413.38054429891054, 482.1577247913441, 418.3931819102145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revolving Credit Facility", "box": [ 33.74999859375, 435.1305433926609, 137.04433271238065, 440.14318100396486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On November 6, 2024, we entered into the Revolving Credit Facility, which contained an initial aggregate commitment of $50.0", "box": [ 33.74999859375, 457.63054245516105, 578.2488472687967, 462.643180066465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, which may be borrowed, repaid and redrawn (subject to a borrowing base based on eligible loan obligations held by us and", "box": [ 33.74999859375, 469.6305419551645, 578.2476111188489, 474.6431795664612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subject to the satisfaction of other conditions provided under the Revolving Credit Agreement). During the year ended December 31,", "box": [ 33.74999859375, 481.6305414551607, 578.243368387775, 486.64317906646465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, we entered into a series of amendments to the Revolving Credit Facility that, among other things, increased the aggregate", "box": [ 33.74999859375, 493.6305409551642, 578.2446082040349, 498.64317856646085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitment from $50.0 million to $140.0 million. The amount of total commitments under the Revolving Credit Facility may be", "box": [ 33.74999859375, 505.63054045516037, 578.2468060039436, 510.6431780664643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increased to up to $200.0 million in aggregate, subject to available borrowing base and lenders' commitment to provide additional", "box": [ 33.74999859375, 517.6305399551638, 578.2471901304534, 522.6431775664605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitments.", "box": [ 33.74999859375, 529.6305394551673, 90.67419880315825, 534.643177066464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In February 2026, we entered into Amendment Number Seven to the Revolving Credit Facility ('Amendment Number Seven'), by and", "box": [ 33.74999859375, 551.3805385489104, 578.2400582441629, 556.3931761602144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "among the Company and certain subsidiaries, as borrowers, the lenders party thereto, and East West Bank as administrative agent,", "box": [ 33.74999859375, 563.3805380489139, 578.2394319379392, 568.3931756602105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which, among other things (i) facilitated the entry of an additional lender; (ii) increased the aggregate commitment by $25.0 million, for", "box": [ 33.74999859375, 575.3805375489173, 578.2450531119546, 580.393175160214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a total maximum revolver usage of $165.0 million; and (iii) revised the required consent from certain lenders to advance additional", "box": [ 33.74999859375, 587.3805370489135, 578.2393167057813, 592.3931746602102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "funds under the Revolving Credit Agreement.", "box": [ 33.74999859375, 599.380536548917, 216.44333171277748, 604.3931741602137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As amended, the Revolving Credit Facility requires us to, among other things: (i) maintain liquidity equal to the greater of (A) $5", "box": [ 33.74999859375, 621.1305356426674, 578.2428050440491, 626.143173253964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million and (B) an amount equal to 10% of the outstanding obligations thereunder so long as we maintain at least $5 million in", "box": [ 33.74999859375, 633.1305351426636, 578.2396920191784, 638.1431727539602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "qualified cash, (ii) maintain a quarterly debt service coverage ratio of at least 1.50 to 1.0 and (iii) maintain a leverage ratio of not more", "box": [ 33.74999859375, 645.130534642667, 578.2465762789528, 650.1431722539637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "than 3.25x measured as of the end of each fiscal quarter.", "box": [ 33.74999859375, 657.1305341426632, 258.6055953810164, 662.1431717539599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we had $82.6 million of outstanding borrowings under the Revolving Credit Facility and $82.4 million availability", "box": [ 33.74999859375, 679.6305332051634, 578.242461919063, 684.64317081646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under our Revolving Credit Facility, which may be borrowed, repaid and redrawn (subject to a borrowing base based on eligible loan", "box": [ 33.74999859375, 691.6305327051668, 578.2440861939953, 696.6431703164635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "obligations held by us and subject to the satisfaction of other conditions provided under the Revolving Credit Agreement).", "box": [ 33.74999859375, 703.630532205163, 522.4161610139091, 708.6431698164597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "To the best of our knowledge, as of June 30, 2026, we were in compliance in all material respects with all covenants contained in our", "box": [ 33.74999859375, 725.3805312989134, 578.2455108369353, 730.3931689102101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revolving Credit Agreement.", "box": [ 33.74999859375, 737.3805307989169, 151.75257288322584, 742.3931684102135 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 58, "width": 612.0, "height": 792.0, "cells": [ { "text": "SRTF Credit Facility", "box": [ 33.74999859375, 38.3805599239131, 120.7739935153115, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33", "box": [ 300.99608495849594, 83.38055804891337, 310.9935794794336, 88.39319566021732 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 59, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On December 9, 2024, we entered into the SRTF Credit Facility, which provides for an unsecured revolving credit facility with a $75.0", "box": [ 33.74999859375, 103.6305572051715, 578.2431251440357, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million commitment, which may be borrowed, repaid and redrawn, subject to a draw fee and the other conditions provided in the SRTF", "box": [ 33.74999859375, 115.63055670516769, 578.2388961841502, 120.64319431647164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Agreement.", "box": [ 33.74999859375, 127.63055620517116, 107.60483924771484, 132.64319381646783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we had $59.1 million of outstanding borrowings under the SRTF Credit Facility and $15.9 million availability", "box": [ 33.74999859375, 149.38055529892154, 578.2467687188837, 154.3931929102182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under our SRTF Credit Facility.", "box": [ 33.74999859375, 161.38055479891773, 160.51497019312598, 166.39319241022167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other Credit Facilities, Warehouse Facilities and Repurchase Agreements", "box": [ 33.74999859375, 183.1305538926681, 338.5024914661419, 188.14319150396477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the future, we may also use other sources of financing to fund the origination or acquisition of our target investments, including other", "box": [ 33.74999859375, 205.63055295516824, 578.2430391370384, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit facilities and other secured and unsecured forms of borrowing. These financings may be collateralized or non-collateralized and", "box": [ 33.74999859375, 217.6305524551717, 578.2410651191213, 222.64319006646838 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may involve one or more lenders. We expect that these facilities will typically have maturities ranging from two to five years and may", "box": [ 33.74999859375, 229.6305519551679, 578.2431252190349, 234.64318956646457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accrue interest at either fixed or floating rates.", "box": [ 33.74999859375, 241.63055145517137, 218.05909969545382, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt Service", "box": [ 33.74999859375, 263.38055054892175, 85.66079767836138, 268.3931881602184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we believe that our cash on hand, capacity available under our Revolving Credit Facility and SRTF Credit Facility,", "box": [ 33.74999859375, 285.1305496426721, 578.2430016377903, 290.1431872539688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and cash flows from operations will be sufficient to service our outstanding debt during the next twelve months.", "box": [ 33.74999859375, 297.1305491426683, 481.6891121358695, 302.143186753965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash Flows", "box": [ 33.74999859375, 319.63054820516845, 82.91245679072713, 324.6431858164651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth changes in cash and cash equivalents for the six months ended June 30, 2026 and 2025:", "box": [ 33.74999859375, 341.3805472989188, 504.37315523353845, 346.3931849102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended", "box": [ 432.66795447216776, 367.6305462051678, 508.22512770139076, 372.6431838164717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 452.67185613867184, 378.8805457364215, 488.224444613564, 383.89318334771815 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 405.46873310546874, 395.38054504891625, 425.4637171598444, 400.3931826602202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 515.8593535058593, 395.38054504891625, 535.854337560235, 400.3931826602202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash provided by (used in) operating activities", "box": [ 34.74609230224609, 411.1305443926685, 236.58010983790803, 416.1431820039652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 363.65623484765626, 411.1305443926685, 368.65498460187496, 416.1431820039652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,536,202 ", "box": [ 424.28904482128905, 411.1305443926685, 466.77836635715056, 416.1431820039652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 474.46873023046874, 411.1305443926685, 479.46747998468754, 416.1431820039652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,237,338)", "box": [ 530.0859154130859, 411.1305443926685, 576.7343424249007, 416.1431820039652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash used in investing activities", "box": [ 34.74609230224609, 426.8805437364208, 178.28911566669953, 431.8931813477175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(13,442,872)", "box": [ 415.124982703125, 426.8805437364208, 466.77215448165873, 431.8931813477175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(108,873,779)", "box": [ 520.0898258295896, 426.8805437364208, 576.7357423748423, 431.8931813477175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash provided by (used in) financing activities", "box": [ 34.74609230224609, 442.6305430801731, 236.58010983790803, 447.64318069146975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,054,917 ", "box": [ 419.66014251416, 442.6305430801731, 466.777202807199, 447.64318069146975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(68,944,032)", "box": [ 525.0820131215818, 442.6305430801731, 576.7291849001156, 447.64318069146975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Change in cash and cash equivalents", "box": [ 34.74609230224609, 459.8805423614176, 190.5760413797443, 464.89317997272155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 363.65623484765626, 458.3805424239181, 368.65498460187496, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(851,753)", "box": [ 427.6288921821287, 458.3805424239181, 466.77920778136485, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 474.46873023046874, 458.3805424239181, 479.46747998468754, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(179,055,149)", "box": [ 520.0898258295896, 458.3805424239181, 576.7357423748423, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Cash Provided by (Used in) Operating Activities", "box": [ 33.74999859375, 489.1305411426729, 247.47067330913447, 494.14317875396955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash provided by operating activities during the six months ended June 30, 2026 was approximately $1.5 million, compared to net", "box": [ 33.74999859375, 511.630540205173, 578.2448553055508, 516.6431778164697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash used in operating activities of approximately $(1.2) million for the six months ended June 30, 2025. The increase of approximately", "box": [ 33.74999859375, 523.6305397051692, 578.2403783441499, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$2.8 million period over period was primarily due to an increase in net interest income, partially offset by higher management and", "box": [ 33.74999859375, 535.6305392051727, 578.249946168751, 540.6431768164693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "incentive fees paid.", "box": [ 33.74999859375, 547.6305387051689, 111.19636109806808, 552.6431763164655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Cash Used in Investing Activities", "box": [ 33.74999859375, 569.3805377989192, 186.4020379036611, 574.3931754102159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash used in investing activities during the six months ended June 30, 2026 was approximately $(13.4) million, compared to", "box": [ 33.74999859375, 591.1305368926696, 578.2468329938812, 596.1431745039663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$(108.9) million for the six months ended June 30, 2025. The decrease in net cash used of approximately $95.4 million was primarily", "box": [ 33.74999859375, 603.1305363926731, 578.2456885689288, 608.1431740039698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "due to an increase in principal repayments on loans of approximately $84.6 million and a decrease in issuance and fundings on loans of", "box": [ 33.74999859375, 615.1305358926693, 578.2477987868394, 620.143173503966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $12.1 million, partially offset by $(1.3) million of contributions to unconsolidated real estate joint venture.", "box": [ 33.74999859375, 627.1305353926728, 519.7312400257807, 632.1431730039694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Cash Provided by (Used in) Financing Activities", "box": [ 33.74999859375, 649.6305344551729, 249.14991056416625, 654.6431720664696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash provided by financing activities during the six months ended June 30, 2026 was approximately $11.1 million, compared to net", "box": [ 33.74999859375, 671.380533548916, 578.2436646806005, 676.3931711602199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash used in financing activities of $(68.9) million for the six months ended June 30, 2025. The decrease in cash used in financing", "box": [ 33.74999859375, 683.3805330489195, 578.2470617438711, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "activities of approximately $80.0 million was primarily due to an increase of $144.2 million in repayments on the revolving credit", "box": [ 33.74999859375, 695.3805325489229, 578.2393626057799, 700.3931701602196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "facilities and $9.4 million increase in borrowings on the revolving credit facilities, partially offset by a decrease of $(72.6) million from", "box": [ 33.74999859375, 707.3805320489191, 578.2444599430671, 712.3931696602158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "offering proceeds relating to the January 2025 Offering.", "box": [ 33.74999859375, 719.3805315489226, 257.14107231703815, 724.3931691602193 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 60, "width": 612.0, "height": 792.0, "cells": [ { "text": "34", "box": [ 300.99608495849594, 38.3805599239131, 310.9935794794336, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 61, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual Obligations, Other Commitments, and Off-Balance Sheet Arrangements", "box": [ 33.74999859375, 103.6305572051715, 395.3924887707252, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our contractual obligations as of June 30, 2026 are as follows:", "box": [ 33.74999859375, 125.3805562989146, 283.9068097196366, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026", "box": [ 347.8359230068359, 150.88055523642106, 430.32006303249665, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less than", "box": [ 215.55467851855468, 165.8805546114163, 256.3891398695572, 170.89319222271297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1 year", "box": [ 222.78515071728498, 175.63055420517048, 249.15548469108245, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1-3 years", "box": [ 293.96483525146465, 175.63055420517048, 332.553776939005, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3-5 years", "box": [ 370.4882695629881, 175.63055420517048, 409.0772112505284, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "More than", "box": [ 443.02732904052715, 165.8805546114163, 488.1038976147753, 170.89319222271297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5 years", "box": [ 450.43357873193344, 175.63055420517048, 480.6945407164729, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 531.2226378657224, 175.63055420517048, 553.077495004191, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded commitments", "box": [ 34.74609230224609, 190.63055358016572, 131.6504842349759, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 200.90624162890626, 190.63055358016572, 205.904991383125, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,196,410 ", "box": [ 223.0429632065428, 190.63055358016572, 270.53102950912324, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 278.1913984086912, 190.63055358016572, 283.19014816290996, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "68,712,023 ", "box": [ 300.3281124863281, 190.63055358016572, 347.8161787889086, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 355.47654768847656, 190.63055358016572, 360.4752974426953, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 411.035142873535, 190.63055358016572, 423.5320072840823, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.23826703173813, 190.63055358016572, 436.2370167859569, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 486.8554522143553, 190.63055358016572, 499.3523166249026, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 507.05857637255843, 190.63055358016572, 512.0573261267772, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78,908,433 ", "box": [ 529.2187279492188, 190.63055358016572, 576.7067942517991, 195.64319119146967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 34.74609230224609, 207.13055289266777, 56.6009494407146, 212.14319050396443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 200.90624162890626, 205.63055295516824, 205.904991383125, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,196,410", "box": [ 223.03124070703126, 205.63055295516824, 268.0199371200021, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 268.03123883203125, 205.63055295516824, 270.5306137091406, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 278.1913984086912, 205.63055295516824, 283.19014816290996, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "68,712,023", "box": [ 300.31639748681624, 205.63055295516824, 345.3050938997871, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 345.31639561181623, 205.63055295516824, 347.81577048892564, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 355.47654768847656, 205.63055295516824, 360.4752974426953, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 411.02342037402343, 205.63055295516824, 421.0209198824609, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 421.03123245703125, 205.63055295516824, 423.53060733414065, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 431.23826703173813, 205.63055295516824, 436.2370167859569, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 486.84372971484373, 205.63055295516824, 496.84122922328123, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 496.85154179785155, 205.63055295516824, 499.35091667496096, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 507.05857637255843, 205.63055295516824, 512.0573261267772, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78,908,433", "box": [ 529.2070129497068, 205.63055295516824, 574.1957093626777, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.2070110747068, 205.63055295516824, 576.7063859518162, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, all unfunded commitments were related to our total loan commitments and were available for funding in less than", "box": [ 33.74999859375, 234.88055173641624, 578.2460096439147, 239.8931893477129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three years.", "box": [ 33.74999859375, 246.13055126766994, 79.82240770531622, 251.1431888789666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We may enter into certain contracts that may contain a variety of indemnification obligations. The maximum potential future payment", "box": [ 33.74999859375, 267.8805503614203, 578.2491585803714, 272.893187972717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amounts we could be required to pay under these indemnification obligations may be unlimited.", "box": [ 33.74999859375, 279.8805498614165, 417.4475227376022, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Off-balance sheet commitments consist of unfunded commitments on delayed draw loans. Other than as set forth in this Quarterly", "box": [ 33.74999859375, 301.6305489551669, 578.248252068822, 306.64318656646356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Report, we do not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as", "box": [ 33.74999859375, 313.63054845517036, 578.2437983769203, 318.643186066467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "structured investment vehicles, special purpose entities or variable interest entities, established to facilitate off-balance sheet", "box": [ 33.74999859375, 325.63054795516655, 578.2393621557796, 330.6431855664632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "arrangements or other contractually narrow or limited purposes. Further, we have not guaranteed any obligations of unconsolidated", "box": [ 33.74999859375, 337.63054745517, 578.2480687688294, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "entities or entered into any commitment to provide, nor do we intend to provide, additional funding to any such entities.", "box": [ 33.74999859375, 349.6305469551662, 512.9702998324866, 354.64318456647015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dividends", "box": [ 33.74999859375, 372.13054601766635, 76.53221553157056, 377.143183628963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We elected to be taxed as a REIT for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2024,", "box": [ 33.74999859375, 393.8805451114167, 578.2476256875974, 398.8931827227134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and, as such, intend to annually distribute to our shareholders at least 90% of our REIT taxable income, prior to the deduction for", "box": [ 33.74999859375, 405.8805446114202, 578.2421233870764, 410.89318222271686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dividends paid and excluding our net capital gain. If we distribute less than 100% of our REIT taxable income in any tax year (taking", "box": [ 33.74999859375, 417.8805441114164, 578.2390513692048, 422.89318172271305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), we will pay tax at regular", "box": [ 33.74999859375, 429.88054361141985, 578.2413451871092, 434.8931812227165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corporate rates on that undistributed portion. Furthermore, if we distribute less than the sum of (i) 85% of our ordinary income for the", "box": [ 33.74999859375, 441.88054311141605, 578.2404427792086, 446.89318072272 ], "from_ocr": false, "confidence": 1.0 }, { "text": "calendar year, (ii) 95% of our capital gain net income for the calendar year and (iii) any undistributed shortfall from our prior calendar", "box": [ 33.74999859375, 453.8805426114195, 578.2409326121261, 458.8931802227162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "year (the 'Required Distribution') to our shareholders during any calendar year (including any distributions declared by the last day of", "box": [ 33.74999859375, 465.8805421114157, 578.2453278369435, 470.89317972271965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the calendar year but paid in the subsequent year), then we are required to pay non-deductible excise tax equal to 4% of any shortfall", "box": [ 33.74999859375, 477.8805416114192, 578.2474185804439, 482.89317922271584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "between the Required Distribution and the amount that was actually distributed. Any of these taxes would decrease cash available for", "box": [ 33.74999859375, 489.88054111141537, 578.2459231869178, 494.8931787227193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distribution to our shareholders. The 90% distribution requirement does not require the distribution of net capital gains. However, if we", "box": [ 33.74999859375, 501.88054061141884, 578.2389321292716, 506.8931782227155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "elect to retain any of our net capital gain for any tax year, we must notify our shareholders and pay tax at regular corporate rates on the", "box": [ 33.74999859375, 513.880540111415, 578.239572854245, 518.893177722719 ], "from_ocr": false, "confidence": 1.0 }, { "text": "retained net capital gain. The shareholders must include their proportionate share of the retained net capital gain in their taxable income", "box": [ 33.74999859375, 525.8805396114185, 578.2426401291168, 530.8931772227152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the tax year, and they are deemed to have paid the REIT's tax on their proportionate share of the retained capital gain. Furthermore,", "box": [ 33.74999859375, 537.8805391114147, 578.2480371375805, 542.8931767227186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such retained capital gain may be subject to the nondeductible 4% excise tax. If we determine that our estimated current year taxable", "box": [ 33.74999859375, 549.8805386114182, 578.2494149538346, 554.8931762227148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income (including net capital gain) will be in excess of estimated dividend distributions (including capital gains dividends) for the", "box": [ 33.74999859375, 561.8805381114144, 578.2480415538919, 566.8931757227183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "current year from such income, we will accrue excise tax on a portion of the estimated excess taxable income as such taxable income is", "box": [ 33.74999859375, 573.8805376114178, 578.249703951674, 578.8931752227145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "earned.", "box": [ 33.74999859375, 585.8805371114213, 62.88819673590836, 590.893174722718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "To the extent that our cash available for distribution is less than the amount required to be distributed under the REIT provisions of the", "box": [ 33.74999859375, 607.6305362051644, 578.2425479541209, 612.6431738164683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Code, we may be required to fund distributions from working capital or through equity, equity-related or debt financings or, in certain", "box": [ 33.74999859375, 619.6305357051679, 578.2443155439855, 624.6431733164645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "circumstances, asset sales, as to which our ability to consummate transactions in a timely manner on favorable terms, or at all, cannot", "box": [ 33.74999859375, 631.6305352051713, 578.2477855554284, 636.643172816468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be assured, or we may make a portion of the Required Distribution in the form of a taxable stock distribution or distribution of debt", "box": [ 33.74999859375, 643.6305347051675, 578.2409190057151, 648.6431723164642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securities.", "box": [ 33.74999859375, 655.630534205171, 74.00355649776836, 660.6431718164677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Critical Accounting Policies and Estimates", "box": [ 33.74999859375, 678.1305332676711, 214.8031025702834, 683.1431708789678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There have been no significant changes in our critical accounting policies and estimates from what was previously disclosed in our", "box": [ 33.74999859375, 699.8805323614215, 578.2463805368991, 704.8931699727182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Annual Report on Form 10-K. Many of these accounting policies require judgment and the use of estimates and assumptions when they", "box": [ 33.74999859375, 711.8805318614177, 578.2405158941438, 716.8931694727144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are applied in the preparation of our financial statements. On a quarterly basis, we evaluate these estimates and judgments based on", "box": [ 33.74999859375, 723.8805313614212, 578.2478397938388, 728.8931689727178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "historical experience as well as other factors that we believe to be reasonable under the circumstances. These estimates are subject to", "box": [ 33.74999859375, 735.8805308614174, 578.2435366690181, 740.893168472714 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 62, "width": 612.0, "height": 792.0, "cells": [ { "text": "change in the future if underlying assumptions or factors change. Certain accounting policies, while significant, may not require the use", "box": [ 33.74999859375, 38.38055992392037, 578.2463937289604, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of estimates.", "box": [ 33.74999859375, 50.38055942392384, 84.27929766961245, 55.39319703522051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "35", "box": [ 300.99608495849594, 95.38055754892412, 310.9935794794336, 100.39319516022078 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 63, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951585328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 3. Quantitative and Qualitative Disclosures About Market Risk", "box": [ 33.74999859375, 103.63055720516422, 332.38095027823175, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risk Management", "box": [ 33.74999859375, 125.3805562989146, 111.78216357290907, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We intend for our investment mix to include high quality residential, including multi-family, condominiums and single-family", "box": [ 33.74999859375, 147.13055539266497, 578.243678719012, 152.14319300396164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "residential communities, retail, office, hospitality, industrial, mixed-use and specialty-use real estate. Our investments are primarily", "box": [ 33.74999859375, 159.13055489266844, 578.2511360437013, 164.1431925039651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commercial real estate loans, but may also include, from time to time, equity interest in unconsolidated joint ventures holding real", "box": [ 33.74999859375, 171.13055439266464, 578.2394538807758, 176.14319200396858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate acquired through foreclosure or other remedies. We believe that our Manager's rigorous investment process on our behalf will", "box": [ 33.74999859375, 183.1305538926681, 578.2448551555507, 188.14319150396477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "enable us to make investments with potential for value creation as we seek to provide capital to strong sponsors with readily executable", "box": [ 33.74999859375, 195.1305533926643, 578.248590778869, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business plans while endeavoring to implement significant downside protections.", "box": [ 33.74999859375, 207.13055289266777, 358.3315128507696, 212.14319050396443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The allocation of capital among our target assets will depend on prevailing market conditions at the time we invest, among other", "box": [ 33.74999859375, 229.6305519551679, 578.2439091370019, 234.64318956646457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "considerations, and may change over time in response to changes in market conditions, including with respect to interest rates and", "box": [ 33.74999859375, 241.6305514551641, 578.243307994028, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "general economic and credit market conditions as well as local economic conditions in markets where we are active.", "box": [ 33.74999859375, 253.63055095516756, 499.00905806420474, 258.64318856646423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Changes in Fair Value of Our Assets", "box": [ 33.74999859375, 275.38055004891794, 187.8128314198781, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We generally hold our target investments as long-term loans; however, we may occasionally classify some of our loans as held for sale.", "box": [ 33.74999859375, 297.1305491426683, 578.2390664629546, 302.143186753965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We may carry our loans at fair value or carrying value in our balance sheets. As of June 30, 2026 and December 31, 2025, none of our", "box": [ 33.74999859375, 309.1305486426645, 578.2684951859773, 314.14318625396845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans held for investment were carried at fair value. As of June 30, 2026, our assets also included an equity-method investment in an", "box": [ 33.74999859375, 321.130548142668, 578.239696069178, 326.14318575396464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unconsolidated real estate joint venture holding hotel real estate acquired through foreclosure, the value of which is subject to risks", "box": [ 33.74999859375, 333.13054764266417, 578.2384432271434, 338.1431852539681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "different from those applicable to our loan portfolio, including risks relating to hotel operating performance, capital expenditures, real", "box": [ 33.74999859375, 345.13054714266764, 578.2443058555733, 350.1431847539643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate values, financing conditions and the timing and terms of any sale or refinancing.", "box": [ 33.74999859375, 357.13054664266383, 380.5036384019311, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We evaluate our loans on a quarterly basis and fair value is determined by our Board of Directors through its independent Audit and", "box": [ 33.74999859375, 379.63054570516397, 578.2453683939418, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Valuation Committee. We use an independent third-party valuation firm to provide input in the valuation of all of our unquoted", "box": [ 33.74999859375, 391.63054520516744, 578.2492592437799, 396.6431828164641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments, which we consider along with other various subjective and objective factors in making our evaluations.", "box": [ 33.74999859375, 403.63054470516363, 499.3458805001706, 408.6431823164676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our loans are typically valued using a yield analysis, which is typically performed for non-credit impaired loans to borrowers.", "box": [ 33.74999859375, 425.380543798914, 578.2491819375331, 430.39318141021795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Alternative valuation methodologies may be used as appropriate, and can include a market analysis, income analysis, or recovery", "box": [ 33.74999859375, 437.3805432989175, 578.2402416191558, 442.39318091021414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "analysis. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the", "box": [ 33.74999859375, 449.38054279891367, 578.2456613539907, 454.3931804102176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected market yield for a similarly structured loan with a similar level of risk. In the yield analysis, we consider the current", "box": [ 33.74999859375, 461.38054229891713, 578.2440771055831, 466.3931799102138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "contractual interest rate, the maturity and other terms of the loan relative to risk of the borrower and the specific loan. A key", "box": [ 33.74999859375, 473.3805417989133, 578.2484805188121, 478.3931794102173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determinant of risk, among other things, is the leverage through the loan relative to the enterprise value of the borrower. As loans held", "box": [ 33.74999859375, 485.3805412989168, 578.2471538438675, 490.39317891021346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by us are substantially illiquid with no active transaction market, we depend on primary market data, including newly funded loans, as", "box": [ 33.74999859375, 497.380540798913, 578.2389466271222, 502.39317841021693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "well as secondary market data with respect to high-yield debt instruments and syndicated loans, as inputs in determining the appropriate", "box": [ 33.74999859375, 509.38054029891646, 578.2499176788139, 514.3931779102131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market yield, as applicable. Changes in market yields, recovery rates, and revenue multiples may change the fair value of certain of our", "box": [ 33.74999859375, 521.3805397989199, 578.2477996118399, 526.3931774102166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans. Generally, an increase in market yields may result in a decrease in the fair value of certain of our loans, while a decrease in", "box": [ 33.74999859375, 533.3805392989161, 578.2468331438808, 538.3931769102128 ], "from_ocr": false, "confidence": 1.0 }, { "text": "revenue multiples and recovery rates may result in a decrease in the fair value of certain of our loans; however, this is mitigated to the", "box": [ 33.74999859375, 545.3805387989196, 578.2414042041682, 550.3931764102163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extent our loans bear interest at a floating rate.", "box": [ 33.74999859375, 557.3805382989158, 219.46011973707803, 562.3931759102124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Due to the inherent uncertainty of determining the fair value of loans that do not have a readily available market value, the fair value of", "box": [ 33.74999859375, 579.1305373926662, 578.2477078118433, 584.1431750039628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our loans may fluctuate from period to period. Additionally, the fair value of our loans may differ significantly from the values that", "box": [ 33.74999859375, 591.1305368926696, 578.2462287804935, 596.1431745039663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "would have been used had a ready market existed for such loans and may differ materially from the values that we may ultimately", "box": [ 33.74999859375, 603.1305363926658, 578.2482066188235, 608.1431740039625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "realize. Further, such loans are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded", "box": [ 33.74999859375, 615.1305358926693, 578.241384769108, 620.143173503966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securities. If we were required to liquidate our investment in a loan in a forced or liquidation sale, we could realize significantly less", "box": [ 33.74999859375, 627.1305353926655, 578.2420595769926, 632.1431730039621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "than the value at which we had recorded such loan investment.", "box": [ 33.74999859375, 639.130534892669, 284.43408552982925, 644.1431725039656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Changes in Market Interest Rates and Effect on Net Interest Income", "box": [ 33.74999859375, 661.6305339551691, 324.9316614837417, 666.6431715664658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rates are highly sensitive to many factors, including fiscal and monetary policies and domestic and international economic and", "box": [ 33.74999859375, 683.3805330489195, 578.2388676942124, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "political considerations, as well as other factors beyond our control. We are subject to interest rate risk in connection with our assets and", "box": [ 33.74999859375, 695.3805325489157, 578.2449564189592, 700.3931701602123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our related financing obligations.", "box": [ 33.74999859375, 707.3805320489191, 166.45588412058785, 712.3931696602158 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 64, "width": 612.0, "height": 792.0, "cells": [ { "text": "36", "box": [ 300.99608495849594, 38.38055992392037, 310.9935794794336, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 65, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951585328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our operating results depend in large part on differences between the income earned on our assets and our cost of borrowing. The cost", "box": [ 33.74999859375, 103.63055720516422, 578.243986355587, 108.64319481646089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our borrowings generally will be based on prevailing market interest rates. During a period of rising interest rates, our borrowing", "box": [ 33.74999859375, 115.63055670516769, 578.2416147940983, 120.64319431646436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "costs generally will increase (a) while the yields earned on our leveraged fixed-rate loan assets will remain static, and (b) at a faster", "box": [ 33.74999859375, 127.63055620516388, 578.2400638121627, 132.64319381646055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "pace than the yields earned on our leveraged floating-rate loan assets, which could result in a decline in our net interest spread and net", "box": [ 33.74999859375, 139.63055570516735, 578.2471438554552, 144.64319331646402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest margin. The severity of any such decline would depend on our asset/liability composition at the time as well as the magnitude", "box": [ 33.74999859375, 151.63055520516355, 578.2483168038805, 156.6431928164602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and duration of the interest rate increase. Further, an increase in short-term interest rates could also have a negative impact on the", "box": [ 33.74999859375, 163.63055470516701, 578.2460275039758, 168.64319231646368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market value of our target investments. If any of these events happen, we could experience a decrease in net income or incur a net loss", "box": [ 33.74999859375, 175.6305542051632, 578.2448518268765, 180.64319181645988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "during these periods, which could adversely affect our liquidity and results of operations.", "box": [ 33.74999859375, 187.63055370516668, 390.0519700540839, 192.64319131646334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are exposed to market risks in the ordinary course of our business. These risks primarily relate to fluctuations in interest rates. Our", "box": [ 33.74999859375, 209.38055279891705, 578.2478456618383, 214.39319041021372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans are typically valued using a yield analysis, which is typically performed for non-credit impaired loans to borrowers. Alternative", "box": [ 33.74999859375, 221.38055229891324, 578.2438756040655, 226.3931899102099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "valuation methodologies may be used as appropriate, and can include a market analysis, income analysis, or recovery analysis. Changes", "box": [ 33.74999859375, 233.3805517989167, 578.2481481517387, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in market yields, revenue multiples, and recovery rates may change the fair value of certain of our loans. Generally, an increase in", "box": [ 33.74999859375, 245.3805512989129, 578.2405162691439, 250.39318891021685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market yields may result in a decrease in the fair value of certain of our loans, while a decrease in revenue multiples and recovery rates", "box": [ 33.74999859375, 257.3805507989164, 578.2451260268647, 262.39318841021304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may result in a decrease in the fair value of certain of our loans; however, this is mitigated to the extent our loans bear interest at a", "box": [ 33.74999859375, 269.38055029891257, 578.2431886790939, 274.3931879102165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "floating rate. As of June 30, 2026, we had 13 floating-rate loans, representing approximately 96% of our portfolio based on aggregate", "box": [ 33.74999859375, 281.38054979891604, 578.249597878827, 286.3931874102127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding principal balances. These floating benchmark rates included one-month SOFR quoted at 3.7% and subject to a weighted", "box": [ 33.74999859375, 293.38054929891223, 578.2439033440031, 298.3931869102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "average floor of 3.9%, and U.S. prime rate quoted at 6.75% and subject to a weighted average floor of 8.0% based on outstanding", "box": [ 33.74999859375, 305.3805487989157, 578.2484811938124, 310.39318641021237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal. We estimate that a hypothetical 100 basis points increase in the floating benchmark rate would result in an increase in annual", "box": [ 33.74999859375, 317.3805482989119, 578.2412385807013, 322.39318591021583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest income of approximately $2.9 million and a hypothetical 100 basis points decrease in the floating benchmark rate would result", "box": [ 33.74999859375, 329.38054779891536, 578.2493416553639, 334.393185410212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in a decrease in annual interest income of approximately $0.7 million due to the effects of the benchmark floor. Our investment in the", "box": [ 33.74999859375, 341.38054729891155, 578.2475836039109, 346.3931849102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unconsolidated real estate joint venture is not reflected in this interest income sensitivity analysis, although changes in market interest", "box": [ 33.74999859375, 353.380546798915, 578.2394992557738, 358.3931844102117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rates may indirectly affect the value and performance of that investment by influencing hotel operating performance, capitalization", "box": [ 33.74999859375, 365.3805462989112, 578.2415226941022, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rates, financing availability and the terms of any sale or refinancing involving the underlying property.", "box": [ 33.74999859375, 377.3805457989147, 443.4272118301154, 382.39318341021135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Rate Cap Risk", "box": [ 33.74999859375, 399.13054489266506, 131.5916215694541, 404.1431825039617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We originate both fixed and floating rate loans. These are assets in which the loans may be subject to periodic and lifetime interest rate", "box": [ 33.74999859375, 421.6305439551652, 578.2483162038803, 426.64318156646186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "caps and floors, which limit the amount by which the asset's interest yield may change during any given period. However, our future", "box": [ 33.74999859375, 433.6305434551614, 578.2387032292808, 438.64318106646533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowing costs pursuant to our potential financing agreements may not be subject to similar restrictions. Therefore, in a period of", "box": [ 33.74999859375, 445.63054295516486, 578.2498143367559, 450.6431805664615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increasing interest rates, interest rate costs on our borrowings could increase without limitation by caps, while the interest-rate yields on", "box": [ 33.74999859375, 457.6305424551683, 578.2422550690713, 462.643180066465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our floating-rate assets would effectively be limited. In addition, floating-rate assets may be subject to periodic payment caps that result", "box": [ 33.74999859375, 469.6305419551645, 578.2405068807318, 474.6431795664612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in some portion of the interest being deferred and added to the principal outstanding. This could result in our receipt of cash income", "box": [ 33.74999859375, 481.630541455168, 578.2463479789626, 486.64317906646465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from such assets in an amount that is less than the amount that we would need to pay the interest cost on our related borrowings. These", "box": [ 33.74999859375, 493.6305409551642, 578.240305754214, 498.64317856646085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "factors could lower our net interest income or cause a net loss during periods of rising interest rates, which would harm our financial", "box": [ 33.74999859375, 505.63054045516765, 578.2465950804782, 510.6431780664643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "condition, cash flows and results of operations.", "box": [ 33.74999859375, 517.6305399551638, 221.99855680630975, 522.6431775664605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Rate Mismatch Risk", "box": [ 33.74999859375, 539.3805390489142, 156.57697960339752, 544.3931766602109 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We may fund a portion of our origination of loans, or of loans that we may in the future acquire, with borrowings that are based on", "box": [ 33.74999859375, 561.1305381426646, 578.2455054939362, 566.1431757539613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "various benchmarks, while the interest rates on these assets may be fixed or indexed to SOFR, U.S. prime rate, or another index rate.", "box": [ 33.74999859375, 573.1305376426681, 578.2473964876073, 578.1431752539647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accordingly, any increase in an index rate will generally result in an increase in our borrowing costs that would not be matched by", "box": [ 33.74999859375, 585.1305371426643, 578.2476568688465, 590.1431747539609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fixed-rate interest earnings and may not be matched by a corresponding increase in floating-rate interest earnings. Any such interest rate", "box": [ 33.74999859375, 597.1305366426677, 578.2430968040977, 602.1431742539644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mismatch could adversely affect our profitability, which may negatively impact distributions to our shareholders.", "box": [ 33.74999859375, 609.1305361426639, 485.7408698920459, 614.1431737539606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our analysis of risks is based on our Manager's experience, estimates, models and assumptions. These analyses rely on models which", "box": [ 33.74999859375, 631.630535205164, 578.2464206438977, 636.6431728164607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "utilize estimates of fair value and interest rate sensitivity. Actual economic conditions or implementation of decisions by our Manager", "box": [ 33.74999859375, 643.6305347051675, 578.2473416618589, 648.6431723164642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and our management may produce results that differ significantly from the estimates and assumptions used in our models and the", "box": [ 33.74999859375, 655.6305342051637, 578.2402600792159, 660.6431718164604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "projected results.", "box": [ 33.74999859375, 667.6305337051672, 102.04337692944245, 672.6431713164638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Risk", "box": [ 33.74999859375, 689.3805327989176, 83.27857050749799, 694.3931704102142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are subject to varying degrees of credit risk in connection with our loans and interest receivable. Our Manager seeks to mitigate this", "box": [ 33.74999859375, 711.1305318926679, 578.2444398518933, 716.1431695039646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risk by seeking to originate loans, and may in the future acquire loans, of higher quality at appropriate prices given anticipated and", "box": [ 33.74999859375, 723.1305313926641, 578.2417059940946, 728.1431690039608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unanticipated losses, by employing a comprehensive review and selection process and by proactively", "box": [ 33.74999859375, 735.1305308926676, 438.24796807716723, 740.1431685039643 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 66, "width": 612.0, "height": 792.0, "cells": [ { "text": "37", "box": [ 300.99608495849594, 60.13055901767075, 310.9935794794336, 65.14319662896742 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 67, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363928684, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "monitoring originated and acquired loans. Nevertheless, unanticipated credit losses could occur that could adversely impact our", "box": [ 33.74999859375, 103.6305572051715, 578.2390106622058, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating results.", "box": [ 33.74999859375, 115.63055670516769, 102.60475543105167, 120.64319431647164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We expect to be subject to varying degrees of credit risk in connection with holding our portfolio of loans. We will have exposure to", "box": [ 33.74999859375, 137.38055579891807, 578.2479309938352, 142.393193410222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit risk on our commercial real estate loans and other targeted types of loans. Our Manager will seek to manage credit risk by", "box": [ 33.74999859375, 149.38055529892154, 578.244039543997, 154.3931929102182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performing deep credit fundamental analysis of potential assets and through the use of non-recourse financing, when and where", "box": [ 33.74999859375, 161.38055479891773, 578.2496437038251, 166.39319241022167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "available and appropriate.", "box": [ 33.74999859375, 173.3805542989212, 137.2835563111016, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit risk will also be addressed through our Manager's ongoing review, and loans will be monitored for variance from expected", "box": [ 33.74999859375, 195.13055339267157, 578.2435368940181, 200.14319100396824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prepayments, defaults, severities, losses and cash flow on a quarterly basis.", "box": [ 33.74999859375, 207.13055289266777, 334.14811080841145, 212.1431905039717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Investment Guidelines are not subject to any limits or proportions with respect to the mix of target investments that we make or", "box": [ 33.74999859375, 229.6305519551679, 578.2432222120306, 234.64318956647185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that we may in the future acquire other than as necessary to maintain our exemption from registration under the Investment Company", "box": [ 33.74999859375, 241.63055145517137, 578.2398749441707, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Act and our qualification as a REIT. Our investment decisions will depend on prevailing market conditions and may change over time", "box": [ 33.74999859375, 253.63055095516756, 578.2480873038897, 258.6431885664715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in response to opportunities available in different interest rate, economic and credit environments. As a result, we cannot predict the", "box": [ 33.74999859375, 265.63055045517103, 578.2415407041627, 270.6431880664677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "percentage of our capital that will be invested in any individual target investment at any given time.", "box": [ 33.74999859375, 277.6305499551672, 431.95556330810047, 282.64318756647117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our loan portfolio as of June 30, 2026 was concentrated with the top three borrowers representing approximately 43.9% of the", "box": [ 33.74999859375, 299.3805490489176, 578.2467598789451, 304.39318666022155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "aggregate outstanding principal balances and approximately 36.9% of the total loan commitments. We made our first investment in", "box": [ 33.74999859375, 311.38054854892107, 578.2481601938255, 316.39318616021774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "January 2024 and expect to continue to diversify our loan portfolio as loans in our pipeline are evaluated and are originated through the", "box": [ 33.74999859375, 323.38054804891726, 578.2417698291533, 328.3931856602212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deployment of our capital.", "box": [ 33.74999859375, 335.38054754892073, 139.24594345433542, 340.3931851602174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Risk", "box": [ 33.74999859375, 357.1305466426711, 104.28402843227053, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commercial real estate loans are subject to volatility and may be affected adversely by a number of factors, including, but not limited", "box": [ 33.74999859375, 379.63054570517124, 578.2407902441328, 384.6431833164679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to, national, regional and local economic conditions (which may be adversely affected by industry slowdowns and other factors); local", "box": [ 33.74999859375, 391.63054520516744, 578.2418801306745, 396.6431828164714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate conditions; changes or continued weakness in specific industry segments; construction quality, age and design; demographic", "box": [ 33.74999859375, 403.6305447051709, 578.2479499038958, 408.6431823164676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "factors; and retroactive changes to building or similar codes. In addition, decreases in property values reduce the value of the collateral", "box": [ 33.74999859375, 415.6305442051671, 578.2433445056135, 420.64318181647104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and the potential proceeds available to a borrower to repay the underlying loan or loans, as the case may be, which could also cause us", "box": [ 33.74999859375, 427.63054370517057, 578.2389003521245, 432.64318131646723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to suffer losses.", "box": [ 33.74999859375, 439.63054320517404, 96.04389220442101, 444.6431808164707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 4. Controls and Procedures", "box": [ 33.74999859375, 461.38054229891713, 182.3210293237032, 466.3931799102211 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Evaluation of Disclosure Controls and Procedures", "box": [ 33.74999859375, 483.1305413926675, 235.81347029485138, 488.14317900397145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "An evaluation of the effectiveness of the design and operation of our 'disclosure controls and procedures' (as defined in Rule 13a-15(e)", "box": [ 33.74999859375, 505.63054045516765, 578.2479826118322, 510.6431780664716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 15(d)-15(e) under the Securities Exchange Act of 1934, as amended (the 'Exchange Act')), as of the end of the period covered by", "box": [ 33.74999859375, 517.6305399551711, 578.2430787190368, 522.6431775664678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Chief", "box": [ 33.74999859375, 529.6305394551673, 578.2421233120765, 534.6431770664713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Executive Officer ('CEO') and Chief Financial Officer ('CFO'). Based upon this evaluation, our CEO and CFO have concluded that", "box": [ 33.74999859375, 541.6305389551708, 578.2484718804002, 546.6431765664674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or", "box": [ 33.74999859375, 553.630538455167, 578.2442288619887, 558.6431760664709 ], "from_ocr": false, "confidence": 1.0 }, { "text": "submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC rules", "box": [ 33.74999859375, 565.6305379551704, 578.2415105020157, 570.6431755664671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by", "box": [ 33.74999859375, 577.6305374551739, 578.242392469066, 582.6431750664706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our CEO and", "box": [ 33.74999859375, 589.6305369551701, 578.2404246941479, 594.6431745664668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CFO, as appropriate to allow timely decisions regarding required disclosure.", "box": [ 33.74999859375, 601.6305364551736, 339.429970963334, 606.6431740664702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the", "box": [ 33.74999859375, 623.380535548924, 578.2464852289567, 628.3931731602206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "desired control objectives. Because of these and other inherent limitations of control systems, even effective disclosure controls and", "box": [ 33.74999859375, 635.3805350489201, 578.2483439438178, 640.3931726602168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "procedures can only provide reasonable assurance of achieving their control objectives.", "box": [ 33.74999859375, 647.3805345489236, 383.24713041261884, 652.3931721602203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Changes in Internal Control over Financial Reporting", "box": [ 33.74999859375, 669.130533642674, 251.0830593007054, 674.1431712539706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the", "box": [ 33.74999859375, 691.6305327051668, 553.9804791650404, 696.6431703164708 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exchange Act) during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our", "box": [ 33.74999859375, 703.6305322051703, 563.8823980103981, 708.643169816467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "internal control over financial reporting.", "box": [ 33.74999859375, 715.6305317051738, 194.4810446028728, 720.6431693164704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PART II - OTHER INFORMATION", "box": [ 33.74999859375, 737.3805307989169, 190.59051770964052, 742.3931684102208 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 68, "width": 612.0, "height": 792.0, "cells": [ { "text": "38", "box": [ 300.99608495849594, 62.38055892391276, 310.9935794794336, 67.3931965352167 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 69, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1. Legal Proceedings", "box": [ 33.74999859375, 103.6305572051715, 154.0713013007752, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "From time to time, we may become involved in litigation or other legal proceedings relating to claims arising from the ordinary course", "box": [ 33.74999859375, 125.38055629892187, 578.2425031791228, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of business. Furthermore, third parties may try to seek to impose liability on us in connection with our loans. As of June 30, 2026, we", "box": [ 33.74999859375, 137.38055579891807, 578.2469474539375, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were not subject to any material pending legal proceedings to which we are a party or any of our assets are subject.", "box": [ 33.74999859375, 149.38055529892154, 493.4684239200647, 154.3931929102182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1A. Risk Factors", "box": [ 33.74999859375, 171.1305543926719, 127.59848610380917, 176.14319200396858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There have been no material changes to the risk factors disclosed in Item 1A - 'Risk Factors' in the Company's Annual Report on Form", "box": [ 33.74999859375, 193.63055345517205, 578.2489921928783, 198.64319106646872 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10-K for the fiscal year ended December 31, 2025, except as set forth below.", "box": [ 33.74999859375, 205.63055295516824, 340.6918462107556, 210.6431905664649 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risks Relating to the Proposed Merger with SRT", "box": [ 33.74999859375, 227.38055204891862, 242.13510193053764, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Completion of the Merger remains subject to conditions that we cannot control.", "box": [ 33.74999859375, 249.13055114266172, 372.51733393469374, 254.14318875396566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Merger is subject to various closing conditions, including the approval of our stockholders and the stockholders of SRT. There are", "box": [ 33.74999859375, 271.63055020516185, 578.2466683789493, 276.6431878164658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "no assurances that all of the conditions necessary to consummate the Merger will be satisfied or that the conditions will be satisfied in", "box": [ 33.74999859375, 283.6305497051653, 578.2414314941058, 288.64318731646927 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the time frame expected.", "box": [ 33.74999859375, 295.6305492051615, 132.56307465778832, 300.64318681646546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We may fail to realize all of the expected benefits of the Merger or those benefits may take longer to realize than expected.", "box": [ 33.74999859375, 317.3805482989119, 551.7349160422939, 322.39318591021583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The full benefits of the Merger may not be realized by us as expected or may not be achieved within the anticipated time-frame, or at", "box": [ 33.74999859375, 339.13054739266227, 578.2461370554973, 344.1431850039662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all. Failure to achieve the anticipated benefits of the Merger could adversely affect our results of operations or cash flows, cause", "box": [ 33.74999859375, 351.13054689266573, 578.2452031040102, 356.1431845039697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dilution to our earnings per share or book value per share, decrease or delay the expected accretive effect of the Merger, and negatively", "box": [ 33.74999859375, 363.1305463926619, 578.2401953441571, 368.14318400396587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impact the share price of our common stock.", "box": [ 33.74999859375, 375.1305458926654, 211.98157799868383, 380.14318350396934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition, we will be required to devote significant attention and resources prior to closing to prepare for the post-closing operation of", "box": [ 33.74999859375, 397.63054495516553, 578.2395141371853, 402.6431825664695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the combined company. Post-closing, we may be required to devote significant attention and resources to successfully integrate SRT", "box": [ 33.74999859375, 409.6305444551617, 578.247806985927, 414.64318206646567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "into our existing structure. This integration process may disrupt our business and, if ineffective, would limit the anticipated benefits of", "box": [ 33.74999859375, 421.6305439551652, 578.2400180621644, 426.64318156646914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Merger and could adversely affect our business.", "box": [ 33.74999859375, 433.6305434551614, 239.92863243422323, 438.64318106646533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We will incur direct and indirect costs as a result of the Merger.", "box": [ 33.74999859375, 455.38054254891176, 303.9310633424552, 460.3931801602157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We will incur substantial expenses in connection with and as a result of completing the SRT acquisition and, following completion, we", "box": [ 33.74999859375, 477.13054164266214, 578.2493231538388, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may incur additional expenses in connection with combining the businesses, operations, policies and procedures of the two companies.", "box": [ 33.74999859375, 489.1305411426656, 578.2403473129009, 494.14317875396955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Factors beyond our control could affect the total amount or timing of these expenses, many of which, by their nature, are difficult to", "box": [ 33.74999859375, 501.1305406426618, 578.2423469440679, 506.14317825396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estimate accurately.", "box": [ 33.74999859375, 513.1305401426653, 112.48023931957317, 518.1431777539692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds", "box": [ 33.74999859375, 535.6305392051654, 330.03777784383834, 540.6431768164693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recent Sales of Unregistered Securities", "box": [ 33.74999859375, 557.3805382989158, 199.96798956341317, 562.3931759102197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "None.", "box": [ 33.74999859375, 579.1305373926662, 57.904100518579035, 584.1431750039701 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issuer Purchases of Equity Securities", "box": [ 33.74999859375, 601.6305364551663, 191.67903430878627, 606.6431740664702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026, we did not repurchase any shares of our Common Stock.", "box": [ 33.74999859375, 623.3805355489167, 447.4525152873942, 628.3931731602206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 3. Defaults Upon Senior Securities", "box": [ 33.74999859375, 645.130534642667, 211.8448392185444, 650.143172253971 ], "from_ocr": false, "confidence": 1.0 }, { "text": "None.", "box": [ 33.74999859375, 667.6305337051599, 57.904100518579035, 672.6431713164638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 4. Mine Safety Disclosures", "box": [ 33.74999859375, 689.3805327989103, 178.23025866915194, 694.3931704102142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Not applicable.", "box": [ 33.74999859375, 711.1305318926607, 94.82352863026946, 716.1431695039646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 5. Other Information", "box": [ 33.74999859375, 733.6305309551608, 156.2972974150509, 738.6431685664647 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 70, "width": 612.0, "height": 792.0, "cells": [ { "text": "None.", "box": [ 33.74999859375, 38.38055992390582, 57.904100518579035, 43.393197535209765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39", "box": [ 300.99608495849594, 83.3805580489061, 310.9935794794336, 88.39319566021004 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 71, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927229, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 6. Exhibits", "box": [ 33.74999859375, 94.6305575801598, 111.79186131241858, 99.64319519146375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exhibit No.", "box": [ 34.74609230224609, 120.13055651765899, 83.63515562145173, 125.14319412896293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Description of Exhibits", "box": [ 112.47655781347655, 120.13055651765899, 210.79166263742673, 125.14319412896293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1", "box": [ 34.74609230224609, 136.63055583016103, 47.24295346904352, 141.64319344146497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Articles of Amendment and Restatement of Sunrise Realty Trust, Inc. (filed as Exhibit 3.1 to the Company's", "box": [ 112.47655781347655, 135.88055586141127, 545.3608505220432, 140.8931934727152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current Report on Form 8-K on July 3, 2024 and incorporated herein by reference).", "box": [ 112.47655781347655, 147.13055539266497, 447.0164457305638, 152.14319300396892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.2", "box": [ 34.74609230224609, 162.88055473640998, 47.24295346904352, 167.89319234771392 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amended and Restated Bylaws of Sunrise Realty Trust, Inc. (filed as Exhibit 3.2 to Amendment No. 2 to the", "box": [ 112.47655781347655, 162.13055476766021, 546.2005116892059, 167.14319237896416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's Registration Statement on Form 10-12B on May 20, 2024 and incorporated herein by reference).", "box": [ 112.47655781347655, 173.38055429891392, 547.2647167285522, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31.1*", "box": [ 34.74609230224609, 189.13055364265892, 57.24044300248144, 194.14319125396287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.", "box": [ 112.47655781347655, 189.13055364265892, 513.4694455116888, 194.14319125396287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31.2*", "box": [ 34.74609230224609, 204.8805529864112, 57.24044300248144, 209.89319059771515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.", "box": [ 112.47655781347655, 204.8805529864112, 510.70157752701664, 209.89319059771515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32.1**", "box": [ 34.74609230224609, 220.63055233016348, 62.2391877692004, 225.64318994146743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.", "box": [ 112.47655781347655, 220.63055233016348, 513.4694455116888, 225.64318994146743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32.2**", "box": [ 34.74609230224609, 236.38055167390849, 62.2391877692004, 241.39318928521243 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.", "box": [ 112.47655781347655, 236.38055167390849, 510.70157752701664, 241.39318928521243 ], "from_ocr": false, "confidence": 1.0 }, { 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404.143182503969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40", "box": [ 300.99608495849594, 435.1305433926609, 310.9935794794336, 440.14318100396486 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 72, "width": 612.0, "height": 792.0, "cells": [ { "text": "Index", "box": [ 33.74999859375, 47.20643363927957, 51.5044887041024, 51.21503951586055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SIGNATURES", "box": [ 273.86717608886715, 103.63055720516422, 338.1284020887545, 108.64319481646817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf", "box": [ 33.74999859375, 125.3805562989146, 578.241345187109, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by the undersigned thereunto duly authorized.", "box": [ 33.74999859375, 137.38055579891807, 217.54168979201253, 142.393193410222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date: August 6, 2026", "box": [ 34.74609230224609, 163.63055470516701, 119.71986007417229, 168.64319231647096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SUNRISE REALTY TRUST, INC.", "box": [ 294.76171021826156, 178.63055408016226, 441.716977451375, 183.6431916914662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "By:", "box": [ 294.76171021826156, 210.1305527676668, 309.2063236904902, 215.14319037897076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "/s/ Brian Sedrish", "box": [ 318.2226467407225, 209.38055279891705, 384.8709108512112, 214.393190410221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Brian Sedrish", "box": [ 318.2226467407225, 225.88055211141182, 372.9256827989291, 230.89318972271576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Executive Officer", "box": [ 318.2226467407225, 241.6305514551641, 414.0823370020678, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Executive Officer)", "box": [ 318.2226467407225, 256.6305508301666, 434.80956616343315, 261.64318844147056 ], "from_ocr": false, "confidence": 1.0 }, { "text": "By:", "box": [ 294.76171021826156, 287.38054954891413, 309.2063236904902, 292.3931871602181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "/s/ Brandon Hetzel", "box": [ 318.2226467407225, 287.38054954891413, 393.1842787414085, 292.3931871602181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Brandon Hetzel", "box": [ 318.2226467407225, 303.8805488614162, 381.2390506891264, 308.8931864727201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Financial Officer and Treasurer", "box": [ 318.2226467407225, 318.8805482364114, 468.5120029091647, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Financial Officer and Principal Accounting Officer)", "box": [ 318.2226467407225, 334.6305475801637, 571.2596297530135, 339.64318519146764 ], "from_ocr": false, "confidence": 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